A promissory note (skuldebrev) is a written acknowledgement of a debt: one party confirms in writing that they owe a specific sum to another and undertakes to repay it. In Sweden it is the standard document for private loans — lending money to a friend, partner, family member, or business contact — and it is governed by an old but still-current statute, the Debt Instruments Act (Lag (1936:81) om skuldebrev).
For internationals living in Sweden the term causes confusion because there is no single English equivalent. "Skuldebrev" covers what English speakers would variously call a promissory note, a loan agreement, an IOU, or a debt instrument. The same Swedish word is used whether you are lending 5,000 kronor to a friend or signing a mortgage with a bank. What matters legally is not the label but the content and the type of note.
This guide explains, in plain English, what a skuldebrev is, the two legal types, when you actually need one, the rules on interest and repayment, how long the debt remains enforceable, and the mistakes people most often make. It keeps the Swedish terms in parentheses so you can match them to documents and to advice you receive in Swedish.
What is a promissory note (skuldebrev)?
A skuldebrev is a one-sided, written promise to pay a debt. The person who issues it (the borrower, gäldenär) acknowledges owing a defined amount to the creditor (borgenär) and commits to repay it. It is governed by the Debt Instruments Act (Lag (1936:81) om skuldebrev), which still applies today. Swedish law splits these notes into two types. A simple note (enkelt skuldebrev) is made out to one named person and is essentially proof of a debt between those specific parties; it is the normal choice for a loan between two private individuals. A negotiable note (löpande skuldebrev) is made out either "to the bearer" (till innehavaren) or "to a named person or order" (till viss man eller order) and is designed to be sold or transferred to someone else, which is why banks use this form. The practical difference matters a lot: with a simple note the borrower keeps every defence they had against the original lender even if the debt is sold on, whereas with a negotiable note a good-faith buyer of the note can acquire a stronger right than the original lender had — so the borrower may lose objections such as "I already paid part of it." For an ordinary private loan, a simple note (enkelt skuldebrev) is almost always what you want.
When do you actually need one?
There is no law forcing you to write a skuldebrev for a loan — an oral loan is legally valid — but proving an oral loan in a dispute is very hard, and the burden falls on the person claiming the money is owed. You should put a skuldebrev in writing whenever real money or trust is at stake: lending to a friend or relative, lending to or borrowing from a partner, an uneven contribution to a jointly bought home, money advanced to a small business, or any situation where you might later need to show the Enforcement Authority (Kronofogden) or a court that a debt exists and on what terms. It is especially important between couples and family members, where a transfer with no documentation can later be treated as a gift (gåva) rather than a loan — with consequences for repayment, divorce settlements, and inheritance. A clear note removes that ambiguity by stating that the money is a loan to be repaid, not a gift.
Legal requirements and what to include
Swedish law sets almost no formal requirements (formkrav) for a skuldebrev between private persons. It does not need to be witnessed (bevittnat) to be valid, it does not need to be notarised, and there is no official template you must use. What makes it useful is clear content. A sound note states the date; the full names and personal identity numbers (personnummer) of both lender and borrower; the exact amount lent and the currency; whether interest (ränta) is charged and at what rate; the repayment terms (a fixed due date, or instalments/amortering); what happens on late payment; and the borrower's signature. If there are several borrowers and you do not say otherwise, the Act's default rule (§1) makes them jointly and severally liable (solidariskt ansvariga) — the lender can demand the whole sum from any one of them — so if you intend each to owe only a share, write that explicitly. Although witnessing is not required, having the signatures witnessed makes the note stronger evidence if its authenticity is ever challenged.
Interest, due dates and statutory rules
Interest on a skuldebrev is governed by the Interest Act (Räntelag (1975:635)), to which the Debt Instruments Act refers (§6). Two points surprise many borrowers and lenders. First, ordinary interest is not automatically owed: under the Interest Act no interest runs for the period before the debt falls due unless you have agreed on it (§2), so if you want to earn interest on a private loan you must write it into the note. Second, late-payment interest (dröjsmålsränta) is set by statute even if you said nothing. If a due date was fixed in advance, default interest runs from that date (§3); if no due date was fixed, it runs from 30 days after the lender sent a written demand for payment (§4). The statutory default rate is the Riksbank reference rate (referensränta) plus eight percentage points (§6). If no repayment date is agreed at all, the Debt Instruments Act (§5) lets the lender demand payment whenever they choose ("vid anfordran"), so a borrower cannot assume an open-ended loan is interest-free or indefinite.
How long the debt stays enforceable (preskription)
A debt does not last forever. Under the Limitation Act (Preskriptionslag (1981:130)) an ordinary claim becomes time-barred (preskriberad) ten years after it arose, unless the limitation period is interrupted before then. The shorter three-year limitation applies only to a business's claim against a consumer for goods or services — it does not apply to a loan between two private individuals, so a private skuldebrev is normally subject to the ten-year rule. The clock is reset (preskriptionsavbrott) if the borrower acknowledges the debt — for example by paying an instalment or interest, or admitting it in writing — or if the lender sends a written reminder or starts legal action; a fresh ten-year period then begins. Once a claim is time-barred the creditor loses the right to enforce it. For lenders this means keeping evidence and periodically reminding the borrower in writing; for borrowers it means understanding that part-paying or signing a new acknowledgement restarts the whole period.
Common mistakes to avoid
The frequent errors are practical, not exotic. Lending with no written note at all, then being unable to prove the loan. Writing "I owe you money" with no amount, date, or signature. Forgetting to state whether interest applies — remember that without an agreement you earn no ordinary interest before the due date. Setting no repayment terms, which leaves the loan payable on demand. With several borrowers, not realising the default is joint and several liability for the full amount. Using a negotiable note (löpande skuldebrev) for a simple private loan, which can let a later good-faith holder defeat the borrower's defences — a simple note (enkelt skuldebrev) is safer between individuals. Losing the original of a negotiable note, which the borrower is entitled to demand back on full payment. And failing to record each repayment on the note itself, which risks being asked to pay twice. On tax: the loan principal is not taxable income for the borrower, but interest the lender actually receives is taxable capital income (kapitalinkomst) and should be declared to the Swedish Tax Agency (Skatteverket).
FAQ
Is a skuldebrev valid without witnesses?
Yes. Swedish law sets no requirement that a promissory note (skuldebrev) between private persons be witnessed (bevittnat) or notarised; a signed note is valid on its own. Witnessing is optional and only strengthens the evidence if someone later disputes that the signature is genuine.
What is the difference between an enkelt and a löpande skuldebrev?
A simple note (enkelt skuldebrev) is made out to one named creditor and is the standard form for a private loan; if the debt is sold on, the borrower keeps all the defences they had against the original lender. A negotiable note (löpande skuldebrev) is made out to the bearer or "to order" and is built to be transferred, so a good-faith buyer can gain a stronger right than the original lender had. For ordinary loans between individuals, the simple note is the safer choice.
Do I have to charge interest on a private loan?
No. Under the Interest Act (Räntelag (1975:635)), ordinary interest is only owed if you agree on it, and none runs for the period before the debt falls due unless stated. So you can make an interest-free loan, but if you want interest you must write it into the note. Late-payment interest (dröjsmålsränta), by contrast, applies by statute even without agreement once the debt is overdue.
How long can a debt be claimed under a skuldebrev?
Generally ten years. Under the Limitation Act (Preskriptionslag (1981:130)), a claim becomes time-barred ten years after it arose unless interrupted. The three-year period applies only to a business's claim against a consumer, not to loans between private individuals. The ten years restart each time the borrower acknowledges the debt (for example by paying an instalment) or the lender sends a written reminder or sues.
What happens if there is no repayment date in the note?
If no due date is agreed, the Debt Instruments Act (§5) lets the creditor demand payment whenever they choose ("vid anfordran"). The borrower cannot treat the loan as open-ended or indefinitely deferred. It is better to set a clear due date or an instalment schedule (amortering) so both sides know when payment is expected.
Is money I lend or borrow privately taxable?
The loan amount itself is not taxable income for the borrower, and repaying it is not deductible. However, if you are the lender and you actually receive interest, that interest is taxable capital income (kapitalinkomst) and should be reported to the Swedish Tax Agency (Skatteverket). If a transfer between family members is not documented as a loan, it can instead be treated as a gift (gåva), which is why a written note matters.
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