Ferratum Canada Introduces New Online Personal Loan

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Ferratum Canada's new Personal Loan is completely digital; apply online and receive funds directly in your bank account.
Ferratum Canada's new Personal Loan is completely digital; apply online and receive funds directly in your bank account.

[Sponsored Post: This post is sponsored by Ferratum Canada.]

As much as we plan and budget for the present and the future, there are often instances that arise that are beyond our control where we are short of cash and in need of a personal loan in a hurry. Perhaps your basement has flooded and you need access to funds to do repair work. Or maybe your beloved fur baby needs an expensive operation.

Ferratum Canada's new Personal Loan is great for unexpected emergencies such as car or home repairs.
Ferratum Canada’s new Personal Loan is great for unexpected emergencies such as car or home repairs.

Looking back, I can think of several instances where I needed funds immediately. Years ago, I was the owner of a second hand vehicle. I refer to it as “second hand,” but in reality, I was probably the car’s fourth owner. Never a good sign for a car! But I couldn’t afford to buy a new car, so I was stuck buying a second hand vehicle. Of course the seller fixed all of the obvious problems with the car, so that it wouldn’t raise any suspicions when marketing it to prospective buyers, but within a year, my car began to have problems. First, it was the engine, then some pipes needed replacing, then the brake pads! It seemed as if I was taking my car in for repair every 5-6 months…and the repairs were costly! Being a single person on a government salary, I didn’t have a lot of extra funds to sink into my car. But I lived outside of the downtown core so I needed my car for short trips and errands. Had Ferratum Canada’s new online Personal Loan been available at the time, I surely would have applied for it to help pay for these unexpected expenses.

Applying for a loan has admittedly not been the easiest thing to do. First, you have to go into the financial institution, then meet with the loans officer and discuss your financial situation, fill out a bunch of forms and then wait and see if you are approved. The whole process is certainly not a walk in the park and there is no guarantee you will receive your loan.

Ferratum Canada has eliminated many of these time-consuming steps by offering their new Personal Loan. Why this product eclipses so many of its competition is due to the fact that it is completely digital – you can apply for a personal loan online. This means you don’t have to take time off work to attend an appointment at your bank, nor do you have to meet with anyone in person to discuss your financial circumstances.

Ferratum Canada's new Personal Loan is completely digital; apply online and receive funds directly in your bank account.
Ferratum Canada’s new Personal Loan is completely digital; apply online and receive funds directly in your bank account.

Ferratum Canada’s new Personal Loan allows you to borrow from $2,000 – $10,000 for a period of 1 year to 5 years. This could really come in handy if you are having to deal with home repairs or improvements or other unexpected circumstances such as your spouse being laid off. If approved, you’ll receive the funds directly into your account within 24 hours. You will require an email, bank account and mobile phone in order to receive the funds. So if you’ve been turned down for a loan from the banks due to low credit, you’ll definitely want to look into applying for a personal loan with Ferratum Canada.

You might wonder what the difference is between a Ferratum Canada Personal Loan and a payday loan. Ferratum Canada Personal Loans are better than payday loans because they require smaller repayment amounts, and you can borrow a larger amount over a longer period of time.

In order to qualify for the online Personal Loan, applicants must be employed and receiving a gross income of at least $2,000 per month.

For the time being, the online Personal Loan is available in Ontario, British Columbia and Alberta.

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