Loan amount and repayment period
Depending on the amount you want to borrow, the repayment period differs. Announcement loans have chosen to divide their loans into two different categories: small loans and larger loans.
Small loans are loans between USD 1,000 – 10,000 with a repayment period of 30, 62 or 90 days.
The larger loans are loans between USD 11,000 – 30,000 and have a repayment period of 1, 2 or 3 years.
Credit information and loan terms
All loans through Message Loans are loans without credit examination at UC. In the credit examination, the company uses other companies for credit information.
To be granted a loan with Message Loans, you need the following:
- Age: at least 20 years and a maximum of 75 years.
- A Swedish social security number.
- Registered in Sweden with a permanent address for permanent residents.
- Do not have a protected identity or hidden cell phone number.
- A Swedish mobile number.
- A bank account in Sweden.
- Your own email address.
- Swedish e-identification
- No payment remarks or debts .
Fees and interest with Message loans
A loan with Message Loans can be extended up to 30 days, but only once per loan. When extended, the extension only affects the current monthly invoice and not future invoices. The extension entails an additional handling fee, the amount of which depends on how many days you want to extend the loan. You can see how much it costs to extend the loan by the number of days you have chosen, by logging into My Message Loan.
Payment from Message Loans
Payment from Message Loans is always made during company opening hours. As soon as your loan has been granted, Message Loans will make the payment.
The money is available on the account the same day if you have your bank account with Nordea or Handelsbanken. For other bank customers, one can count on 1-2 business days before the money has been received.
Advantages and Disadvantages of Message Loans
Regarding their effective interest rates, Message Loans themselves write on their website that it is misleading to compare effective interest rates on short SMS loans against other more traditional loans. But in fact, effective interest rates are precisely the method one should use to compare loans. If the loan has a high effective interest rate then the loan is expensive, point end. All loans, regardless of type, are calculated in the same way and therefore facilitate the comparison process for the consumer.
With the help of the bank, for example, you can borrow money with an effective interest rate between 3.01 – 22.59%. Compare this to Message Loans where we can calculate the following effective interest rate:
Looking at the benefits of Message Loans, loans without UC can be positive in some isolated cases, for example when you do not want to decrease your UC score – this is never a route we recommend to take.