Payday Lender Ferratum UK Welcomes OFT Scrutiny
Contact Information
Ian Porter
Ferratum
Suite 301, 25 Goodlass Road, Liverpool, L24 9HJ
Liverpool

0151 448 7324

Ferratum UK was responding to the news that the number of lenders subjected to property searches by the Office of Fair Trading (OFT) had soared in the first five months of the year.

Online PR News – 11-October-2012 –A leading payday loan company has welcomed a crackdown on “rogue” lenders in its sector.

Ferratum UK was responding to the news that the number of lenders subjected to property searches by the Office of Fair Trading (OFT) had soared in the first five months of the year.

Ferratum’s office in Liverpool was among those visited by the OFT but was told its business practices were fully compliant with all legal requirements.
Between January and May, the OFT visited the premises of 68 payday lenders – compared to just one in the whole of 2011 – as part of a concerted clampdown on rogue operators in the sector.

Ian Porter, Sales and Marketing Manager of Ferratum UK, said: “We are pleased that the OFT is conducting such a rigorous investigation into the payday loan industry and it is already apparent that a number of rogue lenders have been forced to close down.

“Ferratum UK was happy to work with the OFT in its enquiries and we were delighted to be told that all of our procedures were fully professional and legally compliant.

“More than 2million people in the UK have applied for a payday loan which demonstrates that there is a clear public demand and requirement for properly licensed companies in the sector.

“This consumer trend has not happened by accident. Rather, it is about professional, properly licensed companies such as Ferratum meeting the demands of the customer who find that Ferratum payday loans are flexible and responsive to their needs.

“Our customers have a short-term financial requirement – perhaps only £100 or £200 to pay a utility bill or urgent car repairs – so have no desire to take out more money than they need or have to repay over a longer period. They like the fact that Ferratum UK is flexible and responsive to their needs but also responsible in terms of the lending processes that we follow.”

Ferratum UK handles all of its applications via the web or mobile, providing customers with loans of between £100 and £300 within minutes. Loans have to be repaid within a maximum of 45 days.

Ferratum operates in 20 countries, employs over 220 people worldwide and has served more than 1.5million customers. The company aims to be the leading global mobile payday – or microloan - loan company by 2014.

Customers are told upfront what the full cost will be of their short term loan and there are no hidden charges.

Customers use an online loan calculator to work out the loan amount they need, how long they need to pay it back – between 7 and 45 days - and the full cost of the loan.
Only at this point can you apply for the loan after which the Ferratum customer services team will do a credit check before letting the customer know within minutes if their loan application has been successful.

Customers are issued with their own unique PIN number and because all customer data is securely held future applications are dealt with fast and efficiently.

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