MyLoan is owned by Insplanet Försäkringsförmedling AB, which is a subsidiary of Insplanet AB, a Swedish-owned consumer insurance broker. The company operates comparative and brokerage services for private loans. The service is free.
What products does it offer?
MyLoan compares and transfers loans of up to SEK 500,000 with a 2-15 year repayment period. Their joint motive is that they cooperate with a number of banks and credit institutions in the Swedish market to increase your chances of finding the best loan. In practice, you just need to fill out a loan application and submit it to MyLoan. Then MyLoan carries out a credit report and then sends you various loan proposals from several lenders. The company provides private loans, car loans, mortgages and and insurance from 22 different banks and credit companies. One also compares savings accounts and stock deposits. It is also possible to get help with collecting different loans for a single new loan.
What are the costs for loans ?
It is required that you first make an application to find out which interest rates apply. Individual interest rates apply to all loans that are provided by MyLoan. The lowest interest rate offered is between 2.95% and 6.20%. The highest interest rate is 35.70%. The interest rate is variable and is set by the lender.
How does Loan stand against other loans?
Loan stand against other loans?” />
MyLoan works with 22 affiliated banks and credit institutions in Sweden. All apply individual interest rate setting. At least one lender requires you to take out insurance to get the loan granted. The insurance covers a monthly premium of 0.45% of your current loan debt. Others offer unsecured loans at interest rates well above the market average. Because of MyLoan’s broad partner pole, the interest rate varies from competitive to sky-high, which partly speaks well about MyLoan as a loan broker. At the same time, the majority of their partners are in the worse layer of credit institutions. The risk is therefore great that you are offered loans with poor interest rates.
What fees apply when you borrow money?
Since it is a “blind” application you submit to MyLoan, you (as with the interest level for your loan) do not know which loan terms apply until after you have submitted an application. MyLoan does not charge for its services. Instead, the company receives a commission from the lender for each customer being forwarded.
What does the law say ?
According to the Consumer Credit Act, all costs for a loan must be clearly stated in the loan terms. Since MyLoan is not a lender, it is also not the company’s responsibility to inform in advance about the loan terms for your loan. However, the loan terms must be stated in the loan documents sent to you when your application has been granted.
What do customers say?
MyLoan has a broad partner base of 22 affiliated banks and creditors. Some of these get really bad grades on various consumer sites online. Complaints about unwanted advertising, sudden interest rate premiums and hidden charges appear in different directions. It should also be said that at least half of their partners are well-established actors with a relatively good reputation among customers and borrowers. MyLoan as a credit intermediary gets pretty good grades when it comes to results and customer service.
Good credit choice
With a maximum interest rate of over 30% and an average interest rate of 10-15%, MyLoan hardly conveys the market’s most favorable loan. At least half of their partners offer unsecured loans to high interest rates. At least two of the banks that are affiliated with MyLoan have been forced to pay millions in fines. Several have received complaints about high interest rate premiums and extra charges. That said, at least one-third of their partners’ banks have a fairly spotless reputation. What you as a customer should look up with primarily is the loan terms. There have been some complaints about hidden fees at several of the credit companies that are part of MyLan’s lender group. If you still choose to apply for a private loan via MyLoan, our recommendation is to first read through the fine print in the loan documents before you sign the agreement. Pay attention to gray areas or missing data on handling fees, transfer fees, variable fees and other types of surcharges that may increase the cost of your loan.