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How is a loan process

If you have not yet borrowed money online, you are not alone – but there is a high probability that you know someone who has, or has seen, advertisements for the online loans online that have become more and more popular over the past year. But if you have never tried to borrow online before, it can be difficult to figure out how it all goes, as the process undeniably is a lot different than if you went into your bank and asked for a loan. We have therefore gathered a complete guide on how a typical loan process takes place online – read here and decide for yourself whether it could be an idea for you to loan money easily online.

First, examine the providers

Although you haven’t borrowed money on the web before, you may even know a few different loan providers on the web – either because you’ve heard about them through acquaintances or because you’ve seen their advertisements on TV or on the radio. As with any other thing, some loan providers are more popular and better established than others, but that doesn’t always mean they will be able to offer you the best deal. It is, therefore, necessary to give some thought to which provider is best suited to you.

We recommend that you start by searching around the net. Unfortunately, you will quickly find out that there are several different providers and their differences can be minimal. Therefore, if you are in doubt as to whether a provider is reliable or not, we recommend that you first and foremost Google them and use pages such as Trustpilot where users like you can report the various loan companies. Here you can also see whether the loan provider actually complies with their agreements and pays the money relatively quickly. We always recommend that you only choose a loan provider with a good rating and preferably one that you have heard of before – either from TV or through acquaintances.

Make sure you live up to the provider’s terms

This is, unfortunately, a step that many end up forgetting, as they often just go directly to the application process itself without examining what conditions are actually imposed on those who borrow. Here it is important to keep in mind that individual companies can set completely different requirements for you and you can therefore not generalize. For example, you can find providers who only lend money to people over the age of 25, but it is also possible to find loan companies specializing in loans for students and young people. Before you apply you should, in any case, make sure to read these terms carefully and thoroughly – not least so you know what you are going to do.

Since the different providers also have different requirements, it is difficult to say whether you can be granted a loan. This also depends on how much you need to borrow. The vast majority of providers, however, require that you are not registered in the RKI and that you are of age, that is, filled 18. In addition, it is a normal requirement that you have a Danish address and that you have stayed within the country’s borders for the last 12 months. In addition, other and more stringent requirements may be imposed on you if you need to borrow a larger amount, usually over SEK 50,000.

Get started applying

Once you have ensured that you adhere to and meet all of the provider’s requirements for you, it is time to submit your application as hopefully approved- click. The vast majority of providers today give you answers right away, which means you don’t have to wait and wait for days to hear from them. However, we always recommend that you submit your application on a regular working day and not on weekends, as most loan companies have closed these days.

As a rule, it is quite easy to fill out your application on the provider’s side and many are surprised at how little you really have to give up. This is because the majority of the information is automatically obtained when you sign with your NemID, so you do not have to worry about obtaining information about your salary and the like. It is also why most forms do not take more than perhaps a quarter to complete. The vast majority manage this step on their own, but if you need help, you are of course always welcome to contact your provider by phone for further advice.

Most providers only need very basic information about you. You must, of course, include points such as your name, address, how much you need to borrow, etc. Some loan providers also require you to give up what you want to borrow money for – even if it is entirely up to you as soon as the loan enters. The most important thing is that you make sure all points are filled in correctly. For example, if there are errors in your application, you can almost always be sure that it is rejected automatically. Therefore, always remember to check your application carefully before submitting it.

Wait for answers

When you have finished submitting your application, there is basically only one thing left to do: wait, fortunately, the wait is usually a lot shorter today than it used to be and it is therefore not abnormal that you actually Get an answer right away. This is because the entire credit rating is done electronically and the provider therefore no longer has to go in and make a manual credit assessment of your situation.

If your application is accepted, the actual payout goes on. However, this process may vary, and some banks process the request immediately where other banks can take a few days. No matter what, today you can count on the money being available after a couple of days, so there are no long waiting times to think about!