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A loan is a financial contract whereby one person or organisation gives another person or organisation a certain amount of money that can be used temporarily. The borrower usually agrees to repay the amount of the loan within an agreed period of time, together with interest, which is a charge for the use of the borrowed money. The size of the loan, the repayment period and the terms may vary and loans are often used to make larger purchases or to meet a cash need. A loan is a financial contribution made by one person or organisation to another, provided that the loan amount is repaid with interest within a fixed period of time. Loans offer solutions to a wide range of financial situations, from buying a home to launching a business project.
Best loan offers in Estonia
There are a number of lenders in Estonia offering different types of loans. To find the best loans, it is worth comparing different offers, including interest rates, loan amounts and repayment periods.
Types of loans
The credit market offers different types of loans to suit different needs and situations:
Mortgage: Mortgages are a common option for buying real estate, such as a house or an apartment. A mortgage is a common type of loan, usually a home loan (e.g. a house loan). Mortgage loans are longer-term, require a larger amount and can mean seizure of the property if the loan cannot be repaid.
Business loan: A business loan is intended for companies to finance business activities such as the purchase of new equipment, expansion or to cover working capital. The terms of a business loan depend on the needs and creditworthiness of the business and can be short-term or long-term.
Renovation Loan: Renovation Loans are for the repair or renovation of real estate, both residential and commercial. The amount of the loan and the interest rate may vary depending on the lender and the conditions.
Home loans: the home loan market covers loans for the purchase of a new home or an existing home. Housing loans are also common in Estonia, offered by specialised lenders and banks.
Small loans: small loans are short-term loans with a larger amount and a longer repayment period compared to quick loans. They can be used, for example, for home improvements, travel or other major expenses.
Car loan: a car loan is intended for buying a vehicle, especially if you do not have enough savings to buy a car.
Consumer credit: Consumer credit is flexible and can be used for almost anything, such as travel, medical expenses, household appliances or personal spending. It is usually a short-term loan that does not require any collateral.
Student loan: A student loan is a special loan to cover education costs, including tuition fees, textbooks and living expenses during your studies.
Quick Loan: A quick loan is a short-term, quickly available loan, often used to cover unexpected expenses. These loans can be small in amount and have a short repayment period.
SMS loan: an SMS loan is a quick loan that is applied for by sending an SMS message to the lender. Although quick and easy, it usually comes with higher interest rates. SMS loans are designed for quick cash needs, but should be used with caution and only for essential expenses. There are also SMS loans without a salary slip, which do not require salary slips, but these can be more expensive and risky and should be carefully considered before applying.
Loan interest and other charges
Effective management of financial costs is one of the most important skills we can learn, especially when it comes to loans and the interest and fees that go with them. Below are some suggestions on how to keep your wallet healthy and avoid overspending.
Read the terms and conditions of the loan carefully: Before taking out a loan, make sure you have carefully read and understood all the terms and conditions of the loan. Read and understand the terms of the loan before you take out it. This includes the interest rate, the term of the loan and any additional charges, such as a credit administrator fee or interest on late payments. The better you understand the terms and conditions, the lower the risk of unpleasant surprises.
Compare different loan offers: Don't rush to decide. Don't rush to make a decision - don't rush to make a decision. Different lenders may offer different interest rates and conditions. Make sure you compare different types of loans and get the best deal for your specific needs.
Follow the payment schedule: If you've already taken out a loan, always try to follow the payment schedule. Late or missed payments can lead to extra fees and late payments, which increase the cost of your loan. Set yourself reminders or use automatic payments to ensure you make payments on time and keep costs under control.
Loan with a payment problem
When you are in arrears, it is important to follow some steps to stabilise your financial situation and improve your credit history. Here are some tips:
Contact your creditor: The first step is to contact your creditor and discuss your payment problems. Firstly, contact your debtor and talk to him or her about your debt. Try to find solutions, such as changing your payment schedule or paying your debt in instalments.
Make a budget: make a comprehensive budget to keep track of your income and expenses. This will help you understand where your money goes and how you can save or pay off debt.
Debt restructuring: if you have several debts with different creditors, consider restructuring or consolidating your debt into one larger loan to pay lower interest and simplify your financial situation.
Try to agree: Creditors may be willing to agree to a partial debt write-off or a reduction in the interest rate, especially if you can show that you are seriously committed to paying your debts.
Don't add new debts: It's important to avoid creating new debts in order to resolve debt problems. Don't take on new loans or credit cards unless you are sure you can pay them off.
Seek help: You may want to consider the services of a debt counsellor or financial adviser. They can give you advice and guide you towards the right solutions.
Pay your debts on time: once you have reached an agreement with your creditors, make sure you pay your debts on time as agreed in the contract. Paying on time will help rebuild your credit history.
Monitor your credit score: Monitor your credit score regularly and make sure it improves. Monitor your credit score regularly and make sure you check your score regularly. The impact of a default on your credit score can be significant, but over time it can be improved with the right steps.
Coping with default can be difficult, but with a conscientious approach and perseverance it is possible to improve your financial situation. Don't be afraid to seek professional help if you feel you need it to resolve your situation.
Unsecured loan
An unsecured loan is a loan where you don't have to offer the bank or lender any assets as collateral. This means that you do not have to have, for example, a property or a vehicle to use as collateral to get a loan. Unsecured loans are usually smaller loans and are often offered for personal purposes such as paying bills, travelling or unexpected expenses.
Loan secured by real estate
A loan against real estate collateral means that you borrow money using your existing real estate as collateral. This means that if you cannot repay the loan, the lender can take the property. Borrowing against your property can be useful to get a bigger loan or a better interest rate, but it also comes with the risk that you could lose your property if you default. It is important to carefully consider the risks and benefits before taking out such a loan and to consult a financial adviser.
Loan against car guarantee
Loans secured by car allow you to use your vehicle as collateral for a loan contract. It's a good option if you have a car but need fast financing. These loans usually allow you to borrow relatively large amounts, depending on the value of your car.
It's important to understand that with a car loan, the lender can take your vehicle if you fail to repay the loan on time. Therefore, you need to be sure that you will be able to meet your repayment obligations on the loan.
Loan without income
Getting a loan without an income can be difficult because lenders usually want to make sure that the applicant will be able to repay the amount borrowed. Think carefully about the size of the loan, taking into account how much money you actually need. Applying for a smaller loan may be easier than for a larger amount. It is vital to be a responsible borrower and ensure that you can repay the loan on time. Before applying for a loan, check the offers from different lenders and compare interest rates and conditions. You should also consider consulting a financial adviser for advice on your specific situation.
Loan without account statement
Some Estonian lenders offer the possibility to get a loan without withdrawing money from your bank account. This means you don't need to provide bank statements to prove your financial standing. This makes it easier and quicker to apply for a loan.
A loan without a bank statement can be useful for those who need money quickly but don't want to deal with red tape. However, you should be careful and make sure you understand the terms and conditions of the loan and the interest rates before signing the contract.
Lending related questions and answers(FAQ):
How soon can I get the money once my loan application has been approved?
It depends on the lender, but some offer fast loans that can be available on the same day.
Is it possible to repay the loan before the contractual maturity date?
Yes, in most cases you can repay the loan before the due date at no extra cost.
Is it possible to apply for a loan if I have no regular income?
It can be difficult to get a loan without a regular income, but some lenders may offer alternative solutions.
What is the most advisable way to repay a loan?
The best way to repay your loan is to follow your payment plan carefully and avoid late payments.
When would it make sense to consider refinancing a loan?
It makes sense to refinance a loan if you can find a better interest rate or more favourable loan terms than the current loan.
Loan comparisons
If you're looking for the best loan offer that best suits your needs, below is a comparison of fast loans and some factors you should consider before applying for a fast loan. The interest rates, contractual fees, loan periods and APRs for fast loans may vary between lenders.
Bondora
Bondora's quick loan offer offers loan amounts ranging from EUR 500 to EUR 10 000 and loan periods from 3 to 60 months. The interest rate starts at 9.66% (the exact interest rate depends on each borrower's individual situation), and the APR can vary between 20.79% and 59.9%.
Personalised interest rate: the Bondora system calculates the best possible interest rate for you based on each borrower's data and credit history.
Faster and less bureaucratic than banks: you can get a loan faster and without unnecessary formalities.
There are no hidden fees: You don't have to worry about unexpected extra costs.
Large customer base: over 300 000 customers trust us to help them with their financial needs.
Unsecured loans and easy application: loans do not require any collateral and application is very simple and quick.
Quick loan offer: find out your loan offer in just 5 minutes.
Apply online: you can apply for a loan entirely online.
24/7 automatic loan process: our services are available anytime, 24/7.
Early repayment of the loan at no extra cost: you can repay the loan earlier, at no extra cost.
You can choose the amount of the monthly repayment: You have the option to choose the size of the repayment according to your preferences and capacity.
Ferratum
Loan amount range: Ferratum offers loan amounts ranging from EUR 100 to EUR 5 000, allowing customers to choose the loan amount that suits their needs.
Minimum loan period: loans can be taken out for as little as one day, giving you great flexibility in setting your repayment schedule.
Maximum loan period: Ferratum does not set a specific date for the end of the loan period, allowing customers to use the credit limit as long as they need.
0% interest for new customers: the first 30 days are interest-free for new customers, which means that if you borrow up to €5,000 and repay it within 30 days, you will not have to pay any interest.
Professional and friendly customer service: Ferratum has a high Google ranking of 4.8 out of 5, which shows the friendliness and reliability of their customer service.
Fast process via the internet: The whole loan process is fast and takes place over the internet, which means there's no need for phone calls or additional questions.
Low interest rate: the interest rate starts at 2% per month, which can be competitive compared to other lenders.
Flexible payment schedule: Ferratum allows you to tailor your payment schedule to your customers' needs and take a payment holiday or change the payment date at no extra charge.
Experienced bank:Ferratum is a Nordic-based bank with over 10 years of experience as a lender, which gives customers the assurance that terms and conditions are transparent and their personal data is kept safe.
Creditea
Creditea offers a credit account or credit line with an annual percentage rate of charge (APR) of 27.24% (maximum APR/maximum 45.93%). Here are some sample conditions:
If you use a credit limit of €1,000 with a non-fixed annual interest rate of 24%, your total monthly payments will be €1,135 and your repayments will also be €1,135.
Provided that the credit line is drawn down immediately and in full and repaid in 12 equal instalments over 1 year.
In addition, it is possible to choose a repayment period between 3 and 60 months. For more detailed conditions and advice, it is recommended to visit the Creditea website at creditea.ee and to consult an expert on 6119090. Creditea offers its customers flexibility and the possibility to adapt their credit limit to their needs and ability to pay.
Coop Bank microloan - an unsecured universal bank loan. Answer in minutes. Check the terms and conditions
Coop Bank is an Estonian bank that originated from Eesti Krediidipanka. Coop Pank has branches all over Estonia. The branches are located in the county centres where the full range of services is offered. In addition to the branches, new banking outlets are gradually being opened and daily banking services are available in a number of Coop stores.
The Coop Bank microloan is another exciting option offered to their customers. It is a universal unsecured loan designed for all kinds of needs. The amount of the loan can range from EUR 300 to EUR 15 000, allowing customers to finance various projects, buy essentials or cover unexpected expenses.
Applying for a loan at Coop Bank is easy and convenient. You can apply on the bank's official website or by visiting your nearest branch. Your loan application will receive a quick response and, if approved, you can use your money according to your needs.
All in all, Coop Pank is a reliable Estonian financial institution that offers a wide range of services and strives to make banking as accessible and convenient as possible for its customers. In addition, their microloan is a good option if you need quick funding for various purposes.
Credit24
Credit24 is the leading consumer loan provider in Estonia, offering unsecured short-term consumer loans and credit accounts to individuals. Here are some important aspects of Credit24's loan offers:
Loan amount and term: Credit24 offers loans from €50 to €10,000 and loan terms of up to five years, giving customers freedom of choice in meeting their financial needs.
Credit account limit: Credit24 offers loans based on a credit account limit, which allows customers to borrow according to their needs and ability to pay.
Interest rate and APR: Credit24 clearly shows the interest rate and the APR in the loan calculator to help customers understand the cost of the loan. For example, borrowing €1,000 for 12 months at a fixed interest rate of 24% per annum, the APR is 27.24% per annum.
Repayment period:Credit24 allows you to choose a repayment period between 3 and 60 months, allowing customers to adapt their repayment schedule to their financial situation.
Contract fee: the Credit24 contract fee may vary depending on the loan conditions. Credit24 may vary depending on the type of contract. The example mentions a contract fee of €40.
Consultation and terms and conditions: before concluding a loan agreement, it is advisable to read the terms and conditions on the Credit24 website at credit24.ee and, if necessary, consult an expert on 614 3400. This will help customers to be well informed and to make informed financial decisions.
Different interest rates:Credit24 offers loans with different interest rates, depending on the loan conditions and the customer's credit score. For example, for a loan of €1,000 for 12 months at a fixed interest rate of 36.36% per annum, the APR is 55.47% per annum.
Credit24 offers a wide range of loan products and options to help customers meet their financial needs, but it is important to read the terms and conditions carefully before signing a loan agreement and consult a professional if necessary to ensure the best loan terms for your individual situation.
MoneyZen
MoneyZen is an Estonian financial services provider offering a range of lending products and financial solutions for individuals. Here are some important aspects of MoneyZen's loan offers:
Loan amount and duration: MoneyZen offers loan amounts according to the needs of the customer, ranging from €50 to €10 000. Loan periods can range from several months to years, giving customers flexibility in choosing their loan terms.
Types of loans:MoneyZen can offer different types of loans, including consumer loans, fast loans and possibly a credit account to cover a wide range of financial needs.
Interest rate and APR: The interest rate and the annual percentage rate of charge (APR) are important aspects that determine the cost of a loan. The impact of the terms of the loan on their ability to pay must be clearly explained to customers.
Repayment period:MoneyZen allows customers to choose the appropriate repayment period to tailor repayments to their financial situation and means.
Terms and conditions and advice: before signing a loan agreement, it is advisable to read the terms and conditions on MoneyZen's website and, if necessary, consult a professional to fully understand your loan terms and conditions and to ensure that they are suitable for your individual situation.
Contract Fee: The contract fee may vary depending on the type of loan and the size of the loan. All fees and charges associated with the loan should be clearly explained to customers.
MoneyZen offers a wide range of financial services and options for customers to meet their financial needs, but it is very important to be well informed and make informed financial decisions that suit their individual situation. Therefore, before applying for a loan, they should thoroughly research the loan terms and conditions and, if necessary, consult a financial advisor to ensure the best loan terms.
The importance of credit advice
Credit counselling can be a valuable resource, especially if you are a first-time borrower or need help with complex financial issues. An experienced credit counsellor will be able to help you find the best loan deal for your specific needs and objectives.
Closing words
Credit is an important part of today's economy and can be useful for a variety of financial needs. If you are considering taking out a loan, remember our advice and be a responsible borrower. If you have any further questions, don't hesitate to ask - we're here to help.
Read more about fast loans and microloans