Merax
Merax offers a line of credit solution, which is particularly suitable for individuals with low creditworthiness. It can be an attractive choice for those who find it difficult to obtain loans through traditional channels due to unemployment or previous payment remarks.
About Merax Line of Credit
Merax provides lines of credit with a borrowing limit between 3,000 SEK and 40,000 SEK and a loan period from 1 month up to 5 years. The interest rate is 42.98%, classifying it as a high-cost credit. In addition to the high interest rate, there are several fees associated with the loan, such as a setup fee
Loan terms
Loan amount: 3000 - 40000 kr
Duration: 1 - 180 months
Interest: 42.98% - 42.98%
Eff. interest: 76.8% - 76.8%
Age: 18 - 70 years
First loan free: No
Payment remarks accepted: Yes
Setup fee: 475 kr
Administration fee: 25 kr
Invoicing fee: 0 kr
Direct payment: No
Weekend payment: No
Revolving credit: Yes
Minimum required annual income: 180000 kr
Representative example
The loan has a 42.98% variable nominal annual interest rate, a setup fee of 475 SEK, and a monthly administration fee of 25 SEK. An example loan of 10,000 SEK repaid with 1,120 SEK per month over 12 months has an effective annual interest rate of 76.8%. This results in a total cost of the credit of 3,440 SEK. The term ranges from 8 to 62 months with the maximum initial withdrawal, minimum possible monthly repayment, and no additional withdrawals.
This is a high-cost credit. If you cannot repay the entire debt, you risk a negative credit record. For support, contact your municipality’s debt advice.