Published April 8, 2019 – Updated March 6, 2021
Interest rate levels are the most important thing to look at when comparing credit accounts?
Yes, for some it is. But for other people, fees, reimbursement levels or other factors weigh more heavily.
It all depends on how you will use your credit account.
5 points to look at
How do you want to use your credit account?
Best credit accounts
1 – Interest
Choosing a credit account or low-interest mortgage loan may sound like the best choice. Interest rates should also weigh most heavily if you choose to use your credit account based on its flexible benefits. In other words, as a flexible credit that you always have access to. A credit that is utilized on a few thousand dollars and is then repaid relatively quickly. A bit like using a credit on a credit card.
2 – Additional fees
Interest rates generally account for the greatest cost – but it need not be so. Many account credits have a number of “unnecessary” fees. These are fees that can make them really expensive.
Setup fee is a one-time fee that is paid when the credit is created (or at the first withdrawal). If you have to have your credit account for several years (available even if you do not use it), the setup fee does not play such a big role.
Another fee is withdrawal fee. This means that you have to pay every time withdrawals are made. If such a credit account is chosen, it is really important to plan the withdrawals. This eliminates much of the flexibility … The pigs completely advise against such credit accounts.
Another fee is the fee. As far as possible, avoid credit accounts with a fee as there is no reason for the credit companies to charge this fee.
“The easiest way is to choose a credit account without a withdrawal fee and a fee. Thus, only the interest paid creates flexibility and clarity. ”
3 – Lowest repayment amount
If you want to get as low a monthly payment as possible, you need to look at “lowest to pay”. All companies have the lowest amount to be paid each month, but it varies widely between the credit companies. For example, it can be at least SEK 500 as well as at least SEK 1500 per month.
4 – How much credit do you need?
Should you use the credit account as a flexible credit where withdrawals are made at only a few thousand kronor at a time, there are several good credit accounts to choose from. For example, the maximum credit granted is SEK 30,000 is quite common. But if you want higher credit, you may need to compare the different lenders a little extra.
5 – Do you have a payment note?
Very many credit accounts offer credit to people who have payment notes. However, not too many remarks and there is no active debt of the chancellor, most lenders usually do not approve a credit.
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How do you want to use your credit account?
Use as – a loan
Do you need to borrow SEK 30,000 and are expected to repay this in 2 – 3 years? In this case, a private loan should be better from an economic perspective. But at the same time, the credit account has a flexibility that can be worth paying extra for. You choose how much you want to pay month to month. This is as long as you pay the lowest monthly fee anyway.
Keep in mind that: Compare effective interest rates between multiple account credits and private loans. Search for the loan with the lowest effective interest rate.
Use as – a credit card (flexible credit)
Many people choose to use a credit account in a similar way to a credit card. Not to pay on a daily basis, but you choose to use the credit in the months when the income is less than the expenditure. Then, utilized credit is generally repaid in 1 – 2 months. A flexible credit that is used several times a year.
Keep in mind that: Above all, avoid withdrawal fees as it becomes unnecessarily expensive to pay for each withdrawal. Especially if it will happen several times a year. Choose a low interest rate credit account. The setup fee does not weigh very heavily.
Use as – a quick loan
When the number of classic quick loans decreases, credit accounts for loans of a few thousand are used instead, which are then expected to be repaid in a few months. The advantage of today’s credit accounts is that they are generally considerably cheaper than the previous fast loans.
Keep in mind that: Then you should avoid high planning fees in the first place. With a high setup fee, unnecessarily high total loan costs are created over the short credit period. While interest rates are important, they do not make much difference in a shorter period of time.
Best credit account, without avi and withdrawal fees
✔️ Type of loan / credit: Credit
Credit amount: SEK 1,000 – 30,000
Interest rate: 22.50%
Age: 20 – 75 years
✔ In High Cost Credit: No
Credit information: Bisnode
✔️ Payment note: No
️ Apply here! ∙️
Calculation example (calculated 2020-10-01): Calculated on the assumption that the credit limit is SEK 15,000 and that the credit is left for a one-year period and is paid through 12 repayments with equal monthly payments, the effective interest rate is 24.97% and the credit interest rate, which is variable , fn. 22.5%, per year. The monthly cost is SEK 1,407.5 and the total repayment will be SEK 16,890 incl. fees.
✔️ Type of loan / credit: Credit
Credit amount: SEK 1,000 – 30,000
Interest rate: 26.50%
Age: 20 – 65 years
✔ In High Cost Credit: No
Credit information: Bisnode
✔️ Payment note: No
️ Apply here! ∙️
Calculation example: Lowest monthly payment: SEK 750 (incl. amortization and interest). Annual interest rate: 26.50% fn. (2.21% per month). Price example: For utilized credit of SEK 15,000 for 12 months. Total to repay SEK 17,239 (SEK 1,437 per month). Effective annual interest rate: 29.97%.
✔️ Type of loan / credit: Credit
Credit amount: SEK 2,000 – 50,000
Interest rate: 13.18 – 17.52%
Age: at least 20 years
✔ In High Cost Credit: No
Credit information: Bisnode
✔️ Payment note: Ok
️ Apply here! ∙️
Calculation example: Examples of loans at Fairlo: Effective interest rate 18.00%, SEK 2,000, over 1 year. Cost SEK 186 per month, total: SEK 2,233.
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