Lendo Review (2023): 9 Things You Need To Know

After I wrote about the best ways to compare loans, I got many questions about Lendo and how it compares to other brokers like Advisa. I decided to do some additional research and write this Lendo review (2023 edition) to help clarify some aspects. Lendo is Sweden’s best-known and, above all, most popular loan broker. It has helped over half a million users find their best loan terms, showing them options from over 40 different banks in just seconds. All for free.

Let’s look at what Lendo has to offer and how it stacks against other services.

Lendo Review (2023)

What is Lendo?

Lendo is Sweden’s leading marketplace for loans and has expanded to the Nordic countries, including Norway, Denmark, and Finland. Lendo helps people compare consumer loans, car loans, business loans, and mortgages. All for free.

Banks and lenders can give you different interest rates and terms that depend solely on their own risk assessment. To get the best rates, it is vital that you compare as many lenders as possible when you apply for a loan, but this takes time and can be challenging to do on your own. Who wants to deal with that? Also, for each lender you apply, one credit report is taken!, which hurts your credit score and gives you worse loan terms (read my credit score guide here).

Using a loan intermediary like Lendo can get you loan offers for personal loans or collect loans from up to 40 banks and lenders with just one credit report. It’s also completely free of charge. Lendo is Sweden’s largest comparison service for personal loans, business loans, and mortgages.

How does Lendo work?

It’s all digital. Here’s how Lendo works in 3 steps.

1. Make an application. Complete your application digitally. It takes around 2 minutes and uses BankID.
2. Compare offers. Lendo collects offers from up to 40 lenders.
3. Choose the best loan. Choose the offer that suits you best.

Your loan promise through Lendo is valid for 30 days.

Basic requirements for loans up to 600.000 SEK / NOK / DKK or €60.000 EUR

• Be at least 18 years old.
• Be registered and registered in Sweden, Norway, Denmark or Finland for at least one year
• Have an annual income of at least SEK 110.000. In the case of fixed-term employment, it is important that you have six months left of your employment period. 
• Have an income from work or a pension.
• Be debt-free from the bailiff for at least 6 months.

Lendo Services

Lendo’s main service is to provide unsecured personal loans to private individuals, but you can also get the following products.

• Consolidation loans to consolidate existing loans and credits, getting better rates and fewer invoices.
• Business loans up to SEK 3.000.000 from 9 business lenders.
• Car loan without collateral.
• Loan protection if you become unemployed.

Top 9 Reasons To Compare Loans With Lendo

1. Well established. Lendo was established in Stockholm, Sweden, and they haven’t stopped growing since then. After the success in Sweden, it expanded into the Scandinavian countries of Norway and Denmark.
2. Several services. Their online platform lets you compare personal loans, mortgages, and car loans from multiple lenders.
3. Wide range of lenders. Lendo collaborates with 40+ banks and financial institutions just in Sweden, so their users can access many options and find the best deals.
4. Free and impartial service. Lendo is free for users and offers impartial information, as the company generates revenue through referral fees from partnered lenders.
5. User-friendly interface. Its website and services are designed to be user-friendly and easy to navigate, providing a seamless experience for users looking for financial products.
6. Data protection and privacy. Lendo has a strong emphasis on data protection and privacy. Their put continuous effort into ensuring that user information is secure and handled in compliance with relevant regulations.
7. Market presence. Lendo has become one of Sweden’s leading loan comparison platforms, and its services have expanded to include other Nordic countries, Portugal and Spain.
8. Part of a huge business group. Lendo is owned by Schibsted, a leading international media group with a strong Nordic presence known for its online marketplaces, news sites, and digital services.
9. Excellent Trustpilot score and reviews. With scores of 4.7+ and over 3000 reviews, it’s no surprise that their customer service has an excellent reputation. Great reviews also on Reco.se.

Lendo vs. Advisa

Both Lendo and Advisa are Swedish fintech companies similar in their core services of providing loan and financial product comparisons. Lendo has a broader market presence and focuses on simplifying the comparison process, while Advisa offers a more comprehensive range of financial services, including advice and guidance.

	Lendo	Advisa
Year established	2007	2011
Services	Focus on personal loans	Loans, insurance, savings, pension
Lenders	40+	40
User experience	Simple website	More information for users
Market presence	Nordics and expanding	Sweden

Lendo vs. Advisa Key differences

• Lendo focuses on comparing loans from multiple lenders, while Advisa focuses on more financial services, like insurance, savings, and pension advice.
• Lendo has partnerships with banks and financial institutions in Sweden and other Nordic countries. They are expanding into Portugal and Spain (Lendo Group is now huge!). Advisa has a more focused presence within Sweden.
• Both Lendo and Advisa have great websites and user-friendly interfaces, making it easy for users to compare financial products and find the best deals.
• Lendo’s platform emphasizes simplicity and creating a smooth experience with the fewest clikc, while Advisa provides additional financial advice and guidance to help users make more informed decisions.
• Lendo has a more extensive market presence, having expanded its services to other Nordic countries like Norway and Finland. It is also part of the Schibsted Group, a leading international media group with a strong presence in the Nordic region.
• Both Lendo and Advisa offer free and impartial services to users, generating revenue through referral fees from partnered lenders.

Conclusion

Lendo is a pioneer in loan comparison services and intermediaries. Instead of charging you a fee, it offers a completely free service that offloads the nasty work of negotiating loan terms with the banks. It uses a single credit check to fetch you over 40 loan offers from different lenders in a matter of minutes. It’s all digital, and you apply from your computer or phone.

Beyond personal loans, it also lets you consolidate existing loans, which has several advantages for improving your finances. Even though there are other loan brokers like Advisa (check all options here), Lendo remains a top-of-the-line option, as they are well-established, secure, and back-up by a huge Nordic media group.

Overall, Lendo is a great option to get better rates on your loans or mortgages, with nothing to sacrifice against other loan brokers in Sweden. It can get you the best rates out there from the major banks and lenders. The only drawback I see is that it doesn’t do other products like credit cards. However, the same group owns the service Compricer, which lets you compare cards and utilities too.

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