Bank launches a brand new private loan that gives borrowers the opportunity to borrow money up to $ 15,000 for up to 3 years.
A unique private loan
On March 25, 2014, Bank launched a brand new private loan called the Annual Loan. With the Annual Loan, you can borrow money between $ 11,000 – $ 15,000 for up to 3 years. As a customer at Bank, it is also possible to combine a long Annual Loan with a short sms loan that is from $ 500 – $ 10000 for 30 or 90 days.
This is how the Annual Loan works
The annual loan applies to the amounts of $ 11,000, $ 12,000, $ 13,000, $ 14,000 and $ 15,000. Unlike our Micro Loans and Quarterly Loans, the repayment period on our Annual Loans is over a longer period, more specifically 3 years. To apply for the Annual Loan, you go the same way as when you apply for Micro or Quarterly loans. You fill out the application form and send the application that is processed by our customer service and you will still receive an answer directly on the screen.
New for the Annual Loan is that the monthly repayment is made via direct debit (the money is automatically deducted from your account once a month) and you do not receive an invoice that you have to pay manually. The annual loan is based on a loan method called straight repayment, which means that the repayment amount drops every month.
Good to know
When you apply for a Micro or Quarterly loan ($ 500 – $ 10000 for 30 or 90 days), we obtain credit information from the credit reporting company Creditsafe, which means that there is no so-called “UC”. However, the credit information is obtained from the Information Center, UC when applying for an Annual Loan.
We have launched the Annual Loan since there has been a demand for a longer loan. However, we believe that situations can arise in everyday life when you need to solve a temporary financial situation and then it is good to know that you can combine a long Annual Loan with one of our short loans.
In order to be granted an Annual Loan, it is not a requirement that you are a customer of Bank before but also new customers can apply for the maximum amount of $ 15,000.
Who may apply for the Annual Loan?
The annual loan is aimed at Swedish private individuals who need a slightly larger and longer loan. In order to fulfill the requirements to be granted a longer Annual Loan, you need to meet the following requirements:
– at least 20 years
– a fixed income of at least $ 120,000