Are you applying for a loan?

Here's some help with the process.

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.

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.

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, transportation 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.
Seeour 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 a deletion of your data yourself. Use the GDPR functionality that you will find in the flow in the bottom left corner.

When you have finished the flow, 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

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.

Read more about your rights in this EU PSD2 brochure

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