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How to get a loan in Sweden
All around the world, loans are one of the financial decisions most adults have to take. Especially in Sweden, where the loan application process is straightforward and open, you can get a loan in a matter of minutes. You should know that this depends on you having the right credentials.
All around the world, loans are one of the financial decisions most adults have to take. Especially in Sweden, where the loan application process is straightforward and open, you can get a loan in a matter of minutes. You should know that this depends on you having the right credentials.
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A study conducted by a Sweden-based technology company named Tieto shows that one out of five adults takes out loans for vacation expenses. This study was way back in 2014, so the number might even be higher now. If that number takes out loans for vacations, imagine how many take out business loans (known as Företagslån in Sweden). This shows loans are one of the reliable ways to get financial support.
A study conducted by a Sweden-based technology company named Tieto shows that one out of five adults takes out loans for vacation expenses. This study was way back in 2014, so the number might even be higher now. If that number takes out loans for vacations, imagine how many take out business loans (known as Företagslån in Sweden). This shows loans are one of the reliable ways to get financial support.
Can a foreigner get a loan in Sweden?
If you’re reading this and you’re an expatriate, this is probably the next question on your mind. Well, not to worry.
Sweden is known for its openness to foreigners, so you should find it easy to get a loan (provided you have the necessary documents).
If you’re scared of a communication gap, you’ll be relieved to know most Sweden administrative offices
and agencies have English-speaking staff and also provide registration forms in English.
If you’re a foreigner, here are the requirements needed for a loan application:
● You must be at least 18 years old.
● You should have a Personal Identification Number: If you’re a foreigner, you most likely do not have this number.
You can get it by contacting the nearest Skatteverket office to get it processed.
If you’re not staying in the country for long, you might find it unreasonable to get the number.
However, it is also not advisable to get a loan within a short time frame of stay.
● You would show proof of income: This is needed to show your ability to pay the loan back.
While the acceptable level of income varies among lenders, most will need an annual income report of at least 100,000 Swedish kronor.
● You must not have any active debts registered with the Swedish Enforcement Authority.
● For instant loans (which you can get in a matter of minutes), most of this type of lenders use a BankID to check your income.
However, not all banks provide this BankID for their customers. Examples of banks which do include:
Skandia, Swed Bank, Forex Bank, ICA Banken, Danske Bank, SEB, Nordea, and Länsförsäkringar.
You could also choose to show up with your proof of income physically if you do not have a BankID.
How to pay your loan back just in time
While it is easy to get these loans, you should not forget that you need to have a solid repayment plan.
This helps prevent unnecessary stress and legal issues. Here are a few ways to be ahead of your loan payments:
● Create a budget: While this might seem stressful, it doesn’t have to be.
With a simple table showing your income and expenses, it is possible to get your budget all set.
All you need to do is to make sure your spending isn’t larger than your income.
Of course, you should include your loan payment plans in the budget.
● Always try to find loans with small interest rates:
Many people have fallen into the trap of getting loans with high interest rates.
This leads to defaulting on their payments and all the stress that comes with it.
Using loan comparison sites like Lendo or Zmarta, you can find loans with the lowest interest rates and best repayment plans.
The best loans in Sweden are those with low interest rates.
Examples of some private loans with low interest rates in Sweden (known as Privatlån Låg Ränta) include Lendify and Clickloan.
With these few pieces of advice, we believe you’re good to go if you need to get a loan in Sweden. We wish you the best of luck!
