In the case of a small financial need, the ferratum minikredit, the first time up to 1000 euros, is one of the options. Ferratum is characterized by short processing times and ease of use. So far, so good.
But be careful: the mini-credit at ferratum seems cheap, but is actually very expensive. In fact, he knows quite hidden costs , which you discover only when you are busy with the mini-loan application.
With the ferratum minikredit there is no schufa test and so you can borrow money here despite schufa entry. But the credit has high costs.
Ferratum credit experience
Ferratum's schufa-free mini loans are very popular among people who have debts. On trustpilot ferratum gets at the moment, september 2021, a rating of 4/5 stars – but with only six respondents, this is not convincing.
The profit model ferratum
Ferratum-minikredit you get without schufabefragung already from 50 euros within one day at a particularly low interest rate. Who is in need of money, is easily seduced.
Ferratum's profit, however, is not in the interest rate: could have been even 0%, if not rather distrust that. The additional costs and fines provide the company with great profit.
Overview of the additional costs
|Credit||100 euros||400 euro|
|eff. Annual interest rate 10.36||1,73 euro||13,81 euro|
|xpressservice||49 euro||119 euro|
|2, 3, 4 installment option||69 euro||69 / 109 / 149 euros|
|minimum amount||219,73 euro||601,81 euro|
|postponement fee||39 euro||69 euros|
|reminder fee||7,50 euro each||7,50 euro each|
|collection costs||15 euro||15 euros|
|out-of-pocket fee||20 euros||20 euros|
In this way you do not alleviate lack of money, but deepen it with credit on credit. Better look for a more structural solution: this does not promise to alleviate immediately and for free, but if it helps, it does so in fact and in the long term.
A mini loan is known for the fact that people get more debt than they already had. There are many people who take out a mini loan in ferratum even several times. Every month, when you have repaid the loan, you take out a new mini loan or, if the amount is higher than 800 euros, a plus loan.
How does ferratum work?
Ferratum works very simple. You must first enter your own data. After agreeing to the guarantee, you have to identify yourself by making a test payment or by online video (via verify-U).
Ferratum offers mini loans throughout europe. Ferratum does this among others from england. Because of the high additional costs, this is prohibited in the netherlands for the ferratum mini loan. Also, the federal financial supervisory authority has already imposed a large fine on ferratum in 2013. Nevertheless, ferratum is allowed to offer its small loans in the netherlands, as long as they do it only online, not on the phone.
How fast is ferratum?
Ferratum pays is quite fast with the granting of the loan. You can have the money in your account within 24 hours. This is only valid on working days. If you apply for a loan on friday afternoon, you will usually not have the money in your account until monday.
Ferratum is also fast if you are late with the repayment of the loan. Experience shows that you can expect a phone call within a few hours in case of late payment. They also send text messages and emails. It is difficult to get rid of it.
How tempting is ferratum?
Often you do not even need to declare a source of income. And immediately you will also get the offer that you can borrow more. You do not even need this money, but you are now tempted to borrow more money. Once you have completed the disbursement of the loan, you will receive monthly emails from ferratum to take out another loan. So you have to be strong not to do this.
After repaying a loan, I can apply for a new loan within 10 seconds. And usually within a few seconds I get an email that the loan has been approved. I usually borrow € 200 and have to pay back € 245 (within 30 days). It is not the case that I take out a loan every month. But certainly 3 to 4 times a year.*
Many mini credit providers, like ferratum, advertise with smiling photo models and a very low interest rate. This might give you the impression that they give out free and instant money to everyone. How do these providers make their profit – and how do you pay for your credit?? So that you are not confronted with unpleasant surprises, you will find here our discussion about the true costs of mini-credits.
With a mini-credit from xpresscredit/ferratum you risk that a €50 relief quickly grows into more than €200 extra debt.
Alternatives to credit
Nobody applies for credit for fun. A really temporary lack of money there is actually only in the case of investments, if you use the credit as an advance of an already announced or at least realistically realizable income. For the living, however, money for survival is a recurring need. Who needs to survive more money than he has, is therefore better off with a structural solution from the lack of money. And there are also.
We have put some alternative to ferratum in a mini loan comparison table among themselves. In addition, you could try to get credit abroad.
Minikrediet provider and (real) costs
|Provider||loan amount||average cost|
|financial check.En||from 500 euro||from 0 euro|
|€ 50 euro to
€ 3000 euro
|€ 20 euro up to
€ 850 euro
|vexcash||€ 100 euro to
€ 500 euro
|€ 20 euro to
€ 130 euro
|cashper||€ 100 euro to
€ 600 euro
|€ 20 euro to
€ 150 euro
|maxda||from € 1500 euro
(with proof of salary)
|from € 60 euro|
|smava||from € 500 euro
(with proof of salary)
|from € 45 euro|
Disclaimer: all information without guarantee. Sources: the websites of the different providers. For a personalized indication, request a quote from the provider in question. Read more about these loan providers, the requirements for microcredit, the different repayment methods and the real cost.*
In this case, an overdraft facility is therefore more favorable. Besides alternative loan providers, there are also alternative to credit, since credit is expensive and ultimately solves the lack of money only temporarily. We show all sorts of tips and tricks to save money, alternative ways to earn some extra money etc.