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Bondora is an Estonia financial platform which issues small loans and offers various investment options. It was founded in 2009 and originally known as Sõbralaen OÜ and then later on as IsePankur. Due to the company’s rapid growth, they adopted the international trademark name of Bondora. Bondora also operates, in addition to Estonia, in Finland and Spain and it has 790 000 clients in the three countries put together. 

Bondora operates in Estonia under the credit provider licence issued by the Estonian Financial inspection. 

By using cutting-edge technological solutions, Bondora makes getting a loan easier and cheaper. The bank as also able to provide each client with a personal loan offer.

Bondora logoWhich services does Bondora provide?

You can apply for Bondora’s small loan for any purpose whether it be redecorating your home, going on your dream holiday, starting a business, buying a new car or simply paying for other large expenditures. You don’t need to take out a separate car loan or home repair loan – Bondora’s collateral-free loan allows you to use the received sum for anything you’d like. They don’t offer quick loans, however, given that the money is wired to your account within 1-3 days after signing the contract, then Bondora’s small loan is a viable alternative to the quick loan.

Bondora also offers you the opportunity to refinance your existing loans. This allows you to tie several different loans into one loan, disperse your loan obligations across a longer period and to save on interest and credit cost rates. Refinancing makes sense if Bondora’s offered conditions are better than your current loan conditions.

As an extra service, they offer solution called B-Secure, which allows you to make your loan conditions more flexible. This gives you the opportunity to take a grace period, lengthen or shorten the loan period and to choose your payment day. B-Secure’s costs 10€ a month regardless of how many active loans you have. 

If instead of taking out a loan, you wish to invest, then that is also possible at Bondora. They offer easy automated investment options where you can start with just 1€. 

What are Bondora’s loan conditions?

Bondora offers collateral-free loans in the amounts of 500-10 000€. The repayment period is between 3 months to 5 years. You get to choose the exact timeframe. The annual interest rate is 12,18%. It’s also worth mentioning that Bondora’ system calculates the best interest rate for each client based on their personal information and credit history. 

Who is eligible for a loan from Bondora?

The conditions for getting a loan at Bondora are pretty standard. Getting credit from Bondora requires you to be at least 18 years of age, to have an Estonian bank account and a stable monthly income, to not have any payment defaults and gambling problems. 

How to apply for a loan?

One of Bondora’s advantages is that you can apply for a loan online. Filling in the application takes about 5 to 10 minutes and in order to submit it, you’ll just need the help of a computer or a smartphone. After submitting the application, you’ll receive a loan offer within a minute (at any time of day). Once you’ve chosen your offer and have agreed to the loan conditions, the chosen sum will reach your account within 1-3 days. 

The loan application process at Bondora looks like this:

  1. Sign up and fill in the loan application. Insert your personal information to get a personalised loan offering. Sending in the loan application is easy and free. It’s 100% online and takes only 5 minutes. However, they don’t accept applications without bank account statements. By adding a bank statement, Bondora can determine your solvency and, if possible, they’ll be able to offer you final offer with a lower interest rate and smaller monthly repayments. 
  2. Choose a loan offer based on your options and needs, and the loan amount and repayment period.
  3. Undergo an identification check and sign the contract. A one-off identification check is needed in order to obtain your first loan from Bondora. The money will be wired to your bank account automatically after signing the contract.

Can I pay the loan back prematurely?

You can repay the loan at any time in full or with instalments. If you choose to repay the loan prematurely then you’ll need to pay the remainder of the loan, the interest that it has accumulated to that date and possible unpaid invoices. Paying a loan back prematurely is free of charge.

Bondora is a standard micro loan provider. The conditions are simple. You don’t need a collateral and the loan application process is smooth. Bondora differs from other loan providers by responding to your loan application with a variety of options, from which you can choose the best option for you. Therefore, you don’t need to agree with the one option that they provide you with, instead you can find an option that works best for you.

Taking out a loan is not a decision that should be taken lightly. Get acquainted with the loans offered by other providers and their terms and conditions on Biginkasso’s page. We will help you find the cheapest loan that meets your requirements. Biginkasso helps you find Estonia’s cheapest quick loan, microcredit loan, consumer loan and other loans.