Quick loan and SMS loan or account credit?

Published December 26, 2019 – Updated September 2, 2020

Quick loans, or SMS loans as they are also called, what are they really and how good are quick loans?

Or should you choose an account credit, and what is the difference between quick loans and account credits?

Quick loans are, just like as the name suggests, a loan that can be obtained quickly, credit accounts usually go just as quickly. The application is often granted within minutes, sometimes within an hour

The payment to your bank account often takes place the same day or the next day, if the application is made when the lender is open, which some also have in the evenings and weekends.

Best Quick loans and overdrafts

What is the difference between quick loans and overdrafts?

Borrow with payment note

Borrow without UC

Borrow quickly & Direct payout

Best quick loans and account credits

✔️ Type of loan/credit: Account credit

✔️ Credit amount: 1 000 – SEK 30,000

✔️ Interest: 26.50%

✔️ Age: 20 – 65 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: No

➡️ Apply here – account credit with Monara ⬅️

Calculation example: Minimum monthly payment: SEK 750 (incl. amortization and interest). Annual interest: 26.50% f.n. (2.21% per month). Price example: If used 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: Account credit

✔️ Credit amount: 3 000 – SEK 30,000

✔️ Interest: 25.95%

✔️ Age: at least 18 years old

✔️ High cost credit: No

✔️ Credit information: UC

✔️ Payment note: Ok

➡️ Apply here – account credit at Merax ⬅️

A representative example is a credit of SEK 20,000 that is repaid in equal monthly amounts over 12 months. Set-up fee is SEK 0 and flight fees are SEK 0. The nominal annual interest rate is 25.95% and the effective annual interest rate is 29.3%. The monthly cost will be SEK 1,910 and you will have paid a total of SEK 22,920 (SEK 1,910 x 12 months) when the credit is repaid. This means a cost for the credit that amounts to SEK 2,920.

✔️ Type of loan/credit: Quick loan

✔️ Loan amount: 3,000 – SEK 20,000

✔️ Interest: 25.95%

✔️ Age: 18 – 70 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – quick loan at KontantFinans ⬅️

A representative example is a loan of SEK 15,000 that is repaid over 60 months. Set-up fee is SEK 0 and flight fees are 60 x 0 = SEK 0. Nominal fixed annual interest rate is 25.95% and the effective annual interest rate is 29.3%. The monthly cost will be SEK 449 and you will have paid a total of SEK 26,940 (SEK 449 x 60 months) when the loan is repaid. This means a cost for the credit that amounts to SEK 11,940.

✔️ Type of loan/credit: Fast loan

✔️ Loan amount: 5,000 – SEK 40,000

✔️ Interest: 26.00%

✔️ Age: at least 18 years old

✔️ High cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – quick loan at Frogtail ⬅️

Price example: Borrow SEK 20,000 with a repayment period of 3 years and a nominal fixed interest rate of 26%. Set-up fee SEK 0, administration fee SEK 0, effective interest 29.3%, total to repay SEK 28,873 (SEK 802 per month for 36 months).

✔️ Type of loan/credit: Quick loan

✔️ Loan amount: 10,000 – SEK 40,000

✔️ Interest: 9.84 – 21.60%

✔️ Age: at least 20 years old

✔️ High cost credit: No

✔️ Credit information: UC

✔️ Payment Note: No

➡️ Apply here – quick loan at KlickLån ⬅️

Fixed interest rate 9.84-21.60%. Effective rate 11.82% – 25.49% (2018-01-02). Total amount to pay 57,909 – SEK 80,635. Duration min 12-max 84 months. Maximum effective interest rate 29.99%. An administration fee is added in addition to the monthly amount (SEK 19/month with direct debit, otherwise SEK 39/month).

✔️ Type of loan/credit: Account credit

✔️ Loan amount: 2,000 – SEK 50,000

✔️ Interest, effective: 14 – 19%

✔️ Age: at least 20 years old

✔️ High cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – account credit at Fairlo ⬅️

Calculation example: Example of loan at Fairlo: Effective interest 18.00%, SEK 2,000, over 1 year. Cost SEK 186 per month, total: SEK 2,233.

✔️ Type of loan/credit: Account credit

✔️ Credit amount: 5,000 – SEK 30,000

✔️ Interest: 24.00%

✔️ Age: 20 – 65 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: No

➡️ Apply here – account credit with Pluskan⬅️

Account credit with flexible repayment. No fees and fixed annual interest of 24%. For a loan of SEK 15,000, you pay an average of SEK 531/month over 40 months (total amount is SEK 21,231). Effective interest rate 26.82%.

✔️ Type of loan/credit: Quick loan

✔️ Loan amount: 10,000 – SEK 30,000

✔️ Interest: 25.00%

✔️ Age: 20 – 65 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – quick loan at Slantar ⬅️

Calculation example: SEK 10,000 for 3 years. Eff. interest 28.07%. Cost SEK 398/month. A total of SEK 14,328.

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What is the difference between quick loans and account credit?

Quick loan is a (smaller) loan that is taken with a fixed installment plan, eg SEK 380/month for 12 months and then is you debt free. You can pay off the debt faster if you want.

Overdraft is a credit that you have applied for and received, for example, you have applied for and received a credit of SEK 30,000, then it is up to you whether you want to withdraw your entire credit of SEK 30,000 or only, say, SEK 8,000. When you have withdrawn money from the overdraft, the interest also starts to be calculated, all lenders have a minimum amount that must be paid each month (if any part of the credit is utilized).

You don't have to withdraw money once the credit has been approved, it's quite common for people to use the overdraft as a buffer in case something happens that requires money quickly. There are a few overdrafts that automatically pay out the full amount to the borrower, they can be considered a hybrid between a quick loan and an overdraft. Good or bad? Well …

Many of the lenders within quick loans and SMS loans have switched to offering an account credit. We have included both types of loans/credits in our list and let you choose what you want.

Why so many different names?

The saying &#8221 ;Dear child has many names” really fits when we talk about quick loans and overdrafts, we'll try a little simple all these different names and their meanings, words and names that often mean the same thing.

Quick loanis also called SMS loan, it is exactly the same thing, SMS loan is the ”old” the name, when this type of small loan first came out on the market (2006) it was usually called an SMS loan because you applied for the loan via your mobile subscription. Sometimes even the word ”Microloan” occur.

Account creditis a significantly newer form of loan/credit … or not. Previously, the word account credit was used for a credit that you had on your account with the bank (read: big bank) and then often connected to the salary account, also names like ”Salary account credit” and ”Checking credit” has been used.

Often there is an annual fee on the major banks' account credits. Now there are lots of niche banks and other lenders that offer account credits and the vast majority have no annual fee.

It seems that it will be ”Account Credit” which wins the name raceas more and more people start using this word. Credit account and to a lesser extent Online credits are also still used. Often the word Flexible credit can be used but then it is usually in an explanatory sentence, something like ”We offer an account credit that can be used as a flexible credit”.
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Loan with payment notes

Some apply for quick loans instead of private loans because of the possibility of getting a loan despite payment notes. If you have a payment note, it means that the credit reporting companies have made a note that you have not managed your payments.

Not all quick loans offer the option to borrow despite payment notices, but many do. However, it can be more difficult to get a regular private loan if you have payment complaints.

Quick loan & Account credit despite payment notice

✔️ Type of loan/credit: Account credit

✔️ Credit amount: 3,000 – SEK 30,000

✔️ Interest: 25.95%

✔️ Age: at least 18 years old

✔️ High-cost credit: No

✔️ Credit information: UC

✔️ Payment note: Ok

➡️ Apply here – account credit despite payment note – Merax ⬅️

A representative example is a credit of SEK 20,000 that is repaid in equal monthly amounts over 12 months. Set-up fee is SEK 0 and flight fees are SEK 0. The nominal annual interest rate is 25.95% and the effective annual interest rate is 29.3%. The monthly cost will be SEK 1,910 and you will have paid a total of SEK 22,920 (SEK 1,910 x 12 months) when the credit is repaid. This means a cost for the credit that amounts to SEK 2,920.

✔️ Type of loan/credit: Fast loan

✔️ Loan amount: 3,000 – SEK 20,000

✔️ Interest: 25.95%

✔️ Age: 18 – 70 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here &# 8211; quick loan despite payment notice – Cash Finance ⬅️

A representative example is a loan of SEK 15,000 that is repaid over 60 months. Set-up fee is SEK 0 and flight fees are 60 x 0 = SEK 0. Nominal fixed annual interest rate is 25.95% and the effective annual interest rate is 29.3%. The monthly cost will be SEK 449 and you will have paid a total of SEK 26,940 (SEK 449 x 60 months) when the loan is repaid. This means a cost for the credit that amounts to SEK 11,940.

✔️ Type of loan/credit: Quick loan

✔️ Loan amount: 5,000 – SEK 40,000

✔️ Interest: 26.00%

✔️ Age: at least 18 years old

✔️ High cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – quick loan despite payment notice – Frogtail ⬅️

Price example: Borrow SEK 20,000 with a repayment period of 3 years and a nominal fixed interest rate of 26%. Set-up fee SEK 0, administration fee SEK 0, effective interest 29.3%, total to repay SEK 28,873 (SEK 802 per month for 36 months).

✔️ Type of loan/credit: Account credit

✔️ Loan amount: 2,000 – SEK 50,000

✔️ Interest, effective: 14 – 19%

✔️ Age: at least 20 years old

✔️ High cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – account credit despite payment note – Fairlo⬅️

Calculation example: Example of a loan at Fairlo: Effective interest rate 18.00%, 2,000 SEK, over 1 year. Cost 186 SEK per month, total: 2,233 SEK.

✔️ Type of loan/credit: Quick loan

✔️ Loan amount: 10,000 – SEK 30,000

✔️ Interest: 25.00%

✔️ Age: 20 – 65 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – quick loan despite payment notice – Pennies ⬅️

Calculation example: SEK 10,000 for 3 years. Eff. interest 28.07%. Cost SEK 398/month. A total of SEK 14,328.

If you have one or more payment complaints and are looking to borrow money, we think you should sit down and think a little first. Payment notices are a clear warning sign that something is not right in your finances. This is precisely why banks and lenders are in most cases reluctant to lend any money to someone who has payment complaints.

Think about your financial situation carefully and feel free to take help from the budget and debt advisor in your municipality to sort out your concerns instead of borrowing more money. If you already have several loans and on top of that a payment note, a new loan is in most cases not the solution to the financial problems!
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Borrow without UC

Many quick loans and account credits offer loans and credits without UC. UC stands for Upplysningscentralen and it is the company that has long dominated among the Swedish credit information companies.

Quick loans & Account credit without UC

✔️ Type of loan/credit: Account credit

✔️ Credit amount: 1,000 – SEK 30,000

✔️ Interest: 26.50%

✔️ Age: 20 – 65 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: No

➡️ Apply here – account credit without UC – Monara ⬅️

Calculation example: Minimum monthly payment: SEK 750 (incl. amortization and interest). Annual interest: 26.50% f.n. (2.21% per month). Price example: If used 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: Quick loan

✔️ Loan amount: 3,000 – SEK 20,000

✔️ Interest: 25.95%

✔️ Age: 18 – 70 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – quick loan without UC – Cash Finance ⬅️

A representative example is a loan of SEK 15,000 that is repaid over 60 months. Set-up fee is SEK 0 and flight fees are 60 x 0 = SEK 0. Nominal fixed annual interest rate is 25.95% and the effective annual interest rate is 29.3%. The monthly cost will be SEK 449 and you will have paid a total of SEK 26,940 (SEK 449 x 60 months) when the loan is repaid. This means a cost for the credit that amounts to SEK 11,940.

✔️ Type of loan/credit: Quick loan

✔️ Loan amount: 5,000 – SEK 40,000

✔️ Interest: 26.00%

✔️ Age: at least 18 years old

✔️ High cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – quick loan without UC – Frogtail ⬅️

Price example: Borrow SEK 20,000 with a repayment period of 3 years and a nominal fixed interest rate of 26%. Set-up fee SEK 0, administration fee SEK 0, effective interest 29.3%, total to repay SEK 28,873 (SEK 802 per month for 36 months).

✔️ Type of loan/credit: Account credit

✔️ Loan amount : 2,000 – SEK 50,000

✔️ Interest, effective: 14 – 19%

✔️ Age: at least 20 years old

✔️ High cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – account credit without UC – Fairlo ⬅️

Calculation example: Example of a loan with Fairlo: Effective interest 18.00%, SEK 2,000, over 1 year. Cost SEK 186 a month, total: SEK 2,233.

✔️ Type of loan/credit: Account credit

✔️ Credit amount: 5 000 – SEK 30,000

✔️ Interest: 24.00%

✔️ Age: 20 – 65 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: No

➡️ Apply here – account credit without UC – Pluskan ⬅️

Account credit with flexible repayment. No fees and fixed annual interest of 24%. For a loan of SEK 15,000, you pay an average of SEK 531/month over 40 months (total amount is SEK 21,231). Effective interest rate 26.82%.

✔️ Type of loan/credit: Quick loan

✔️ Loan amount: 10,000 – SEK 30,000

✔️ Interest: 25.00%

✔️ Age: 20 – 65 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

➡️ Apply here – quick loan without UC – Slantar ⬅️

Calculation example: 10,000 SEK for 3 years. Eff. interest 28.07%. Cost 398 SEK/month. Total 14,328 SEK.

When you apply for a quick loan, the lender is obliged by law to make a credit report on you. The reason is that the lender has a duty to check that your finances are good enough before you can borrow. However, there is nothing that says that the credit report must be done with UC.

Read more: What is UC Score?< /p>

There are basically two alternatives to UC in Sweden: Creditsafe and Bisnode. They work in much the same way as UC, but there are also some differences.

The most important difference is probably that neither Bisnode nor Creditsafe records any information about when and how often a credit report is made with them. This means that it is not visible in any register if you have applied for one or more quick loans.

In summary: Remember that there are no quick loans without a credit report! However, you can avoid UC if you want and thus preserve your creditworthiness with them.
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Borrow money quickly

✔️ Type of loan/credit: Account credit

✔️ Credit amount: 1 000 – SEK 30,000

✔️ Interest: 26.50%

✔️ Age: 20 – 65 years old

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: No

✔️ Direct payment: Withdrawals are paid out immediately, weekdays or holidays, day or night, if you have an account with: Swedbank, SEB, Handelsbanken, Nordea or Danske Bank.

✔️ If you have another bank, the transfer takes place the next banking day

➡️ Apply here – account credit with Monara⬅️

Calculation example: Minimum monthly payment: SEK 750 (incl. amortization and interest). Annual interest: 26.50% f.n. (2.21% per month). Price example: If used credit of SEK 15,000 for 12 months. Total to repay SEK 17,239 (SEK 1,437 per month). Effective annual interest: 29.97%.

✔️ Type of loan/credit: Quick loan

✔️ Loan amount: 5,000 – SEK 40,000

✔️ Interest: 26.00%

✔️ Age: at least 18 years old

✔️ High cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

✔️ If the loan is approved on weekdays before 1 p.m., the transfer is made the same day between 3 p.m. and 5 p.m.

✔️ If the application is approved after 1 p.m., you have the money next banking day

➡️ Apply here – quick loan at Frogtail ⬅️

Price example: Borrow SEK 20,000 with a repayment period of 3 years and a nominal fixed interest rate of 26%. Set-up fee SEK 0, administration fee SEK 0, effective interest 29.3%, total to repay SEK 28,873 (SEK 802 per month for 36 months).

✔️ Type of loan/credit: Account credit

✔️ Loan amount : 2,000 – SEK 50,000

✔️ Interest, effective: 14 – 19%

✔️ Age: at least 20 years old

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

✔️ Direct payment: If the loan is approved, the money is paid out directly, weekdays or holidays, day or night, if you have an account with: Swedbank, SEB, Handelsbanken, Nordea or Danske Bank.

✔️ Extra:No fees! No notice fee, no setup fee, no withdrawal fee, no change fee, no binding period.

➡️ Apply here – account credit at Fairlo ⬅️

Calculation example: Example of loan at Fairlo: Effective interest 18.00%, SEK 2,000, over 1 year. Cost SEK 186 per month, total: SEK 2,233.

✔️ Type of loan/credit: Quick loan

✔️ Loan amount: 10,000 – SEK 40,000

✔️ Interest: 9.84 – 21.60%

✔️ Age: at least 20 years old

✔️ High cost credit: No

✔️ Credit information: UC

✔️ Payment note: No

✔️ Payment on the same day if the application is submitted on a weekday before 11.00 a.m.

✔️ If the application is submitted later or during the weekend, the loan will be disbursed the next weekday

➡️ Apply here – quick loan at KlickLån ⬅️

Fixed interest rate 9.84-21.60%. Effective interest rate 11.82% – 25.49% (2018-01-02). Total amount to pay SEK 57,909 – SEK 80,635. Duration min 12-max 84 months. Maximum effective interest rate 29.99%. Administration fee is added in addition to the monthly amount (SEK 19/month with direct debit, otherwise SEK 39/month).

It is actually quite uncomplicated, generally speaking, to get an unsecured loan in Sweden. For most people, personal loans work well and they are usually paid out within a day or two. However, there may be times when you need money immediately.

We at Spargrisarna think the smartest thing is to have a savings buffer that you can use in an emergency. A household budget also allows you to create room for unforeseen expenses. Nevertheless, situations can actually arise when an extra penny is needed quickly, very quickly.

Precisely the speed is the great strength of these loans. Filling out the application does not take more than a couple of minutes. Many lenders give notice within a couple of minutes or an hour, within 24 hours almost all have responded, at least during the day and on weekdays it must be said. However, many are also open in the evenings and weekends and pay out the money as soon as the loan is approved.

If you need to borrow money really quickly, a quick loan can therefore be practical. Many quick loans have a short term and are therefore quick for that reason as well. There are quick loans from a few thousand Swedish kroner to tens of thousands of kroner.

There must still be disadvantages too ?

Of course. The main disadvantage is that quick loans are often significantly more expensive than regular private loans. Nevertheless, there are situations when it may be justifiable to take out a quick loan.

However, there is a huge difference between different lenders, if the lender offers loans or credits that are classified as “High-cost credit” then it may be time to read the fine-tuned. We at Spargrisarna have made it a little easier, we do not take any lenders that count as high-cost credits.

Lower requirements. A quick loan is, just like a private loan, a loan without collateral.

This means that the lender does not require any form of collateral from you. Mortgages or car loans when you buy a new car are examples of secured loans.

Since quick loans are much smaller than most personal loans, the terms are also usually lower. There are quick loans that only require that you live in Sweden, have turned 18 and have an income.

Then it varies between different lenders how much income you must have. Some state that you must have a declared income of at least SEK 150,000 per year, others settle for SEK 120,000. Sometimes no specific limit is specified, but an overall assessment is made instead.

Many lenders grant loans even if you already have several other loans or credits. There are also many quick loans where payment notes are accepted. However, it can be difficult, in principle impossible, to get a quick loan if you have a debt balance with the Crown Enforcement Agency.

Payment directly in the evenings and weekends

✔️ Type of loan/credit: Account credit

✔️ Credit amount: 1,000 – SEK 30,000

✔️ Interest: 26.50%

✔️ Age: 20 – 65 years

✔️ High-cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: No

✔️ Direct payment: Withdrawals are paid out directly, weekdays or holidays, day or night, if you have an account with: Swedbank, SEB, Handelsbanken, Nordea or Danske Bank.

✔️ If you have another bank, the transfer takes place on the next banking day

➡️ Apply here – account credit with Monara ⬅️

Calculation example: Minimum monthly payment: SEK 750 (incl. amortization and interest). Annual interest: 26.50% f.n. (2.21% per month). Price example: If used 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: Account credit

✔️ Loan amount: 2,000 – SEK 50,000

✔️ Interest, effective: 14 – 19%

✔️ Age: at least 20 years old

✔️ High cost credit: No

✔️ Credit information: Bisnode

✔️ Payment note: Ok

✔️ Direct payment: If the loan is approved, the money is paid out immediately, weekdays or holidays, day or night, if you have an account with: Swedbank, SEB, Handelsbanken, Nordea or Danske Bank.

✔️ Extra:No fees! No notice fee, no setup fee, no withdrawal fee, no change fee, no binding period.

➡️ Apply here – account credit at Fairlo ⬅️

Calculation example: Example of loan at Fairlo: Effective interest 18.00%, SEK 2,000, over 1 year. Cost SEK 186 per month, total: SEK 2,233.

If you need to take out a quick loan, you may be in a hurry. You would probably like to have the money yesterday if it were possible. If it happens to be an evening or weekend, it can be frustrating. The advantage of many quick loans compared to personal loans is that you can get the money directly into your account even in the evenings and weekends.

Not all quick loans have that option, so check carefully before applying. It is often linked to the customer service's opening hours, but you would do well to investigate whether it is explicitly stated on the website that loans are granted in the evenings and weekends. Keep in mind that you must apply a while before the closing date in order for the lender to have time to approve and pay out the loan.

In order for you to be able to get the money paid into your bank account at once, the lender must have the same bank as you have . Many lenders use several banks, which increases the chance that your particular bank will be supported. Every lender usually states on their website which banks they use.

If you use a bank other than the lender, you can still often get the money the same day if you apply in the morning. However, it is never possible to receive a payout in the evenings or weekends if you have an account in another bank.
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Interest + Charges = the effective interest

Don't just compare the interest rate, look at the fees too. Here you can use the effective interest rate, which is a sample interest rate based on the nominal interest rate plus fees. All lenders state an effective interest rate on their website. Keep in mind that the effective interest rate varies depending on the selected loan amount and the repayment period.

In addition to the regular interest rate (called the nominal interest rate), the following fees, if any, will affect what is called the effective interest rate:

• Aviation fee:Some lenders charge a postage fee when a bill (invoice) is sent to you. Often SEK 39 – 49, with many lenders you can lower this cost to, for example, SEK 19 or nothing at all if direct debit or e-invoice is used for payment.

• Set-up fee: Some quick loans have an arrangement fee, i.e. a “start-up fee” to be able to get the loan, in which case this is a one-off cost. This fee does not have to affect much, if, for example, it concerns a loan of 40 – 50 thousand. For example, if you want to borrow only SEK 5,000, this will have a big impact on the effective interest rate and then another quick loan or credit should be chosen.

• Withdrawal fee: There are a few lenders who also charge a withdrawal fee, most do not, so choose one of these instead.

• Annual fee:The “old” type of account credits (or so-called overdrafts) that you could take out at your (big) bank often had an annual fee. Some quick loans and modern account credits also have such a fee, but most of today's quick loans and account credits do not charge an annual fee. Can you find someone who charges an annual fee? Choose someone else!

• If you don't pay on time, of course fees and late payment interest will be added.

Tip!

You always have the right to use the right of withdrawal for quick loans. To do so, you must invoke the right of withdrawal within 14 days of signing the contract. It can be done either orally or in writing, but we strongly recommend that you do it in writingto be able to prove it more easily. Then you only pay accrued interest, but don't have to pay the fees.

Pay back as soon as you can

Keep in mind that quick loans are meant to be quick. It can be expensive if you don't pay back the loan as soon as possible. When you apply for a quick loan, you can specify how many months of repayment time you want. It can vary from one month up to several years.

With most lenders, you can see directly on the screen how much the quick loan will cost per month, depending on the amount you want to borrow and how the repayment period is long.

Remember that you can pay back your entire quick loan at any time without having to pay any extra fees. For example, if you are able to pay back the loan after a couple of months, you can pay back the entire remaining debt, regardless of what is stated in the repayment plan. In this way, you can save a lot of money through the interest and fees that you don't have to pay.

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