The law that came into effect on July 1 means that consumer credits are now only allowed to be granted or brokered by banks and credit market companies with permits. The change is intended to clean up the jungle of companies that issue unsecured loans and to reduce indebtedness in society.
According to the Financial Supervisory Authority, two actors in the category of consumer credit institutions have become so-called credit market companies this year: Brixo and Anyfin.
Future expansion
Anyfin's business idea is to take over existing credits from private individuals with the goal of reducing interest rates. They applied for a permit at the end of last year and were approved in June.
It was a decision that we had made and taken regardless of whether this new law change had come in. For our part, it is primarily to enable further expansion. Such a license applies throughout the EU, says Mikael Hussain, CEO of Anyfin.
The new law affects about seventy companies, which are now forced to apply for a bank permit – or close down. The application is made to the Financial Supervisory Authority (FI) and includes, among other things, a fee of 1.5 million kronor. The decision is made within six months.
A handful of companies have returned their permits this year. FI is not currently processing any applications, the authority writes in an email to TT.
Lendo: Plans to apply
Mikaela Grännby, CEO of Lendo, also thinks that the government has drawn it a bit too far when it comes to brokers.
But now the decision is made and we intend to respect it, of course.
Lendo plans to submit an application during the second quarter of next year. The transition period is until July 31, 2026. Lendo has for many years expressed support for increased regulation and stricter supervision, emphasizes Grännby.
The effect of the new law in the long term affects which and how many actors remain on the market, she thinks.
I'm thinking especially of smaller companies that may have difficulty making this change, to meet the increased requirements that the permit entails. The threshold for entering the market as a new actor is also raised.
