The business model in Freedom Finance is to convey loans between borrowers and banks. As a broker of loans, they have a long history and are one of the largest in Sweden. But how good are they and what do they think of using Freedom Finance’s service?
The legal name of the Swedish company is Freedom Finance Kreditservice AB. The company started in English in Manchester in 1983, but opened offices in Sweden in 1999 under the name Bolåneservice. Four years later, the name was changed and the name internationally sounding Freedom Finance.
Today it is part of the Zmarta Group and there are Swedish offices in Ängelholm and Stockholm. The business has also established itself in our neighboring countries Norway and Finland.
Why turn to Freedom Finance?
Freedom Finance is not a bank. One cannot borrow money from them, but it is from their affiliated banks that the money is borrowed. So why not go directly to the bank but through an intermediary?
There are several benefits to intermediaries. Anyone who wants to get good loan terms should not turn to just one bank. One should compare the banks against each other and see who gives the best loan.
You can do this on your own, which can be quite time consuming. That’s when loan brokers like Freedom Finance are an easier way. Through a single application you get several loan offers to decide on.
Both private and car loans
The areas that Freedom Finance offers are the private loans (Blancolån) and the Car loans. They have previously also helped with mortgage loans but no longer.
Private loans with a maximum of SEK 600,000
In order for Freedom finance to process your loan application, you must be at least 18 years of age, have an annual income of at least SEK 100,000 and not have any unpaid debts with the Swedish National Insurance Agency.
When you apply for a private loan, you can borrow from SEK 5000 up to SEK 600,000, without security. You can use the money for whatever you want and choose between 1-12 years amortization.
The interest rate is set individually based on your conditions and usually varies from 2.95% to 29.5%. The effective interest rate is then 2.99 – 33.83%.
You can easily apply online. An application is not binding for a loan. You will have the opportunity to choose one of the loans or give up completely.
The car loan of up to SEK 500,000
In order to apply for the car loan, there are several requirements that must be fulfilled. It is possible to borrow for both a new and used car that is purchased from a car dealer or private person. However, the car must not be older than 12 years and, when the loan is paid in full, not older than 14 years.
A cash deposit of at least 20% must be paid to the seller of the car. You can borrow between SEK 10,000 and 500,000. How much you can borrow and what interest you are offered is assessed individually.
How to apply for loans online
It is easy to use Freedom Finance because all applications are made via their website. If you want to get in touch with an administrator, you can also call 24 hours a day, every day of the week. Their telephone number is 0431-47 47 00. Being available is something they value highly considering the generous opening hours applied.
When you become a customer you get access to My Pages at Freedom Finance. There you can follow all their cases and their commitment.
If you find it difficult to get a loan, Freedom Finance, in collaboration with some of their lenders, can give you the opportunity to become a self-employed, project employee or have a payment opportunity.
For anyone applying for a loan, Freedom Finance provides a price guarantee. This means that if you do not get the best loan offer at the moment, you will be compensated with SEK 999.
Banks that Freedom Finance cooperates with
Whether you should get a good loan proposal or not depends much on which banks Freedom Finance cooperates with. They have chosen to openly show the banks on their website, just as Lendo chose to do.
The banks listed are – SevenDay, Wasa Kredit, Marginalen Bank , Nordax Bank, Forex Bank, Santander Consumer Bank, Bigbank, member, Resource Bank, Swedbank, Loan & Spar Bank, Spring Finance, ICA Bank , Consumer Credit, Ikanobanken , Collector, Villabanken, SVEA Direkt, Credento, Credex, Avida Finans, MoneyGo, Halens Privatlån and CashBuddy .
It is a mix of traditional banks that offer private loans and players who work with slightly more expensive quick loans at smaller amounts. Many of the banks deny the application for payment remarks while others can accept remarks.