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. Up ⁇ . How a credit account works. You can think of online credits as a kind of credit available through the Internet, much like a bank account that can be accessed through the Internet bank.
Another parable is the credit card or credit card with account credit but with the difference that there is no card linked to the online credit
Published Feb 17, 2019 – Updated March 6, 2021
A credit account or account credit, also called online credit, is a type of flexible credit that can be used when the need for extra money arises
It can be likened to a bank account with dormant credit, when you need some extra money, the desired amount can easily be transferred from the online credit to your bank account or credit card
You can easily repay the credit by transferring money to your credit account again
Interest is payable only for the time the credit is used
Online credits have no maturity but can be used as many times as possible
Credit account / online credit works well as a buffer in case unforeseen expenses arise Best credit account – Our top list! Open credit account without UC
How a credit account works. What is required and how to open a credit account. Advantages and disadvantages of credit account. Credit account, online credit or account credit. Credit account or fast loan – what’s best. Best choice of credit account – no fees – no withdrawal fees. We have selected the three best credit accounts / account credits we think.
All three are quite similar, but there are some details between them such as credit amounts, age of applicants, whether the credit information is made by UC or Bisnode and whether they accept payment notes or not
✔️ 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.
Here’s how you want to borrow money through a credit account:
Apply for a credit account online
There are lots of different companies to choose from if you want to open a credit account. Once you have chosen a credit that suits your needs, you can easily apply online.
Just withdraw as much money as needed when needed
It is usually very fast to obtain an online credit and often you can withdraw money already after 1-2 days after the application. To withdraw money from your credit account, log in and transfer the desired amount to your bank account. You never have to use the entire credit granted if you do not want to.
About ex. SEK 4,500 is needed only to withdraw this amount. Interest is payable only for the amount transferred to the bank account and only for the time the money is borrowed. However, one should be attentive and not apply for a credit account that has a withdrawal fee, in most cases such credits should be avoided.
Pay at your own rate, but the minimum amount must be paid each month.
An online credit works much like a credit card when you have to pay back the borrowed money. Each month, a certain amount must be paid, plus interest. Unlike other types of loans, there is no repayment plan. This means that you can pay at your own rate, only you pay the minimum amount each month.
Use your credit account as many times as possible!
You can transfer money to your bank account as long as there is unused credit space on the online credit. Once you have paid money into your credit account, the credit can be used again.
This represents a great advantage over items. SMS loans where you get a lump sum paid to the bank account. With a credit account you only have to apply once and then you can use the online credit again and again!
Up ⁇
What it takes to open a credit account?
Most people can open a credit account. The application is easy and can be granted quickly.
All lenders have some minimum requirements, these four are usually common:
- age limit of 18 years or 20 years is common
- a Swedish social security number
- BankID or Mobile BankID
- income (usually)
Then the terms vary between the different credit accounts so you are wise to compare them carefully. Among other things, they may differ on the following points:
Income: For all credit accounts, income requirements are, most often, relatively low. It is quite common for lenders not to specify a minimum requirement in exact kronor but to say “Fixed income” or “Declared income” or the like, while several specify SEK 100,000 to SEK 150,000 as minimum requirements. A few have SEK 200,000 as a limit.
- The lender can look at your credit report if you are employed, run your own business or are unemployed. Often it is possible to open an online credit even if you do not have a fixed income.
- Many who substitute or take a job can still receive an online credit. The lenders who approve applications even though they do not have permanent employment always make an overall assessment. Do you have ex. good finances with few loans can go well anyway.
Payment Notes: It is possible to obtain a flexible credit despite payment remarks but not with all lenders. Those who accept payment remarks still make an overall assessment of you.
- For example, the chance of opening a credit account increases if the payment notes are old. However, if you have recently received several payment remarks, and especially in a short period of time, no lender is likely to grant you a credit account.
How to apply for a credit account?
It is easy to apply for credits online and the application can be granted quickly. The difficulty is knowing which credit account to choose. We will therefore go through how you do to find an online credit that suits your needs:
Compare different credit accounts
Start by comparing different online credits. Every online credit has its advantages and disadvantages. Some lenders generally offer better terms than others, but it is also about your preferences. Take special care of the following things when choosing a credit account:
- Interest: Compare the interest rate carefully as it varies between different credit accounts. In Sweden, there is an interest rate ceiling that means that the nominal interest rate must never be more than 40 percent higher than the reference rate.
- Effective interest rate: How much you get paid in the end is determined by the effective interest rate. When you compare the effective interest rate, you will notice that there is an even greater difference between different credits. This is because some lenders impose various extra fees that will increase the total cost.
- Setup fee or entry fee: Some online credits have a startup fee or setup fee, this is a one-time cost to open your credit account. Since it is a one-off cost, nothing is charged to the account over time. However, there are a number of lenders who can be considered good and serious who do not have such fees – stick to the latter.
- Avifud: Several lenders charge a fee each time an invoice is sent, often the fee is SEK 35 to 50. Again, there are a number of lenders who can be considered good and serious who do not have such fees – avoid credit accounts with fees!
- Withdrawal fee: For some flexible credits, a fee is charged each time you transfer money to your bank account. For the third time, there are a number of lenders that can be considered good and serious who do not have such fees – avoid credit accounts with fees!
- Annual fee: A few online credits have annual fees – Avoid!
- Monthly fee: We have actually found credit accounts with monthly fees, whether you use the credit or not – Avoid!
- If you do not pay in time, of course, fees and interest on late payments may apply.
Choose your credit level
When applying for a credit account, you specify the desired credit level. Most credit accounts have a maximum limit of SEK 25,000 to SEK 30,000, but there are several credits online with upwards of SEK 50,000 in credit level, up to SEK 500,000!
Choosing a credit level is not the same as choosing how much you want to borrow. You can only use a small part of the credit amount if you wish. The level of credit that will be granted depends on various factors, including your credit rating.
Wait to get the online credit granted
Most online credit publishers process the application quickly. Once you have submitted your application, a credit report will be made on you. Based on it, the creditor decides whether the credit is granted or not.
Credit accounts with low effective interest rates
Among the most important, even the most important, we would say at the Piggy banks, is the effective interest rate. It shows how much the cost really is because the effective interest rate does not count both the ordinary interest rate (the so-called nominal interest rate) and all the fees that are added, it is only when you see the correct cost (obviously any delay fees and the like are not included). .
Up ⁇
Benefits of credit account
The credit account is a relatively new type of loan form in Sweden. It is a smart solution for those who need access to a reserve and want to be able to borrow repeatedly when the need arises.
We have compiled the main benefits of online credit:
A constant buffer: A credit account acts as a constant reserve, a kind of buffer. If you need money in any position, you can easily transfer the desired amount to your bank account.
Increased security: Financial buffer means increased security. It is recommended that you save yourself for your own buffer, but sometimes it can be tough to get enough money together to make you feel safe.
Apply once, use as often as you like : Only one application is needed. When the lender has granted you a credit account, the credit can be used as often as you like. Once you have repaid the used credit, you can withdraw money again.
No maturity: Unlike a Private Loan or Quick Loan, the online credit has no maturity. It gives you more leeway because you can pay back at your own pace.
Don’t borrow more than you need: A major advantage of online credit is that you do not need to use the full amount immediately. With a regular loan, the full amount is paid to your bank account and interest is paid on the full amount from day one. In a credit account, you only charge what you need and do not pay unnecessary interest.
Quickly: You can quickly apply for an online credit and get the application approved.
Disadvantages of credit account
There are then no disadvantages to a credit account? It depends on what you aim to open a credit account and what you compare with.
If the purpose is to have access to an extra buffer that is only used in absolute emergencies then the credit account is practical.
Especially if you choose a credit account that does not cost anything to open or have. If you want to borrow for a planned expense, such as a new kitchen or a car purchase, then the terms will be better with a private loan.
Here’s how to summarize the disadvantages of a credit account:
High effective interest rate: The credit account is designed to quickly repay the credit you use. If you wait a long time to pay back the debt, it will be expensive.
Difficult to review the fees: Some online credits have many different types of fees such as. setup fee, fee, withdrawal fee, annual fee and so on. It is therefore important to check and avoid lenders who have these fees before applying for a credit account.
Internet access is required: It is hardly a problem for anyone today, but in some situations a credit card or bank card with credit card may be easier. An example is if you need money in an emergency during the holidays.
Requires discipline: It can be tempting to use the money in your credit account even if it is not an emergency. Some discipline is required in order not to incur unnecessary debts.
Important – always pay on time to avoid expensive fees!
Be sure to always pay back at least the minimum amount each month, preferably more. Otherwise it will be easily expensive. The so-called interest rate ceiling means that you cannot pay more than 40 percent interest over the reference rate, even if you pay interest on late payments.
However, all issuers of credit accounts charge extra fees for late payment, which means that the effective interest rate can be very high. All credit account issuers charge a reminder fee if you do not pay on time.
Although the reminder fee by law must not exceed SEK 60, some lenders impose something they call a delay fee, which makes it quickly quite expensive if you do not pay on time.
Up ⁇
Credit account, online credit or account credit?
With all loan products on the market, it can be easy to mix up the concepts. Sometimes different names are used for the same thing. Here’s how it relates:
- Credit account and online credit are the same, and account credit can be the same This type of product is sometimes also called flexible credit. Concepts such as online credit, online credit, flexible credit or online credit are usually also intended in a credit account.
- A credit account / online credit offered by independent players, not by the bank. However, you can easily transfer money from a credit account to a bank account, and vice versa.
- Credit is – in its original sense – something that is linked to your personal account or payroll account with the bank. If you have received a bank credit granted by the bank, you are allowed to withdraw more money than is available in the account. When you deposit money again, ex. when the salary comes in, the debt on the account credit is automatically settled.
- BUT – Now the form of credit has been around for a few years, more and more are now using the term Credit even for what was previously (almost) called only Credit account or Online Credit – Intricate? Yes, but sometimes it can be with the language.
- Quick loans is called any kind of loan that is on relatively small amounts with a short maturity. The credit account is not a quick loan because it has no maturity. Other names for quick loans are SMS loans and micro loans.
- High-cost credit all credits with effective interest rates of more than 30 percent are called. There are credit accounts that are high-cost credits, but there are also several credit accounts that are not included in that group.
Up ⁇
Credit account or fast loan – what’s best?
Flexible loans and quick loans differ in several ways. The most important difference is how the credit is disposed of.
When you take out a quick loan, the entire amount is paid out to your bank account and you receive an interest cost from the first day until you have paid the entire loan.
A credit account, on the other hand, often costs nothing but you do not withdraw money from the account. An online credit is therefore suitable as a buffer, for which the quick loan cannot be used at all.
Another big difference between fast loans and credit accounts is about how the repayment is made. A quick loan always has a repayment plan, which means that you have to pay back a certain amount of money each month until the debt is repaid.
When money is withdrawn from a credit account, there is only a minimum amount each month that you have to pay back. This makes online credit much more flexible than fast loans.
At the same time, it requires greater discipline from you so that you really pay back within a reasonable time. Otherwise, it can be expensive. You can pay the entire debt at once, whenever you want, whether you have a quick loan or a credit account.
What is best then – quick loan or credit account? When you need a small amount of money for something special and do not intend to borrow money again soon then a quick loan can work.
If it is unclear when you will need the money, a credit account is superior. The flexible credit is also best when you need to borrow money again after a while. For an extra buffer, it is definitely a credit account that applies.
Summary credit account vs quick loan
Credit account Quick loans Payment When you want Everything at once Number of payments Unlimited Once Refund At your own pace. Only a minimum amount each month. According to repayment plan Cost High effective interest rate High effective interest rate Up ⁇
Open credit account without UC?
It is law in Sweden that credit information must always be made when applying for a loan. This also applies if you want to open a credit account.
UC is Sweden’s largest and oldest credit reporting company. Sometimes the question is asked if UC is needed to open an online credit. When you apply for flexible credit, a credit check is made, this is usually done at one of the three largest companies that are: UC, Creditsafe and Bisnode.
So opening a credit account without UC is no problem at all. Usually it is quite easy to find information about which company does the credit check with the respective lenders.
Credit account without UC
✔️ 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.
Up ⁇ 