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 Lå 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 Lå 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.


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%