SMS Loans or Private Loans? – Compare different types of loans

SMS loans are a type of loan that often has a high interest rate and a subscription and setup fee. It is not uncommon for long-term SMS loans to be more expensive than other loans. With us you can get loans that have lower effective interest rates than the typical SMS loan.


What is SMS loan?

SMS loan?

An SMS loan can be tempting to take, but can also be expensive. By offering quick payment of money without requiring any security, SMS loans are aimed at people who are in great need of money.

People in pressured situations may be the ones who are really least suited to getting a loan. Especially if the loan has a high interest rate and set-up fee. Then the problem is that you just have to move forward and then get even bigger.

Of course, there are many different SMS loans, but here are some points that characterize the typical SMS loan:

  • You get the money quickly. After a credit check, you get the money into your account.
  • It has high effective interest rates. Many SMS loans have a high nominal interest rate and several fees that make the effective interest rate stick away.
  • It can get expensive in the long run. With a lower interest rate to attract loans, the interest rate can be significantly increased after a few months.


Different types of loans

private loan

Private loans and account credit are two options that, like SMS loans, offer you the opportunity to quickly get money in your account. Interest rates are also often much lower than for SMS loans. Private loans require no collateral and are a so-called blanc loan. You must have a sufficiently good financial position to repay the loan and be at least 18 years old to receive it.

Account credit means that you have been granted a credit linked to your account in advance. You activate the credit when you need money and only pay interest as long as the credit is used. Usually, the credit is paid back the next time you receive money in your account.


Benefits of private loans

private loans

  • You can borrow money without collateral.
  • You can borrow between 10,000 and 350,000 USD.
  • You can pay off the loan for up to twelve years.
  • You can make free extra mortars. You can also repay the loan earlier at no extra charge.
  • We never lend more than you can afford.
  • Even if you are not a customer with us, you can apply for the loan.


Benefits of account credit

account credit

  • You have already applied for funding and when you need the money, the credit is always ready to use. When the money in your account is over, the credit is automatically activated.
  • You do not need to determine the loan amount in advance, instead you only use the part of the credit you need. This is possible because you have been granted a credit amount in advance, which rests until you activate all or part of it. You only pay interest on the part of the credit you use.
  • You do not need to handle any invoice. The credit is automatically refunded when money comes into the account. The interest rate and the annual fee are also automatically deducted from your account.


Low interest rate SMS loans?

Are there low-interest SMS loans? Often, SMS loans have a high interest rate on the amount, or high amortization and setup costs. We do not offer SMS loans, however you can apply for Private Loans via mobile. BankID is required for this. We do a credit check to make sure you have the option to repay.


Here’s how to apply for a Private Loan

private loan

  1. Choose how much you want to borrow and for how long. Click Apply and identify yourself with Mobile BankID.
  2. Fill in your details and click Submit. You will receive answers directly on the screen *.
  3. Sign the loan documents with Mobilt BankID. Clear! The money is now paid out.

If you have a co-applicant, you will receive an answer when both completed and approved the application. In some cases we cannot give an automatic message and we will contact you via SMS or call you if needed.

Count on your loan and apply


Healthy credit

Healthy credit

We are always careful about our credit, and we are for you. This means that we do a credit check and count on how your finances are affected by the loan and make sure that you can handle the costs even if the interest rate goes up a few percent.


Instant approval, payout today

Mortgages have become an incredibly popular type of loan in the Danish loan market. Many Danes make use of the small loans that can be used for many different things.

Many people who take out a mortgage loan use the loan for consumption, since the mortgage loan can be said to be a form of consumer loan. What the money is spent on, however, is entirely up to you when you take out a quick loan. However, before you apply for a quick loan, it is a good idea to get smarter on this type of loan; and you can. We have created a detailed guide for you that can be good to read before you decide to take out one of the popular loans – so good reading.

What is a quick loan?

What is a quick loan?

The quick loan is, as the name implies, a fast loan. The loan is often paid off shortly after the loan agreement is signed, which makes the quick loan ideal for financing several things. For example, many people use quick loans to cover sudden expenses or to afford good instant offers. The default loan typically has a shorter maturity than other loans available online.

This means that you get paid out quickly, but you also have to pay them back relatively quickly. Often, the loan must be repaid within a year, while the maturity of other providers is a bit longer. The loan amount also varies from provider to provider. The typical loan amount is between USD 100 and 5,000 – but in some cases it can also be higher, up to USD 10,000.

What are micro loans?

Dear child has many names and so does the quick loan. The quick loan is called many different things, including for example the micro loan. It also means that you will probably come across this concept of a loan type when looking for a quick loan. Don’t despair, though, because there are two names for the same thing. While “quick loans” describe the speed of the loan, “micro loans” better describe the size of the loan, which is rarely rarely over USD 10,000.

What are SMS loans?


Yet another name for the same type of loan; SMS loan. The SMS loan is also a quick loan, but it is just a form of a quick loan. The SMS loan has the same characteristics as a quick loan; it is fast, small and short-term, but the SMS loan is made, as the name implies, over the phone.

Here you can read news about micro loans, quick loans, SMS loans, and what else the loan is called – because it has become a very popular loan type.

Where can I take out quick loans?

Where can I take out quick loans?

Today, it is incredibly easy to apply for a quick loan online. There are many different loan providers who specialize in offering quick loans to Danish borrowers. There are so many different loan providers online that they will have to differentiate themselves.

This is what the loan providers do, among other things, on the various loan terms, including the price of the loan, the term of the loan, interest-free periods, the size of the loan and so on. This also means that there are actually loan providers that offer quick loans to different target groups. Thus, you can go in search of an online loan provider that offers quick loans to suit your wants and needs.

Swap loans on SMS

You can’t just take the quick loan online. As we mentioned before, there is a type of quick loan that can be borrowed over the mobile phone. This type of loan is called the SMS loan. The SMS loan can be borrowed over an SMS. However, you should be aware that an SMS loan is typically smaller and even more short-term than a regular mortgage loan. The loan amount rarely exceeds USD 1,000 and the term of the loan rarely exceeds 30 days. You must therefore be aware of this before you think it is easier for you to take out the loan over your mobile phone.

Who can take out quick loans?

Who can take out quick loans?

The mortgage loan providers have different requirements for the borrower, and therefore it varies from provider to provider who can take out a quick loan. However, there are some special requirements that must always be met if you wish to apply for a quick loan from a Danish loan provider. You can count on the following requirements that you will always encounter:

  • You must be 18 years of age and you must be of legal age.
  • You must be a Danish citizen and you must have a national register address in Denmark.
  • You must have an active e-mail and a Danish telephone number.
  • You must have a Danish account.
  • You rarely have to be registered in RKI.
  • You must have Easy ID.

In addition to the stipulated requirements, there are some other requirements that the loan provider can set for you. Among other things, the loan provider can decide whether you can only take out a quick loan when you are, for example, 21 years of age rather than 18 years. It is the loan provider who determines the requirements, and this is among other things that help to differentiate the different loan providers from each other.

Student loan loans; Is it possible?

Student loan loans; Is it possible?

If you are a student, you may need some extra money in the budget in addition to the monthly. In that case, you might want to consider taking out a quick loan, because that is definitely possible. If you meet the requirements set by the loan provider, you can easily apply for a quick loan even if you are a student.

However, you should be aware that a mortgage loan can rarely cover a longer-term need to create more air in the economy, as the loan is short-term and the loan amount is small. Instead, you might want to consider an alternative type of loan, such as SU loans, which is a very advantageous loan for students in Denmark.