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Checklist: Get approved for consolidating loans

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If you want to consolidate loans, there are certain requirements and conditions that you must take into account. This checklist has just been prepared for you, who have a desire to borrow a larger or smaller loan for private use. In the article you can read everything worth knowing about the topic.

The most basic loan requirements on the Danish loan market

If you want to take out a bank consolidated loan, then you must be prepared to be educated with your bank assistant, as many strict requirements and conditions are set by Danish banks. However, this can get you off if you take out a loan online – also known as an online loan. Today, there are many Danish loan providers who only make a handful of basic requirements for you as a borrower.

  1. Your age – Of course, it takes a certain age to borrow money in Denmark. You can generally take out a private consolidated loan when you are 18 years of age. However, there are also many loan providers that have a higher age requirement. There are examples of loan providers who have a firm requirement that you must be 19, 20 or 25 years old. If you belong to the younger target group, then you must pay particular attention to the loan provider’s requirements for your age.
  2. Your residence – It is a requirement that you must reside in a Danish population register address. You must of course travel abroad during the period if you are still registered at a Danish address. In this connection, it should also be mentioned that you must not have either name or address protection. It is naturally related to the fact that it must be possible to identify you.
  3. Your nationality – You must be a Danish citizen at the time you apply for a private consolidated loan. It is not essential whether you have one or the other background. The loan providers only emphasize whether you have Danish citizenship.
  4. Job situation / income – It is very common for the loan provider to require you to be an employee or self-employed – and thus have a fixed income. If you have a good and healthy economy with fixed income and profits in the bank account, then you have better chances of borrowing money. In relation to this loan requirement, you may be asked to provide documentation in the form of pay slips or tax returns.
  5. Access – If you need to borrow money from a Danish loan provider today, then it is necessary that you have access to NemID. It is through NemID that you have to approve and sign a private loan. It is a safe and simple solution that caters to both parties, as there is a focus on high security. As a general rule, you sign a loan agreement with its digital signature, but in special cases it is also possible to sign the loan agreement physically.
  6. Danish telephone number and bank account – Furthermore, it is required that you have a Danish telephone number and a Danish bank account. If you approve and sign the loan, you will be transferred the money directly.

It is alpha omega that you can check all consolidated loan requirements if you have to borrow a private loan. If there are one or more requirements that you cannot comply with, then you must contact the relevant loan provider in order to find an alternative solution.

Attitude to bad payers – Registration in the RKI or the Debtor Register

If you borrow money from a Danish loan provider, then the loan provider will naturally look at whether you have defaulted debt. If you are stamped as badly paying in the RKI and / or the Debtor Register, it will affect your loan options. Danish loan providers are reluctant to borrow money for bad payers.

It is not impossible to borrow a loan despite the RKI and the Debtor Register, but it can nevertheless complicate the entire loan process. There are Danish loan providers who openly state that they do not want to borrow money for bad payers. However, there are also loan providers who want to prepare a loan offer despite the RKI and the Debtor Register.

Relationship between loan amount and consolidated loan requirement

There is a completely natural connection between loan amounts and loan requirements. If you request a high loan amount, then you should also expect that the loan requirements are strict. It is a reality that the vast majority of Danes can take out smaller loans in the form of mini loans , mobile loans and quick loans . However, this is different when it comes to larger consumer loans , where the loan providers do not lend money to anyone.

If you want to take a large loan amount, you must include a large number of information about your income and finances – as well as documentation. Whether or not you own larger values ​​consisting of car, housing, boat or electricity can also have some influence.

If you submit a loan application to any loan provider, a credit rating will always be made. There are some of these credit ratings that are prepared automatically using technical algorithms, while others are prepared manually.

A credit rating briefly states that a lender must investigate the likelihood that a borrower will repay the loan amount on time. However, there can be a big difference between how extensive a credit rating is. Your personal credit rating will not only influence whether or not you can take out a private loan. It will also influence how cheap you can borrow money, where factors such as interest and APR come into play.

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