Stanhope Loans are lenders for the Internet-based McMillian, which, in addition to loan companies, also offers savings and high-yield accounts. With Stanhope Loans, however, only the loan part is offered and you can borrow from 3,000 to 50,000 with repayment periods between 12 and 72 months.
Stanhope Loans is another lender that lends loans to some of the major lenders on the internet. At Stanhope Loans, it is the base bank for which loans are being provided. This means that your loan application is processed and operates according to their general terms of lending for retail customers.
Therefore, you should be aware that McMillian operates at a variable rate. So if the interest rate rises, you will have to deduct a month or two extra and drop it, you will not have to pay off for as long as the loan.
Cash loans online direct lenders: Don’t be penalized for having bad credit
Like more and more other lenders, Stanhope Loan offers a minimum repayment period of only 12 months. It makes it cheaper to deduct especially small loans of 3-10,000 kroner over as short a period as possible. This means that you do not have to pay close to as many interest and fees as if you had taken the loan with one of the few loan providers that only have 24 months as the shortest installment period.
Do you borrow for example? The minimum loan amount of 3,000 kroner will save you about $ 500 on your loan if you choose 12 months instead of 24 months. By comparison, you will pay one and a half as much as you have borrowed if you choose to deduct the $ 3,000 over the maximum 72-month payback period.
If you have the choice of taking a so-called microloan, where you have to repay the loan in 30 days and then borrowing from Stanhope Loans, the choice of Stanhope Loans gives you significantly more air in the private economy and much lower borrowing costs. Then you have the option, you should always choose this solution rather than the short-term microloans.
With Purple Payday, you can easily apply for cash loans online.
Who can borrow from Stanhope Loans
In order to apply for a loan through Stanhope Loans, you must
- Have a permanent residence in Denmark
- Be 18 years or over
- If necessary, document a fixed income
- Not registered in the Experian (RKI) or Debtor Registry
At Stanhope Loans you can borrow as 18 years old.
How much can I borrow from Stanhope Loans
As already mentioned, you can borrow between 3,000 and up to $ 50,000 at Stanhope Loans. It makes Stanhope Loans the obvious choice, both when you need to borrow consumer electronics like cell phones and televisions and if you need money for a new kitchen. Stanhope Loans thus cover the entire private sector up to the slightly larger interior design. On the other hand, the loan is not worth using to finance used cars. Here it is often cheaper to take the loan as a dedicated car loan. The cheapest car loans are often found at the bank, but you can also find car loans directly from the car dealer, as well as some of the loan intermediaries on this site. For example, Santander has a very popular car loan.
What should I have when I apply for the loan
In order to apply for the loan, you will need:
- Your CPR number
- Your NemID for signature on the loan application
- An account number, the loan amount can be credited
- An overview of your annual income and your monthly availability
You do not need to upload the annual report or the latest pay slip as documentation. However, on request, you should be able to demonstrate these as evidence that you knowingly also have the finances you have provided in connection with the application.
If you do not or do not agree with the information you have provided, it is considered to be the default of the loan. This means that you may risk having to pay the entire balance, including accrued interest, back on site, if you have provided incorrect financial information. So leave it!
You must not make security
Just like any other online loan, do not make sure the money you borrow through Stanhope Loans, as you know it from the bank. That is, McMillian does not come and take what you have borrowed if you can not pay your installments on time.
However, when McMillian does not require collateral for the loan, it means that they run a greater risk. They charge them in the form of a somewhat higher interest rate than if you, for example, borrowed money from the bank or at one of the major loan providers online. Check the interest rates on our Consumer Loan List.
14-day cancellation deadline
Just like anything else you buy online, you have 14 days cancellation deadline for loans taken through Stanhope Loans. If you regret the loan before the expiry of the deadline, you must repay the entire loan amount and the interest that may have been raised until the date of withdrawal. Has the Base Bank incurred other expenses – eg? For the cancellation of the loan – which they can not be refunded, you must also pay these returns if you repay the loan.
How quickly do I get an answer to my application
The processing of your application will be done automatically. This means that you have an answer as to whether you can get the loan, almost as soon as you have clicked the Apply button. If you receive a confirmation email, you can log in to your NemID page to sign the loan agreement digitally.
Sometimes, however, it takes a little longer before you get a response. This happens most often because you have applied outside of normal opening hours or because the loan application contains information that has caused the system to send your loan application for manual processing.
It may also be that the connection to Experian is down and therefore you can not obtain a credit rating. Finally, it may also be because your email address is on a list of spam senders or you have spelled your email address incorrectly.
So even if you do not get an answer as soon as you’ve applied, it does not have to be a bad sign. There are still good opportunities to be approved.
How quickly do I get my money into my account?
If you have granted the loan and sign the loan agreement digitally with your NemID, you have the money on the account on the first banking day (weekday) after the agreement has been signed. That is, if you sign the agreement today, you have the money in your account tomorrow – if tomorrow is a normal weekday.
Pay more or pay before time
If you have the opportunity, it may always be necessary to deduct more on the loan than you should. This reduces the loan period and can save a lot of interest rates.
If you raise loans through Stanhope Loans, you can be said to deduct more if you can afford it. However, it requires that you contact McMillian first and get to know how to do.
Similarly, you can always repay the loan by paying the outstanding debt, including interest on the loan, since the last time you paid your installment. There is no charge and you only pay what you owe on the date of redemption.
Apply for the loan before deciding
It is always a good idea to apply for the loan at Stanhope Loan before you decide to raise the loan. This will tell you if you can actually borrow the money from Stanhope Loans. At the same time, you will have access to the loan agreement with the exact amount of repayment amount and the important OPOP value that you can use to compare the loan with loans from other loan providers.
Because, even if you get an indication of both repayments, loan rates and OPs in the loan calculator found on the front page of Stanhope Loans, there may be special loan terms for your loan that either increase or decrease these values.
When you have the loan agreement, we recommend that you try to apply for the loan from other loan providers to obtain loan contracts from there.
Then you should choose the loan that has the lowest OPP. It is a kind of kilopris on the loan that tells you where is one percent of the annual cost of the loan that goes to interest and fees. The higher the amount, the more expensive the loan provider is to borrow from.
The other loan providers thank you nicely for the loan at. You can do that easily. The loan contract can only be considered a loan offer as long as you have not signed it with your NemID.
This procedure gives you the assurance that you have chosen the cheapest loan for your borrowing requirement.