Please note that this information only applies to Lunar in Denmark.
The big overview
At Lunar, we offer three different types of loans & credits - consumer loans, credit lines, and pay later.
The consumer loan is a flexible loan for consumption, where you completely decide what you use the money for. You can get a loan between 10,000 and 300,000 DKK. Read much more about this here.
The credit line gives you more flexibility in your finances and security if unexpected situations arise. The credit amount is 10,000 DKK. Read more about this here.
Pay Later allows you to split a card payment between 350-10,000 DKK, giving you more room in your budget. Read more about it right here.
How to apply for a loan
You apply for a loan through the Lunar app. Simply go the the "Discover" tab and then click on "Loans and Credit".
To apply for a loan, we need information about yourself and your finances. This information is necessary for us to assess whether you are creditworthy and can repay the loan. It is therefore important that you ensure that the information you provide is correct.
What to know after your application is submitted
After your application has been submitted, it will be sent for processing. You will usually receive a response on whether your application has been approved or rejected within 24 hours.
If your application has been approved, you will receive a non-binding offer in the Lunar app. Once you have approved the loan and signed the loan with your MitID, the money will be deposited into your Nemkonto within 1-3 business days.
If your application is rejected, you will also receive a message in the Lunar app. Here you can read more about why your application was rejected. You can apply again at another time even if you have previously been denied. However, there must have been a change in your finances before it makes sense to apply for a loan again.
When it's time to repay
During the application, you have chosen the term of the loan and the monthly amount you pay. If you want to pay more than this - what is called an "extraordinary amount" - you can go to the app and select "deposit" on your loan overview page. Here you can deposit extra money - or pay off the entire loan.
If you have the opportunity to repay an amount on the loan - or even perhaps the entire amount earlier than expected, this will only reduce your loan costs.
It is not possible to cancel an extra payment to your loan, so be sure you can afford it
It is important that you have enough money in your account to cover the payment of your loan every month. If your loan is overdrawn, you may risk incurring reminder fees - and ultimately, you may end up in debt collection.
If you regret your loan
You have the right to cancel loans and credits within 14 days from the time the loan is disbursed. If the last day of the withdrawal period falls on a weekend or holiday, the period expires on the following business day.
If you wish to exercise your right of withdrawal, please notify us - either via email or the chat function in the Lunar app.