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What is the interest rate on a loan with Qred?
What is interest?
When you think of 'loan', you probably also think of 'interest rate'. Interest is the price you pay for borrowing money. It is usually expressed as a percentage and corresponds to a percentage of the amount borrowed. The interest rate can be either fixed or variable and depends on factors such as:
- Borrower's creditworthiness
- Borrower's finances
- Loan term
- The current loan market
What is the interest rate on a Qred loan?
At Qred bank, we don't operate with interest, but instead with a fixed monthly fee.
The monthly fee for a loan is highly individual for each borrower and depends on a Q-score based on factors such as
- Borrower's creditworthiness
- Borrower's finances
- Company turnover
- Loan term
- The loan amount
The monthly fee is the only cost of taking out a business loan with Qred and is only paid for as long as the loan is active.
Pay off your loan early and save money
The way we determine your monthly fee is by looking at the above factors, among others. From this, we calculate a total amount for what it will cost to borrow the money. The total amount is then evenly distributed over the number of months the loan will run for.
But since you only pay a monthly fee for the months the loan is active, early repayment allows you to save the monthly fee for each month you no longer have your business loan.
What's the difference between traditional banks and Qred?
There is a wealth of options when you enter the loan market. That's why it's good to know what the differences are when choosing a lender.
The traditional banks
Traditional banks are often able to offer favorable interest rates on your loans, and it can be nice to take out a loan with a bank you already have a relationship with. On the other hand, it can be difficult for small and medium-sized businesses to get approved for a loan, and if you do manage to get the bank to talk to you, the application process is often a lengthy affair. This is partly due to the fact that traditional banks have strict requirements and guidelines that must be met before they can approve a loan.
The process can be a taboo and disheartening experience, especially for new and small businesses, which are particularly vulnerable to financial challenges.
Qred bank
Qred Bank is an alternative loan provider that, despite having a banking license, is not subject to the same strict guidelines and requirements as traditional banks. This means that there is generally a higher cost of taking out a loan. On the other hand, the application process is short, which can make the difference between a business being able to take on new customers, increase its turnover or even just stay in business.
Qred's customer service specializes in loans for small and medium-sized businesses, which means we can meet our applicants and customers with a completely different understanding and guidance.
In short, a loan from Qred Bank can be a crucial factor in a company's existence.
If you want to know more, read our FAQ.
If you need money for cash flow or the holiday season, you can apply today and have the money tomorrow.
If you're still considering whether a loan is the right solution for you, feel free to contact us at support@qred.dk or 89 87 10 06.
Do I have to pay a fee to receive an invoice?
No, you don't. You do not pay a fee to receive an invoice as a PDF file on your email. If you want to receive an invoice by post, it costs 45 DKK
What happens if I can't repay the loan?
You will first receive a reminder that we need your payment. On an ongoing basis, you will receive further reminders. We encourage you to contact us as soon as you realize you have a problem with a payment so that we can work together to find a solution that suits both parties.
If no agreement is reached, we will have to refer the case to debt collection via our legal liaison.
How does Qred differ from other business loans?
Qred offers an alternative and flexible solution for businesses. Using modern technology and algorithms, we can analyze data from hundreds of sources to make a solid assessment of the applicant's business. Quickly and efficiently. For Danish businesses, this means that it now takes just one minute to apply for a business loan and the money is disbursed quickly after signing. No other company approves and disburses business loans faster than Qred. In addition, Qred offers a new repayment solution, which means that you only pay for the loan for the time you actually have it. This means that you are never tied to a loan with us and can repay the loan at any time at no extra cost.
Who can apply for a loan?
All Danish limited liability companies, private limited companies, sole proprietorships, personally owned small businesses and partnerships can apply for a loan. It doesn't matter whether your business is new or old, large or small - we have helped businesses in all industries. We carry out an individual credit assessment of each business. The most important thing for us is that there is a good and sound business concept and skilled entrepreneurs behind the business.
What is an interest-free period?
With a amortiziation free month, you only pay the monthly commission. This means you do not pay off your on the outstanding principal.
This will extend your business loan by another month and ultimately mean that the loan will be one month's fee more expensive than the original agreement. Unless, of course, you pay more in the other months and make it up.
When will I get an answer?
Once you have submitted your business loan application, we will endeavor to contact you within an hour. You will then be sent an offer to be signed with MitID. We disburse the money quickly after signing.
How much does it cost to take out a business loan?
There are no upfront costs for a business loan with Qred. When you sign a loan agreement, the first payment is due 30 days later. Here you pay an installment and a monthly fee for the month you have had the loan. This will continue until the entire loan is repaid.
Do I have to pay VAT?
No, it is not. The monthly commission is exempt from VAT. We recommend that you contact your own accountant for further accounting questions.
When should the loan be repaid?
You pay once a month.
For example, if you took out the loan on the 13th of a month, then the first payment is due on the 13th of the following month. We will send you an invoice approximately 10 days before the due date.
If you can pay more than a regular invoice, you always have the option to do so and thus pay off the loan early.
How do I contact Qred?
You can call us on 8987 1006 or send an email to support@qred.dk. You are also welcome to contact us via chat on weekdays between 08:00 and 17:00.
Who controls Qred?
Qred is registered with the Danish FSA under the Danish Anti-Money Laundering and Terrorist Financing Act, and our activities are reviewed by an authorised auditor.
Are you keeping my passwords?
No, we do not store passwords. At Qred, you only log in with MitID.
Are there any hidden charges or fees?
No. At Qred, transparency is one of our core values. We take pride in the fact that our services and conditions are easy to understand for everyone. You can read more about our terms and conditions here.
What is Qred?
Qred is a new way to borrow money. All Danish companies can apply to borrow up to DKK 2,000,000 from Qred, bypassing traditional banks. Usually, you will be notified within an hour and we pay out the money the same day. You pay a fixed amount every month and there are no hidden fees. You can repay the entire loan at any time without any additional costs. At Qred, you only pay for the loan during the months you actually have it. The monthly fee is individual and depends on your credit rating. After each month, you pay a monthly fee and principal repayments. There are no interest or fees.
What is required to get a business loan?
We make a holistic assessment of each application. The most important criteria are the company's ability to handle future payments and that the loan amount is reasonable in relation to the company's size and turnover. Unfortunately, there are some cases where we cannot approve a loan application. This may be the case, for example, if the business owners have not managed the company's finances properly, have too much debt or too many payment defaults. We always require that the business owners are personally liable for the business loan as a guarantor.
What does Qred mean?
Qred (pronounced 'kred') is a word game between the word credit and the English term "to give someone credit for something", which is comparable to giving someone pondus, or that one recognizes someone for something.
How is the money paid out?
The loan is paid out through Trustly, which allows us to transfer the loan amount quickly after signing the contract. This means that you will have the money in your bank account within one business day.
How do I apply for a loan?
Applying for a business loan has never been easier or faster!
Here's how to do it:
- Fill out an application in minutes
- Connect to eSkat
- A credit check is performed
- You receive a loan offer
- Sign loan offers with MitID
- Money is paid out within 1 hour
Applying for a loan is completely free and without obligation.
If you're still wondering if a loan is the right solution for you, feel free to contact us at support@qred.dk or call 89 87 10 06.