Recommended
Amount
1.000 - 500.000 kr.
Payment period
12-144 months
Interest
2,95 - 22,52%.
4,8 Reviews 2.485 • Excellent
Free & non-binding
Response time: Immediately
*Ex: Total credit amount DKK 200,000. Term 5 years. APR 7.68%. Variable debtor rate 7.00%. Establishment DKK 400. Total repayment: DKK 48,000. Term 1-12 years. Interest rate ranges from 2.95-22.52%.
Amount
10.000 - 400.000 kr.
Payment period
12-144 months
Interest
4,11 - 21,77%.
4,8 Reviews 2.485 • Excellent
Free & non-binding
Response time: Immediately
*Ex: at 7% deb. rent. Price ex.: Total credit amount DKK 130,000 Var. deb. rent 3.60 - 20.95%. APR 4.11 - 21.77%. A b. approx. DKK 3,900. Total repayment amount DKK 167,258 - 260,000. Term 1-15 years.
Amount
4.000 - 25.000 kr.
Payment period
24 months
Interest
24,87%.
4,7 Reviews 1.200 • Excellent
Free & non-binding
Response time: Immediately
*Ex: DKK 8,000 over 24 months Annual debt interest: 0%. APR: 24.87%. Mdl. benefit: DKK 416.67 Total repayment: DKK 10,000 Total credit amount: DKK 2,000 Calculation includes set-up fee of 25%.
Amount
1.000 - 20.000 kr.
Payment period
12 months
Interest
24,97%.
4,4 Reviews 136 • Excellent
Free & non-binding
Response time: Immediately
*Ex: Total credit amount DKK 200,000. Term 5 years. APR 7.68%. Variable debtor rate 7.00%. Establishment DKK 400. Total repayment: DKK 48,000. Term 1-12 years. Interest rate ranges from 2.95-22.52%.
Amount
10.000 - 100.000 kr.
Payment period
36-120 months
Interest
15,87 - 24,87%.
3,4 Reviews 5.645 • Average
Can be redeemed without fees
Response time: Immediately
*Ex: DKK 10,000 over 84 months. Variable debtor interest: 19.56%. APR: 22.92%. Mdl. benefit: DKK 227 Total repayment: DKK 19,067 Total credit limit: DKK 9,067.
Amount
1.500 - 50.000 kr.
Payment period
5-60 months
Interest
22,51 - 24,99%.
4,3 Reviews 3.782 • Excellent
2M+ Customers
Response time: Immediately
*Ex: Loan amount DKK 25,000, APR 24.99%. Mine. payment DKK 2,337.39 Total credit amount DKK 3,048.66 Total repayment amount DKK 28,048.66 Fixed debtor interest 22.51%.
Amount
10.000 - 100.000 kr.
Payment period
36-120 months
Interest
15,87 - 24,87%.
2,5 Reviews 7 • Below average
Free & non-binding
Response time: Immediately
*Ex: DKK 40,000 over 84 months. Variable debtor interest: 19.56%. APR: 22.92%. Mdl. benefit: DKK 908 Total repayment: DKK 76,270 Total credit limit: DKK 36,270.
Amount
10.000 - 100.000 kr.
Payment period
12-144 months
Interest
15,87 - 24,87%.
2,9 Reviews 1.354 • Average
Free & non-binding
Response time: Immediately
*Ex: DKK 25,000 over 84 months. Variable debtor interest: 19.56%. APR: 22.92%. Mdl. benefit: DKK 567 Total repayment: DKK 47,668 Total credit amount: DKK 22,668.
Amount
3.000 - 20.000 kr.
Payment period
6 months
Interest
24,90%.
3,5 Reviews 743 • Average
Free & non-binding
Response time: Immediately
*Ex: For a loan of DKK 3,000 with a term of 6 months, the nominal interest rate is 21.96%. The total cost as a percentage is 24.31%. The total repayment amount: DKK 3195.06. Monthly payment: DKK 533 per month for 6 months..
Guide to get a loan in Denmark with the best interest rate:
- First, click the “Compare Loans” button.
- Choose the amount (Lånebeløb).
- Set your preferred payment period.
- Choose the main purpose of the loan.
- Click Continue (Fortsæt).
Now, we will find the best rates through individualized comparison.
Remember, applying for a loan through this service is free, noncommittal, and non-binding.
If you're a foreigner or expat in Denmark looking for a loan, the process can seem complex, given the various options from banks and brokers. Which loan fits your situation? Are you getting good terms?
We are here to help. We'll walk you through the loan options in Denmark, key terms, costs, and what to look for in a bank or broker. By the end, you'll have a clearer picture of how to approach loans in Denmark.
Online loans, offered by private companies, often come with high-interest rates. We recommend using a service to compare loans from multiple companies to find better terms.
Kristian Ole Rørbye
Key Terms You Must Know
- ÅOP = Annual Costs in Percentage (similar to APR)
- Låneaftale = Loan Agreement
- Kreditvurdering = Credit Assessment
- Fast rente = Fixed Interest Rate
- Variabel rente = Variable Interest Rate
- Indfrielse = Early Repayment
- Rente = Interest Rate
- Månedlig ydelse = Monthly Payment
- Etableringsgebyr = Establishment Fee
- Andre gebyrer = Other Fees
- Kreditomkostninger = Credit Costs
- Samlet tilbagebetaling = Total Repayment
Best Loan Companies in Denmark to Borrow Money From
Ferrantum
Ferrantum is renowned for its flexible lending solutions tailored to individual needs. They provide loans suitable for small to medium-sized needs.
- Loan Amount: 1.500 - 50.000 kr
- ÅOP: 22,51 - 24,99%
- Minimum Age: 21 years
- Repayment Period: 5 - 60 months
KreditNU
KreditNU has a simple and transparent lending process, making it a preferred choice for those seeking smaller loans without a prolonged repayment schedule.
- Loan Amount: 4.000 - 25.000 kr
- ÅOP: 24,87%
- Minimum Age: 23 years
- Repayment Period: 24 months
PayMark Finans
Known for their comprehensive loan products, PayMark Finans caters to a wide range of borrowing needs, from personal expenses to larger ventures.
- Loan Amount: 10.000 - 100.000 kr
- ÅOP: 15,87 - 24,87%
- Minimum Age: 20 years
- Repayment Period: 36 - 120 months
Leasy Minilån
Leasy Minilån offers a blend of competitive interest rates and flexible repayment terms, suitable for various financial needs.
- Loan Amount: 10.000 - 100.000 kr
- ÅOP: 15,87 - 24,87%
- Minimum Age: 20 years
- Repayment Period: 36 - 120 months
D|E|R Privat Finans
D|E|R Privat Finans is a reliable institution offering loans with clear terms, making it easier for borrowers to manage their finances.
- Loan Amount: 10.000 - 100.000 kr
- ÅOP: 15,87 - 24,87%
- Minimum Age: 20 years
- Repayment Period: 36 - 120 months
Føniks Privatlån
Føniks Privatlån prides itself on a straightforward application process and clear communication, ensuring borrowers are always in the loop.
- Loan Amount: 10.000 - 100.000 kr
- ÅOP: 15,87 - 24,87%
- Minimum Age: 21 years
- Repayment Period: 36 - 120 months
Cashper
Ideal for those seeking quick and short-term loans, Cashper's streamlined process ensures swift approvals and disbursements.
- Loan Amount: 3.000 - 20.000 kr
- ÅOP: 24,90%
- Minimum Age: 18 years
- Repayment Period: 6 months
NordCredit
NordCredit is popular among borrowers for its transparent terms and a range of loan products tailored to different financial scenarios.
- Loan Amount: 1.000 - 20.000 kr
- ÅOP: 24,97%
- Minimum Age: 20 years
- Repayment Period: 12 months
Nordic Lån
With a strong reputation for trustworthiness, Nordic Lån offers versatile loan products suitable for diverse borrowing needs.
- Loan Amount: 10.000 - 100.000 kr
- ÅOP: 15,87 - 24,87%
- Minimum Age: 20 years
- Repayment Period: 36 - 120 months
What loan amounts are available for borrowing in Denmark?
In Denmark, through our platform, loan amounts available for borrowing range from DKK 4,000 to DKK 500,000. This wide spectrum caters to both minor immediate needs as well as substantial financial ventures or purchases.
Whether you're looking to finance a short-term project, consolidate debts, or make a significant purchase, our site offers flexibility in loan amounts to suit diverse requirements.
Costs of Obtaining a Loan
When considering unsecured loans in Denmark, knowing the various costs is essential.
Typically, the Annual Costs in Percentage (ÅOP) can range from as low as 3.34% up to 24.99%. This range provides flexibility, but it's crucial to understand that your actual rate will depend on your creditworthiness and other factors.
Notably, a significant regulatory change was introduced in July 2020 with the "Opgør med kviklån m.v." law. This law set a maximum ÅOP at 25% to curtail the prevalence of high-interest loans and protect consumers.
Example of an 8.000 kr. loan:
Detail | Amount/Rate |
---|---|
Loan Amount | 8,000 kr. |
Loan Period | 24 months |
Monthly Installments | 416,67 kr. |
Interest Rate | 0% |
ÅOP (APR) | 24.87% |
Establishment Fee | 25% (2,000 kr.) |
Other Fees | - |
Total Costs | 2,000 kr. |
Total Amount to Repay | 10,000 kr. |
Example of a 100.000 kr. loan:
Detail | Amount/Rate |
---|---|
Loan Amount | 100,000 kr. |
Loan Period | 5 years (60 months) |
Interest Rate (Variable) | 3.48% |
ÅOP (APR) | 3.80% |
Establishment Fee | 1,000 kr. |
Total Amount to Repay | 111,690 kr. |
Interest Rate Range | 1.25-20.95% |
Requirements and Terms for Getting a Loan in Denmark
Loans are structured to cater to varied needs, from buying a house to handling emergency expenses. Yet, irrespective of the type, certain requirements and terms often remain consistent, while others vary depending on the loan's nature.
Requirements:
- Danish CPR Number and MitID Account: To be eligible for a loan, having a Danish CPR number and an active "MitID" account is essential.
- Age and Residency: Borrowers must be at least 18 years old, live in Denmark
- 18 years or older: Borrowers usually need to be of legal age, typically 18 years or older, but some lenders may set a higher age minimum.
- Living in Denmark: Permanent residency or a long-term stay permit in Denmark may be required.
- Not registered in RKI: Being registered in RKI (Ribers Kredit Information) — Denmark's largest bad payer register — can be a significant barrier to securing a loan. Most lenders prefer borrowers who are not listed in this register.
Terms:
- Interest Rate: Depending on the type of loan, interest rates can vary widely. Secured loans like mortgages often have lower rates than unsecured loans.
- Loan Duration: The repayment period can range from short-term (a few months) to long-term (up to 30 years or more for mortgages).
- Repayment Structure: While monthly repayments are common, some loans might offer more flexible repayment structures.
- Fees: Beyond the principal and interest, borrowers should be aware of potential fees, such as origination, administration, or late payment charges.
- Early Repayment: Depending on the lender, some loans might allow for early repayments without penalties, while others may levy a charge.
- Consequences of Default: Defaulting on any loan can lead to serious repercussions, from credit score impacts to potential legal actions.
The Different Types of Loans in Denmark
Denmark has a diversified lending landscape catering to various needs. Here's an overview of the primary loan types available in the Danish market.
Consumer Loans (Forbrugslån)
These are unsecured personal loans that don't require any collateral. They are flexible and can be used for various purposes, including travel, home improvements, or purchasing consumer goods.
Mortgage Loans (Boliglån)
These are unsecured personal loans that don't require any collateral. They are flexible and can be used for various purposes, including travel, home improvements, or purchasing consumer goods.
Car loans (Billån)
These are unsecured personal loans that don't require any collateral. They are flexible and can be used for various purposes, including travel, home improvements, or purchasing consumer goods.
Quick loans (Kviklån)
These are unsecured personal loans that don't require any collateral. They are flexible and can be used for various purposes, including travel, home improvements, or purchasing consumer goods.
Student Loans (Studielån)
These are unsecured personal loans that don't require any collateral. They are flexible and can be used for various purposes, including travel, home improvements, or purchasing consumer goods.
Business Loans (Erhvervslån)
These are unsecured personal loans that don't require any collateral. They are flexible and can be used for various purposes, including travel, home improvements, or purchasing consumer goods.
Overdraft Facilities (Kassekredit)
These are unsecured personal loans that don't require any collateral. They are flexible and can be used for various purposes, including travel, home improvements, or purchasing consumer goods.
Pros and Cons of Unsecured Loans
Unsecured loans, as the name suggests, are financial borrowings that don't require any collateral from the borrower.
These loans can be especially appealing for various reasons, such as not having an asset to offer as collateral or seeking a simpler borrowing process.
However, as with any financial instrument, they come with their own set of advantages and disadvantages.
Pros:
- No Collateral Required
- Faster Approval
- Flexible Use
- Easy to compare multiple offers
Cons:
- Higher Interest Rates
- Stricter Credit Requirements
- Smaller Loan Amounts
- Potential for Additional Fees
Can a Foreigner Get a Loan in Denmark?
Yes, foreigners can indeed obtain a loan in Denmark. However, some certain criteria and conditions need to be met.
Generally, lenders require foreign nationals to have a stable income source in Denmark, a Danish CPR number, and a "MitID" account.
It's also essential for the individual to reside in Denmark and be at least 18 years of age.
Being registered in RKI (a Danish defaulters' list) can negatively impact your loan application. You can check if you're registered in RKI here.
Researching and understanding the specific requirements of the lender or financial institution you're considering is always advisable.
Tips to improve your chances of getting a Loan
Whether you're looking to finance a significant purchase, consolidate debt, or manage unexpected expenses, securing the best loan terms is crucial. Here are some practical tips to enhance your loan application and increase your chances of approval:
- Maintain a Good Credit History: Your credit score plays a pivotal role in your loan approval chances. Regularly check your credit report for any inaccuracies and ensure timely payments on existing debts.
- Stable Employment: Lenders favor borrowers with a consistent income stream. Being in stable employment or having a steady source of income can significantly boost your chances.
- Limit Loan Applications: Each time you apply for a loan, it's recorded on your credit report. Multiple applications in a short period can be viewed as financial distress, potentially reducing your approval odds.
- Clear Existing Debts: If possible, pay down or consolidate your current debts. A lower debt-to-income ratio makes you a more attractive candidate to lenders.
- Save for a Larger Down Payment: If you're taking out a secured loan, a larger down payment can demonstrate your financial commitment and responsibility.
- Provide Accurate Documentation: Ensure all the paperwork, from income statements to residency proofs, is accurate and up-to-date. Inconsistencies or missing documents can delay or even derail the application process.
- Understand Loan Terms: Familiarize yourself with the loan's terms and conditions. Being well-informed shows lenders that you're serious and have done your homework.
- Establish a Banking History in Denmark: If you're new to Denmark, consider opening a bank account and maintaining a good banking relationship. This can help establish trust with local financial institutions.
- Consider a Co-signer: If your credit history is not strong enough, consider having a co-signer with a solid credit background to back your loan application.
- Seek Professional Advice: Consulting with a financial advisor can provide you with insights into the best loan products suited to your needs and help you present a solid application.
- Build Relationships with Banks: Sometimes, having a long-standing relationship with a bank can play in your favor. They may consider your overall relationship when making a lending decision.
- Stay Away from RKI: Ensure you're not registered in RKI (Ribers Kredit Information). Being listed in this register can severely hinder your chances of loan approval.
- Evaluate Your Need: Borrow only what you need, and ensure you have a clear plan for repayment. Overborrowing can strain your finances and make lenders hesitant.
By following these tips and being diligent about your finances, you can improve your odds of securing a loan on favorable terms in Denmark.