By private loan we usually mean a loan taken by a private person without having to put anything as collateral for the loan. A mortgage with the home as collateral is thus not a private loan. The fact that the private loan is a loan with no collateral means that it is a loan with a loan , and the loan with a loan tends to have higher effective interest rates than loans with collateral. In Sweden, you can borrow a lot of money without collateral, provided that you meet the lender’s requirements in the credit assessment. There are plenty of banks and other lending institutions that lend up to USD 350,000 in private loans if you have a sufficiently high income and organized personal finances. Criticism at medicamentspot.com
Compared to a mortgage loan, the private loan often has a short repayment period. There is no statutory mortgage repayment requirement, but it is very uncommon for lenders to offer mortgage-free private mortgages. On the contrary, it is usually required to repay the loan at a comparatively rapid rate. This should be taken into account before applying for a private loan. How tight is your monthly budget at present? Will you be able to make a payment every month – even if there is an unexpected dentist bill, there is a mistake on the car or you suffer several unpaid waiting days during the month?
Apply for a private loan
Today, there is a very large collection of lenders in the Swedish market that offer private loans. It is a good idea to be a critical consumer and compare the various terms offered, so that you can find the best loan. Do not assume that the bank you are a customer of automatically will be best for you – especially if you do not negotiate the loan. Sometimes it pays to be “unfaithful” to their bank and have their private loan with another lender.
Trade union loan
Trade union loan is a private loan whose terms a trade union has negotiated for its members. If you are a member of a trade union and need a private loan, it may be an idea to check which or which lenders the trade union cooperates with, and what terms are offered for a private loan through the union.
The vast majority of Swedish unions cooperate with at least one lender who offers union member loans in the range USD 20,000 – USD 350,000. The exact limits vary between the different loans, for example, with some unions, the lowest limit is USD 25,000 instead of USD 20,000.
You must undergo the usual credit assessment even for union member loans and there is no guarantee that you will be granted your loan application. Credit information is made and the request information is registered.