Loans & Grants

Ferratum Loan Review – Everything you should know

Ferratum is a direct lender that offers short-term loans, also known as micro-loans, to eligible applicants in 25 countries around the world. The company was founded in Finland in 2005 and is headquartered in Helsinki.

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How can I get a Loan from Ferratum?

Check eligibility criteria. You must meet the following criteria to be eligible for a Ferratum loan:

  • Be a Nigerian citizen or a legal resident of Nigeria.
  • Be at least 18 years old.
  • Have a valid bank account.
  • Have a valid phone number and email address.

Visit Ferratum’s website or dial 3226#. You can apply for a Ferratum loan online or by dialing 3226# on your mobile phone.

Create an account and provide your personal information. If you are applying online, you will need to create an account and provide your personal information, such as your name, address, phone number, email address, and employment status.

ALSO READ: How to borrow money online

Provide proof of income. Ferratum will need to verify your income to assess your repayment ability. You can provide proof of income in the form of a recent payslip, bank statement, or tax return.

Wait for a decision. Ferratum will review your application and make a decision within minutes. If your application is approved, you will receive the funds in your bank account within 24 hours.

Here are some additional things to keep in mind when applying for a Ferratum loan:

  • Ferratum loans are short-term loans with high interest rates. Make sure you can afford the repayments before you apply.
  • Ferratum does not require a credit check, but they will consider your employment status, income, and outstanding debts when assessing your application.
  • Ferratum loans can be a good option for people who need quick cash to meet an urgent financial need. However, it is important to compare interest rates and fees before you apply, as there are many other lenders who offer short-term loans.

How do I repay my Ferratum Loan?

  • USSD: Dial 322104309401Amount to be paid back#.
  • SMS: Send “QT HELP” to 32122.
  • Debit Pay: You can repay your loan with your Debit card through the Quickteller app or website.

Here are the steps on how to repay your Ferratum loan through each method:


  1. Dial *322# on your phone.
  2. Select option 1 for “Make Payments”.
  3. Select option 2 for “Quickteller Loans”.
  4. Enter your Ferratum loan account number.
  5. Enter the amount you want to repay.
  6. Press # to confirm.


  1. Send “QT HELP” to 32122.
  2. Follow the instructions in the SMS to repay your loan.

Debit Pay:

  1. Open the Quickteller app or website.
  2. Click on the “Pay Bills” tab.
  3. Select “Quickteller Loans”.
  4. Enter your Ferratum loan account number.
  5. Enter the amount you want to repay.
  6. Click on “Pay”.

You can also repay your Ferratum loan at any Quickteller agent location. Just present your loan account number and the amount you want to repay.

The due date for your Ferratum loan repayment will be communicated to you via SMS. It is important to repay your loan on time to avoid incurring late payment charges.

In Conclusion:

Repaying your Ferratum loan is a simple and convenient process that can be done online or at a Quickteller agent location. By following the steps outlined above, you can easily make your loan repayment and avoid any late payment charges. Remember to keep track of the due date for your loan repayment, as it will be communicated to you via SMS. Taking responsibility for your loan repayment will help maintain a good financial standing and ensure a smooth borrowing experience with Ferratum.

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