Published March 31, 2019 – Updated January 5, 2021
A private loan is a unsecured loan, ie there is no “pant” such as a home or a vehicle as collateral for the loan.
Dear child has many names and private loans are also called blank loans or consumer loans.
As well as most car loans, boat loans, MC loans and various forms of member loans, they are in fact also private loans.
The piglets go through a lot of details here that you may need to look at current private loans
We also include other alternatives to private loans that, depending on your current situation, may be better suited to you.
Private Loans – When & How Much?
Private loans – What is required & Application
Best, fastest & easiest – via loan intermediaries
Interest, fees, repayment
What is loan protection?
Alternative to private loans
When can I use private loans?
Since private loans are a loan without collateral requirements, you can usually use the loan for whatever you want. For example, you can take a private loan to buy a used car, boat or motorcycle.
If you need to replace the appliances in the kitchen or refresh the living room, a private loan can be used. The private loan is suitable for financing a renovation or extension of the home, although in such situations, in the case of major renovations, it may be better to apply for a building loan or extend its existing mortgage.
A good and very popular way to use private loans is to collect expensive small loans and loans for a single private loan, a so-called collective loan.
Yes, it is even good to take a blank loan to pay for the holiday or to buy new clothes. However, the piglets advise against borrowing for clean consumption or holidays, although this is entirely possible. There are really no rules for what you can use the money for.
In most cases, it is very quick to apply for a private loan and get the loan approved, as well as get the money paid out to the bank account. If the loan is approved directly, without additional requirements on the guarantor or co-borrower, it usually only takes a few working days from the application until the money is paid out.
How much can I borrow?
There is no exact formula that shows how much each person can borrow for a private loan, you simply have to apply for a loan to know for sure.
However, you can make a simpler calculation yourself by listing all expenses and income per month, remember to count on ex insurance and car tax paid per quarter or per year.
After you have paid all the expenses, there must be money left over, housing and food costs are usually the big expenses but do not forget all the small expenses, maybe even the location to reduce the latter? Really needed the big TV package and full surf on all mobile phones?
If you think that the calculation works and that you are able to pay off XXX kronor in a private loan per month, the next step is to apply for the loan, which is the only way to know for sure whether a private loan is granted or not.
If you think the calculation does NOT go together, the lender will not like it either … then maybe it is time to make a proper budget for the household and with it as a basis try to cut as much as possible on the expenditure, especially the – really unnecessary – expenditure most of us incur.
Span on private loans
There are private loans from SEK 5,000 up to SEK 600,000. Not all banks and lenders offer loans throughout that range. The lower limit on a private loan is usually SEK 5,000 or SEK 10,000, sometimes higher, up to SEK 50,000 is not uncommon.
The maximum amount usually varies between SEK 350,000 and SEK 500,000, but can therefore be both lower or higher. Then your personal credit rating is weighed in and it determines how much you can borrow.
How much you can borrow depends on two factors:
Creditworthiness: The lender always does a credit check before the loan is granted. On your credit report, the lender sees how much you have already borrowed, how often you borrow and if you have many small loans or credit purchases.
A high credit rating means you have a greater chance of borrowing larger amounts. A low credit rating can in the worst case mean that you cannot get a private loan at all.
Ability to pay: How much disposable income you have, ie after housing costs, food purchases etc. as well as how stable your income is (for example, whether you have a permanent job or not) also plays a role in how much you can borrow.
According to good accounting practice, the lender should not grant a larger loan than you are able to pay back.
In our opinion, the easiest and best way to apply for a private loan or a blank loan is by using a loan intermediary.
The benefits are obvious, the application goes to 20-30-40 different lenders only with one application, and that only one credit report is taken. The three favorites of the piglets among the loan intermediaries are:
Review: Advisa is good?
Grows fast and most lenders
✔️ Borrow between: SEK 5,000 – 600,000 ✔️ Compare up to 40 lenders ✔ In Only 1 credit report ✔️ Borrow with payment note
✔ In private loans ✔ In Collection loans ✔ Bill loan ✔ Inboard loans ✔ In Blanc loans
️ Compare loans via Advisa ∙️
The interest rate is variable and set individually. For an annuity loan of SEK 600,000 with a maturity of 12 years, nominal interest rate 7.95% and SEK 0 in the set-up / fee, the effective interest rate will be 8.25%. Total amount to pay: SEK 932872. Monthly cost: SEK 6478 divided into 144 payment occasions. Updated 9/9/2020. Your application will be sent to the lenders who best match your profile.
Review: Lendo is good?
Longest experience and most customers
✔️ Borrow between: SEK 10,000 – 600,000 ✔️ Compare about 35 lenders ✔ ️ Only 1 credit report ✔ ️ Borrow with payment note
✔ In private loans ✔ In Collection loans ✔ Billån ✔ In Blancolån
️ Compare loans via Lendo ∙️
Calculation example: Annuity loan 12 years. Effective annual interest rate 5.56%. A loan of SEK 300,000 then costs SEK 2,838 / month (144 installments), ie a total of SEK 408,733. No start / fee. 5.42% nominal interest rate (variable interest rate, set individually based on your conditions). Updated 4/4/2020
Big, safe and secure
✔️ Borrow between: SEK 5,000 – 600,000 ✔️ Compare about 30 lenders ✔ In only 1 credit report ✔️ Borrow with payment note
✔ In private loans ✔ In Collection loans ✔ Billån
️ Compare loans through Freedam Finance ∙️
Interest rate.: Annuity loan 10 years, SEK 180,000, variable interest rate 6.65% (starting fee). 0: – / aviavg. 0 🙂 gives eff. interest rate 6.86%, tot. amount SEK 246,915, cost SEK 2,058 / month (120 paid).). Interest rates 2020-01-17.
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What is required for a private loan?
The terms vary between different lenders, it actually varies quite widely. Some lenders focus on providing as cheap a private loan as possible and then place slightly higher demands on you as a loan.
With other lenders it is easier to get a loan granted but then the cost may be higher instead. The basic requirements are usually about these:
Income: Most lenders in private loans have a requirement for a certain annual income, often it is a so-called “Basic requirement” and the income varies from SEK 100,000 per year up to SEK 250,000. However, there are exceptions to these income requirements, as these are usually smaller loans, so-called quick loans.
Age: The usual lower age limit for being approved for a private loan is 18 or 20 years, some lenders want you to be at least 21, 23 or 25 years to borrow from them. The upper age limit for obtaining a private loan is often not mentioned – it is a little sensitive not to give “older” people loans – it can be problems at as young as 60 years, or even earlier!
Read more: 5 reasons to collect the loans
Swedish and live in Sweden : You have to be a Swedish citizen and it is usually required that you are registered in Sweden in order to borrow, ie that you really are live in Sweden, not just Swedish citizens. It also happens that you have to have been registered in Sweden for a certain period of time, if that rule exists then the limit usually varies between 1 – 3 years.
Payment Notes: For most private loans, you may not have any payment remarks, but there are exceptions such as Svea Ekonomi. However, it can be very difficult to find a private loan that accepts debt from Kronofogden. There are a few lenders who can help, read more under the paragraph: Alternatives to private loans.
So the application goes to
It is now very easy to obtain a private loan. Most lenders go like this:
Select lender: Go to the lender’s website – We recommend using a loan intermediary, an application, a credit check and the application goes to 30-40 banks and lenders. See the best loan intermediaries below.
Type of loan: Fill in the desired loan amount and specify the desired repayment period.
Collect loans and credits? Choose whether you want to use the loan to collect other loans and credits or to something else, eg buy a car, renovate at home etc.
Co-applicant? Tell me if you have a co-applicant (increases the chance of getting the loan granted and the terms may be better).
Personal data: Fill in name, social security number, email and telephone number. Submit!
The application is processed: The lender makes a credit report and returns with a loan offer.
Sign: Check the conditions carefully. If you are satisfied, you confirm the loan by signing the agreement. You can usually sign through BankID, Mobile BankID or by submitting the agreement by mail.
Tip! Make sure you meet the basic requirements for the loan before submitting the application. This way you avoid unnecessary credit reporting.
The top 3 loan intermediaries according to the Spargrisarna
Review: Advisa is good?
Grows fast and most lenders
✔️ Borrow between: SEK 5,000 – 600,000 ✔️ Compare up to 40 lenders ✔ In Only 1 credit report ✔️ Borrow with payment note
✔ In private loans ✔ In Collection loans ✔ Bill loan ✔ Inboard loans ✔ In Blanc loans
️ Compare loans via Advisa ∙️
The interest rate is variable and set individually. For an annuity loan of SEK 600,000 with a maturity of 12 years, nominal interest rate 7.95% and SEK 0 in the set-up / fee, the effective interest rate will be 8.25%. Total amount to pay: SEK 932872. Monthly cost: SEK 6478 divided into 144 payment occasions. Updated 9/9/2020. Your application will be sent to the lenders who best match your profile.
Review: Lendo is good?
Longest experience and most customers
✔️ Borrow between: SEK 10,000 – 600,000 ✔️ Compare about 35 lenders ✔ ️ Only 1 credit report ✔ ️ Borrow with payment note
✔ In private loans ✔ In Collection loans ✔ Billån ✔ In Blancolån
️ Compare loans via Lendo ∙️
Calculation example: Annuity loan 12 years. Effective annual interest rate 5.56%. A loan of SEK 300,000 then costs SEK 2,838 / month (144 installments), ie a total of SEK 408,733. No start / fee. 5.42% nominal interest rate (variable interest rate, set individually based on your conditions). Updated 4/4/2020
Big, safe and secure
✔️ Borrow between: SEK 5,000 – 600,000 ✔️ Compare about 30 lenders ✔ In only 1 credit report ✔️ Borrow with payment note
✔ In private loans ✔ In Collection loans ✔ Billån
️ Compare loans through Freedam Finance ∙️
Interest rate.: Annuity loan 10 years, SEK 180,000, variable interest rate 6.65% (starting fee). 0: – / aviavg. 0 🙂 gives eff. interest rate 6.86%, tot. amount SEK 246,915, cost SEK 2,058 / month (120 paid).). Interest rates 2020-01-17.
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Apply with loan intermediaries
A loan intermediary is a kind of intermediary that helps to find a loan with the best possible terms. The number of banks and lenders offering private loans has increased explosively and it can be difficult to know which is best.
The lenders’ websites show sample rates. How much your interest rate will be you will find out only after the application. By using a loan intermediary you get around these problems because the “application” is really a “quotation” where you get offers from lenders – and YOU then decide whether you want to borrow or not.
The top 3 loan intermediaries according to the Spargrisarna
Review: Advisa is good?
Grows fast and most lenders
✔️ Borrow between: SEK 5,000 – 600,000 ✔️ Compare up to 40 lenders ✔ In Only 1 credit report ✔️ Borrow with payment note
✔ In private loans ✔ In Collection loans ✔ Bill loan ✔ Inboard loans ✔ In Blanc loans
️ Compare loans via Advisa ∙️
The interest rate is variable and set individually. For an annuity loan of SEK 600,000 with a maturity of 12 years, nominal interest rate 7.95% and SEK 0 in the set-up / fee, the effective interest rate will be 8.25%. Total amount to pay: SEK 932872. Monthly cost: SEK 6478 divided into 144 payment occasions. Updated 9/9/2020. Your application will be sent to the lenders who best match your profile.
Review: Lendo is good?
Longest experience and most customers
✔️ Borrow between: SEK 10,000 – 600,000 ✔️ Compare about 35 lenders ✔ ️ Only 1 credit report ✔ ️ Borrow with payment note
✔ In private loans ✔ In Collection loans ✔ Billån ✔ In Blancolån
️ Compare loans via Lendo ∙️
Calculation example: Annuity loan 12 years. Effective annual interest rate 5.56%. A loan of SEK 300,000 then costs SEK 2,838 / month (144 installments), ie a total of SEK 408,733. No start / fee. 5.42% nominal interest rate (variable interest rate, set individually based on your conditions). Updated 4/4/2020
Big, safe and secure
✔️ Borrow between: SEK 5,000 – 600,000 ✔️ Compare about 30 lenders ✔ In only 1 credit report ✔️ Borrow with payment note
✔ In private loans ✔ In Collection loans ✔ Billån
️ Compare loans through Freedam Finance ∙️
Interest rate.: Annuity loan 10 years, SEK 180,000, variable interest rate 6.65% (starting fee). 0: – / aviavg. 0 🙂 gives eff. interest rate 6.86%, tot. amount SEK 246,915, cost SEK 2,058 / month (120 paid).). Interest rates 2020-01-17.
When you apply for private loans through loan intermediaries, you only need to make a single application. The lender makes a credit report and then contacts a large number of lenders. Within a day but often much faster than that, you get a number of offers for the loan you applied for.
You can calmly compare interest rates, fees and terms before deciding on one of the offers. It is completely free to use a loan intermediary and the application is not binding.
Read more: What is a loan intermediary?
Using a loan intermediary is simple and practical. Especially since you only make an application but still reach out to many lenders, making the same comparison yourself takes a lot of power and energy.
It also does not look good in later credit reporting if there are 20-25 loan applications in a short time, through a loan intermediary there will only be 1 credit report registered.
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Interest, fees, repayment
Private loans are set at an individual interest rate. This means that the lender assesses your creditworthiness and ability to pay before you receive a loan offer.
If your credit rating is high and your income is good and stable, you have the opportunity to get a blank loan with lower interest rates. Then there are also more lenders who can imagine granting you a loan, which gives more choices. By using a loan intermediary you can let the lenders compete to give you the best loan.
Private loans are more expensive than mortgages but cheaper than fast loans. The interest rate on private loans is usually variable. If the Riksbank raises the interest rate, the interest rate on the private loan may also be raised in the long term. At the same time, the lender must not raise the interest rate as much as possible.
Often there is a setup fee on a private loan, then there can be a fee for avi / invoice, the latter fee can often be avoided by paying by direct debit or E-invoice.
Effective interest rate – the important interest rate
Many private loans incur additional fees in addition to interest rates. This can be a setup fee or newspaper fees. In order to more easily compare different private loans, you should look at the effective interest rate. It is calculated by adding up the loan interest rate and all fees.
Just keep in mind that the effective interest rate stated on the lender’s website is an example rate. How much your effective interest rate will be depends on the lender’s assessment. You see your effective interest rate on the loan offer that the lender sends to you upon application.
Refund
Most private loans have a repayment period somewhere between 1 and 20 years. Many lenders have 2 or 3 years as the minimum repayment period and it is not uncommon for the longest repayment period to be 12 years.
In addition, the repayment period may depend on how much you borrow. For example, it is not always possible to borrow SEK 10,000 and choose a long repayment period of 12 years. Then you have to choose a shorter payback time.
Tip: You can always repay a private loan – which has a variable interest rate – at any time in advance. You do not have to pay any extra fees or interest for the remaining time.
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What is loan protection?
Loan protection is a financial protection (similar to insurance) that guarantees that you will be able to pay the monthly payment on the loan even if your income decreases through, for example, illness or unemployment.
When you take out a private loan, you can get the question of whether a loan protection is desired. It is a voluntary insurance that can either be taken out directly in connection with the loan application or at a later stage.
Pay the loan when the income is lower
If you become unemployed, you receive A-cash and any compensation from the income insurance up to a level of 80% of the salary you usually receive. About the same level is given from the Swedish Social Insurance Agency for longer sick leave.
In these cases, you will thus receive a significantly lower salary than you are used to, which could make it difficult to pay the loan’s monthly payment.
It is in these situations that the loan protection replaces this payment. Usually, compensation can be given for one year, but there is also more generous loan protection. Many loan protectors also have life protection, which means that the loan is written off completely in case the borrower dies.
Remember that the loan protection always has a waiting period, which means that you must have been on sick leave or unemployed this time before compensation can be claimed. It’s generally a month.
In order to take out loan protection, you must certify that you are healthy and do not have the knowledge of termination. The cost is usually 5 – 9% of the monthly payment.
Don’t borrow too little …
Inviting someone to take a bigger loan than they need doesn’t feel really good, but we will explain.
If you are looking for a private loan during SEK 20,000 and want to pay back on less than 3 years, the chance of getting a good loan offer decreases …
Many lenders in private loans use a “limit” of just SEK 20,000 and 3 years (sometimes 2 years), at lower amounts and / or faster repayments, it is not uncommon for the loan offer to fail or alternatively an offer with high effective interest rates. .
Tip: There are two ways to get past this, one is to apply for a slightly higher loan and longer repayment period, for example instead of the intended SEK 15,000 in 2 years raise to just SEK 20,000 and 3 years.
If you have borrowed at variable interest rates, which most private loans have, you can pay faster, starting with – directly – repaying the extra 5000 you borrowed.
Tip: If you are sure that you will make a repayment relatively quickly, ex loans of SEK 10,000 and repay in 10-12 months, it may be an idea to look at solutions other than a private loan.
A quick loan is obviously a solution, but it may also be an idea to look at credit accounts. They have relatively high interest rates compared to private loans, but with a quick repayment it can still be cheaper. Another advantage is that a credit account remains even after you repay the entire debt, the credit acts as an extra buffer in the future.
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Alternative to private loans
Private loans are a practical choice for those who want to borrow money. It is a simple loan that is paid out fairly quickly and has a manageable cost.
Depending on how much you want to borrow, how in a hurry you have, what you intend to use the loan for, what your personal finances look like and what you want to use the loan for, there are a number other different options:
Mortgage
Mortgages are by far the cheapest loan. Once you have the home as collateral, the bank can give you a lower interest rate. It is hardly possible to find a private loan that can match the low interest rate of the bank loan. In most cases, you can use the money for whatever you want. You can get a de facto private loans by increasing the mortgage.
By expanding the existing mortgage, you can use the money for, for example, a car purchase, to buy a boat or something else. The catch for many is that they already have such a high mortgage on the home that the bank does not grant more loans. If your home is not mortgaged, you can take out a new mortgage instead of applying for a private loan.
Billån
Most car loans are actually private loans. The exception is if you buy a new car and sign a car loan with the car as collateral in connection with the purchase.
Credit card
A credit card is handy for running costs and unforeseen expenses. It is always available and the credit limits offered are sufficient to meet most unforeseen needs. The disadvantage compared to private loans is that the interest rate is higher and there can also be an annual fee.
Petrol card
Actually, gasoline cards and credit cards are the same, almost, there are some differences that may need to be addressed. Petrol cards are thus a credit card, but these are issued by different chains of gas stations and they give a discount on fuel at their own chain’s stations. Often there may be additional discounts linked to the petrol card. There are also a few other credit cards that have a discount on gasoline and diesel, read more on our petrol card article.
Credit / Credit Account
Credit or credit account is a flexible credit that you can use in whole or in part if needed, also sometimes called online credit. It is a practical way to always have access to a buffer that can be used when needed. When you need money, just transfer them from the credit to your bank account. Then you pay back at any rate (a minimum amount must be paid each month).
There are credit accounts that cost nothing to open and where you only pay when you use the credit. The interest rate is higher than for most private loans and therefore this type of credit is best suited as a reserve buffer.
P2P loans
P2P stands for Peer-to-Peer. It is a kind of platform where private individuals and other investors are matched with those who want to borrow money. In other words, you borrow directly from another person.
Advantage: You can get lower interest rates than through fast loans and private loans if you have good credit ratings.
Disadvantage: It may take longer for a match to be made and the loan to be paid out. It can also be difficult for those who have a slightly lower credit rating to get a P2P loan.
Start-up loan and Restart loan
Anyone who has debts with Kronofogden and payment remarks can find it difficult to get a loan. It is still possible to borrow money, if it is smaller sums it can work with a quick loan. If there are larger sums, here are three options:
If you have “only” payment remarks but no debt balance at Kronofogden, there are additional possibilities since Svea Ekonomi offers private loans even though you have payment notes.
With the New Start Loan that Nystart Finans offers, you can collect your debts for a single loan, even if you have payment notes or even debts to Kronofogden, for the latter you must have a co-applicant.
We highly recommend that you apply for the loans above through the loan intermediary Advisa because Advisa collaborates with both Svea Ekonomi and Nystart Finans. Then it will only be an application and a credit report – absolutely perfect!
There is a third altar alternative, for those who have their own home. The restart loan at Marginalen Bank requires, among other things, that the borrower has a fixed income and a home used as security The loan must first be used to settle any debts of Kronofogden and debt collection. The rest of the loan may be used for other purposes.
Quick loans
Actually, fast loans are also a kind of blank loan. Yet they constitute a category for themselves. Many quick loans are much smaller than private loans (may be below SEK 5000). You can get a quick loan much faster – for example in ten minutes.
Payouts can sometimes be made in the evenings and weekends. The requirements are lower for fast loans and they usually do not apply individual interest rates. The major disadvantage is the cost, the interest rate is higher than for private loans and the fees are not often much higher in relation to the loan amount.
Building loans
Used to finance a house building or renovation. Also called building credit, building credit or construction loan. The building loan functions as an account credit in that the money is not paid out in a lump sum but can be taken out when needed during construction.
Banks and lenders with their own specific benefits:
Loan amount: SEK 50,000 – 350/500,000
Private loans from the age of 18
✔ In no charge for digital avi
✔️ Loan protection insurance free of charge for the first 3 months
Individual interest rate: 2.95 – 8.95%
✔️ Basic requirements: 18 years. No payment remarks. Fixed annual income of at least SEK 250,000. BankID or Mobile BankID .
️ Apply for a private loan from Lån & Spar Bank ∙️
Credit amount SEK 175,000, variable annual interest rate as of 2019-06-01 4.95%, repayment period 10 years, set-up fee SEK 495, installment fee SEK 0 / month, premium loan protection insurance SEK 148 / month, effective interest rate 5.13%. Total monthly cost SEK 1,856, number of installments 120 pcs. (Annuity loan). Total amount to pay SEK 222,732
Loan amount: SEK 20,000 – 350,000
No setup fee
✔️ OKQ8 Expenditure protection free of charge for 2 months
✔️ Petrol card without annual fee
Individual interest rate: 3.89 – 7.89%
✔️ Basic requirements: 20 years. No payment remarks. Folkbooked in Sweden for the past 3 years.
Annual income of at least SEK 125,000. BankID or Mobile BankID .
️ Apply for a private loan from OKQ8 ∙️
For a loan amount of SEK 100,000 with five years repayment period with the example interest rate 5% (effective interest rate 6% incl. Of charge), the total amount will be to pay SEK 115,560, which corresponds to a monthly cost of SEK 1,926
Loan amount: SEK 10,000 – 400,000
No charge
✔️ Draw Payment protection for the loan
Borrow despite payment note
Individual interest rate: 5.79 – 25.95%
✔️ Basic requirements: 20 years. Svealånet – at least SEK 180,000 in annual income. No payment remarks. Folkbooked in Sweden for the past 3 years. BankID or Mobile BankID
️ Apply for the Svea loan from Svea Ekonomi ∙️
At Svea Ekonomi you can also borrow money despite payment notes the basic requirements are almost the same as for the Sveal loan, the difference is that with payment note, the maximum loan amount is SEK 200,000 and the annual income is at least SEK 120,000 (ie less annual income than for the Sveal loan)
️ Apply for a loan despite the payment note at Svea Ekonomi ∙️ 