Brand Overview: Ferratum
Ferratum is an international financial technology brand specializing in digital consumer lending and microfinance services. Founded in 2005 by Jorma Jokela in Helsinki, Finland, the brand operates as the consumer lending division of Multitude SE (formerly Ferratum Group) with credit services issued via Multitude Bank p.l.c.
Contact Info
Ferratum primarily delivers customer service through online portals and country-specific support channels. General inquiries can be directed to the following contact points:
Email: [email protected] or [email protected]
Phone: A single global consumer hotline is not publicly provided, as telephone assistance is arranged by individual country operations. Central institutional banking inquiries can be directed to +371 66100021 or +49 30 921005844, though retail borrowers must typically consult their localized account portal for domestic customer care numbers.
Industry and Operations
Ferratum operates within the fintech and alternative consumer credit industry. The company utilizes automated underwriting algorithms and mobile-first platforms to provide fast, unsecured credit to individuals without requiring physical paperwork or in-person visits.
- Microloans and Short-Term Loans: Quick cash loans designed to cover immediate, unplanned personal expenses over short durations.
- Flexible Credit Lines: Revolving credit limits that allow users to withdraw funds as needed and repay either in full or via minimum monthly installments.
- Installment Personal Loans: Fixed-term consumer loans repayable over structured multi-month periods.
- Deposit Accounts: Savings and fixed-term deposit products provided under Multitude Bank in select European jurisdictions.
User Sentiment
User feedback across consumer dispute forums and review boards is notably critical, with customers frequently raising concerns regarding loan affordability, strict collection procedures, and customer service responsiveness.
- High Interest Rates and APRs: Many borrowers report that the total cost of credit is exceptionally high, citing steep interest rates and costly fees for expedited withdrawals or loan extensions.
- Calculation Issues on Early Repayments: Borrowers often report difficulties obtaining accurate early-settlement figures, with some users stating they were assessed ongoing monthly charges or penalty fees despite clearing balances early.
- Aggressive Collection Practices: Users cite automated, high-frequency collection communications and rapid transfers of accounts to third-party debt collection agencies as soon as a payment is missed.
- Digital Platform and Verification Glitches: Numerous complaints center on technical bugs during online identity verification, document uploading, or account portal sign-ins.
- Unresponsive Customer Support: Complainants report long response times, reliance on automated replies, and difficulty reaching knowledgeable human representatives to resolve account errors or billing disputes.
Share Your Experience
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