FERRATUM, one of Europe’s biggest lender of microloans, has opened its first UK office, in Speke.

The Finland-based firm provides short-term loans online and via mobile phone in 15 countries.

It can provide loans of between £50 and £300 repayable from seven to 45 days to meet the short-term financial needs of customers.

The company was founded in 2005 by Jorma Jokela, who said: “The continuing uncertainty in the UK economy and across Europe means that companies such as Ferratum can play an important role in helping people meet unexpected bills or cope with any cash flow issues that arise.

“A microloan is often better than using your credit card because you cannot fall into the trap of making the minimum repayment and therefore staying in debt for longer.”

Jane Shaw is UK operations manager based in Speke and she said: “There are a number of other providers in the UK offering microloans, or payday loans as they are more commonly known. 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.”