COMPLETE GUIDE TO PERSONAL LOANS IN SWEDEN
Learn how personal loans work in Sweden, explore your options and see how combining your debts could reduce your monthly costs.
How do personal loans work in Sweden?
01
No collateral or down payment
Lenders assess your creditworthiness, regular income and existing debts. You do not need to pledge your home or car, but approval is not guaranteed.
02
Flexible amounts and terms
Some lenders offer SEK 10,000–600,000 over 1–15 years. Available amounts and repayment periods depend on the bank and your finances.
03
Flexible use
Use the funds for renovations, a car, unexpected expenses or refinancing existing debts, subject to lender terms.
Have several loans or credit cards? Combine them into one.
Potentially lower interest
Credit cards and short-term loans can carry high interest rates. A consolidation loan may offer a lower rate, depending on the offer and your creditworthiness.
Lower monthly payments
A lower rate or longer repayment period can reduce your monthly payment. A longer term may increase the total cost. Compare both: savings are not guaranteed.
One monthly payment
You may have one monthly payment instead of several. Check whether the new loan actually reduces administration fees.
A clearer overview of your debts
Fewer active loans can make your finances easier to manage. Your UC credit score does not improve automatically: income, debts, payment history and credit enquiries also matter.
Example: before and after debt consolidation
Before consolidation
• Three separate debts: a credit card, car loan and personal loan
• Different interest rates, terms and payment dates
• Possible separate administration fees
• Harder to track the total monthly commitment
After consolidation
• One loan used to repay selected existing debts
• One agreed interest rate and repayment period
• One monthly payment and a clearer plan
• Savings only if the overall new terms are better
This comparison illustrates debt structure, not a guaranteed saving.
Step by step: before accepting an offer
1. List outstanding balances, rates and fees.
2. Compare APR and the total amount repayable.
3. Check early repayment terms and ensure old debts are closed.
4. Allow for interest changes and unexpected costs.
5. Contact your municipality’s budget and debt counselling service if you struggle to repay.
Compare the total cost, not just the monthly payment
Check APR, all fees, the repayment period and total amount repayable. A lower monthly payment over a longer term does not necessarily mean a cheaper loan. This guide provides general information, not individual financial advice.
⚠︎
Att låna kostar pengar! Om du inte kan betala tillbaka skulden i tid riskerar du en betalningsanmärkning. Det kan leda till svårigheter att få hyra bostad, teckna abonnemang och få nya lån. För stöd, vänd dig till budget- och skuldrådgivningen i din kommun. Kontaktuppgifter finns på konsumentverket.se.
Borrowing money costs money. If you cannot repay on time, you risk a payment default record. This can make it harder to rent a home, take out subscriptions or obtain new loans. Contact your municipality’s budget and debt counselling service for support. Contact details are available at konsumentverket.se.
Representative example: annuity loan over 12 years, SEK 400,000, variable interest 7.99%, setup fee SEK 400 and payment administration fee SEK 20; APR 8.41%. Total repayable SEK 626,457 over 144 repayments; monthly cost SEK 4,348. Repayment period 1–20 years. Maximum interest 22.00%. Interest range 4.50–22.00%.
Personal loan example only—not a mortgage or business loan offer. Individual terms may differ.
konsumentverket.se ↗