Personal Loan
Larger amounts with more favorable terms
A personal loan is a more traditional loan form with larger amounts and longer repayment periods. Suitable for bigger purchases.
Parim pakkumine "Personal Loan"
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Parim pakkumine "Personal Loan"
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Võrdle "Personal Loan" pakkumisi
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Võrdle "Personal Loan" pakkumisi
Kasuta meie nutikat sorteerimistööriista — filtreeri summa, perioodi ja intressimäära järgi ning leia ideaalne pakkumine.
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Täida avaldusWhat is a personal loan?
A personal loan (consumer loan) is a medium-term credit typically ranging from 500 to 15,000 euros with a repayment period of up to 5–6 years. Compared to a quick loan, a personal loan offers a lower interest rate and a longer repayment period, resulting in more manageable monthly payments. No collateral or guarantor is required.
A personal loan can be used for any purpose: purchasing home appliances, car repairs, travel, education costs, medical expenses, or wedding expenses. In Estonia, personal loans are offered by both banks (Coop Pank, LHV, Bigbank) and credit companies (Bondora, Kreditex, Credit24).
Personal loan terms in 2026
- Loan amount: 500 – 15,000 €
- Loan period: 6 months – 6 years
- Interest rate: 8 – 36% per year (depends on the lender and credit score)
- APR (annual percentage rate): 12 – 50% per year
- Contract fee: 0 – 3% of the loan amount
- Collateral: not required
- Requirements: Estonian resident, age 18+, regular income for the last 6 months
How to apply for a personal loan
The application process is entirely online:
- 1. Select the loan amount and period, then calculate your monthly payment
- 2. Complete the application form on the lender's website
- 3. Verify your identity (ID card, Mobile-ID, Smart-ID)
- 4. Submit your bank statement (last 6 months)
- 5. Receive the loan decision (from a few minutes to 1 business day)
- 6. Sign the contract digitally
- 7. The funds are deposited to your account — usually the same or next business day
Processing a personal loan typically takes longer than a quick loan because the amount is larger and the lender evaluates your creditworthiness more thoroughly.
Advantages and disadvantages of personal loans
Advantages:
- Lower interest rate compared to quick loans
- Longer repayment period and smaller monthly payments
- Higher loan amounts (up to 15,000 €)
- Fixed monthly payment — easy to budget
- No collateral required
Disadvantages:
- Stricter requirements (income, credit score) than quick loans
- Longer application processing time (up to 1 business day)
- Contract fee may apply in addition to interest
- Early repayment may incur an additional fee
What to consider when choosing a personal loan
Compare loan offers based on the APR (annual percentage rate), which reflects the true annual cost including all fees and interest. A low interest rate does not always mean a cheap loan if the contract fee is high.
Before applying, calculate whether the monthly payment fits comfortably within your budget. A good rule of thumb: total loan payments (across all loans) should not exceed 40% of your net income. If you already have multiple active loans, consider consolidating them through refinancing first.
Content prepared by 123laen.ee specialists
Our team analyzes the Estonian credit market daily, verifies conditions and ensures data accuracy for every lender.
Editor
Andres Mets
Analyst team
123laen OÜ
Compare Loan Types
| Quick Loan | Credit Account | Credit Line | Credit Card | You are here Personal Loan | Refinancing | |
|---|---|---|---|---|---|---|
| Amount | 50–5 000 € | 100–5 000 € | 500–10 000 € | 200–5 000 € | 500–10 000 € | 500–30 000 € |
| Term | 1–36 mo. | 6–60 mo. | 6–60 mo. | Revolving | 6–72 mo. | 12–120 mo. |
| Interest | 0–45% | 0–25% | 5–25% | 15–25% | 5–20% | 4–15% |
| Speed | 15 min | 1–24h | 1–24h | 3–7 days | 1–3 days | 1–5 days |
| Collateral | No | No | No | No | No/Yes | No |
| Best for | Urgent needs | Flexible credit | Revolving limit | Daily purchases | Larger amount | Lower payments |
| View offers | View offers | View offers | View offers | View offers | View offers |
How to Apply for a Loan: Your Path to Success
Required Documents & Data
Authentication Methods
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Your Approval Probability
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Tip: prepare all documents before applying.
Loan Glossary
Loan terms seem confusing? Our glossary explains everything in plain language — APR, interest rate, annuity and more.
Assess Your Loan Readiness
Answer 8 questions to find out if you are ready for a loan.
The quiz has 8 questions. Each evaluates an important aspect of loan readiness. It takes about 2 minutes.
User ratings
Personal loan comparison showed immediately where the lowest rate is. Saved over 15 euros per month.
Simple and clear calculator. Quickly understood how much the loan would actually cost.
Used the comparison table and found a personal loan at 9% — better than my bank's offer.
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Borrower requirements
Main conditions for getting a loan
Minimum age 18 years
Must be at least 18 years old, Estonian resident
Regular income of at least €600/month
Regular income must be verifiable
Estonian resident or residence permit holder
Estonian personal ID and bank account
No active debt obligations or payment defaults
Checked via the payment default register
Valid email address and phone number
Required for application verification
Important notice!
A loan affects your credit history. An unpaid loan can worsen your credit rating.
Late payments result in penalties and late fees.
Before taking out a loan, assess your financial situation and ability to repay.
Think before you borrow
Responsible lending
Borrowing is a serious financial decision that affects your life for a long time. Follow these recommendations to avoid financial stress and over-indebtedness.
Create a budget
Before taking a loan, create a detailed monthly budget. Calculate your income and all mandatory expenses — rent, utilities, food, transport. The loan payment must fit within your available funds.
Don't borrow on impulse
Impulsive decisions often lead to over-borrowing. Wait at least 48 hours before submitting an application. If the need still seems justified after waiting, only then proceed.
Compare offers
Don't choose the first offer. Compare terms from at least 3–5 lenders — interest, APR, fees and repayment schedule. Use our comparison table to find the best one.
Read the contract
Before signing, read the contract carefully. Pay attention to the interest rate, APR, penalties, early repayment terms and all fees.
Your borrower rights
Protected by law
Right of withdrawal
You have 14 calendar days to withdraw from the contract without giving a reason. Return the loan amount and accrued interest — the contract will be cancelled.
Early repayment
You have the right to repay the loan early in part or in full at any time. The lender may charge compensation of maximum 1% of the amount repaid.
SECCI standard information
Before signing the contract, the lender must provide you with a SECCI information sheet — it contains all loan terms in one document for an informed decision.
Dispute resolution
If a dispute arises with a lender, you have the right to contact the Consumer Protection Authority free of charge. You can also use out-of-court solutions.
Checklist: what to ask your loan advisor?
8 important questions before taking a loan