If you are looking for information on the best microcredit companies, you should know about Créditomovil (now Ferratum) , because it offers spectacular conditions to its clients, and because the characteristics of its service are also exceptional. So … There we go!
Who is behind this entity? Is Ferratum legit?
The first thing to say when talking about Créditomóvil is that it has not had that name for some time. The company has been reconverted to adapt to the latest times and, since then, has been renamed Ferratum (internal link to ferratum landing)
But this does not change the bottom line of the company: Offer the best financial services on a small scale with the convenience of doing everything from the mobile phone. They do this just as well with the name of Créditomovil as with the name of Ferratum.
An important point to put on the table to see the reliability of Ferratum is that it is an entity that is built, as they say, on three basic pillars: professionalism, profitability and ethics.
That is, the three pillars must function properly, so that the pursuit of profitability does not affect the ethics of the company or the professionalism with which the money is lent.
For us it is very important that the company has this vision, because it gives us a good idea that they not only look for the money, but also want the client to feel safe.
And this, added to the supervision of the respective regulatory bodies, gives us a lot of confidence. Oh! And it must be said that the regulatory bodies that supervise Créditomovil are many, because it is present in more than 30 countries.
More confidence could not transmit!
The Créditomovil mini-loan
Now that we have seen that we can trust this entity, we can take a look at the characteristics that they offer us in their mini-credit. I’m sure you love them!
- Credits up to € 300 for your first credit: In case you are a new customer you can request a credit for an amount of up to € 300. This figure is the most common among companies in the sector when we want to request our first mini-credit.
- For former clients up to € 700: If you have already requested your first credit of up to € 300, in the following you will have the possibility to increase the amount. From € 50 to € 700 available for you to request. It is only required that you have correctly returned the previous ones.
- The first € 300 is free: In the case of your first credit, there is good news for you: you will not have to pay interest! To expiration date you will only have to return what you have requested.
- TAE for the following credits, in the line of the market: If it is not your first credit, as you imagine, you will have to pay interest. This interest is in line with what you will find in other companies in the microcredit sector.
- Maximum period of 30 days, whenever you ask for less than € 500: Both in the case that it is your first credit (you can not ask for more than 300 euros) and in the one that is not the first but you decide to request less than € 500, you will have a maximum return period of 30 days.
- Maximum period of 45 days, whenever you ask for more than € 500. In the event that you are already a customer, and want to request a credit of more than € 500, you can choose a deadline of up to 45 days. Something slightly higher than the sector average.
- You can extend the term: In case you can not pay on time, you can extend the return period for a small fee.
Requirements to request it and other conditions
As usual, to apply for the microcredit, you must meet certain requirements. These requirements are the following:
- Be over 25 years old: Unlike many companies in the sector, Ferratum will require you to be over 25 years old. Although this first may be a very restrictive requirement, it is based on the idea of responsibility pursued by the company.
- Have ID: As is logical, you will need to have a DNI (National Identity Document), or in your case, an NIE (Identification Number of Foreigners).
- Have a bank account number: In the same way you will need to have and proportions the number of an account that is in your name. This is something important, since it will be here where you enter the loan you have requested once it is approved.
- Have a phone number: You will also have to provide your phone number. Something that seems essential since they will tell you if your credit has been effectively approved.
- Not appear in ASNEF or similar: The fact of being listed in a list of defaulters or negative credit history makes it difficult for you to obtain a loan in this company. Although, indeed, this is not an impediment in all companies in the sector, Ferratum, requires that you have a positive credit history. The team will check that you do not appear in any list.
- You must have email: Although it may seem silly, you need to have an email account. You may be required to send some documentation or make certain notifications in this way.
- You can not request two credits at a time: This requirement is more than usual in the sector, if you already have an active credit, you have to return it first. At the time that credit is closed, you can request the second one almost immediately. This, although it was not a requirement per se, is something that common sense invites.
Procedure to obtain your mini credit with Ferratum
Now that you know the requirements to get this microloan, let’s look at the procedure to follow to obtain it. As you can see, it is a very simple process:
- Request: One of the virtues of Ferratum is that it allows us access to its platform from different devices. So you can make the request by mobile, tablet or computer.
This request consists of a simple process. You enter the amount and the term you wish to set (taking into account, logically, the limits you have available) and some personal data.
- Identification: In case it is the first time you use Ferratum, you will have to enter your personal data. Nothing different from the typical identification process to access most of the services.
If it is not the first time you use Ferratum, the process is even easier. You only have to use your mobile number and the pin that identifies you as a customer. As simple and fast.
- Confirm the request: After doing all this, the next step will be to confirm the request. It is recommended that you verify all fields well as well as the amount and the term.
- Income: The company will contact you very quickly to notify you if the credit is approved or not. Finally, in case there is a green light, you will be credited with the money in the account you provided.
Customer reviews of their microloans
The opinions on Ferratum are quite positive, although not as much as in other similar entities. In general, the negative reviews go on the side of not offering loans with ASNEF or if you are a company . Also on the side of the first credit is not free (yes, we are too badly used).
But it is also true that it has very positive reviews , which go on the side of the extreme comfort they offer and the good amount of money they offer (up to € 700, while other mini-credit entities barely reach € 500).
One point that users tend to criticize is the interest they charge us. For a loan of € 300 to return in 15 days, we will charge € 66 interest. Yes, they are very high, but it is the usual in urgent minicréditos companies, so criticizing this point seems to us that it does not proceed (when you hire a minipréstamo of this type you already know what there is).
Finally, a very positive opinion, although not directly related to the Microloans of Ferratum, is the Flexible Credit service . You can see more about that type of credit in the next section (because it deserves to be treated with some depth).
Other Ferratum credits
In addition to the Créditomovil microloan, which has a limit of € 700 (as we have seen above), it should be noted that Ferratum also offers what they call ” Flexible Credit “, which allows you to get up to € 1000 (€ 500 if it is your first time). with them).
This credit works like a credit card, but without having the card as such. They simply give you the money, and you use it when and how you want, and you only pay the interest on that money you have used.
For example, imagine that you have requested a flexible credit of € 1000. Well you have that money in your account, and, if you spend € 500 of those € 1000, you will only pay the interest linked to the € 500 spent, not the other € 500.
It’s a fantastic invention and very few financial institutions offer, so it’s worth taking a look in depth, because it can be very useful.