Quick Solution for Cash Strapped Kiwis

Media release June 19, 2011

New Mobile Service Offers Quick Solution for Cash Strapped Kiwis

A European based mobile microloan service has launched its first Asia Pacific branch in New Zealand offering cash-strapped Kiwis a quick fix solution to urgent financial problems.

Finnish firm Ferratum Group, the first and largest mobile microloan company, provides a short-term, unsecured quick cash loan via a mobile phone to consumers looking for ready cash.

Those looking for ready money can simply text the company or register online to access their first drawdown of cash in as fast as four minutes.*

First-time borrowers can initially receive up to $200 and up to $600 maximum for verified customers, after the first loan repayment. The offered maximum loan amount will gradually become larger in the future.

The Director and Country Manager of Ferratum New Zealand LTD, Richard Yoon says the company allocates individual PIN numbers to customers who the first cash loans are approved to. These customers can then access cleared funds transferred by Ferratum from wherever they are in the country within a few minutes.

“This kind of access to emergency cash has been hugely beneficial to our customers across Europe. If you were in a supermarket with a trolley full of groceries and your EFTPOS card was declined, literally within a couple of minutes of sending us a text you could have available funds to complete the purchase,” says Yoon.

Yoon says New Zealand has a well-structured financial and legal system and the fact we are an English speaking nation makes us an attractive location for financial institutions wanting a base in the Asia Pacific region.

“New Zealand consumers are well protected by strict financial regulations and the robust legal system makes the country a perfect choice for financial services organizations to establish themselves.”

Yoon says early indications show that Kiwis will be quick to pick up this new and fast mobile cash loan service, which he believes could eventually be extended to include other loan products in the financial market.
of a required age and with a good credit history.

In 2005, Ferratum Group was the first company to launch the Mobile Microloan product in Europe. They are now present in 15 countries, with a branch in the UK opening later this month, and are proud to serve more than 700,000 clients. The company employs more than 135 dedicated professionals and has an ambitious growth strategy to be the leading global micro loan company by 2014.

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