Ferratum expands SME lending to Australia
(17 January 2018 - Australia) An international provider of mobile banking and digital lending services, Ferratum Oyj, has launched a small business lending unit in Australia.
According to a statement, Ferratum Business, the company’s small-to-medium enterprise (“SME”) lending division, can approve SME business loans faster and has a track record of higher approval ratios than traditional banks, thanks to its unique combination of a proprietary credit assessment technology and highly trained lending specialists.
The firm says loans are approved without collateral requirements, interviews or paperwork. On average, a business loan application with Ferratum takes five minutes and the funds are ready to be delivered to the applicant‘s bank account in one business day.
In Australia, Ferratum Business will offer small business customers loans of up to A$150,000 for up to 18 months.
Director of Ferratum Business Lending, Scott Donnelly said, “With many SMEs in Australia neglected by conventional banks due to lengthy processes and harsh collateral requirements, at Ferratum Business we appreciate that time is of the essence and digitalisation is a crucial part of the solution.”
“We understand that the financing needs of SME businesses are dynamic and fast-moving, and thanks to our proprietary credit assessment algorithms, Ferratum can move at the speed of business. Our SME loan application process takes only minutes to complete and our lending decision can be made the same day, making it easy for SMEs to get the growth capital they need, when they need it."