Overdraft or loan?
Apply quickly and easily
It is free and non-binding to apply
Payout within one business day
Apply quickly and easily
It is free and non-binding to apply
Payout within one business day
At Qred Bank, in Denmark, we exclusively offer loans to small and medium-sized businesses. Our mission is to give entrepreneurs a banking experience that differs from the one they often get at traditional banks. Entrepreneurs build the future, and we support them.
Qred Bank offers loans up to 3,000,000 DKK for business. It is always free and non-binding to apply.
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Overdraft is a type of loan where you have the option to spend more money than what is in your account. It is a flexible type of loan in the sense that the loan amount is not earmarked for something specific, like a mortgage or car loan. This means you can decide what you want to spend the money on.
Your costs associated with an overdraft facility will usually be interest on the amounts you draw on the overdraft. In general, the interest rate on overdrafts is higher than other types of loans. In addition, there are often set-up fees, administration fees, annual fees or credit line overdraft fees.
Always read the terms and conditions before signing an overdraft.
As with any other type of loan, there are a number of requirements for you as a borrower. The lender needs to make sure that you are able to repay the loan.
The typical requirements:
The lender checks this by investigating:
First and foremost, it's important to get an overview of your financial situation. There are plenty of free budget templates online that can make this easier for you.
It's also a good idea to consolidate your loans. When you gather your debt in one place, it gives you a better overview and you have the opportunity to reduce your interest costs.
Last but not least. Reduce your spending. Once you have an overview of your finances, you'll be in a better position to see where you can save. If you increase your disposable income, you also increase the likelihood of being approved for an overdraft.
Overdraft, working capital credit or line of credit - there are many names for it. An overdraft is ideal when your business has to deal with an uneven cash flow.
With all the VAT, social contributions and other taxes these companies pay to the government, it's sometimes difficult to plan for the economy.
An overdraft (also called a line of credit, overdraft facility or working capital facility) is a credit facility that allows a business to borrow money up to a limit at any time. Usually, the company pays a limit fee of 0.25-2.00% plus interest on the portion of the credit that is utilized. The interest rate for overdrafts varies greatly from bank to bank and depends on the company's creditworthiness.
An overdraft allows your business to take the funds you need to meet your short-term business goals.
Loans from Qred are actually a bit like an overdraft. With us, you pay a fixed monthly fee and only for the months the loan is active. If you get a loan with a term of 18 months, you'll pay 18 x monthly fees. If you choose to repay your loan after just 15 months, the 3 remaining months' fee that you would otherwise have to pay will be waived. Smart, right?
What's more, you won't have to pay any set-up fees, hidden and unexpected costs. You only pay amortization and monthly fees.
Qred Bank is made for SMEs and entrepreneurs who want to grow and strengthen their competitiveness. With us, you avoid long waiting times, unrealistic requirements and paperwork.
How much can I borrow?
At Qred, all applications are processed individually through a credit assessment and an overall assessment of your and your company's financial health. The overall assessment determines how much you can borrow and your monthly fee. As we have customers with loans of both 50,000 DKK and 1,500,000 DKK, it is therefore not possible to give an estimate of what a monthly fee might be for you.
If you would like to get an estimate, you are welcome to call us. Based on a number of control questions, we will often be able to help you with an estimate.
What information and documents do you need for a credit assessment?
To perform a thorough credit assessment, we need the following:
If you want a quick response, make sure that all requested documents are submitted and all requested information is filled in.
Can I increase my loan amount?
The short answer is yes. Make sure to pay your invoices on time, as this is, among other things, a determining factor in whether you are able to increase your loan. With good payment behavior, you may be able to increase your loan already after three months.
Why choose Qred Bank?
Our mission is to give entrepreneurs a banking experience that is different from the one they often get in traditional banks. Entrepreneurs build the future, and we support them.
Access to capital can make or break your ability to take on more customers or get hired for a larger project. That's why we've made sure the money is disbursed within 24 hours of you signing your loan contract.
At Qred Bank, we have chosen to operate with a fixed monthly fee. This means that you only pay installments on your business loan and a fixed monthly fee. You also avoid unpredictable interest rates or hidden fees.
It can happen to the best of us. Sometimes expenses pile up and it can make it difficult to pay on time. Call us as soon as you know you can't pay on time and we'll do what we can to find a sustainable payment solution.
Qred was founded in 2015 with the mission to help other entrepreneurs, and we've never been afraid to challenge the traditional banks. Today, we offer fast and simple financing solutions in seven countries and are the leader in business financing in Scandinavia.
We opened our Danish branch in 2017 and have already helped thousands of Danish companies. What makes us stand out is that we work exclusively with business financing and are therefore able to meet entrepreneurs at eye level. Therefore, we are also incredibly proud to be one of the banks with the highest score on Trustpilot.
We help you all business days between 8 and 16.