Two short-term lenders receive FCA authorisation

Ferratum describes itself as a "mobile microloan lender", allowing customers to apply for a short-term loan via text message. The firm provides customers with short term loans between £50 and £500.

Wizzcash.com launched in 2012 and provides short-term loans of up to £1,000.

Tony Gundersen, UK Country Manager for Ferratum Group, commented:

“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.”

Hilton Freund, commercial and marketing director at Wizzcash.com, added:
 
“Securing full FCA approval is a big win for our customers. It also gives us the confidence to continue operating, as we have, putting customer outcomes at the forefront of what we do.
 
“The FCA’s accreditation shows that treating our customers fairly is at the heart of what we do. We’ve made it a core part of our business to adhere robustly to FCA guidelines. We’ll only approve a loan if we’re confident an applicant can meet the repayments promptly and have passed an underwriting affordability assessment .”