Calculation example: The interest rate is variable and set on an individual basis. A loan of 30,000 SEK at a nominal interest rate of 26.05 percent with a repayment period of 24 months,with 24 monthly payments of 1,617 SEK and a 0 SEK origination/statement fee, results in an effective interest rate of 29.4 percent. The total amount to be repaid is 38,808 SEK.
A loan of 9,500 SEK at an interest rate of 44.00% with a repayment period of ten months (with ten payments of 1,880 SEK, 1,547 SEK, 1,510 SEK, 1,473 SEK, 1,436 SEK, 1,399 SEK, 1,362 SEK, 1,325 SEK, SEK 1,288, and SEK 1,251) and a setup fee of SEK 1,105, a minimum payment of SEK 1,155, and statement fees of SEK 600 result in an effective interest rate of 188.16%. The total amount to be repaid is 14,670 SEK. The term of the credit and the associated costs may change if the credit limit is increased.
A loan of 9,500 SEK at an interest rate of 44.00% with a repayment period of ten months (with ten payments of 1,880 SEK, 1,547 SEK, 1,510 SEK, 1,473 SEK, 1,436 SEK, 1,399 SEK, 1,362 SEK, 1,325 SEK, SEK 1,288, and SEK 1,251) and a setup fee of SEK 1,105, a minimum payment of SEK 1,155, and statement fees of SEK 600 result in an effective interest rate of 188.16%. The total amount to be repaid is 14,670 SEK. The term of the credit and the associated costs may change if the credit limit is increased.
A loan of 9,500 SEK at an interest rate of 44.00% with a repayment period of ten months (with ten payments of 1,877 SEK, 1,537 SEK, 1,500 SEK, SEK 1,463, SEK 1,426, SEK 1,389, SEK 1,352, SEK 1,315, SEK 1,278, and SEK 1,241) and a setup fee of SEK 1,114, a minimum payment of SEK 1,155, and statement fees of SEK 600 results in an effective interest rate of 183.56%. The total amount to be repaid is 14,379 SEK. The term of the credit and the associated costs may change if the credit limit is increased
The loan has a nominal fixed annual interest rate of 42.98%, a $475 origination fee, and a $25 monthly administration fee. An example loan of SEK 10,000, repaid at SEK 1,120 per month over 12 months, has an effective annual interest rate of 76.8%. This results in a total cost for the loan of SEK 3,440.
Loan example (October 16, 2024): Credit utilized in the amount of 15,000 SEK for 12 months, total amount to be repaid 20,588 SEK (average 1,715 SEK per month). Effective annual interest rate: 88.04%. Line of credit with a variable nominal annual interest rate of 40% plus a margin added to the reference rate, currently 44.00%. Fees: Setup fee: SEK 395. Withdrawal fee: SEK 195. Monthly administrative fee: SEK 99. The loan example assumes one withdrawal with a fee, one setup fee, and 12 monthly administrative fees.
Representative example: A loan of 45,000 SEK at a fixed interest rate of 24.24% with a repayment period of 84 months, consisting of 84 monthly payments of 1,135 SEK and a 695 SEK origination fee (which is added to the loan) and a 19-krona administration fee results in a total effective interest rate of 28.73%. The total amount to be repaid is 96,894 kronor.
Credit utilized: 25,000 SEK over 12 months; total amount to be repaid: 30,958.33 SEK (average of 2,580 SEK per month). Annual percentage rate (APR): 54.05%. Line of credit with a variable nominal annual interest rate of 43.9999835%. Other fees: Setup fee: SEK 0.
For a credit amount of 5,000 SEK with a fixed nominal interest rate of 39.5% for 12 months, the total amount to be repaid is 6,672.89 SEK (556.07 SEK per month), which corresponds to an effective annual interest rate of: 74.4%.
Borrowing costs money. Borrowing costs money. If you cannot repay on time, it may affect your credit record and make future borrowing more difficult. Always compare the total cost of credit before applying.
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Klara Lån
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Borrow up to SEK 50,000 with interest rates from 8.57%.
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Securing a payday loan in Sweden involves understanding the specific terms and conditions set by lenders. These short-term, unsecured loans are designed for immediate, smaller financial needs. For expats living in Sweden, recognizing the differences between these and other loan types is crucial.
The providers listed above offer payday loans with varying terms. Amounts typically range from 2,000 SEK up to 70,000 SEK. Repayment periods differ significantly, from as short as 30 days to over 12 months. Effective annual interest rates (APR) can be high, with some options exceeding 100% in their examples. Always review the specific APR and total repayment cost before committing.
Understanding Payday Loan Costs in Sweden
Payday loans are generally more expensive than traditional bank loans due to their short repayment terms and higher risk profile for lenders. Key cost factors include:
Nominal Interest Rate: The stated annual interest rate.
Effective Interest Rate (APR): This includes all fees and charges, providing a more accurate picture of the total cost. It is often significantly higher than the nominal rate.
Setup Fees: An upfront charge for processing the loan application.
Monthly/Statement Fees: Recurring charges for maintaining the loan or account.
For example, a loan of 9,500 SEK might have a nominal interest rate of 44.00%, but the inclusive APR, factoring in fees, can climb to over 180% as seen in some provider examples. Always check the specific loan example provided by each lender to understand the full cost implication for a given loan amount and term.
Eligibility for Expats
To apply for a payday loan in Sweden, expats generally need to meet the following criteria:
Be at least 18 years old (some lenders have higher age limits, up to 75 years).
Hold a valid Swedish personal identity number (personnummer).
Have a registered address in Sweden.
Possess a Swedish bank account for fund disbursement and repayment.
Demonstrate a stable income or ability to repay.
Not have current, significant payment remarks (betalningsanmärkningar).
The requirement for a personnummer and a Swedish bank account is standard. Lenders assess each applicant individually, and approval is not guaranteed.
Payday Loans vs. Other Credit In Sweden
It is important for expats to distinguish payday loans from other forms of credit available in Sweden:
Personal Loans: Usually larger amounts, longer repayment terms, and lower interest rates compared to payday loans. You can compare personal loans in Sweden for more information.
SMS Loans/Credit Lines: Often refer to the same type of short-term credit, sometimes accessed via SMS. Some providers, like SMSpengar, offer credit lines which are flexible revolving accounts.
Mortgage Loans: Secured loans used for property purchase, with significantly lower interest rates and much longer repayment periods. See Sweden mortgage loans.
Debt Consolidation Loans: Used to combine multiple debts into a single loan, often with a lower overall interest rate. Consider options for Sweden debt consolidation loan if managing multiple debts.
Payday loans should only be considered for genuine short-term emergencies when other options are not feasible. Borrowing beyond your means can lead to accumulating debt due to high interest rates and fees. Always ensure you can afford the monthly repayments and the total cost of the loan.
Consider the following before applying:
Can you repay the full amount by the due date?
Are there less expensive alternatives available?
What are the exact total costs, including all fees?
Reviewing all available options, including comparing payday loans on this page (visit Sweden SMS Loan for a related type), is a critical step.
This information is for educational purposes and does not constitute financial advice. Loan approval is subject to lender assessment.
What is a payday loan in Sweden?
A payday loan in Sweden, also sometimes referred to as an SMS loan or quick loan, is a short-term, unsecured loan typically for smaller amounts. It is designed to be repaid quickly, often within a few months or even weeks.
What are the typical loan amounts and repayment periods?
Loan amounts generally range from 2,000 SEK to 70,000 SEK. Repayment periods can vary from as short as 30 days to over 12 months, depending on the lender and the loan amount.
Are payday loans expensive in Sweden?
Yes, payday loans are generally considered expensive. They often come with high nominal interest rates and significant effective annual interest rates (APR) due to various fees. Always check the total repayment cost.
What are the eligibility requirements for expats?
Expats typically need a Swedish personal identity number (personnummer), a Swedish bank account, a registered address in Sweden, be over 18 years old, and have no payment remarks (betalningsanmärkningar). Lenders assess each application individually.
Can I get a payday loan with a payment remark (betalningsanmärkning)?
Most payday lenders in Sweden require applicants to have a clean credit history without current payment remarks. Having one typically disqualifies an applicant.
