The zaemus is one of Denmark’s few online bank overdrafts. It’s Finans 247 Aps behind it – a Danish company with an address in Copenhagen. The company is registered with the Danish Financial Supervisory Authority and the Danish Credit Council.
An overdraft facility with the Cash Credit is based on 12 months, but can be extended afterwards. The difference between an overdraft facility and a consumer loan or credit loan is more:
- You only pay interest on an overdraft facility
- You only pay for the part of the credit you are using
- You choose how much you want to spend
With a credit or consumer loan, you get the money paid at one time and you pay repayments every month. A cash credit is different, because you get credit up to 15,000kr but you do not have to use it all if you do not need it. You only pay interest for the amount you have spent. An overdraft facility can therefore be used as a buffer in your finances. For example, if you are on holiday, but are not sure how much you are going to spend, then a cash credit may be the right one.
The overdraft facility gives overdraft facilities up to DKK 15,000 and at least DKK 3,000. It is a bit in the same level as a lot of retail loans. Should you borrow more than 15,000 DKK, you can look for a consumer loan instead.
Requirements to borrow
- You must be at least 21 years old
- You must have a Danish Population Register Address and Danish CPR Number
- You must not be in the RKI or Debt Register
Fast-pending approval and payment
The zaemus is super fast to apply to and be approved. Do you apply before kl. 12, you can be approved and get the money paid the same day. You will receive an immediate response to your application. It only takes a few seconds. Do you apply after 12 you get the money the next day. However, this does not apply on weekends or holidays.
When the zaemus writes that they do not interfere with what you spend the money, they actually mean it. You will not be asked at any time about what to spend the money on. There is actually no question at all. No one at all. You only have to give the Cash Credit to check your tax information with e-tax.
How to apply
It only takes 2 minutes to apply with the Cash Credit. You need to find your phone and your NemID.
- Fill in information
- Verify code on your phone
- Give power of attorney to e-tax
- Sign with NemID
First, fill in some information about who you are, that is:
- Your name
- Bank details
- Phone number
That’s actually all. There are no questions about your income or your expenses. You will not be asked for your marital status or the type of residence you have. It is quite uncommon. Most consumer loans and other overdraft credits usually ask for your income. If you want a simple loan, then the Cash Credit is an option.
Once you have completed your personal information, you will receive a code on your mobile. It must be entered so that you can confirm your phone number.
The next step is to approve that the Cash Credit can access your tax papers through e-tax. That’s almost all loan companies do. Since 2013, SKAT has allowed companies to check your tax information if you allow them.
That’s why you can get a loan so fast. Before eSkat, you should send your financial statements to the bank or fax it. Now the company can get your annual statement in seconds and an algorithm will then use it to make a credit rating. It is smart.
You pay it in interest and fees
As the name says, the overdraft facility is a cash credit. This means you do not have fixed installments but only pay interest. Thus, if you have a cash credit of $ 15,000 and you raise $ 5,000, you have to pay interest each month of $ 5,000. When the overdraft expires, you will have to pay back the full amount or extend the overdraft. The bank overdraft has a maturity of 12 months, but can be extended.
You must pay a minimum amount of interest each month. This is only interest and does not write down the credit. If you want to pay off on the credit you can do it at any time, but you do not have to.
As you pay interest each month, the annual interest rate also becomes quite high. It must be aware of and compare with other consumer loans . You can do this by looking at OPP and other key figures.
That means the words in your loan agreement
It can be a bit difficult to compare a cash credit with a common consumer loan. It does not make sense just to look at interest rates, because it is completely different how to pay off on the loan. Fortunately, you can compare using Annual Costs Percentage and other key ratios. Here you get an explanation of what they mean:
Annual Costs Percentage (OPP) is the most important number to get track of. It covers all your expenses for a loan as a percentage of the total loan. There are interest, creation fee and other expenses. With OPP you can compare many different types of loans of different types and different maturities. Lower OPP is best.
Total Refund Amount is the total amount you will repay during the term of the loan. For example, if you borrow 15,000kr and pay 5,000kr in interest plus a creation fee of 500kr, then your total repayment amount is 20,500kr.
Apply and sign securely with NemID
You need NemID to borrow from the Cash Credit. First, you use NemID to allow you to retrieve your tax information at eSkat. Then you must approve your application with NemID. If you are approved, you will receive a loan agreement on email that you must sign with NemID.
It is completely non-binding to apply for a bank overdraft at the Cash Credit. You have not tied you to an agreement before you sign the loan document.
Right of withdrawal of 14 days
You have 14 days of cancellation when you raise a loan. It is a legal right you have and it applies regardless of the type of loan you raise. You only have to give written notice to the Cashier that you want to cancel your loan and then pay the money back. There may be additional fees you have to pay, such as the company’s expenses to establish the loan.