If you live in Sweden and you’re in need of a consumer loan, you’re in luck. Thanks to recent advances in the Fintech industry, and the alternative finance sector in particular, getting the right loan on the best terms has never been easier.
The New Breed On Digital Loan Tendering Platforms
Once upon a time, navigating the consumer loans market in Sweden was a tiresome, time-consuming, and, in some cases, frustrating business. Approaching your bank manager to ask for a loan and feeling you were being put under the microscope was, for many, a daunting proposition.
The other option of asking loan companies was equally off-putting as they could be somewhat unknown quantities, promoting the fear that you might get ripped off.
Now, however, thanks to the rise of alternative digital finance loan tendering platforms in Sweden, you can log onto a consumer loan collection and comparison site and do everything online at your convenience without even leaving home.
The Types of Loans You Can Apply For
The phrase ‘consumer loan’ is an umbrella term that covers multiple types of loans, including:
- Automotive loans – for buying a new or second-hand car. This type of loan is usually unsecured and is normally offered according to how much you can afford to repay. However, in some cases, it is possible to use the vehicle itself as collateral.
- Consolidation Loans – for converting a number of different debts and loans into one loan covering all of the debts but with lower interest rates and a longer term if needed. Very useful for paying off high-interest debt.
- Flexible credit – the best known and most familiar type of which is credit cards. These allow you to withdraw money as and when the need arises. Each card has a set preset maximum borrowing amount, and you only pay interest on the amount you take out.
- Leisure cost loans – to pay for things like trips and holidays without having to save for them in advance
- Renovation Loans– to cover the cost of expensive renovations or repairs to property.
- Student loans – to cover study-related costs, including tuition fees, books, etc. (Read more here.)
- Unforecast expense loans – to cover costly emergencies, such as medical needs, replacing broken or worn out costly household appliances, or expensive car repairs.
If you find a top Swedish loan comparison site, they will cater for loans for all of the type types of costs and expenses mentioned above.
How Loan Tendering Platforms Work
The great thing about loan tendering sites in Sweden is that they offer their services at no cost to users. How do they make their money, you may ask? They do so by receiving a commission from the lender you choose to use.
All you have to do is to find a loan tendering platform you like the look of, use the site’s loan calculator to establish the loan amount and your preferred repayment period, and then complete their online application form.
That’s all there is to it. Once you’ve completed the application form, the loan comparison platform will send it out to up to 30 different loan companies. These lenders will then compete against one another for the privilege of offering you a loan, and within minutes, you’ll receive a summary of all the offers.
All that remains for you to do is to wade your way through the list and pick out the options that appear most favourable. Once you decide which loan to go with, the contract will be made directly between you and the lender. The tendering platform you use will have no further input.
Things of Which You Need to Be Aware
The amount you can borrow will be dependent on your ability to keep up with the repayments. Within this parameter, you can borrow up to a maximum of 700,000 kr immediately. If, however, you are asked to provide collateral, it may take longer to receive quotations as the lenders will need to verify the status of said collateral.
With most unsecured loans, the funds can be paid into your account on the same day you apply.
You must be at least 18 years of age to obtain a loan. Some lenders might specify a higher minimum age, such as 23 or 25.
You should also have a Swedish bank account and preferably a regular income. This does not necessarily mean having permanent employment. If you’re employed on a specific project or, you’re a freelancer, or you’re in some other form of employment, it is still possible to secure a consumer loan. All it means is that the income you receive must make it possible for you to pay the monthly loan repayment instalments on time.
One thing you should be aware of is that if you have any outstanding payment enforcement authority issues, it may not be possible to secure a consumer loan.
Conclusion
Using Swedish alternative finance digital loan comparison sites is the smart way to set up a consumer loan. It gives you the best chance of finding the cheapest, most affordable deals. Should you need any further help with any aspects of a consumer loan application, the professional advisors employed by your chosen loan tendering platform in Sweden will be able to answer your questions and assist you at every stage of your application.
