Apply for quick and hassle-free small loan funds through Savvy, offering an alternative to loans like Ferratum.
Fact checked
Fact checked
The popularity of loans like Ferratum has surged among Australians in need of quick funds. Because Ferratum is no longer operating in Australia, it's crucial to emphasise the significance of exploring other options. Savvy is here to help you learn more about loans like Ferratum and similar choices, comparing them to the straightforward process of applying for a fast loan through us today!
Ferratum was a lender which specialised in small loans designed to cater to the urgent financial needs of borrowers. These loans, commonly known as SACC or payday loans, operate without traditional interest but are structured around fees. Ferratum extended loans to amounts reaching up to $1,900 from a minimum of $500, which is similar to make loans like it. However, your actual borrowing capacity will be determined by various factors, including the lender you choose to go with, your income, financial history, and existing debts.
The application and approval process for this type of loan emphasises speed, often resulting in same-day approval, and funds may be released within the hour in special cases. Borrowers can also enjoy flexibility in choosing repayment terms which, in Ferratum’s case, spanned from 30 days to 12 months.
For loans like Ferratum, the fees and interest structure hinge on the size of the loan selected. Typically, loans up to $2,000 involve an initial establishment fee, capped at 20% of the loan amount, and ongoing monthly fees that may go as high as 4% of the loan. Larger loans, falling within the range of $2,001 to $5,000 (which Ferratum didn’t offer), have a capped establishment fee of $400 and an annual interest rate that can reach up to 48% p.a.
Knowing these fees is crucial for evaluating the overall cost of your loan. For instance, borrowing $500 and repaying it over four fortnights could result in total fees of $140. Conversely, opting for a $1,900 loan extended over 13 fortnights would incur increased fees, totalling $736.
In search of a simple and efficient alternative to loans like Ferratum? You can explore the option of applying for a small loan through Savvy. We collaborate with reputable lenders across Australia, offering fast cash loans ranging from $2,050 to $5,000. The application process is streamlined and convenient, providing an instant outcome in just 60 seconds upon submission and the potential for a swift formal approval, and cash release, in as little as one hour, depending on your lender and bank's processing times. Start the process with us today to access the money you need when you need it!
No matter the time of day or week, you can complete your small loan application with us online.
You can receive an outcome in 60 seconds and, if successful, have your money sent in just one hour.
We're partnered with reputable Australian lenders to bring you greater peace of mind when applying for your small loan.
Disclaimer:
The information on this website is of general nature and does not take into consideration your objectives, financial situation or needs.
For loans between $2,050 and $5,000, the APR is between 21.24% (minimum) and 48% (maximum) per annum. Comparison rate of 65.4962%. Minimum term is 16 days and maximum term is 24 months. The cost of the loan is a $400 establishment fee and monthly interest charged on the amount borrowed. For example, a loan of $3,000 over 3 months with an APR of 48%, (comparison rate of 65.4962%), will have an establishment fee of $400, monthly repayments of $1,225.20. Total repayments of $3,675.60 and total interest payment of $275.60.
Warning: A comparison rate indicates the true cost of a loan. Comparison rates are true only for the examples provided and may not include all fees and charges. Different terms, fees or loan amounts might result in a different comparison rate.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
