This article will focus on private loans Sweden by essentially looking at the top 5 best personal loans in Sweden in 2023. Private loan and personal loan are used interchangeably in Sweden and they consist of banks and instant online lending platforms where you can access emergency cash funds when expected expenses hit you and you need to draw in advance from your earned paycheck.
One thing that should be noted about the country of Sweden is that the cost of living is relatively high which increases the chances that someone will at one time or the other be in beed of quick and instant cash. These emergency may be needed to buy a new car or an apartment, or pay down an unexpected bill or buy foodstuff, the good thing is there are always a lot of banks, instant digital loan platforms and financial institutions where private loans can be obtained in Sweden.
Generally, private loans in Sweden include loan facilities given to a Swedish or someone with a long term residence in the country. Typically, in loan in Sweden works like the private loans in Denmark, or personal personal loans in Gerrmany that often are offered by financial lending institutions other than the mainstream traditional banks. However, some banks have also devised means for offering private loans to clients just so that they increase their revenue stream.
Best Private and Personal loans in Sweden 2024
The financial sector in Sweden is becoming more competitive by the day which means that mainstream banks and other financial institutions are rethinking strategies to stay relevant. This reality means that accessing credits is increasingly easier provided that one meets the set out requirements.
The most trusted private loans in Sweden are Saldo Loan, Lendo Loan, Swedbank Loan, Bank Norwegian Loan and Advisa Private loan. These lending platforms offer quick and secure revolving credit loan without collateral or UC which protects your credit rating if you’re applying for more than one loan in Sweden in a short period of time.
1. Saldo Loan
Saldo offers quick and secure revolving private loans to its customers in Sweden and the opportunity to apply for a loan without UC (Upplysningscentralen) which protects your credit rating when you are applying for multiple lending in Sweden over a brief period. Saldo private loans Sweden involves a revolving credit with a limit up to 20 000 kr with an interest rate of 19,5-39,5%, effective annual interest rate (APR) 26,5-74,4% and a loan repayment period 3 to 30 months depending on the amount of credit used. Loan opening fee 395 kr. Loan management fee 0 kr per month. Loan withdrawal fee 45 kr.
2. Lendo Loan
Lendo is one of the best private loan platform in Sweden offering comparison loans without collateral or documentation from up to 40 loan offers from their various partner banks and lending institutions. By comparing loan offers you can save money by assuring you choose the lowest possible interest rate with the least processing cost. With Lendo, you can get up to 600 000 SEK personal loans. Applications takes less than 5 minutes and is free of charge, physical visit to office required.
3. Swedbank Loan
Swedbank offers one of the most reputable private loans in Sweden to help fulfil your different financial plan and unexpected expenses either from planned home improvement or home bill. Swedbank provides Private loans from €300 to 20 000 with the amount you can borrow depending on your net income and any other financial obligations that you may have. There’s no monthly service fees and you have option for early repayment of loan without any additional fees. Interest rate starts from 9,9%.
4. Bank Norwegian Loan
Bank Norwegian gives private loans in Sweden without collateral ranging from SEK 5,000 and 600,000 for whatever you want! The entire application process can be completed online with BankID. In order to be granted a personal loan which is also called Private Loan, the applicant must be over 23 years old and must have been registered in Sweden for the past 36 months. Please note that Bank Norwegian performs a credit check before giving you a loan offer.
5. Advisa Loan
Advisa is one of Swedens leading private loan comparison services. The company was founded in 2011 with the vision to make it easy for consumers to save money on their loans. Advisa is based in Stockholm, Sweden and only offer services to Swedish citizens. Advisa collaborates with 40 creditors. Your application will be sent to the creditors who best match your profile. Repayment time 1-20 years. Maximum interest rate is 29.99%. Interest rate spread between: 3.06% – 29.99%. After you have submitted your application, your offers are displayed directly on the screen so you can quickly and easily compare the terms from different creditors.
What does it mean to apply for a loan without UC?
UC, or Upplysningscentralen, is Sweden’s leading credit information company and is owned by the biggest Swedish banks. They have direct access to the register of UC and are able to monitor the loans you have applied for in the past. The law states that lenders must make a credit assessment of potential borrowers before the loan can be granted. You might be marked as a high-risk customer, which can make it difficult for you to apply for bigger loans in Sweden when you plan to purchase a car, home or another big ticket item.
Who can apply for a private loan in Sweden?
- You need to be at least 18 years old.
- A Swedish resident since at least 1 year.
- Steady income from gainful employment or pension.
- A yearly salary of at least 110 000 SEK.
Can foreigners get personal loan in Sweden?
Sweden is a land of freedom and guarantees equity and fairness among citizens and residents including those who immigrate from different countries. Being extremely ex-pat-friendly and foreigner-friendly, Sweden offers all types of loans to all people, whether private, personal or otherwise.
How much private loan can I get in Sweden?
Sweden Loans offers private loans for cash from kr 10,000 to kr 500,000. However, the final amount will be decided after having a discussion with the borrower on two major aspects: Current financial situation and requirements. Assessing the future repayment capacity.
Which Financial lending institutions give Private Loan Credit in Sweden
In Sweden, private loans are given by corporates and individuals through private lenders. Though the banks are trying to get into this niche operation, their loans are not wholly considered as private credit. In most cases, the private credits are meant to help the borrower meet their immediate needs. The popularity of this kind of borrowing comes from the fact that they do not require elaborate processes of due diligence or any forms of collateral security.
Why take a private or personal loan in Sweden?
Private loans Sweden offer a financial safety net for individuals who are in financial emergencies and businesses in the budding stage. The private lenders in Sweden do not necessarily offer large loans but instead give some reasonable credit based on one’s demonstrated ability to repay. try as much as possible to eliminate the lengthy process common with banks thus making it easier to meet your financial needs through a short process. One thing that makes private loans attractive in Sweden is that they come at low interest rates and do not require so much security to access.
What purpose can you put private loans Sweden into?
In Sweden, you can take private loans for reasons including but not limited to consolidating multiple debts, making credit card payments, paying for events, meeting shopping expenses, buying a car or repairing your home. The lender assumes that you will actually spend the loan for the specific reasons that you have but does not make follow ups to ensure that is done.
Which is the best personal (private) loan platform in Sweden?
Lendo is the biggest comparison site for private loans in Sweden. The platfporm helps users protect their credit rating while comparing loan offers from several lenders through an online service that is free of charge for the users.
How to apply for a private loan in Swedbank?
To appply and access Swedbank private loan, do the following:
- Log in to the bank app.
- Tap on the menu (three bars).
- Tap on Loans.
- Tap on New Loan.
- Tap on Apply for a private loan.
- Follow the instructions in the app.
- Within a few minutes you will get a reply to your application.
Who can apply for a personal loan Sweden?
To apply for a personal loan Sweden, you have to fulfil the following conditions:
- You need to be at least 18 years old.
- A Swedish resident since at least 1 year.
- Steady income from gainful employment or pension.
- A yearly salary of at least 110 000 SEK.
- Debt free to the Swedish Enforcement Authority (Kronofogdemyndigheten) for at least 6 months.
Conclusion
In Sweden, private loans are given by corporates and individuals through private lenders. Though the banks are trying to get into this niche operation, their loans are not wholly considered as private credit. In most cases, the private credits are meant to help the borrower meet their immediate needs. The popularity of this kind of borrowing comes from the fact that they do not require elaborate processes of due diligence or any forms of collateral security.
If you looking for the best and most reputable private loans in Sweden, you should consider Saldo Loan, Lendo Loan, Swedbank Loan, Bank Norwegian Loan and Advisa loan. These private loan platforms offer quick and secure revolving credit and mostly loan without UC which protects your credit rating if you’re applying for more than one loan in Sweden in a short period of time.
