How To Get a Loan In Sweden: Everything You Need To Know

Updated October 2022 | Written By Johanneskallman

Sweden is a great place to live, but sometimes you might need a loan to get by. Whether you're an expat looking for some extra cash or a foreigner trying to establish yourself in Sweden, this guide will tell you everything you need to know about getting a loan in the country.

advisa money loan

Advisa

Advisa is the best pick of money lenders in Sweden as they offer the best payment terms.

swedish zmarta loan

Zmarta

Zmarta has a wide range of financial services with great customer support.

sambla money lender

Sambla

With the biggest network of money lenders in Sweden, Sambla always gives you the best deals.

We'll cover all the basics, from where to go for help to what kind of documentation you'll need to provide. So whether you're in a bind and need some quick cash or just want to explore your options, read on for all the information you need! In this guide, we will cover the following topics: 

  • The best personal loans available in Sweden
  • The different types of loans available in Sweden 
  • How to qualify for a loan in Sweden 
  • What to do if your application is rejected 

Let's get started!

The 5 Best Money Lending Platforms In Sweden


Best Personal Loan Overall

advisa money loan

Advisa is our number #1 choice of personal loan lenders in Sweden, as they offer great support and payment terms.

9.3
Out of 10

Best For:

Value-driven Customers

Loan Amount:

5 000 - 600 000

Interest Rate:

2.95 - 26%

Payment Period:

1-20 years

Advisa is one of the most popular money lenders in Sweden, and have been around for many years. With a close cooperation between Advisa and three major swedish banks (Swedbank, Nordea and SEB) they are able to provide you with the best payments terms available. On top of that, they have a close cooperation with 33 other money lenders in Sweden, which means that they are able to offer you the best possible deal.

Key Features:

  • Outstanding customer reviews
  • Low requirements
  • Great cooperation with big Swedish Banks

Best Service

swedish zmarta loan

Zmarta takes the #2 spot as a great alternative for personal loans and other personal finance related services.

9.2
Out of 10

Best For:

Value-driven Customers

Loan Amount:

5 000 - 600 000

Interest Rate:

2.95 - 29.9%

Payment Period:

1-20 years

Zmarta is a established company in Sweden that offers many different financial related services, where money lending is one of them. With great payment terms, low interest rate as well as great support, Zmarta is a real powerhouse.

Even if you're not interested in utilizing any of their other services, the money lending platform in of it self is a great tool that is easy and fast to use.

Key Features:

  • Great customer support
  • Low interest rate
  • Personal Loan without the need for income

BigNetwork of Money Lenders

sambla money lender

Sambla is #3 on our list of best money lending platforms in Sweden, with a vast network of connected money lenders.

9.0
Out of 10

Best For:

Value-driven Customers

Loan Amount:

5 000 - 600 000

Interest Rate:

2.95 - 29.9%

Payment Period:

1-20 years

Sambla is another big money lending platform in Sweden even though they might not be as well-established as some of the other bigger companies such as Advisa, Zmarta and Lendo. Despite this, Sambla has managed to assemble amazing customer feedback - 4.9 out of 5 on Trustpilot with over 16 000 reviews.

Why, you might ask? Partly because Sambla has the biggest cooperation with other money lenders in Sweden, namely 40 of them. This gives you a better chance of finding the best deal for you and your situation.

Key Features:

  • Outstanding customer reviews
  • Low requirements
  • Massive cooperation with other money lenders

Best Loan Consolidation

swedish loan lendo

Lendo is our number #1 choice when a loan consolidation is needed. However, their normal personal loans are also great.

8.8
Out of 10

Best For:

Loan Consolidation

Loan Amount:

10 000 - 600 000

Interest Rate:

2.95 - 29.95%

Payment Period:

1-20 years

Lendo was founded in 2007 and is today one of the most popular money lending platforms in Sweden. One of their main strengths is the fact that you're able to collect multiple smaller loans (such as personal loans and credit) into larger laons with better payment terms. If you are looking to consolidate your different loans, Lendo is definitely a great choice.

On top of that, Lendo works closely with 40 different money lenders in Sweden, which means that they are able to give you great terms on your personal loans.

Key Features:

  • Great customer reviews
  • Big network of money lenders
  • Loan consolidation

Best Personal Loan with Credit Card

bank norwegian swedish loan

Last but not least on our list is Bank Norwegian, which is another great service of money lending, but with the added benefit och having a strong credit card.

8.6
Out of 10

Best For:

Loan + credit card

Loan Amount:

5 000 - 600 000

Interest Rate:

6.99 - 29.9%

Payment Period:

1-15 years

Bank Norwegian has been around since 2007 and has grown in popularity in Sweden over the last few years as a great place to take out personal loans over the Internet. They also have a credit card which can earn you cashpoints (bonus) on any purchase.

The interface and navigation is also top-notch where you'll get an immediate reply whether or not you've been accepted for a loan or not. The specific interest rate is then set depedning on your credit history.

Key Features:

  • Well-established company
  • Low requirements
  • Great offer on credit card

Different Types Of Loans In Sweden

A personal loan is an amount of money that you personally can borrow from a bank, which is then repaid in monthly installments with an added interest rate.

The first thing you need to understand is the different types of personal loans that are available. Getting a personal loan is a necessity for many people, but it can be a confusing process. On a surface level there are two primary types of loans:

  1. Secured Loans: A secured loan is one that is backed by an asset, such as a car or property. This means that if you default on the loan, the lender can take your asset to recoup their losses.
  2. Unsecured Loans: An unsecured loan is not backed by an asset, which means that if you default on the loan, the lender cannot take your property or asset. However, this also means that unsecured loans tend to have higher interest rates than secured loans since there is no colleteral.

From an economical standpoint, these are the main types of loans available. However they could be split up further depening on the ease of acquirement. Here are some examples:

  • Traditional Bank Loans: The most common type of loan, a traditional bank loan is one that you get from a brick-and-mortar bank or credit union. You'll usually need good credit to qualify for this type of loan, and the interest rates can be either fixed or variable.
  • Instant Loans: An instant loan is a short-term loan that you can get from an online lender. These loans are usually for smaller amounts of money, and you'll need to repay them relatively quickly. Interest rates on instant loans can be high, so make sure you can afford the payments before taking one out.
  • Peer-to-Peer Loans: A peer-to-peer loan is one that you get from an online lending platform. These platforms match borrowers with investors who are willing to fund their loan. Interest rates on peer-to-peer loans are usually lower than traditional bank loans, but you'll still need good credit to qualify.
  • Student Loans: If you're a student, you may be able to get a loan from the government. Student loans in Sweden usually have an very low interest rate, and are primarily used for paying living and study-related expneses.
  • Personal Lines of Credit: A personal line of credit is a revolving line of credit that you can borrow from, up to a certain limit. You can use the money for anything you want, and you only have to pay interest on the amount that you borrow. Personal lines of credit typically have lower interest rates than credit cards.

Now that you know the different types of loans available, let's take a look at how to qualify for a loan in Sweden.

Qualifying For A Loan In Sweden

There are a few things you'll need to do in order to qualify for a loan in Sweden, especiellay if you're an expat or foreigner.

The very first thing you'll need is a Swedish personal identity number since this is a requirement to sign most legal contracts in Sweden. Without one, the chances of getting a loan in Sweden are slim to none.

Simply start by contacting The Swedish Tax Agency in order to register for the Swedish Population Register if you are planing to stay in Sweden for longer than 12 months. This process is pretty straight-forward and Skatteverket should help you out.

With that, there are four main requirements that you need to meet in order to apply for msot personal loans in Sweden:

  1. Make sure you have a Swedish personal identity number.
  2. You are atleast 18 yeras old.
  3. You can provide proof of income.
  4. You do not have any redt registrations at the Swedish Enforcement Authority.

Covering these four requirements does not quarantee that any bank will lend you money, which is largely affected by your financial status and income-to-debt ratio.

For example, most banks will require you to have a steady income in order to qualify for a loan. This can be from employment, self-employment, or even certain types of government benefits.

Most banks has a minimum requirement of income in order to lend you money, but exactly how stringents are might vary from lender to lender. However, expect a minimum requirement of about 100 000 SEK income a year. Generally, the higher your income, the better payment terms you'll be able to recieve.

As for your credit history, this is not always required but it will help your chances of qualifying for a loan if you have a good one. If you don't have a credit history, don't worry! There are still options available to you.

Can anyone get a loan?

Getting a loan in Sweden is actually not that hard compared to many other countries around the world - as long as you meet the necessary requirements.

The main obstacle for foreigners and expats is usually the fact that they forget to register for a Swedish identity number, which makes it impossible to apply for a loan. In that since, only residents of Sweden are able to apply for a personal loan. Getting a Swedish personal identity number is very easy however.

If you are already employed in Sweden, your employer will automatically register you with the Swedish Tax Agency. If you are self-employed, you can register yourself by contacting the Swedish Tax Agency or by visiting their website.

Swedes are usually very profficient in English, and getting English help and support from adminstrateive bodies should not be an issue.

What to Do if Your Loan Application ss Rejected

There are a few things you can do if your loan application is rejected:

  • Check for errors: Sometimes banks make mistakes, so it's always worth checking to make sure that everything on your application is correct. If you do find an error, be sure to let the bank know as soon as possible so that they can fix it.
  • Try a different bank: Not all banks have the same requirements, so it's worth trying to apply with a different one.
  • Get a guarantor: A guarantor is someone who agrees to cover your loan payments if you can't. This can increase your chances of getting approved for a loan, but it's important to make sure that you can trust the person you're asking to be your guarantor.
  • Try a different type of loan: If you're not able to get a traditional bank loan, there are other types of loans available, such as peer-to-peer loans.

Repaying the Loan

Repaying the loan is essential. Sweden has very efficient adminstrative agencies and courts making it very hard to avoid facing legal consequences in case of missed payments.

If you are unable to pay off your loan, you'll be part of a three-step process:

  1. You'll get a payment reminder with an added adminstrative fee.
  2. If you fail to pay within the time frame mentioned in the payment reminder, your loan will be delt directly by a collection agency which will incur additional fees.
  3. If you fail to pay the colletion agency, the loan will be passed on to The Swedish Enforcement Agency which will limit your future choices.

You do not want to end up as a registered indebter to the Swedish Enforcement Agency, as this is how Swedish companies make sure people are financial fit to enter contracts. Being indebted here will severily limit your future possibilities to enter legally binding contracts.

It is therefore of utmost importance that you always make your loan repayments on time.

Calculating Payments on Loans?

Calculating the exact amount of the loan you need to repay is usually quite easy to do. The main thing you need to be aware of is the interest rate.

There are two types of interest rates:

  1. Fixed interest rate: This means that the interest rate will stay the same for the entire length of the loan.
  2. Variable interest rate: This means that the interest rate can change over time, which means your monthly payments could go up or down.

The best way to calculate your monthly loan payments is to use an Swedish online loan calculator. All you need to do is enter the principal amount, interest rate as well as the total number of years.

You can also use a calculator to see how much you would need to pay if you made extra payments, or if you wanted to pay off your loan early.

Tips for reducing costs

If you're looking for ways to reduce the cost of taking a loan in Sweden, here are some tips to consider:

  • Get a fixed interest rate: This will help you to budget for your monthly payments, and you'll know exactly how much you need to pay each month.
  • Pay off your loan early: If you have the opportunity to do this, it can save you money on interest.
  • Make extra payments: Making additional payments when you can can help you to reduce the overall cost of your loan.
  • Shop around: There are a lot of different banks and lenders in Sweden, so it's important to shop around to find the best deal for you.
  • Consider a peer-to-peer loan: These types of loans can sometimes be cheaper than traditional bank loans.

Wrapping Up

We hope this guide has been helpful in explaining how to get a loan in Sweden! Just remember to register for a Swedish identity number, and you should be good to go.

Good luck!

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