All banks operate with certain minimum requirements to provide loans. The criteria are somewhat different from bank to bank, but the principles are the same. With us, these are the minimum requirements for applying for consumer loans:
- You must be over 20 years old
- You must have a fixed income
- You cannot have payment notes or ongoing collection cases
Reason of setting a minimum requirements of a loan
The reason we set minimum requirements is that as a lender we need to make sure that you have the opportunity to repay the money. We have set 20 years as the lowest age to get a consumer loan, because you need to be mature enough to understand the consequences of a loan. When you are 20 years old you are also more likely to be at work than when you are, for example, 18 years. It is not possible to get a loan if you do not have a fixed income, for the simple reason that you need money in your account to be able to service a consumer loan. The last point on the list is because we do not lend money to people who have a poor payment history. In fact, if you previously had a payment note, there is a ten times greater likelihood that you will get one.
Anyone who meets the minimum requirements is welcome to apply for a loan with us. Once your application has been submitted, we will make a credit assessment of you. A credit rating is required to verify that you are creditworthy and meet our consumer loan criteria. It is important for us and for you that your personal finances should be able to handle the debt burden the borrowing entails.
When we take a credit rating
We use the company AAA Sweet Ratings, they operate on a scale from 0 to 100 where the score says something about how creditworthy you are. There are automatic systems that work out how creditworthy you are. The systems take into account many variables, including how old you are, salary, where you live, etc.
If you move low and have a stable salary, you will eventually work up a good credit score. The most negative impact on the score is previous payment remarks.
If your credit score is a little low
But you meet all the minimum requirements and the application looks otherwise, we can request a co-applicant for your loan. A co-applicant is a person who is jointly responsible for the loan. This is so that we can be sure that you are able to repay the money. If you are married or cohabitant it is nevertheless wise to apply together, it will give us greater security and in many cases you will be able to borrow a larger amount with a lower interest rate.
When we refuse a loan
It is not because we want to be bad or like to reject, it is simply because we have considered it so that the burden of a new loan will be too great on your personal finances. It should always be so that you have enough money available to live, and that not all of your salary is going to pay off loans.
If you meet the minimum requirements
You are welcome to apply for a consumer loan with us. After we have reviewed your application data and conducted a credit assessment, you will receive a notification via SMS or e-mail whether your application has been approved or not. If approved, we can in many cases pay the money on the same day.
Do you meet the minimum requirements and want to see how much you can get in a loan? Submit a non-binding application here.