Loans: Are you qualified?

Image result for qualification for loan

In today’s Denmark, it has become customary to take out loans of all sizes. Where people borrow her money, however, is very different. Before you can be taken into account at all to get a loan, it requires some basic requirements to be met. Read here and avoid contacting the bank or the loan provider in vain.

You must not be registered with Ribers Kredit Institut (RKI)

As soon as the bank or the loan company finds out that you are in the RKI, it is almost impossible to get a loan. Being registered in RKI means that other companies have had bad experiences with you as a payer. It can either be because you have refused to pay a bill, despite various reminders and debt collection charges, or that you have not complied with futures on previous loans.

If you are first registered in RKI, you can only get out of the register by either paying your debt out, or you have to wait five years before you are deleted from the database. Avoid putting yourself in this situation and pay your bills and loan providers on time.

You live in Denmark

You should not just have an address in the country, you also need a residence permit or work permit. Some loan companies even require you to be a Danish citizen. If you are a Danish citizen, you should not experience any problems with taking out private loans if your finances can withstand it.

The reason why the loan companies ask for this is to avoid people coming to the country and borrowing money, then fleeing out of the country with the borrowed money. Furthermore, in order for the bank or the loan company to feel confident that this does not happen, they may require that you have a Danish bank account with associated NemID, a Danish telephone number and an active email address.

 

There may be age requirements

The minimum requirement from the majority of the loan companies and banks is that you are of age, ie 18 years. Some loan providers require you to be at least 21 years of age before you can, for example, be granted a consumer loan. The reason why this varies from loan provider to loan provider is that there is generally a greater risk of borrowing money for young people, rather than borrowing money for families with an established economy.

The loan providers who are willing to borrow money for an 18-year-old therefore run a greater risk than those who set the minimum age for a 21-year loan.

The bank makes higher demands

If you want to borrow a larger amount, it is a good idea to talk to your bank advisor. As a rule, it is in the bank that one can get the large loans at the most favorable interest rate. The bottom line of borrowing money in the bank is that they place additional demands on the borrower, and therefore not everyone goes through the needle eye.

If you want to borrow a large amount for, for example, a home or a car, the bank will typically require you to provide security in the investment you are making, or that you have a guarantor who can be liable if you default on the loan. It also happens that the banks set a minimum income that the borrower must meet before the loan can be paid out. So these factors make the loan process considerably longer, but you can borrow a lot of money at a relatively low interest rate.

If you meet the above conditions, you have good prerequisites to get a loan.

 

January Sale – What You Need To Know Before You Take Loan

Do you love shopping too? Then you’re looking forward to January sales. Lots of beautiful products will be sold down to very affordable prices until January.

The stores often start selling in January between Christmas and New Year, but the deals will gladly last through January. Thus, you have plenty of opportunity to score some good promotional items for January sales.

There is a lot of money to save for January sales

Are you an experienced shopper, you know that there is a lot of money to save for January sales. You can often get discounts up to 70-80% of the original price. Thus, January is exactly the right month to go shop-amok in.

If you are looking for a new wardrobe, it may be that you are now turning on. Whether you prefer shopping online or in physical stores, you can be sure to find great discounts on many items.

It may also be that you are interested in a new flat screen so you can enjoy Netflix in the cold time. Or you may have an old washing machine that might need a replacement. Keep an eye on the quotes, maybe you will find exactly what you are missing.

January Sale – Are You Taking Loans?

With all the good deals rolling in by the mailbox, you might even consider taking a loan. That way you can afford a lot of delicious things and can even save a lot of money on your shopping!

After a merry Christmas and a festive New Year, where all the money has been spent on gifts and fireworks, it can be very tempting to take out a loan for January sales. It may also be that you have some Christmas presents that you can trade for something better until January.

Another possibility is that you can sell out of your things, for example at The Blue Avis. Thus, you can easily earn some money that you can use to buy just what you need for January sales.

Think carefully before you take out the loan for the January sale

No matter if it is for January sale or anything else, you must in any case think well and thoroughly before taking a loan. Otherwise, you risk ending up with a loan that you cannot pay off.

You only need to take a loan if you really need it. It may be that your freezer has broken down and that you have seen a really good freezer that has been put down in price. Perhaps the offer will expire after a few days, and you need to quickly raise money so you can buy it.

If you know that in the near future you want to borrow to buy a house or a car, it may be a good idea to keep debt free. Or if you already have debt obligations, that is, if you have several other loans, it may also make sense not to set up additional debts.

 

Different loan providers – Different prices

If you have already decided that you would like to take out a loan for the January sale, then you must investigate the market. This allows you to make sure that you get the very best and most sensible loan that best suits your situation.

The loan providers offer several different loans at different prices and interest rates. Some loan institutions can lure with free loans, but be aware that the loan is free only if you can repay it within the set time frame.

In addition, there are many other loans that can be beneficial if you know you cannot repay the loan within 30 days. The best loan depends entirely on your situation, how much you want to borrow and how quickly you want to repay the loan.

January Sale – How to get the best deals

For the January sale, there are so many offers and good discounts that it can be difficult to get an overview and remember what you are really interested in. Suddenly you have bought a blender and fur coat, even if you were really looking for a new one. PC and a pair of winter boots.

Therefore, it is a good idea to make some thoughts about what you really need and make a list before you go out on the offer hunt. It may also make sense to raise a certain amount or set a fixed limit on how much money you will spend for January sales.

Finally, it can be smart to make a plan about which stores you would like to enter. Some stores have a queue, so maybe it is better to visit some stores before others to secure a particularly good offer.

 

Students supplement the SU loan with consumer loans

If you are a student, you are very likely to have taken out a consumer loan outside the SU loan. This shows a study carried out by the fintech company Lånio.dk. According to co-founder and communications manager Martin Jørgensen, the study is surprising.

– Now we have been in this industry for several years, and although we know that students have less money between hands than people with jobs, then it is surprising that so many of our users are students when you already have the opportunity for SU loans.

Over every 10 students do not have enough in the SU loan

The survey, which Lånio.dk has made among the last 1,000 loan applications received, shows that the students as a group make up 11% of the applicants. Therefore, the group is overrepresented when it is taken into account that they only represent less than 9% of the total Danish population ( Statistics Denmark )

According to Martin Jørgensen, it is not so much the 11% share that surprises, but rather the fact that the SU loan is not enough. Besides that, he points out that it seems that a large part does not use the SU loan:

– Our figures show that 39% of students indicate that they already have loans. We must of course assume that a large part of this is SU loans. Surprisingly, 61% of students who want loans go to us before they go to the state. In terms of price and flexibility, it makes no sense at all to use the SU loan as the first alternative, “he says.

The money goes to a little of everything

The study also shows that the students use the money for general consumption. Half indicate their loan purposes as being “mixed” which can include anything from holidays to computers to kitchen equipment. 13.5% indicate that the loan should be used for travel, while 8.4% use the loan for a car. Besides that, the money is spent on electronics, furniture and dental bills.

If one goes on to measure the size of the loan amount against the students’ income, it is seen that the average income is NOK 11,351, while the desired loan amount is on average NOK 28,596. The loan is to be repaid over an average of 5.2 years. The average repayment amount is DKK 35,420, which gives a monthly payment of NOK 568.

data

Distribution of business:

Available 10%
During Education 11%
Salaried 29%
senior citizen 13%
Time Paid 25%
Trainee / Apprentice 2%
Self employed 3%
Other things 7%

 

Distribution of loan purposes

Other things 32%
Car 8%
Mixed 24%
Computer / office equipment 2%
Holiday / travel 14%
Appliances 5%
Motorcycle 2%
Furniture / carpets / bathroom 2%
Tandlån 11%

 

 

5 Reasons to Compare Loans – Why It’s A Good Idea

Image result for compare loans

If you spend time on the internet, you probably have fallen over one or more online loan offers. This has become popular among the Danes in a very short time. This is because online money is easier and faster to take than traditional bank loans.

Due to popularity, many different providers have come, and more and more are coming. Therefore, there may be some good reasons not to take the first opportunity, but instead spend time comparing the possibilities. Here you get 5 good reasons why.

1. You can see where you can apply for her

When you take the time to compare, you also get an overview of how many and which providers you can choose from. By reading a little more about the various money providers you can, for example, find out where they get their money from. At the same time, by comparing different ones, you can also find a brand new lender that you hadn’t noticed before.

2. Insight into interest rates and terms

Of course, one of the most important things when it comes to consumer loans is the interest and terms. These play a major role in how much you are going to pay in the long run. Therefore, it can be worthwhile to compare, so you can find the lender with the best interest and terms for the amount you want to get.

3. More offers to choose from

Some loans are suitable for those who pay off quickly. Others are targeted to those who would rather split the final bill into small chunks. By comparing you get an overview and you apply several places at the same time, you get more offers to choose from. It will increase your final chances of being approved go to find the right one.

4. Lower interest rates and costs

As in point two, by comparing the options you can find the best deal. When comparing the loans directly, it becomes easy to see the differences in the agreements and thereby also easier to choose the right one. In addition, it should be noted that all offers are based on an individual credit rating, so you actually have to search to become wiser. Ultimately, it should be rewarding in the form of lower interest rates and costs.

5. Greater chance of being approved

When you take the time to compare and familiarize yourself with the things you find, you will find what is right for you. That way you can increase your chances of being approved. Partly because you only search where you meet the requirements and by just applying more places, your approval chances will of course be higher. At the same time you give yourself the best possible starting point.

So there are many good reasons and advantages in making use of the art of comparison. It may take some time, but it certainly has to pay off in the form of lower credit costs.

Be aware of this when recording a loan

 

When you borrow money, you also make a debt. A debt that can affect your finances several years into the future.

Therefore, it is important that you think well before taking a loan and that you thoroughly examine the loan market. That way, you make sure you get the most sensible loan that you are sure you can pay off.

The purpose of the loan

Image result for Be aware of this when recording a loanFirst of all, it makes sense to think about what you want to use the loan for. This will also have an impact on what kind of loan will be most beneficial to you.

Maybe you just saw a new computer that you would like to own, but you as you do not have the money for right now and here. In that situation, it might be tempting to take a quick, small quick loan and go straight out and buy the computer.

You may also want to buy a house. In that case, it is a much larger loan that has to be paid off for much more years than at the computer. There are different loans for different purposes, therefore it is important to know what purpose the loan has.

Different kinds of loans

There are different kinds of loans that will be more or less appropriate depending on the purpose you have with the loan. Some loans you can get quickly and with few clicks. Other loans require much more preparation and more conversations with a bank advisor.

Loans over many years

Loans that run over many years are often large loans that you take in connection with a car purchase or purchase of a home such as a house or apartment. These loans take a long time to pay back and you should therefore look carefully at where to get the cheapest loan.

Free loans

Image result for Free loansThere are also loans that are free. Most often it is only possible if you are a new customer and the condition is that the loan must be repaid within a short time frame. For example, you can borrow DKK 4000 free for 30 days, after which expensive interest will be added to the loan.

Fast loans

The quick loans are the loans that you often find on television or on the internet. These are good if you stand and lack something urgent and don’t have money for it. They are called fast loans, because you can quickly apply for the loan and get the money paid out.

reflection

Even though quick loans are quick and you can apply with just a few clicks of the mouse, one must still be aware that you do not get the money transferred to the account right away.

Valid from January 1, 2017, a rule was introduced which entails that 48 hours have passed since you have received an online loan application until you get the money transferred to your account.

This is a so-called reflection time, where it is possible as a borrower to cancel the purchase of the loan. The rule was introduced on the basis of a study from 2015, on how many who, after taking a quick loan of DKK 12,000, regretted their loans.

Think about how long your product will last

Image result for Free loansSomething you should consider before taking a loan is how long the thing you want to buy lasts in the future. In this case, you also need to consider how long the loan is on your loan. The maturity determines how long you have to pay off the loan.

Imagine, for example, that you will lend to a new smartphone and withdraw the loan over three years. In that case, make sure that the phone also lasts for the three years. Otherwise, you end up paying off a loan for a phone that you no longer use.

If you even decide to buy another phone and also need a loan for it, you now end up having two loans that you have to pay off. It is not very appropriate and it can quickly lead you into a bad spiral of loans and debts.

 

other options

Fortunately, if you are unable to make a loan or decide that it is not the right solution for you, there are other options. For example, you can put some money aside each month, thus saving on the things you really want to buy.

Another option is to take an extra job and thereby make extra money that can be saved to just the one you want. The job could be to turn grass or wash windows for the neighbors or be a substitute for a company. That way you can easily earn a little extra.

Anything else you can do is get cleaned up in your cases. There are guaranteed some things at the top of the closet that you don’t use and that others might be able to enjoy. These things you can easily and for free put on sale at The Blue Avis or sell at a flea market.

Talk to your bank advisor

It is always a good idea to talk to your bank advisor regarding loan considerations. Your bank adviser can give you good advice and guidance that you, along with your own knowledge, can use to make the best decision.

It is especially a good idea if you are considering a major loan such as a mortgage loan. Such a loan will have a huge impact on how your financial situation will look many years in the future.

It may be a good idea to prepare well before talking to your bank advisor. Think about what a loan you want and how you want your finances to look. In this way, you ensure that you get the best meeting.

Be aware of this before taking a loan

There are many different numbers and concepts to keep track of when to borrow. It can make it difficult to figure out what the loan actually costs, but if you sit down and invest some time, you can easily find the cheapest loan on the market.

First of all, it is important that you read everything that is in print when looking at loans. Banks and lending institutions must inform you of various conditions that apply to the loans they can offer you.

This includes, among other things, the total repayment amount, which is the total amount you have to pay for the loan. For example, if you borrow DKK 5,000 and the total repayment amount is DKK 7000, you will pay DKK 2000 only in the fees and interest for the loan.

Keep a close eye on…

Once you have decided to take out a loan and you have figured out which loan best suits your purpose and situation, find out where you want to take the loan. Should it be with a bank or an online finance company?

Whether you decide on one or the other, there is one important detail that can help you compare the loans you are investigating. It’s APR, which is a pretty simple concept that can help you compare different loans.

For loans, the APR must be stated to make it easy for everyone to investigate how expensive a loan really is. There is thus a figure that includes all total costs in per cent. year for the loan. It may also be a good idea to look at the total price of the loan.

What does a loan cost?

Now you have looked at the loan’s total repayment amount and the loan’s APR. Then it will be sensible to examine the interest rates of the loan and the monthly amount you have to pay. Then you are completely ready to decide whether the loan is right for you or not.

The interest on the loan is expressed as a percentage. The rule of thumb is that the lower the interest rate, the better. However, this only applies if the other conditions of the loan are also good. If interest rates are low and APRIC high, this suggests that the loan has other expensive costs.

The monthly amount indicates how much you have to pay on the monthly loan. This depends on how long you have decided to pay the loan and how high the APR is. It is important that you have allocated space in your budget for the monthly amount.

 

Loans without security and documentation. No wage slip requirement

 

Image result for Loans without security When examining the different loan options, one can hardly get out of loan without security. It has become more and more common to borrow money without security, but not everyone is aware of what it means to take out an unsecured loan . Therefore, we give you an overview of what you need to know about this type of loan and what the benefits of the loan option are.

Loan money without security

This type of loan is obvious to you who need money right now and do not have the opportunity to borrow money from the bank. If you go down into your bank and ask for a loan where you do not need to provide security, you will most likely be rejected. Most banks have the requirement that they provide security for their loans with active values ​​such as house, car, boat or the like. Briefly, real estate or valuables are put as collateral as the bank’s / provider’s security for repayment of the loan.

Therefore, if you take out a loan without collateral , it will not be possible for the lender to claim your car, house or other assets, which is a great advantage. The disadvantage of this type, however, is that interest rates are generally higher than other types of loans. This is because the loan providers run a certain risk of borrowing money without being guaranteed a repayment.

In line with the increased competition in the loan industry, there are more and more loan providers who offer loans without a claim for security. In fact, it is possible to borrow from DKK 500 and up to DKK 300,000 without having security. The maturity of this type of loan will typically range from 12 and up to 72 months. The maturity can be eg. depend on how much money you want to borrow and how quickly you can repay the loan. Just as loan money without security is an option, you can also borrow money without documenting your income. It is not all lenders who require documentation for fixed income.

Choose the right loan

Image result for Loans without securityIf you want to take out a loan without security, then it may be worth spending some time on research. We have already stated that this type of loan is characterized by relatively high interest rates. However, it is important to note that the interest rate differs from provider to provider. If you apply for loans from several lenders, you will find that the APR (Annual Percentage Rate) will be different despite the same loan amount and maturity.

If you also think that the loan market can seem a bit unmanageable then it is important that you create a full overview. There are really many lenders who can offer you a loan without security. In our quick loan overview , we help you compare loans based on key parameters such as loan amount, maturity and borrower requirements. In this connection, you must be aware that it is quite non-binding to apply for a loan. It is only after you have approved and signed the final agreement that you are bound by the loan. Thus, you have the opportunity to apply for as many loans as you want and choose the cheapest loan. You can record this type of loan with eg. Bank Norwegian and Leasy loans , where you can expect quick response time and payment.

Facts about loans without security and documentation

Image result for Loans without securityIf you need a quick loan where you do not need security, you have a variety of options. The provider should only have a few information about you and possibly. your finances so that a credit rating can be made. You can read the most basic requirements below:

Age : The minimum age to borrow without making collateral is typically between 18 and 20 years.

No RKI registration : If you are registered in the RKI, it will be more or less impossible to get a loan without collateral. This is because the loan providers will run an extraordinary risk, as you do not provide collateral in the form of assets and, moreover, are RKI-registered.

Income : There may be different income requirements that are worth noting. If the loan provider demands income, then you will have to document your income to be eligible for a loan.

In connection with the admission of a loan, you must also be aware of the consequences that may be involved in exceeding the repayment period. If you exceed the time, the lender will be able to claim the loan amount immediately, and interest and fees will typically also be imposed. In the worst case, the borrower may risk being registered in the RKI if the loan agreement is not complied with.

Based on the above, it is therefore crucial that you only enter into a loan agreement if it is realistic that you can comply with it.

Loan Industry’s 5 Most Important Terms

 

Today there are a large number of loan options that you can use if you want a little more money on the account. But it is far from all people who have control over what is what in the loan industry. Therefore, here comes a review of the most commonly used terms that you will encounter when you have to borrow and their significance for you as a borrower.

Loans :

When you take out a loan, this means that you enter into an agreement with a person or company that you receive some money against repaying them over an agreed period. There are generally two types of loans, consumer and bank loans.

 

Bank loans

Is the classic loan where you agree a meeting with the bank. The typical bank loan – which can, for example, be used for the purchase of housing or investment in a company, is characterized by:

  • Long maturity
  • Low interest rates
  • Requires security
  • Bigger amounts

Long approval process

Consumer

A consumer loan is a particular type of loan, which is mainly aimed at people who want access to money quickly and without having to provide security. Consumption loans are most often used for the purchase of consumer goods, it can be the purchase of a trip, a new television or something completely third. Consumer loans are characterized by:

  • Short approval process
  • Short term
  • High interest rate
  • Does not require security
  • Smaller amounts (as low as DKK 500)

 

APR:

ÅOP accounts for annual costs in percent and describes how much you as a borrower will pay in costs per year. That is, the term covers both the interest you have to repay, but also all the fees associated with the loan, such as administration fees and formation fees.

If you take out a loan, the APR must always be indicated. This is done to give the borrower an idea of ​​how much to repay each year. On consumer loans, the APR is almost always higher, unless it is a free loan.

interest rates:

The interest on a loan is an expression of the percentage of the amount you have to repay, in addition to the amount borrowed. Interest rates vary widely from loan to loan. On most loans, the interest rate will be the same throughout, this is also called a fixed interest rate.

If a loan with a variable interest rate is taken up, there will be a chance that the interest rate will change during the loan period. It can be both a good thing and a bad thing. The vast majority of consumer loans make use of a fixed interest rate, where the variable interest rate is typically used for long-term loans.

Performance

If a combination is interest and repayment, which gives you how much you have to pay in kroner each month during the repayment period. The benefit of a loan is important, as you can more easily get an overview of how much you have to pay exactly. When you take out a loan, you can see in the contract how much the monthly benefit is on. This makes it easier to compare the individual loans.

 

Runningtime

The maturity is an expression of how long the loan extends – how long does the loan run. In addition, there is also typically a correlation between maturity and interest rates – as loans with shorter maturities usually have higher interest rates than loans with long maturities.

For most loans, you will have the opportunity to influence the maturity. If you want to repay your loan faster, you can usually contact the loan company and agree. If you set your maturity down, your monthly benefit will go up accordingly.

If you want further information about the individual factors, ask when you take out a loan, what the individual things in your contract mean. Most companies will be happy to explain to you what the individual things in the contract mean to you.

 

Loans online have never been cheaper

Image result for online loansMany Danes have tried to borrow money online, and more and more are coming. As our world becomes more and more digital, it only makes sense that one can also search money over the internet.

That way, you do not have to leave the couch, but can instead take a loan using the computer or phone. In this way you save both time and effort by having to go through the process in the bank. Loans online are cheaper than long.

About the loan types online

Borrowing online is straightforward and easy, and you have the money in your account relatively shortly after it is taken. On the Internet you can take a quick loan and a consumer loan at different amounts and with different maturities – depending on what fits your particular needs and wishes.

A quick loan is the fast-paced kind that can be used when it all burns economically. In this way you can quickly get an unpaid bill or rent out of the world. Lendon and Vivus are examples of the new times in the loan market, where you can apply up to DKK 6,000 free as a new customer .

Consumer loans are for slightly larger amounts of money most often used for eg. travel, a new car or new home furniture. Here you can search everything from small to large amounts at several companies.

So there are many options when it comes to online amounts. And taking consumer or quick loans online has never been cheaper than it is right now. Especially if you compare with the interest rate level 5 to 10 years ago.

Get a low interest rate online

Image result for online loansInterest rates play a vital role when it comes to loans. The interest rate is an expression of how much it costs for you to have someone else’s money, and therefore you will always try to find the lowest interest rate. By examining the market a little extra and finding the best interest rates, you can end up saving a lot of money.

The reason why it has become so cheap online is that online loans have gained a lot in popularity over the past few years and that affordable providers have come to. This means that a large selection of new donors and providers has come, and more and more are coming.

In order to hijack customers, they struggle with each other to be able to offer the cheapest to the customers, and therefore it is now possible for you to obtain a low rate of interest online. It is Basisbank, Bank Norwegian and Santander Consumer Bank are some of the cheaper providers.

The bank is not always the cheapest

When it comes to consumer loans, it is no longer a matter of course that the bank is always the cheapest. That’s how it was “in the old days”, but online banks have become good alternatives. Bank Norwegian and Santander are examples of banks that can be a good supplement to your existing bank. With them you can get a high interest account, credit card and much more. That way, it becomes a multi-dimensional loan provider.

On comparative services like ours, you can get a lower interest rate by obtaining quotes from several places. The interest rate can even be so low that your bank can’t beat it if you and the company have a healthy personal finances. Moreover, it is much easier to get permission on the web than in the bank. So if you need to look for money, it is good to check out the possibilities online.

Always get more loan offers

It is both free and non-binding to apply for a loan online. Therefore, it may be a good idea to apply more places so that you get more offers from different lenders. In this way you can more easily compare the different offers and choose it with the lowest interest rate.

If you are looking for a loan with a low interest rate, it may be worthwhile to choose the online companies and obtain offers from several different providers.

Student loans – How an SU loan works. See how much you can borrow in SU loans

 

Student life can be hard. In addition to having to deal with a myriad of new people and study assignments in batches, one must also use resources to maintain a healthy economy. If you experience financial challenges in your

Facts about SU loans

Student loans – or also called SU loans – are extremely popular and have gradually been for many years. However, there are actually fewer student loans than before, according to an article on politiken.dk . It may nevertheless be attractive to take out a loan if you find it difficult to get the economy connected.

Below we give you some notable facts about the loan type:

  • The student loan is financed by the state
  • The student loan is available in three different versions (normal and extended and final loan)
  • The student loan can only be taken up by students during education
  • The student loan is free during the study period (no interest or repayment during this period)
  • The student loan is cheaper than most other types of loans
  • The student loan cannot be admitted during leave etc.

Then you became a little wiser on the student-friendly loan.

In the next section you will be able to read a little more about the three different loan versions.

The three editions of the student loan

As you are already familiar with, you can choose from three different versions of the student loan. We would like to tell you about these below:

• Normally student loans – You can borrow up to DKK 3.116 per month (anyone can apply for this loan)

• Extended student loan – You can borrow up to DKK 1,559 + DKK 3,116 per month (only parents can apply for this loan – you may be included in the definition of a parent)

• End loan – You can borrow up to DKK 8,039 a month (reserved for persons on a higher education without more SU back – can be admitted within the last 12 months of the program)

Who can get student loans? You will find the answer to the question above.

All students can thus borrow up to DKK 3,116 per month, just as many students may be approved for an extended student loan or a final loan. For example, you have the opportunity to borrow extra money if you need to support one or more children during your education. It is not so uncommon to have children at school age.

Note that the above rates only apply in 2018 – in 2019 there may be some completely different rates. You can advantageously keep this informed if you are interested in knowing how much money you can borrow.

Advantages and disadvantages of a student loan

As a student, you get a lot of loan benefits – well to note very exclusive benefits. You can borrow cheaper than the average Dane. This is due to the fact that the state has chosen to take students into consideration and their often pressured economy. However, there are of course not only benefits from a student loan. In the section, we will review some of the most talked about advantages and disadvantages of the loan type.

Advantage

It’s cheap – A student loan is in all likelihood the cheapest loan on the market. At least, it is considerably cheaper than most consumer loans and quick loans . You can. Compare interest rates and fees on the different types of loans to become aware of the actual savings. It is not small money that you can save by choosing one type of loan for the benefit of the other.

• Unique flexibility – High flexibility is another advantage of the student loan. You decide for yourself which months you want to borrow money. For example, you can request financial support during the months of October, November, and December, which often offer extra high personal expenses due to Christmas, etc.

Also read: Loan money for Christmas

• No repayment in study time – A third advantage is that you do not have to pay repayments during the study period. This gives you air in the budget as you do not have to set aside money for debt settlement as long as you are under training. This advantage is very unique.

• Easy administration – You can easily manage your student loan via su.dk, where you can also fill in your personal loan plan. Here you can state when you want to get the money paid out. Access the platform via your laptop, smartphone or tablet.

Disadvantages

• Increased risk of increasing consumption – A relatively large disadvantage of getting more money between hands is that you will typically be more inclined to put up your consumption. This is a big challenge, as you probably won’t keep having that much money for consumption. Therefore, you should not put your consumption up unnecessarily.

• Challenges of finding money for repayment – Of course, a student loan must be repaid just like any other loan. The only difference is that you can delay your repayment in xx months or years. It can be especially difficult to find money for the repayment if one does not succeed in finding a job after graduation. Here it is important that you have an emergency plan. Otherwise, your finances might fall.

Government Administration Student Loans – How to borrow

The Government Administration and Payments Denmark is tasked with processing loan applications from students in need of financial assistance.

To be considered for a loan, visit min.su.dk, where you are initially asked to log in. You can then apply for the desired loan. A few weeks later, you will receive a response to your loan application. If the application is approved, you must log in to your account, where you must complete your loan plan and thus approve the loan finally.

It is alpha and omega that you familiarize yourself and not least with the different deadlines for application and submission of loan plans, respectively. As a rule, it takes between 2 and 4 weeks to process a loan application. If you go longer than 4 weeks, you can rightly grab your student counselor.

After the loan has been approved and paid out, you can find all the information about your personal loan, including information on loan costs, maturity, etc. on the aforementioned website.

Other options for borrowing for the studio

SU loans have no doubt come to stay. However, this does not mean that there are no other loan options for students . In fact, there are many other ways to borrow money, whether you need money for new study books, deposit for rental housing, furniture or something entirely fourth. For example, you can record a consumer loan or quick loan.

Besides being able to borrow you can also consider getting a student job. However, you must be aware of the applicable rules for how much you have to earn beside SU . There are quite clear rules around that. You should also check up on whether you receive the right SU. For that reason, remember to check if you can get a supplement to the basic rate. You will find answers to this .

Let’s look at the half-length list of alternative loan options:

  • Consumer
  • payday loans
  • Bank loans
  • family loan
  • Mobillån

Are you in doubt about how much money you owe for your possible student loan? Then visit the following website regarding student debt . You can both see and correct the payment of your student debt online. Apply for a state-guaranteed student loan today and get it paid out within a few weeks.

Redeeming Loans – What to Know?

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Repayment of loan means repaying a loan. Once you have taken out a loan , whether it is a mortgage loan or a consumer loan, the loan must of course be redeemed. This can be done in several different ways.

The following provides an adequate guide on what to pay attention to when repaying loans.

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Ordinary and extraordinary repayment of loans

A loan can be redeemed in several ways. If the repayment is made at the loan’s agreed expiry, this is called an ordinary repayment. The time of repayment is always agreed with one’s bank or loan institution.

If, on the other hand, you want to pay off your loan before the loan period ends, this is called extraordinary repayment of loans. If, for example, you have received air in the budget, you can choose to repay the remaining amount in advance. This way you can get rid of your debt and maybe even save money.

Different types of extraordinary repayment

Extraordinary repayment of loans can take place in several ways. Since there are many different loans, there are also different ways of paying out loans in advance.

However, one must always be aware of whether fees are included in connection with paying the loan ahead of time.

Extraordinary repayment at a collectible loan

If, for example, you have several loans with high interest rates, but would like to secure a lower interest rate, a collective loan may in some cases be advantageous. In the case of collective loans, one loan is taken from a bank, which can be used to redeem the other small loans.

Let us assume, for example, that you have taken loans three different places for a total value of DKK 100,000. You are tired of the high interest rates and would like to find a better solution. If you contact your bank, they can probably give you an offer to collect the loans from them, thereby securing a lower interest rate.

It is not always an advantage and you have to consider your finances. Often it will be the rewarding bank that assesses whether one meets the requirements for a collective loan.

Extraordinary repayment by settlement and rescheduling

In addition, extraordinary repayment of loans can be made in connection with settlement. This can, for example, be the case when selling a home. Here, any mortgage loan or home loan in the bank must usually be redeemed, unless otherwise agreed with the buyer.

Extraordinary repayments can also be made by converting loans. If you stay in your house, you can choose to convert the loan into it if a lower interest rate can be obtained. This is done by redeeming the existing loan with a new loan. More about mortgages later.

Extraordinary repayment of car loans and consumer loans

Let’s assume you just got a new job. However, there is far from home to work, so you need a car right now and here. You do not have the money to fund the purchase right away, but you know that the salary from the new job can do it in the longer term. Here you can choose to take a car loan .

Once the car loan is taken, the car bought and there is better room in the budget, you can choose to redeem the loan before time. As with other loans, you can also choose to follow the maturity of an ordinary repayment with a car loan.

In connection with repayment of consumer loans, the same applies as for repayment of car loans. We can assume the same scenario as before, but with a new flat screen TV and surround sound system instead. As soon as there is advice, the amount owed can either be repaid before time or at the end of the loan term.

Repayment of mortgages and mortgages

When repaying mortgages and mortgages you have to make some extra considerations.

A mortgage loan can be taken in connection with the purchase of a new home. The loan takes you to a mortgage credit institution and the maturity is often 20-30 years. As a rule, a mortgage loan accounts for 80% of the value of the home, after which the last 20% must be paid via own payment or bank loan. Most often at least 5% of the value of the dwelling must be covered by own payment.

Alternatively, you can take a home loan when buying a new home. Unlike a mortgage loan, a mortgage is taken out in a bank. This option is relatively new, as it was previously only possible to borrow up to 20% of the value of the home by bank loans. That is, 100% of the property’s value can be paid via a bank loan.

Ordinary and extraordinary repayment applies to both loan types. Worth noting, however, is that the mortgage loan can be wound up and rescheduled, but not terminated. If one’s financial situation changes, a mortgage loan may be terminated by the bank during the term.

Mortgage and mortgage loan difference

Unlike bank loans, mortgage loans are dependent on bonds. A bond is a debt instrument or security that allows a borrower to retrieve capital from a lender. The owner of the bond is the lender, and the issuer of the bond is the borrower.

Bonds are most often issued by the state, but can also be issued by mortgage credit institutions and companies. Each bond has a maturity, interest and value. The value of the bond consists of the total benefits and is deducted during the term. The interest rate can be either fixed or variable depending on the terms of the bond.

In addition, mortgage credit institutions require a fee for administering loans, which are called contribution rates. This rate is agreed upon when the loan is taken, and may, for example, depend on the size of the loan.

On the other hand, a mortgage loan at the bank does not require a contribution. However, the bank takes payment for it, it costs them to manage the loan through the interest rate and a supplement.

Redemption at course 100

When redeeming mortgage loans before time, it is important to consider the price of the bonds. One price is the price of a given bond. The price is therefore affected by the price, but also by the interest rate.

The interest rate on mortgage loans may change from year to year. If interest rates are low, it may be advantageous to take a fixed rate loan. If, on the other hand, the interest rate is high, it would most often make sense to take out a variable rate loan.

How does course 100 work?

As a borrower, you are wise to be aware of whether the bond is issued at a price of 100. Course 100 means that you get paid DKK 100 when you borrow SEK 100. when you borrow 100 kr. This means that you lose money in the longer term.

If you borrow one million at the price of 99, you will only receive DKK 990,000. course 100.

Advantages of redeeming loans in advance

So why can it be a good idea to redeem your loan ahead of time? First of all, you are sure that you will not end up as a bad payer. Are you constantly aware that your budget must be added after being able to repay the loan, you avoid ending up in the RKI .

As mentioned, you have to consider more. For example, if you have a consumer loan, it may be a good idea to pay out the loan ahead of time if you have:

  • Air in the economy to redeem the loan so that future interest rates can be avoided
  • Found a cheaper loan that can repay the previous loan

Prepayment of mortgage loans in advance

In connection with mortgage loans, it is of course best to borrow when the bonds are as close to course 100 as possible. You must also be aware of this if you want to redeem the loan.

First of all, it is best to contact your mortgage bank before doing anything. Since there are many factors to consider, it can easily become confusing. There are, however, a few rules of thumb that you can stick to.

Fixed or variable interest rate

It is important to be aware that there is a difference between redeeming fixed-rate loans and interest-rate loans, that is, loans with fixed or variable interest rates. If the price of a bond is 99, you can only pay 99 kr. Of a bond debt of 100 kr.

If the price exceeds 100, there is no gain. On the contrary, at a price of 101, you must pay back DKK 101 of DKK 100. However, it is possible to redeem at a price of 100, as long as the mortgage-credit institution is informed no later than two months before the semester.

However, if the price is 99, you pay DKK 99 back of DKK 99. The same applies if the price is more than 100. That is, there is no immediate advantage in that connection. redeem ahead of time.