Who can take out a loan online?

The Danish loan market gives everyone – or at least the majority of Danes the opportunity to borrow money online. If you are of age, you can as a rule take out a loan – even if you have been rejected by the bank. If you need more money, you can apply for a loan without having to live up to unreasonable requirements.

Loan money if you can meet these requirements

  • The personal credit rating
  • The main advantages and disadvantages of online loans

Loan money if you can meet these requirements

If you compare the requirements of banks and loan providers, respectively, you will find that the requirements are lenient with the Danish loan providers . Of course, this is one of the reasons why the rejection rate is at the bottom. More than half of all loan applications are approved without further questions or requirements for documentation.

If you want to take out a quick loan online , you need to know the most basic requirements – and of course, be able to meet them. The requirements may vary, but as a rule they will consist of the following:

  • Age: Minimum age is 18 years of age
  • Citizenship: You must be a Danish citizen
  • Danish address: You must be affiliated with a Danish population register address
  • Danish telephone number: You must have a Danish, valid phone number
  • NemID: You must have access to NemID (necessary for approval and payment)

You are not guaranteed a loan because you meet the above requirements, but your loan chances are quite good. As a borrower, you are asked to read and accept the requirements when applying for a loan. If there are one or more requirements that you do not comply with then you risk being rejected.

The personal credit rating

If you want to borrow money for the first time, be aware that the loan company in question makes an assessment of you. A personal credit assessment will be prepared to clarify whether you are qualified to borrow. There are many factors that can affect your credit rating. Particular attention will be paid to these factors:

  • Your Income: How High Is Your Income?
  • Your expenses: How high are your expenses?
  • Your debt situation: Do you have existing debt?
  • Security: Can you provide security for the loan?
  • RKI / Debtor Register: Are you registered in the RKI and / or Debtor Register?
  • Documentation: Can you prove your relationship?

Not all credit ratings are just as thorough and detailed. If you want to borrow a large amount for consumption, then you must be prepared for extra questions.

The main advantages and disadvantages of online loans

There are advantages and disadvantages of online loans that you need to investigate before you take out a loan. If you already know what the advantages and disadvantages are, you can apply for a quick loan immediately.

Advantages: It’s easy – it’s fast – security is high – you don’t need to provide security – you get the loan immediately – you get answers within minutes – everything is done on the internet – don’t explain the purpose of the loan

Disadvantages: The interest rate is more often higher than the bank – you will be more inclined to borrow an unnecessary loan

Before you take out a loan, you will do well to control your budget and your personal finances as a whole. You can download a budget form if you miss a better overview of your income and expenses. There are many free templates online, so you don’t have to spend time and energy preparing a budget form from scratch.