How to get Personal Loans in Sweden? – An Expat Guide
Unlike earlier times, you can easily get a personal loan in Sweden even as an expat. It is majorly because you have got a lot of experts who are ready to guide you on this, a variety of blogs are written and many websites let you sit in the comfort of your home and compare the different loans and interest rates offered by many lenders.
Getting a personal loan anywhere is about two basic processes. One is to figure out whether you are eligible to get a loan and the other is to find out the right lender who gives you the loan at affordable interest.
List of loan providers in Sweden
All these loans providers offer different rates and options for different prices. Comparing the specifications of each loan provider can be time-consuming. Are you wondering which provider offers the best deals or the best options? We have listed the most reliable loan companies below while using the following criteria:
Compricer, a dynamic loan comparison platform, empowers borrowers with a unique set of features. With the ability to compare private loans and access up to SEK 600,000 at low interest rates, Compricer stands out as a valuable resource for borrowers seeking the best financial fit.
Distinguishing itself from traditional lenders like Santander and Bank Norwegian, Compricer compares offerings from up to 40 different lenders, streamlining the loan selection process. The platform prides itself on a single UC (credit check) for applicants, ensuring minimal impact on credit scores, and all services are provided free of charge, offering a cost-effective alternative for borrowers.
Lendo.se, a leading loan comparison platform, redefines the borrowing experience with a range of distinctive features. Offering the ability to compare loans up to SEK 600,000 for free, Lendo.se provides a comprehensive and cost-effective solution for borrowers in Sweden.
With a commitment to efficiency, applicants can apply in just 2 minutes, experiencing a streamlined process tailored for the modern borrower. Lendo.se further minimizes the impact on credit scores by conducting only one credit report with UC, a unique advantage in comparison to traditional lenders.
Bank Norwegian, a prominent player in Scandinavian banking, redefines the borrowing landscape with its unique offerings. With the ability to borrow up to significant amounts, Bank Norwegian positions itself as a dynamic financial partner. Unlike traditional lenders, the bank provides flexible solutions tailored to individual needs, emphasizing transparency and affordability.
Bank Norwegian’s quick application process sets it apart, enabling customers to apply for loans efficiently. The platform values the customer’s time, ensuring a swift and hassle-free experience in comparison to conventional lenders.
The eligibility criteria to obtain a loan in Sweden include:
- Fixed address in Sweden (registration certificates and registration ID)
- A salaried job
- Stable income (salary slips are necessary as proof)
- Proper credit history and score
- At least 18 years of age (birth certificate proof)
- Bank account at a Swedish bank
Irrespective of whether you are a citizen of Sweden or an expat, you are expected to fulfill the above-mentioned basic eligibility criteria to be able to obtain personal loans at banks and from private lenders.
Besides, most places require you to have a registered ID number to secure any type of loan. It is not difficult to get yourself registered in Sweden. That said, the rule doesn’t apply to citizens from the European Union (EU).
What are Quick loans?
Quick loans are also known as payday loans. It is a short-term loan and it gets over in a very short, fixed period. You are expected to give a cheque to the lender which includes both the borrowed amount and the fees. That said, quick loans aren’t offered by traditional banks or many lenders. Only specific private lenders offer quick loans.
Online loan lenders are growing in numbers. They offer you personal loans in quick cash and you can apply it easily from your home by downloading their app or applying on their websites. You are expected to upload needed documents, and a selfie sometimes. The loan process is simple and it is easily approved. However, it is important to check their interest rates as they may be more than the traditional lenders charge and beware of fraudsters.
Factors to consider while finding loan opportunities
When you apply for a position, you must consider an array of factors and filter your options. It is only through this process can you find a reliable lender and also get cheap interest rates and fees.
Interest Rate – The rate of interest for the amount borrowed varies from one agency to another. Besides, the interest rate also varies based on the amount you borrow, especially from private lenders.
Term Period – The longer the term period, the more interest you pay. Since you are paying for a longer period, you might have to pay interest for that many months, which will cumulatively cost you more. But if you have a tight budget every month, a longer-term period means you have to pay only less out of your pocket every month.
Ease of Applying – There are many banks and private lenders who offer loans of different varieties. Therefore, you can see where the procedures are simple and apply accordingly. Online loans are easier to apply from the comfort of your house and you can also get immediate cash in most processes.
Fees – The rate of interest is calculated on your loan. However, most banks and lenders charge you additional fees for documentation and arrangement purposes. It is a usual charge but you must be careful to not pay too much of a fee to your lender.
Terms and Conditions – The terms and conditions and repayment procedures vary at each place. So enquire about the details properly and read the documents well before signing for the loan.
A loan calculator helps you determine the monthly installments you may have to pay based on the amount you are expected to borrow. You have to enter the amount, repayment period and interest rate for the personal (private) loan calculator to come up with mostly accurate payment details. You can also do a reverse by entering the monthly installment you can afford, with the repayment details and interest rate to calculate how much you can afford to borrow. Both of these processes help you figure out the personal loan you can get.
Compare the loan – Compricer and Lendo
Comparing the loans is one of the best ways to find the cheapest option available. If you approach only one bank or private lender and settle for their interest rates and plans, you might end up paying a lot. But it is also understandable that approaching different lenders and comparing the rates is a tiring process. It is here that loan-comparing tools like Compricer and Lendo come into the picture. You get to compare your loans with up to 40 different lenders in just a click and find the lowest interest available to borrow even Fast loans.
The procedure may vary based on the website. For instance, in Lendo, here are steps to compare loans safely and easily.
- Enter details in the application.
- Lendo compares offers from different lenders.
- Choose the loan offer that suits you.
It is free of cost to check these loan options in Lendo. You can apply for a loan of up to SEK 600,000.
You can borrow money and Private loans in Sweden from several banks and private lenders. You can collect personal loans and other types of finances from Bank Norwegian. If you are over 20 years old and have been registered in Sweden for the last 36 months, you are eligible to apply for the loan at the bank.
It is going to be quite difficult to get a loan as an expat in any country. That said, Sweden is one place where the process isn’t very complicated if you know where and how to get a loan. A proper comparison between different personal loan opportunities available for you helps you narrow down your options and opt for a cheaper and better loan and lender.