It is less of a wonder that thousands of expatriates visit Sweden annually. If the visit is not for full relocation then it must be something close to working or studying. The major reason for such an itinerary is that Sweden has everything it takes to make you happy. While living in Sweden as an expat, at times, you may feel life is hard. Thus, during such circumstances, you need to know how to go about getting a loan in Sweden as an expat.
You must be wondering why many expatriates dream of making an end destination there. Well, the outstanding fact that makes it more lauded is its state welfare generosity amid its quality services. At least you will be less worried about school fees and popping medical bills. Others like its scenic beauty and city buzz make it irresistible to revelers and wanderlusts.
As for the high living standards in Sweden, it’s not a joke. For a guest, you are likely to use extra coins of what you are used to on everything. It seems the hugest culture shock to expats especially those that are non-Nordic.
Once you are there, you will need a house and other utilities that you can never forgo. The likes of electricity and house heating are a must, more so in the month of December to somewhere around early march. The winter cold is terrible and unbearable at such times.
As a newcomer, such expenditures may drain your money. Maybe getting a loan could be the only option. Still, you may lucky a friend or relative to borrow from, and mark you Swedish are the cold and reserved type that seems unapproachable. I guess Swedish loans will thereby come in handy to bail you out financially. So, let’s see if you are qualified to get one.
Being eligible for a Swedish loan as an expat
Sweden being a foreigner-friendly state, National Identity Card ( Skatteverket) deserves thumbs up for making guests feel at home. At least it is considerate to newcomers who are in dire need of a loan to supplement the little cash they got. Here, anyone above 18 years can get a loan but only after you are registered as a Swedish resident. In short, you must be in possession of a Swedish ID card beforehand then other requirements will follow closely.
Basic requirements to get a loan in Sweden as an Expat
Having your Swedish ID as the first requirement, a Swedish operational bank account becomes second in the hierarchy. Additionally, some lenders may ask for your birth certificate, but many are less interested as long as you have an ID. So the disparity comes about when the lender has a set minimum age of 21 years as the only worthy debtors.
Another crucial demand is proof of a regular income. Obviously, no creditor is willing to lend out money to those who cannot repay. So at least you should be prepared to produce something like a pay hub to confirm your financial stability.
Some lending institutions may insist that you use the personal property for loan security. The pledge is quite instrumental in case you default to repay the loan. In Sweden, the commonly used pledges for loans are either tangible and movable properties or even financial statements. So, you are free to guarantee something like a personal car.
One more that is vital is a credit score or a credit history. Unlike payday loans, many financial companies will insist to check your records to credit your history. Majorly, the moneylender uses such information to view your promptness in paying back the loan.
With a good credit history, you are increasing your chances of acquiring a bigger loan within a manageable time limit. Importantly, you should know the kind of loan you require and for what purpose beforehand. By that, you will be safe from asking for more than what you require, which may be daunting to repay as well.
The types of loans to expect in Sweden
While many may think that loans are only for huge and profitable business ideas, the case may be different for expats. You know as an expat, you are different and this means you are eligible for getting certain types of loans in Sweden. Even getting a roof on your head may call for a loan as a guest who has just arrived in Sweden. There and then, a house loan will really come in handy. Avoid the panic and go for it asap.
Furthermore, there also comes a time when things like insurance, house appliances, or even furniture may really cause money stress. You don’t need to worry, a personal loans got you. Besides, this kind of loan is everywhere in Sweden. Just check your eligibility, identify an authorized lender and start the process. It is meant to clear personal monetary problems in a minute.
If in Sweden and need to further your studies for whichever reasons but fall short of required money, a student loan is a way to go. With it, you will not only achieve your dream carrier but will also have the opportunity to acquire a quality education. The loan will really aid you to pay for tuition fees or even the hostel bill.
For that, you should acknowledge the convenience of using a personal car for going around, they will definitely go for it. And that too may cost some handsome bucks probably more than what you have. A car loan is just perfect because it will save you big time. The list of loans is just endless.
Moreover, even if you need a huge loan for a mega business project, you will still get help. Get to consult with the top-ranking lending companies to try your luck. And with our digital world, you can easily borrow a loan online in the comfort of your couch.