Am I allowed to take a payday loan in Sweden?
Yes — you may take a payday loan from age 18, but the rules are heavily tightened. Since 1 March 2025 the rate cap is the reference rate + 20 percentage points (cut from 40). There is also a cost cap: interest and fees together can never exceed the loan amount, so if you borrow 10,000 kr you can repay at most 20,000 kr. The lender must do a credit assessment for every loan, and you have a 14-day right of withdrawal (repay within 30 days). A brand-new Consumer Credit Act takes effect on 20 November 2026, keeping the cap but tightening credit assessment and marketing.
📋 The rules
- Minimum age 18 and a mandatory credit assessment
- Rate cap: reference rate + 20 points (since 1 March 2025)
- Cost cap: interest + fees can never exceed the loan amount
- 14-day right of withdrawal, repay within 30 days
- The caps now cover almost all consumer credit
🔓 Exceptions
- Mortgages are not covered by the rate cap
- Interest-free credits and invoices are exempt from the rate cap
- A new Consumer Credit Act takes effect on 20 November 2026
⚠️ Penalties & fines
A lender that breaches the rules can be fined a sanction charge of at least 5,000 kr and at most 10 million kr (max 10% of the prior year's turnover), plus a warning or prohibition. Improper lending can be stopped by the supervisory authority.
📎 Official sources
- Hallå konsument · Consumer Credit Act →
- Consumer Agency · Consumer Credit Act →
- Consumer Credit Act (2010:1846) · Riksdagen →
❓ Frequently asked
How high can the interest on a payday loan be?
The rate cap is the reference rate plus 20 percentage points since 1 March 2025, cut from the previous 40 points.
Can the cost be unlimited?
No. Interest and fees together can never exceed the loan amount itself.
How old must I be to borrow?
18, and the lender must do a credit assessment for every loan.
Do I have a right of withdrawal on a loan?
Yes, you have a 14-day right of withdrawal and must then repay the loan within 30 days.
What applies from late 2026?
A new Consumer Credit Act takes effect on 20 November 2026, tightening credit assessment and marketing.
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