Avida Finans Review (2023)

Avida Finans (2023 Review): 6 Things You Need to Know

Avida Finans is a Swedish finance giant. It’s Sweden’s 8th largest loan lender, after all the “big traditional banks” like Nordea, Swedbank, Handelsbanken, etc. Avida offers financial services for both private individuals and companies, including loans up to 500.000 SEK without collateral.

But there are plenty of alternatives and loan lenders out there. Is Avida Finans a good choice? In this post, we cover all the information you need to know and our experience with Avida Finance in 2023.

Avida Finans Privatlån (2023)

Avida Finans (2023 Review)

What is Avida Finans?

Avida Finans is a credit market company that offers financial solutions and services for private individuals and companies in Sweden, Norway, and Finland. It was established in 1983 and currently has over 140 employees, with headquarters in Stockholm and branches in Oslo and Helsinki.

Avida Finans Services (2023)

What do they offer?

  • Personal Loans (Privatlån)Avida Finans provides unsecured personal loans for various purposes, such as home improvement, debt consolidation, or other personal expenses. These loans typically do not require collateral.
  • Savings Account (Sparkonto) – AvidaSpar is a savings account with a high savings rate and free withdrawals that is covered by the government’s deposit guarantee. The account has no lock-in periods or hidden fees; you can deposit and withdraw money as often as you like. You open the savings account with BankID or Mobile BankID.
  • Company and Business Services (Företagsfinansering)Avida offers a solid range of services for companies, small and medium-sized enterprises, a personal manager, and full online control through their dashboard. Avida offers invoice borrowing, invoice purchase, export factoring, business credit, and debt financing (including company loans/företagslån)
  • Credit Line (AvidaKrediten) – AvidaKrediten allows you to decide when to borrow money. You choose when you want to withdraw to your bank account via their online dashboard, and you do not have to withdraw the entire amount at once. You only pay interest on the amount you used. The money is in your bank account the next banking day.

WAIT

AvidaKrediten is closed to new applications for now. Want a similar solution? Try Northmill Account Credit.

Why to choose Avida Finans? (Top 6 Reasons)

1. Collect loans

With Avida, you can collect expensive small loans and credits. This allows you to lower your monthly cost, and get a better overview of your finances. With Avida private loans, you can borrow up to SEK 500.000 without collateral for up to 15 years and make extra repayments when you want or pay off the loan early.

2. Individual interest

The interest rate you get from Avida Finans is not fixed beforehand! Avida checks your financial conditionals and particular situation and offers you the best interest rate possible. When you apply, they always take a credit report from UC (read my article on credit score in Sweden here), and use that as a basis to assess your chances of being able to borrow money.

Typical interest rates with Avida Finans are 5.95% – 21.95%. I even managed to get 4.95% on a small loan! You will be notified of your individual interest rate when the loan is granted, and you will receive an answer to your application within about 15 minutes. Remember that it is often easier to borrow higher amounts if two of you borrow together (husband, wife, or cohabitant).

3. Payment-free month

One useful perk with Avida loans is their payment-free month. You can use two payment-free months per year as long as they are not consecutive. The only requirement for it is that you must have had your loan for at least six months and have paid your last three bills without delay. 

Note that while it is useful to have, using a payment-free month does not mean you don’t have to repay your debt. It’s just postponing it. The interest and fees are added to the capital debt, so, depending on when you took out the loan, either the repayment period will be extended, or the monthly amount will increase.

4. Faster approval process

Avida is really quick in granting a loan. You can get an answer within 15 minutes if everything is in order. The whole process is faster and more streamlined compared to traditional banks. This can be an advantage for borrowers who need funds quickly.

5. Loan Protection Included (Extra Security)

When you take out a private loan with Avida, loan protection is also included, which can replace the monthly cost of your loan if you become sick or there is involuntary unemployment. In the event of death, the insurance can also cover your entire outstanding debt. The insurance is free of charge for the first three months, after which the premium is 8.75% of your agreed monthly loan cost. If you are not interested in the insurance, you must decline the insurance before the free period ends.

6. Well established

Avida has specialized in loans, credits, and financial services since 1983. They have built a large business that was able to

How to apply for an Avida Personal Loan

  1. Fill in the application form’s amount, repayment period, and personal details.
  2. If you have a co-borrower, they also fill in their personal details.
  3. You will receive a response to your application within 15 minutes.
  4. If you are approved, an agreement will be emailed to you, which you will sign with Bankid or Mobile BankID.
  5. Once you have signed the agreement, you will have the money in your account within 1-2 banking days.

Terms and Requirements

  • You must be at least 20 years old
  • Not have any debts with the Kronofogden
Credit amountSEK 10.000 – SEK 500.000
Repayment period1 – 15 years
Interest5.95% – 21.95%
Setup feeSEK 179
Notification feeSEK 10

Is Avida Finans Safe?

Borrowing money from a dodgy company or institution is among the worst headaches. There are many reasons why Avida Finans is a reliable company to

  • Regulatory compliance: Avida Finans operates under the regulation of Swedish financial authorities such as the Swedish Financial Supervisory Authority (Finansinspektionen). This means the company must adhere to strict regulatory guidelines and requirements, ensuring its operations are transparent and secure.
  • Established company: Avida Finans was founded in 1983 and has been in operation since 2006, which means it has a track record of providing financial services to customers in Sweden.
  • Data protection and security measures: Avida Finans employs strong encryption technologies and secure processes to protect customer information and transactions from potential threats.
  • Customer reviews and reputation: Avida Finans has excellent scores on TrustPilot and Reco.se, with thousands of reviews.

Conclusion: Avida Finans

Choosing a lender is always tricky. The credit market in Sweden has been growing, and the number of companies trying to profit from online and SMS loans are increasing yearly. One needs to be very careful when looking at the options. Many resellers negotiate better terms for a cut of the cake for themselves but sacrifice flexibility and terms for customers.

Traditional banks are always an option, but since they are not fully digital financial institutions, they most often have more expensive rates than completely online banks. Avida Finans is a well-established company in the business with over 20 years of operations, excellent scores on review sites, and thousands of happy customers every year. They offer personalized interest rates and terms for private loans based on a credit check, and flexible repayment options, including payment-free months. You can also collect loans with Avida, which makes it easier to have control over your finances.

Overall, a great option to have at your hand if you want to feel secure and be confident that the terms are going to be reasonable.

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