Fast loan companies are forced to cease lending.



Must stop lending

The Consumer Agency published a press release yesterday stating that they have banned the fast-loan company Lite lender, which conducts loan operations under 4 different brands, to lend money to private individuals. At the same time, the company is warned of Advance Pay and is forced to pay USD 200,000 in penalties.



The reason for these measures is that the companies mentioned above do not do a sufficiently good credit check, which means that they cannot assess the repayment capacity of the borrower. For example, companies have not requested information on expenses and other loans, which means that a proper credit check cannot be done.

Lite lender announces on its website that they will appeal the order from the Consumer Agency and now a legal process is expected that could lead to the company ceasing lending to consumers.

According to the Consumer Agency, which exercises supervision for, among other things, If the case is appealed, it is up to the Administrative Court to decide when Lite lender will cease its lending.

It is the first time ever that the Consumer Agency has taken such a hard time against a fast-loan company with same day approval and therefore the event was noticed in Sweden’s largest media.

Important with proper credit check

Important with proper credit check

In recent years, the authorities have made increasingly stringent demands on fast-mortgage companies with the aim of, among other things, regulate the market and raise the quality of companies that conduct this type of lending. This includes This means that the Consumer Agency has reviewed the credit review process at most fast-loan companies 

Doing a proper credit check is necessary to make a good assessment of whether or not a borrower can repay his loan. As a borrower, one should be critical if a company does not do a proper credit check as the credit check is also for the benefit of the customer.

New law places higher demands

New law places higher demands

On July 1, 2014, the Act on Certain Business with Consumer Credit entered into force, which means that permission is now required from the Swedish Financial Supervisory Authority to conduct lending operations to private individuals. All lenders have until December to submit their application.

Thereafter, the Swedish Financial Supervisory Authority will conduct a thorough review and then make a decision on whether the companies meet the requirements or not. Previously, fast-mortgage companies only had to be registered with Finansinspektionen, but now the companies end up under the supervision, which in itself places higher demands on fast-bank companies.

– We look at this very positively because it will ultimately benefit consumers so that more people can really apply sound credit. In addition, the market will be decontaminated, which means that rogue players will no longer be able to offer lending. Maeldúin is one of the largest players in this market and we work hard to offer high quality and secure consumer loans.

When a company falls under the supervision of the Swedish Financial Supervisory Authority, it will in practice mean that the company becomes completely transparent to the authority. You are constantly forced to report on required information as well as to show how you work to prevent, for example, money laundering.

The authorities will henceforth be able to make a better assessment of whether a company can truly live up to the requirements to be a stable lender who can follow all laws, rules and guidelines.

The law benefits consumers and serious lenders

The law benefits consumers and serious lenders

For the consumer this means only benefits. As a borrower, you can today end up in the hands of rogue companies. On the internet, you come across everything from companies that claim that our lenders but are really only loan intermediaries to companies that are lenders but can have hutless prices and poor conditions for the consumer. 

– Unfortunately, not all customers read the general terms and conditions, and it is usually in the terms that one can read whether a company is serious or not. For this reason, we believe that a secure relationship between lenders and borrowers is very important. Be sure to do a proper check on the company you are borrowing money from. A good way is to contact the industry association for fast loans to see who the members are.

SKEF is also a quality body that places demands on its members. The Consumer Agency, whose members are supervised, meets with member companies once every six months. about how they think a proper credit check should go.



Read more


Global influenza diagnostics industry set to reach $ 1.1 billion by 2026 – ResearchAndMarkets.com

DUBLIN – (COMMERCIAL THREAD)–The “Influenza diagnostics market by product (test kits, instruments), type of test (traditional (RIDT, viral culture, serological), molecular (PCR, INAAT-NASBAT, TMABAS), end user (diagnostic laboratories, hospitals) , clinics), region- Global forecast to 2026 “ report was added to ResearchAndMarkets.com offer. The global influenza diagnostics market is expected …

Read More »

Bethany College Alpha Chapter Zeta Tau Donated Warrior Quilt for Dedication to Breast Cancer Awareness | News, Sports, Jobs

Derek Redd WARRIOR QUILT – From left to right, Kasie Goldsborough, Olivia Masciantoni and Katie Fuchs present the Warrior Quilt awarded to the Bethany College Chapter of Zeta Tau Alpha outside Commencement Hall on the Bethany Campus. Goldsborough and Masciantoni received the Beth Mayer Hersh Award, awarded annually to members …

Read More »

Op-Ed: Progressive federalism is the new socialism | national

“The American people will never knowingly embrace socialism. But, under the name of liberalism, they will embrace every fragment of the socialist program and be a socialist nation.” – Norman Thomas Whenever Democrats want to execute a newly concocted leftist plan, they have only one motive: to expand federalism. Increasing …

Read More »

Is the income tax rate for the rich 8% or 23%? It depends on the math you use

What do the rich pay in federal taxes? On paper, the top marginal tax rate is 37% on ordinary income and 23.8% on capital gains. Government estimates place the average rates of high-income filers in the mid-1920s. A new analysis from the Biden administration, however, fixes the average tax rate …

Read More »

Epidermal Growth Factor (EGF) (CAS 62253-63-8) Market trend, technological innovations and growth forecast 2021-2026

The global Epidermal Growth Factor (EGF) (CAS 62253-63-8) market research report is comprehensive coverage of the drivers, trends, analysis, opportunities and restraints in the landscape. The study aims to provide potential investors with a key breakthrough in understanding the growth opportunities and potential challenges in the market. To do so, …

Read More »

“Either we are not doing something right or Alpha Tauri is doing something very well” – Max Verstappen becomes brutally critical with his team after the Red Bull ace fails to take pole in qualifying at Turkish GP

“Either we are not doing something right or Alpha Tauri is doing something very well” – Max Verstappen becomes brutally honest with Red Bull. Red Bull’s weekend in Turkey is not even close to ideal as they are lagging behind Mercedes in all areas of the track. And the result …

Read More »

Government, Energy News, ET EnergyWorld

New Delhi: The government announced on Friday that it would start next week the next round of auctions for 40 new blocks intended for the sale of coal. The coal ministry having concluded a sliding auction mechanism, the renewed blocks of the previous tranche will also be offered, according to …

Read More »

Tax implications of cryptocurrency staking

After years on the fringes of the financial world and crazy fluctuations in value, cryptocurrency is increasingly accepted as a financial asset and as a means of payment. While the technology behind cryptocurrency has continued to evolve rapidly, guidance on the tax treatment of cryptocurrency has evolved much more slowly. …

Read More »

Overview of the Global Factoring Market to 2026

DUBLIN, October 8, 2021 / PRNewswire / – The “Factoring Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026” report was added to ResearchAndMarkets.com offer. The global factoring market has shown moderate growth during the period 2015-2020. Looking ahead, the market is expected to grow at a CAGR …

Read More »

Ultra Configurable Sci-Fi Flight Sim ‘Tinker Pilot’ now available in Alpha – Road to VR

Handyman pilot has been in the works for a few years now, with the goal of delivering a PC VR simulator experience that allows players to build their own sci-fi cockpit and outfit it with 1: 1 digital equivalents of things like sticks flight tools, pedals, joysticks and more. Now …

Read More »