Binly is a financial institution based in Sweden, providing a range of credit options to its clients. The company offers loan amounts ranging from 2,000 to 50,000 SEK, catering to a variety of needs. These loans are designed as short-term and personal loans, available to individuals who meet the minimum age requirement of 18 years.

The repayment period for Binly’s loans spans from 1 to 12 months, offering flexibility in loan durations. However, the interest rate is notably high at 43.50%. It’s essential for potential borrowers to consider the cost implications of this interest rate, as it significantly affects the total repayment amount.

Binly provides an illustrative example of a loan of 9,500 SEK at the aforementioned interest rate, with a repayment plan spread over ten months. This plan includes varied monthly repayment amounts and additional fees such as a setup fee and aviation fees, culminating in an effective interest rate of 186.81%. Consequently, the total repayment amount escalates to 14,447 SEK.

Binly emphasizes the importance of borrowers understanding the financial commitment they are undertaking. The company points out that its loans are high-cost credits, and failure to repay can lead to serious financial consequences, including the risk of a payment remark. They advise customers in financial difficulty to seek advice from municipal budget and debt advisors.

The application process for a loan with Binly is outlined as straightforward. Prospective borrowers select their desired loan amount, complete an application, and upon verification, the funds are transferred to their bank account. It’s important to note that Binly conducts a standard credit assessment to determine eligibility.