Secured loans – Payment is made directly

An unsecured loan means that you do not need to pledge anything to get the loan. This also means that the lender takes a greater risk when lending money. Borrowers who turn to Earnlite Finance do so partly because they want to borrow money without collateral.


How to apply for a loan without a security

money loans

To take out a loan without collateral, you need to meet certain requirements. You must have a Swedish social security number, mobile phone number and account number. Furthermore, you must have an email address and be 18 years of age.

If you meet the basic requirements, you can proceed with applying for a loan without collateral. Do this:

  • Register a profile on Earnlite Finance. To register, you need BankID to be able to strengthen your identity. Alternatively, you can go through a manual identification process.
  • Accept that we perform a credit check. We do this to be able to evaluate your finances. A credit check is only performed the first time you borrow from us.
  • If we believe that your finances are good enough to repay the loan, you will be presented with an offer of unsecured loans. If you accept our offer, the money will be paid out immediately. It’s easy and fast to apply for a loan without collateral!


Loans without collateral with Earnlite Finance

Loans without collateral with  Earnlite Finance

Since a loan from Earnlite Finance is a loan with no collateral, we will also not ask what to use the money for. You are welcome to spend them on pure entertainment.

Of course, we make sure that your finances can handle a loan. We do this through a credit check. Earnlite Finance is a responsible lender and we do not want you to end up in a financially difficult situation.


Can I borrow money with a payment note?

borrow money

Earnlite Finance always makes a personal assessment of each individual who makes an application. You are welcome to apply to borrow money with a payment note, but it is very possible that we will refuse your application. Generally speaking, we advise against borrowing money with a note of payment.

We only grant loans you can afford. If you have a payment note and need help, we recommend that you instead go to the budget and debt counseling in your municipality. It is much better that you once and for all work out your financial situation instead of temporarily solving it with new loans.


Reasoning about unsecured loans

unsecured loans

Why are there unsecured loans? And why are loans secured? Here follows a principled argument about unsecured loans. Keep in mind that real scenarios can be more multifaceted.

Lending money poses a risk to the lender (creditor). For large loans, such as home purchases, the creditor may want the home to be the collateral for the loan. This means that if the borrower (the debtor) is unable to repay the loan, the creditor receives the housing instead of the money.

Sometimes, someone can go to the debtor’s guarantor. Such a person is called the guarantor. A guarantor is someone with assets and who is responsible for the loan if the debtor cannot pay. This means that the guarantor may be forced to pay the debtor’s debt in the event of non-payment.

Earnlite Finance loans are always unsecured loans. A loan without collateral, as the name implies, represents a higher risk for the creditor.

In the economic world, amounts always increase when risks are taken. For example, in the stock trading where high-risk shares both give a higher dividend on profits, but at the same time a greater reduction in value in the event of a loss.

In the loan context, the creditor takes a risk and compensates for it by charging higher interest rates. The possibility of taking out a loan without collateral thus comes at the price of increased interest rates.


Pros and Cons

Borrowing money without collateral has its advantages and disadvantages, and the same goes for loans with collateral.

Loans with collateral often take longer to complete because both parties must agree on what is a suitable collateral for the loan. The type of round-the-clock loan that Earnlite Finance offers is difficult to imagine if a collateral for the loan should also be taken out.

In addition, not everyone has a security to provide as the guarantor of the loan, and therefore cannot take such a loan at all.

As previously mentioned, unsecured loans can be made directly. With Earnlite Finance as a lender, you get the loan paid out immediately after you have received it, regardless of the day or time of the day.

In the case of an unsecured loan, the creditor agrees that no one goes into the loan for the loan. This means that the creditor, in this case Earnlite Finance also has no opinion on what the money should be used for. If the creditor had instead demanded that the money be used for a specific investment, such as a renovation, or for something with secondary value as a car, he would have had an interest in the debtor converting the money into assets. Assets are a form of security for the creditor.

When you take out an unsecured loan at Earnlite Finance, you can use the money for exactly what you want.