Are you applying for a loan?

Do you need help with your loan application? Read our FAQS below or click on the chatbot.

General

What does Monthio do?

Monthio is an account information service, regulated by the Danish FSA (Finanstilsynet).

Monthio helps you as a consumer and your credit provider procure and present the necessary data to provide an overview of your finances. Your credit provider pays us for this service. Monthio does not conduct the creditworthiness assessment - it is solely your credit provider that decides whether your application is approved.

My loan application was rejected even though I made corrections in the application?

If you have completed an application, made necessary corrections to your debt overview or budget to accurately represent your financial situation, and yet your application is rejected, we recommend you reach out to their credit provider and request them to forward your case directly to Monthio.

Monthio can subsequently review the case and work with your bank or lender to assess the situation.

The debt overview is showing debt that does not exist

In Denmark, the debt information is derived from data retrieved from eSkat and primarily relies on the most recent annual tax report (årsopgørelse) available. Consequently, your debt status at the application may differ from the debt as of the time of filling out the application. In such instances, Monthio recommends that the applicant updates their debt information to accurately reflect their current financial debt situation.If two individuals have both accessed SKAT and their private bank accounts in connection with the application, the displayed information will reflect the debt situation of both applicants.

Why are Monthio using the total expenses for the whole household when I filled out an application for myself? (I have a shared budget account so I should only be accounted for half of the expenses)

If you are filling out an application on behalf of yourself but find that it displays shared household expenses, Monthio recommends that you include any budget transfers made by your partner in the "Supplementary income" section, if such information has not already been provided.

By adding your partner's budget transfers into the "Supplementary income" section, you will effectively adjust the expenses to accurately reflect your individual portion of the shared expenses.

Please remember not to include your partner's entire income in the application if it is only created for one person. If your partner did not log into eSkat and their private bank in relation to the application, then the application is most likely created for one person. The application should only reflect your financial situation.

Why was my loan application rejected?

For information regarding a rejected loan application, we recommend that applicants reach out to their respective credit provider or bank, as it is them who evaluates and decides whether or not the loan application is approved.

Why does my creditworthiness need to be assessed?

In Denmark, there is a legal requirement that you as a consumer have to be protected from too much debt. This is upheld by your credit provider conducting a creditworthiness assessment. Your credit provider can only enter into an agreement with you if you can document that you can afford to pay the new installment.

Additionally, your credit provider has an interest in assessing whether you can pay what you commit yourself to.

What should I do, if Monthio cannot figure out my financial situation?

Within the Monthio flow, you have the option to correct the data and add comments. Your credit provider might subsequently ask you for documentation regarding these changes.

Who can help me, if I can't get the Monthio flow to work?

If you during the flow experience technical issues, we can help you through the chat functionality in the bottom right corner.

We can only help you with technical issues - it is only your credit provider that assesses your application.

I have completed the Monthio flow, now what?

When you have completed the flow, your processed data is transferred to your credit provider. If you do not hear back from your credit provider, you should contact them.

Data

Will my credit provider know what I bought with my money?

In Denmark, the law states that only aggregated payment information can be used in creditworthiness assessment. Therefore Monthio does not pass on any details about the specific purchases you may have made, but only overall amounts for different budget posts. For instance rent, transport or restaurant visits.

What does Monthio do with my data?

In accordance with the consent you have given to Monthio, we only process your data in relation to the specific application you are currently in the process of. Hereafter, we automatically delete your data.

As we never have the option to “reuse” your data, you will have to go through a new flow if you start a new credit application at the credit provider that uses Monthio.
‍See our privacy policy here

How do I delete my data if I change my mind during the flow?

Until you have finished the flow, you can cancel and activate deleting data yourself. You can use the GDPR functionality that you will find in the loan application process the top right corner.

‍When you have finished your application request, your processed data will be transferred to your credit provider and hereafter automatically deleted at Monthio. If you wish your data to be deleted at your credit provider, you should refer this request to them.
‍
See our privacy policy here

Read more about your rights in this EU PSD2 brochue

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