KreditNU was launched in 2019 as the first Blue Finance brand in Denmark and can celebrate its 5-year anniversary in August 2024. A lot has happened in those five years, both internally and externally.
The regulations for loan providers in Denmark have changed a great deal over the last years and has generally made loan terms more favorable and transparent for consumers. This has influenced the common public discourse about online loans, which is slowly and gradually changing.
Our product has also changed significantly to adapt to the market and the current Danish legislation. This means among other things that the APR now is at the lowest level in the existence of KreditNU.
KreditNU has gone from offering online quick loans with a high APR to offering online consumer loans without interest rate, but with an establishment fee of 25% of the loan amount. This fee is added to the principal of the loan, and this means that the repayment amount stays the same throughout the term of the loan.
It has been and still is important for us that our loan products act as a helping hand and do not contribute to financial problems and vicious debt spirals for our customers. Therefore, we take our credit rating process very seriously and we have responsible internal loan guidelines that we follow consistently.
We have gone from handing out 335 loans on average each month to doing this on a weekly basis. In total we have disbursed around 50.000 loans of which approximately 17.500 loans were disbursed during the last year, which indicates the exponential development KreditNU has taken in the last years.
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