A lot has happened in the Danish loan industry over the past 5-10 years. We will discuss many of the key changes that are of great benefit to you as a consumer.
It has become easier and faster to get an overview of the loan market. You’ve got a bigger and cheaper selection of companies and so it’s never been more flexible. We look at the new winds in the Danish loan industry.
The many new loan options
Let’s start by looking at the many new loan opportunities that have come on the Danish market in recent years. Santander Consumer and Bank Norwegian are two of the largest international banks that have now invested in the Danish market. They have done so with great success, so that after a few years, they have gained great popularity with the Danes.
Both with low interest rates that not only challenge the other companies on the net, but also the country’s banks. It is no longer a matter of course that your bank always has the cheapest consumer loan after they come on the market.
Lendon is another provider that has seriously entered the Danish market in recent years, offering free loans to their new customers for 30 days. Here you can borrow money for 1 month , which can give some much needed liquidity in the account.
There are many white label solutions on the market, which can make it difficult to see who you are actually financing.
All loan companies sense the competition
There is no doubt that all companies are feeling the competition in the market, where the wide selection and the generally lower interest rates mean that there is a tougher fight for the customers.
Competition is greater than long, both on interest rates and in the many choices.
The consumer the big winner
There is no doubt about who the big winner is at this development. It is you as a consumer, since you are significantly stronger. Partly to be approved and partly to obtain an attractive interest rate.
Because if you can’t get it from one provider, you probably can at the next one. It will be exciting to follow developments over the next few years. Whether the fierce competition causes providers to withdraw, or whether more new ones will be added. The Good Finance will follow and update you on developments.