Ferratum

Page last edited: 04.11.2026

Ferratum – short-term solution for a range of financial situations.

Ferratum is a brand of the international Ferratum Group, which operates in micro-lending. According to the company, in 2005 it was the first to use mobile technology in lending: a short-term loan could be arranged by sending a simple SMS. The group operates in 20 countries and serves more than 1.5 million customers. In Latvia, Ferratum offers a credit line with flexible terms: the amount is 400 to 4,000 EUR, the term is 2 to 60 months and the APR is 58.53%. There is no fee for opening the credit or withdrawing money, a convenient payment date can be chosen, and the money is paid out immediately without commission. Decisions and transfers are made only during the company’s business hours; residents of Latvia aged 19 to 75 can apply.

Phone: +371 67280515
Email: info@ferratum.lv
Website: ferratum.lv

With a credit line, it is usually the opening and withdrawals that are “free”, but interest on the funds used is always charged, so offers are best compared by the total amount repayable. A fixed interest rate (fiksēta procentu likme) stays the same for the whole contract and the monthly payment is known in advance – unlike a variable rate, which depends on market indices. The right to repay a consumer loan early, in full or in part, is guaranteed by law, but the lender may ask to be notified in advance, so it is worth checking the procedure in the contract. A short-term loan is best taken for an amount that can realistically be repaid from upcoming income, rather than counting on an extension.

Who can get a loan?

Ferratum grants short-term loans and credit limits from the age of 19, and consumer loans from the age of 25. To apply, you need a good credit history and creditworthiness, as well as an account with one of the Latvian banks and a mobile phone. After the application is completed on the Ferratum website, it is assessed within 15 minutes, and a customer service specialist then contacts the client.

How quickly is the loan credited to my account?

First, Ferratum checks the information provided in the application, assesses the client’s credit history and ability to repay, and, if necessary, asks for the bank account to be identified. A Ferratum Bank operator then contacts the client, and if the decision is positive, the money is transferred to the bank account immediately.

How can I extend the loan repayment?

If necessary, the repayment term of a short-term loan can be extended twice. To do this, fill out the extension request form in your Ferratum client profile no later than 6 days after the repayment due date – the payment term is then extended by 15 days. Extensions are not available for consumer loans or credit limits.

Can I get an additional loan?

You can apply for an additional amount if you have an open credit limit that has not been fully used – the funds are then taken from the remaining part of the limit. An additional loan is not available for short-term loans or consumer loans.

Can I repay the credit limit early?

Yes, the amount used from the credit limit can be repaid in full before the stated term. In this case, interest at the daily rate is charged only for the days on which the client actually used the money.