Finnish microloan firm sets up in Liverpool

FINNISH microloan specialist Ferratum has opened its UK head office in Merseyside.

The company issues short term loans, often known as payday loans, of between £50 and £300 repayable within seven to 45 days.

According to the company’s website £100 borrowed over seven days would attract interest of £10. This rises to £33 over 30 days.

The business, set up in 2005 by Jorma Jokela, provides loans online and via mobile phones in 15 countries. Its goal is to become the leading global microloan firm by 2014 – operating in 50 countries.

The Helsinki-headquartered organisation currently employs more than 135 staff and has some 700,000 customers. in the UK market it is up against operators such as Wonga which has raised its profile by sponsoring Blackpool Football Club.

The Liverpool office, based in Speke, is led by operations manager Jane Shaw. Ian Porter has been appointed sales and marketing manager while Julie Wright is senior customer service executive. More staff are expected to join as the business grows.

Ms Shaw said: “There are a number of other providers in the UK offering microloans, or payday loans as they are more commonly known, but none of them have the experience and pedigree of Ferratum.

“We believe passionately in the importance of responsible lending and, as such, we will only be providing loans during the working day rather than through the night as is the case with some of our competitors.

“It is this approach in other parts of Europe which has helped us establish Ferratum as the microloan lender of choice committed to reliable service, ethical behaviour and a rapid response to applications.”