Taking out a loan in Sweden – is it really that easy?


The financial institutions maintain a stable flow of funds using diversified techniques and tactics. Banks offer their customers corporate and personal loans based on the demand or request of the consumer. People ask banks for loans because it becomes unmanageable for their fellow members to cut their expenses and lend the money. However, the interest is charged on the amount borrowed and banks define the duration of the loan. No bank or financial institution is permitted to release loans to people without proper records and formal documentation process.

Go through OmdömesStälle to know people’s opinions concerning the area of money borrowing as this site allows customers to rate and recommend companies and organizations. The banks facilitate the individual through secured and unsecured personal loans and ease the people by varied accommodations like a student loan, home loan, and loan for the vehicle, and it is better for your to find out the reviews on Marginalen Bank which offers quality services to consumers by sufficing their requirements quickly.

Getting a loan is hard in Sweden

The evaluation of the creditworthiness of an individual by the Swedish bank is the most mandatory requirement. The person seeking the loan must be capable of returning the borrowed money to the bank, this signifies that stable income and employment are essential. It is hard for non-Nordic residents to prove and verify their creditworthiness, however employment contracts or recent payslips can smoothen the complex process.

The credit score of the person, age (minimum age limit for loan application is eighteen), expat (should have spent one or more years in Sweden), and standard yearly salary are some requirements on which a bank needs reliable and authentic documents from the person appealing for the loan.

Poor credit score

A poor credit score implies that a person is not good at returning the borrowed money, cleaning bills, and having an unpaid loan. Poor credit reduces the chances of getting bank loans and credit cards. Swedish banks try to avoid giving loans to people having bad credit history as this exposes them to risk (uncertainty regarding loan return). Individuals exhibiting imperfect credit can avail personal loans but banks charge them costlier interest rates.

In addition, all banks do not facilitate individuals through personal loans and some banks strictly abide by the credit regulations. Still, people with poor credit can avail the option of a guarded personal loan (secured), and in case the individual doesn’t pay back then the bank takes ownership of the backed-up property.

A bank account is not necessary for loan request

The bank account is regarded as an important element to get a loan from the bank as it provides information regarding the financial condition of the person applying for the loan. By observing the financial record of the borrower, the bank figures out the chances of loan return.

However, borrowers can ask for the loan without having a bank account but they get limited loan options like title loans, payday credits, and payday alternative accommodations. An individual without a registered bank account gets expensive and limited options regarding money borrowing.


People borrow money from banks when their expenses do not match their incoming income. Borrowing money from the bank is not easy as it sounds because banks follow regulations and they do not give loans to people who hold no registered account and exhibit poor credit records. So, it is hard for such people to obtain personal loans from the bank.