Short-term lender Ferratum UK has just been given FCA authorisation.
The firm describes itself as one of the world’s largest mobile microloan lenders, offering a unique service for existing customers to apply for a short-term loan via a text message. Loans range from £50 to £500. A number of repayment options are offering by the company.
Ferratum UK is a subsidiary of the Finnish Ferratum Group which was founded in 2005 as a pioneer in the area of financial technology and mobile lending.
UK Country Manager for Ferratum Group Tony Gundersen said: “Receiving authorisation from the FCA further recognises that Ferratum is a responsible lender that puts customers at the very centre of our business. With this decision, the FCA is sending a clear message to our customers, partners and stakeholders that we run a compliant business where customers are consistently treated fairly.
“Achieving FCA authorisation is a key milestone for us in 2016, as it gives us the opportunity to continue with our innovation plans, including the launch of a new instalment product that has been developed based on customer research and feedback.”