Loans in Denmark

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Whether you're a resident looking to buy a new home, start a business, or finance your education, understanding the lending landscape in Denmark is essential.

On this page, we'll delve into the world of loans in Denmark, exploring the types of loans available, the borrowing process, and the key factors to consider when seeking financial assistance in Denmark.

How to get a loan in Denmark

Getting a loan in Denmark involves several steps, depending on the type of loan you need. However we have made this general guide on how to get a loan in Denmark:

• Determine your loan needs: Start by clearly defining your loan needs. Are you looking for a mortgage, a personal loan, or a specific type of financing? Understanding your borrowing requirements is the first step.
• Research lenders: Explore various lenders, including banks, online lenders, and specialized financial institutions. Each may offer different loan products and terms.
• Compare loan offers: Request loan offers from multiple lenders to compare interest rates, loan terms, fees, and other terms and conditions. Use these offers to determine the most suitable loan for your needs.
• Gather necessary documentation: Be prepared to provide documentation to support your loan application. Common documents may include identification, proof of income, bank statements, Proof of residence in Denmark and information about the purpose of the loan.
• Submit your application: Complete the loan application with your chosen lender. This can often be done online. Ensure that you accurately fill out all required information.
• Undergo credit assessment: Lenders will assess your creditworthiness based on your credit report, financial history, and income. They may also consider your debt-to-income ratio.
• Receive loan approval: If your loan application is approved, you'll receive a formal loan offer. Review the terms and conditions carefully to ensure they meet your expectations.
• Accept the loan offer: If you agree with the loan terms, sign the loan agreement and return it to the lender. Be aware of any associated fees, interest rates, and repayment schedules.
• Receive funds: Once you've accepted the loan offer and met all lender requirements, the funds will be disbursed to your account.
• Make timely payments: Ensure you make regular, on-time payments as specified in your loan agreement. Late payments can lead to further interests, fees and fines. 

Best loan in Denmark

The "best" loan in Denmark can vary depending on your specific financial needs and circumstances. What might be the best loan for one person may not be the same for another. Here are a few factors to consider when determining the best loan in Denmark:

• Interest Rate
• Loan Term
• Loan Amount
• Fees and Charges
• Repayment Flexibility
• Credit Score Requirements
• Loan Purpose
• Lender Reputation
• Local Regulations
• Loan Terms and Conditions

List containing the best loans in Denmark

• Bank Norwegian  | Interest rate from 4.99 - 18.99% | Loan from 5.000 kr. - 400.000 kr.
• Digifinans | Interest rate from 3.49 - 19.95% | Loans from 10.000 kr. - 500.000 kr.
• Sambla | Interest rate from 7,19-24,99%| Loan from 10.000 kr - 500.000 kr.
• Ferratum | Interest rate from 22.51 - 22.51%| Loans from 1.500 kr. - 50.000 kr.
• Resursbank | Interest rate from 11,5-11,55% | Loan from 10.000 kr - 500.000 kr.

What is the price for a loan in Denmark?

To explore the price details of a consumer loans in Denmark, we will do a cost breakdown for a specific loan scenario: an Annual Percentage Rate (ÅOP) of 6,01%, an interest rate of 5.1%, a loan term spanning 6 years, a loan amount of 35,000 DKK, and a minimal establishment fee of 0 DKK.

Loan amount

With a loan amount of 35,000 DKK, this loan provides a substantial financial boost to address various personal needs, whether it involves funding a significant purchase, covering unforeseen expenses, or achieving other financial aspirations.

Establishment fee

Notably, this loan incurs a negligible establishment fee, effectively eliminating an additional cost typically associated with initiating a loan agreement.

Interest rate

At the core of this loan's pricing structure is a competitive interest rate of 5.1%. This rate reflects the compensation required by the lender for providing credit, allowing borrowers to access the desired financial support while respecting the lender's risk and return considerations.

Annual percentage rate (ÅOP)

Within the realm of consumer loans, the Annual Percentage Rate (ÅOP) acts as a comprehensive indicator, encompassing not just the interest rate but also supplementary expenses linked to the loan. With an ÅOP of 6.01% for this loan, borrowers gain a holistic understanding of the overall cost incurred throughout the loan's duration.

Loan terms

The 6-year loan term signifies the period over which the loan will be repaid. 

Who can get a loan in Denmark

In Denmark, loans are generally available to a wide range of individuals, including Danish citizens, residents, and some non-residents. However, the eligibility criteria and the ease of obtaining a loan can vary based on several factors, including the type of loan and the lender.

Here are some of the criteria you need to - and may need to fulfill to get a loan in Denmark:

How to get a loan with Morebanker

Morebanker make it easy to get a loan in Denmark. With Morebanker you can apply for a loan, by just following three simple steps. Here are the three simple steps, that you have to do, to get a loan in Denmark:

• Send one online application through our website.
• Within a couple of minutes you will receive multiple loan offers from different lenders.
• You may thereafter choose the cheapest and best loan that can fulfill your needs.

Find a Danish loan

It's easy to find a loan in Denmark, and approval rates are generally high. In Denmark there are various types of personal loans and loan providers. Notable banks in Denmark, such as Bank Norwegian, Express Bank, and Resursbank, offer various loan options.

If you want a personal loan in Denmark, you are able to borrow between 1.000 - 500.000 kroner. When borrowing from a loan provider, it's possible to access loans with interest rates as low as 0%. Notably, a new law enacted in July 2020 imposes a cap on Annual Percentage Rates (APRs), ensuring that they do not exceed 35%.

The majority of loans available in Denmark are unsecured, meaning that there's no requirement to provide collateral. This setup carries less risk for borrowers and places more responsibility on the loan providers to manage potential lending risks.

Loan calculator Denmark

To discover the loan that aligns with your specific needs, using a loan calculator can be a valuable approach. When using a loan calculator, you'll need to input essential details such as the desired loan amount, the intended repayment period, establishment costs, and the applicable interest rate.

The loan calculator will promptly generate key information for you, including the monthly installment amount and the total cost associated with borrowing the money. Additionally, it can furnish you with a comprehensive overview that highlights the loan providers capable of accommodating your loan requirements.

Where can I borrow money in Denmark?

There are a wide range of loan providers in the Danish loan market. Below, you will find a list of loan providers in 2023:

• Saverium Loan | Interest rate from 2,95-18,99% | Lån fra 3.000 - 500.000 kr.
• Bank Norwegian Loan | Interest rate from 4,99-18,99% | Lån fra 5.000-400.000 kr.
• KreditNu Loan | Interest rate from 25% | Lån fra 4.000 - 25.000 kr.
• Basis bank Loan | Interest rate from 4,95-19,95% | Lån fra 30.000-500.000 kr.
• Mybanker Loan | Interest rate from 3,49-26,4% | Lån fra 10.000-300.000 kr.
• Lendo Loan | Interest rate from 2,95-18,99% | Lån fra 10.000 - 500.000 kr.
• Facit Bank Loan | Interest rate from 6,93-19,56% | Lån fra 10.000-200.000 kr.
• Digi finans Loan | Interest rate from 3,49-19,95% | Lån fra 10.000-500.000 kr.
• Paymark Finans Loan | Interest rate from 9,9-19,56% | Lån fra 10.000-150.000 kr.
• DER Privatfinans Loan | Interest rate from 9,9-19,56% | Lån fra 10.000-100.000 kr.
• Sparxpres Loan | Interest rate from 12,55% | Lån fra 10.000-150.000 kr.
• Ferratum Loan | Interest rate from 22,51-22,51% | Lån fra 1.500-50.000 kr.
• LendMe Loan | Interest rate from 3,6-20,95% | Lån fra 10.000-500.000 kr.
• Bank Norwegian Loan | Interest rate from 4,99-18,99% | Lån fra 5.000-400.000 kr.
• GoLoan Loan | Interest rate from 3,55%-14,92% | Lån fra 20.000-500.000 kr.
• LetFinans Loan | Interest rate from 3,49-18,2% | Lån fra 10.000-500.000 kr.
• LendMore Loan | Interest rate from 9,9-14,71% | Lån fra 10.000-150.000 kr.
• Leasy Minilån Loan | Interest rate from 16,9-19,56% | Lån fra 10.000-100.000 kr. 
• Acceptlån Loan | Interest rate from 2,95-24,99% | Lån fra 10.000-500.000 kr. 
• Clarafinans Loan | Interest rate from 24,5% | Lån fra 1.000-400.000 kr

Opdateret 18/09-2023*

Loans in Denmark for foreigners

As a foreigner in Denmark, you still have the opportunity to borrow money from banks or online loan providers. Many loan providers in Denmark only require that you possess a NemID or MitID, reside within the country, and possess the requisite legal documentation.

When applying for a loan with banks or other providers in Denmark, it's worth noting that in certain cases, they may also require you to maintain a Danish bank account. These requirements can vary from one provider to another.

When considering the options for applying for - and obtaining a loan in Denmark, we would advise you to carefully assess your choices. 

The main types of loans are Quick loan, Consumer loan, Mini loan, Car loan, SMS loan and Collective loan.

There are many types of loans on the Danish loan market. You may therefore wonder, what the difference is between these different types of loans. Therefore you will  find a complete overview under this paragraph of the different types of loans:

Can I get a loan even though I'm not a Danish citizen?

Yes, it's possible for foreigners to get a loan in Denmark, but you'll usually need to meet certain requirements, including having a Danish bank account, a stable income, and a Danish address. These prerequisites may vary depending on the lender you choose.

When applying for a loan in Denmark, you'll need a MitID/NemID, which serves as an online verification tool, similar to a physical key. Foreigners can obtain a MitID/NemID while in Denmark. As a foreigner you are able to obtain a MitID/NemID here.

In some cases, foreign residents in Denmark may also be required to provide a residence permit. You are able to apply for a Danish residence permit here. 

Once you have your MitID/NemID, you can proceed to apply for a loan and enjoy the same benefits as any other applicant. This means you can access personal loans with terms and conditions similar to those offered to Danish residents.

Types of loans

There are many types of loans on the Danish loan market. You may therefore wonder, what the difference is between these different types of loans. Therefore you will find a complete overview of the different types of loans:

The main types of loans are Consumer loan, Quick loan, Car loan, Mini loan, SMS loan and Collective loan.

Consumer loan

A consumer loan is a fast and easy loan option that allows you to borrow funds for your various needs. When applying for a consumer loan, the process is typically swift, and as a result, you'll often find the funds in your bank account within a matter of days.

Quick loan

Quick loans have gained significant popularity in recent years due to their swift application and approval processes. These loans typically allow you to access small sums of money with short repayment periods. 

Car loan

When considering the purchase of a new or used car, securing a financing solution is often necessary. Car loans provide the means to turn your automotive aspirations into reality. In Denmark's car loan market, you'll discover a multitude of options, each featuring distinct interest rates, terms, and overall pricing structures.

Mini loan

A mini loan shares similarities with a quick loan and allows you to borrow as little as 1,000 DKK. Mini loans offer an easy and quick way to access funds, making them a suitable option when facing unexpected expenses or bills.

SMS loan 

An SMS loan allows you to apply for a loan on your phone, computer, or tablet. Approval typically occurs within one day, ensuring that you can have access to the funds in just a matter of days, and in some cases, even hours.

Collective loan

Managing multiple loans from various banks and providers can become overwhelming, leading to missed payments that result in costly interest and fees. A Collective loan offers a solution by consolidating all your loans into one, simplifying payments and potentially saving you money.

The primary advantage of opting for a collective loan lies in debt consolidation. By bundling all your loans into a single, larger loan, you're left with just one interest rate to manage, streamlining your financial commitments.

Cheapest loan in Denmark

You have a multitude of options on the Danish loan market, allowing you to discover affordable loans. To find the most cost-effective loan in Denmark, it's wise to engage in a thorough comparison of loan offers. Pay close attention to the Annual Percentage Rate (APR) for each loan offer, as it encompasses all expenses, including interest rates and establishment costs, providing a clear picture of the actual loan cost.

Here is a list of the cheapest loans available in Denmark 2023:

• Saverium cheapest loan | interest rate from 2.95 - 24.99% | Loans from DKK 3,000 - 500,000
• Bank Norwegian cheapest loan  | interest rate from 4.99 - 18.99% | Loans from DKK 5,000 - 400,000
• Digi finans cheapest loan | interest rate from 3.49 - 19.95% | loans from 10,000 - 500,000
• Facit Bank cheapest loan  |  interest rate from 6.93 - 19.56% | Loans from DKK 10,000 - 200,000.
• Basic bank cheapest loan  | interest rate from 4.95 - 19.95% | Loans from DKK 30,000 - 500,000
• Paymark Finans cheapest loan |  interest rate from 9.9 - 19.56% | Loans from DKK 10,000 - 150,000
•  Sambla cheapest loan | Interest rate from 7,19-24,99%| Loan from 10.000 kr to 500.000 kr.
• Mybanker cheapest loan  | interest rate from 3.49 - 26.4% | Loans from DKK 10,000 - 300,000.
• Resursbank cheapest loan | Interest rate from 11,5-11,55% | Loan from 10.000 kr to 500.000 kr.

Car loan in Denmark

If you're considering taking out a loan in Denmark to finance the purchase of a new car, numerous banks offer this service. The cost of a car loan will hinge on various factors, including:

• he price of the car
• The age of the car
• The chosen loan repayment period
• The size of the down payment you can contribute to the loan
• Your personal financial situation

As a consumer, you have the option to borrow funds for both new - and used cars, but the cost of your loan will be influenced by the factors mentioned above.

If you're aiming for the most affordable loan, it's advisable to opt for a car loan with the lowest interest rate. Typically, the lowest interest rates are associated with loans for new cars, given their higher initial cost.

While new cars tend to have a longer lifespan, it's worth noting that loans for used cars may come with higher interest rates due to the vehicle's price and the fact that it's pre-owned.

How to review the loan offers

To review loan offers effectively, compare interest rates (APR), check for fees, assess monthly payments, understand repayment schedules, and consider loan flexibility and additional benefits. Also, read the fine print, calculate total costs, and seek professional advice if needed.

Below this paragraph you can find loan examples, which includes the most important information to review in a loan offer:

Loan companies in Denmark

There are many loan companies in Denmark, where you are able to borrow money for your needs. Many loan companies have made det application process fast and easy. Here you have an overview of loan providers on the Danish market:

• Bank Norwegian  | Interest rate from 4.99 - 18.99% | Loans from DKK 5.000 - 400.000
• Saverium | Interest rate from 2.95 - 24.99% | Loan from DKK 3.000 - 500.000
• Basic bank  | Interest rate from 4.95 - 19.95% | Loan from DKK 30.000 - 500.000
• Digi finans | Interest rate from 3.49 - 19.95% | loan from 10.000 - 500.000
• Mybanker  | Interest rate from 3.49 - 26.4% | Loan from DKK 10.000 - 300.000.
• Facit Bank  |  Interest rate from 6.93 - 19.56% | Loan from DKK 10.000 - 200.000.
• Sparxpres  | Interest rate from 12.55% | Loan from DKK 10.000 - 150.000
• Paymark Finans|  Interest rate from 9.9 - 19.56% | Loan from DKK 10.000 - 150.000
• DER Privatfinans |  Interest rate from 9.9 - 19.56% | Loan from DKK 10.000 - 100.000
• Ferratum | Interest rate from 22.51 - 22.51%| Loan from DKK 1.500 - 50.000
• GoLoan  |  Interest rate from 3.55% - 14.92% | Loan from DKK 20.000 - 500.000.
• LendMe  |  Interest rate from 3.6 - 20.95% | Loan from DKK 10.000 - 500.000.
• Letfinans  |  Interest rate from 3.49 - 18.2% | Loan from DKK 10.000 - DKK 500.000.