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Personal loans Finland
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Amount
EUR 1.000 – 70.000
Term
12-240 months
Interest rate
4-20%
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100% Free and without obligation
One application – several loan offers
*The loan term can be 1-20 years, the loan amount is €1,000–€70,000 and the interest rate is 4–20%. Example: When the loan amount is €15,000, the interest rate is 6%, the repayment period is 8 years, the opening fee is €0 and the account management fee is €5/month, the monthly installment is €202, the amount to be repaid is €19,404 and the annual percentage rate is 6.89%. Please note that the loan can also be repaid faster.
Amount
EUR 50 – 3.000
Term
1-24 months
Interest rate
23,86%
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Fast payout
*Example of loan repayment: The actual annual interest rate for a loan of 2000 euros is 23.86%. The calculation takes into account a nominal interest rate of 14.99%, loan management fee of 6 euros per month. The total amount of the loan and loan costs is 2238.12 euros, when there are 12 payment installments.
Amount
EUR 500 – 70.000
Term
12-240 months
Interest rate
4,19-20%
Verified Company
100% Free and without obligation
One application – several loan offers
*Loan example: €10,000 for 5 years, interest rate 12.6%, actual annual interest rate 14.9% and opening fee €95, account management fee €5/month, total €13,958 or €233/month.
Amount
EUR 1.000 – 4.000
Term
3-54 months
Interest rate
26,72%
Verified Company
Flexible Loan – Revolving Credit
One application – several loan offers
Loan example: €4,000, withdrawn at once. Loan interest rate 17.50% (current interest rate 2.50% + 15% nominal interest). Total loan costs €523.17, including a €12 monthly account management fee, the estimated total amount of the example loan is €1,000. €4,523.17, assuming that the credit is repaid over a 12-month payment period as follows: 1. €403.67, 2. €398.81, 3. €393.94, 4. €389.08, 5. €384.22, 6. €379.36, 7. €374.50, 8. €369.64, 9. €364.78, 10. €359.92, 11. €355.06, 12. €350.19. Actual annual interest rate: 26.72%, the above is an example calculation based on the assumptions valid at the time of the calculation and on the customer following the above payment plan.
Amount
EUR 1.000 – 70.000
Term
12-240 months
Interest rate
4,19-20%
Verified Company
100% Free and without obligation
One application – several loan offers
*The actual annual interest rate calculated for a €25,000 loan with a 10-year repayment period is 7.54%, if the interest and costs include: Annual interest rate 6.90%, monthly account management fee €5 and loan opening fee €0. The monthly installment for the €25,000 loan in the example is €293.98, including a total of 120 installments. The total amount of the loan, interest and costs in the above example is €35,278, of which the costs account for €600 and the interest account for €9,678.
Amount
EUR 1.000 – 70.000
Term
12-240 months
Interest rate
4,19-20%
Verified Company
Fast and Free
Up to 25 loan offers
The effective annual interest rate according to the Consumer Protection Act is 9.39% calculated for a loan amount of €15,000, with a repayment period of 8 years, an account management fee of €5, an opening fee of €30 and a nominal interest rate of 8.30%. The amount to be repaid is then €21,087, or €219/month. The effective annual interest rate on a credit card can be 18.97% calculated for a used loan of €1,500, with a repayment period of one year and a nominal interest rate of 17.50%. The amount to be repaid is then a total of €1,646, or €146 per month. The final effective annual interest rate, loan term and monthly loan instalment are in the loan agreement. Lenders make a loan agreement based on a customer-specific assessment. The nominal interest rate offered can vary between 4.19% and 20% and the annual loan costs between €0 and €150. The loan term offered varies between 1 and 20 years. The loan amounts offered range from €500 to €70,000.
Amount
EUR 5.000 – 60.000
Term
12-180 months
Interest rate
9,33-28,98%
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No collateral required
For example, a €14,000 loan with an interest rate of 13.99% (actual annual interest rate of 14.92%), the total price over an eight-year payment period will be €23,340, with a monthly payment of €243 (96 installments). (May 2025)
Personal loans in Finland offer a flexible financial solution for individuals seeking to cover various personal expenses, from consolidating debt to funding a major purchase or project. These unsecured loans are provided based on creditworthiness, without the need for collateral, making them accessible to a wide range of borrowers.
Interest rates and terms for personal loans in Finland can vary significantly based on the lender and the borrower’s credit profile.
What is a personal loan?
A personal loan in Finland is an unsecured loan, meaning it doesn’t require collateral, such as property or other assets, for approval. Instead, lenders issue these loans based on the borrower’s creditworthiness, which includes factors like income level, credit history, and debt-to-income ratio. Personal loans offer a lump sum of money upfront, which borrowers are required to pay back in fixed monthly installments over a predetermined period.
These loans are versatile, allowing individuals to use the funds for a variety of purposes, including home renovations, consolidating debt, financing a significant purchase, or covering unexpected expenses. The interest rates for personal loans can vary, influenced by the borrower’s credit score and other financial details. By providing a clear repayment plan and fixed interest rates, personal loans in Finland offer a predictable and straightforward way for individuals to manage their financial needs.
Example of a Personal Loan
To illustrate how a personal loan works in Finland, let’s consider a common scenario where an individual borrows €10,000 with an annual interest rate of 11.76% over a period of 5 years. The example below breaks down the total cost of the loan, including interest and fees, providing a clear picture of the borrower’s obligations.
| Description | Details |
|---|---|
| Loan Amount | €10,000 |
| Loan Period | 5 years |
| Effective Annual Interest Rate | 11.76% |
| Cost of Interest and Fees | €3,050 |
| Total Repayment Amount | €13,050 |
How to Apply For a Personal Loan in Finland
Applying for a personal loan in Finland is a straightforward process that involves a series of steps to ensure you meet the lender’s requirements and get the best possible terms. Initially, you need to assess your financial needs and understand how much you want to borrow and what you can afford to pay back. Researching various lenders and comparing their offers is crucial to find a loan that suits your financial situation.
Step-by-Step Guide to Applying for a Personal Loan:
- Assess Your Financial Situation: Determine why you need the loan and how much you need.
- Check Your Credit Score: Your credit score will significantly influence the loan terms, so know your score beforehand.
- Compare Lenders: Look at different lenders to find the best interest rates and loan terms.
- Gather Necessary Documentation: Prepare all required documents, such as proof of income, identification, and any other financial records.
- Submit Your Application: Complete the loan application form and submit it along with your documents.
- Wait for Approval: The lender will review your application and make a decision.
- Review the Loan Offer: If approved, review the loan terms before accepting.
- Receive the Funds: Once you accept the loan terms, the funds will be disbursed to your account.
Tips for a Successful Application
Before you apply, consider these tips to enhance your chances of approval and secure favorable loan terms.
- Review Your Credit Report: Ensure there are no errors that could impact your credit score negatively.
- Reduce Existing Debt: Lowering your debt-to-income ratio can make you more attractive to lenders.
- Provide Accurate Information: Ensure all the information in your application is correct to avoid delays or rejections.
- Understand the Terms: Fully comprehend the loan terms, including interest rates, fees, and repayment schedule, to avoid surprises.
- Consider a Co-signer: If your credit history is less than ideal, a co-signer can improve your chances of approval.
Required Documentation for Personal Loans
When applying for a personal loan in Finland, lenders will request specific documentation to assess your creditworthiness and financial stability. The required documents help the lender understand your financial background, ensuring you have the means to repay the loan.
- Proof of Identity: Valid identification, such as a passport or national ID card, is essential to verify your identity.
- Proof of Income: Lenders typically require recent payslips, tax returns, or bank statements to assess your income and employment stability.
- Proof of Residence: A utility bill, lease agreement, or similar document may be needed to verify your current address.
- Credit Information: While lenders will check your credit score, having your credit report can be useful for your own reference and to correct any discrepancies.
- Debt Information: Details on existing debts, including credit cards, mortgages, and other loans, help lenders assess your debt-to-income ratio.
- Bank Statements: Recent bank statements provide a snapshot of your financial health, showing your income, expenses, and saving habits.
Gathering these documents beforehand can streamline the application process, making it easier and faster to secure your personal loan.
FAQ
Frequently Asked Questions
A personal loan is an amount of money borrowed from a lender that you pay back in fixed monthly payments over a set period. It’s typically unsecured, meaning it doesn’t require collateral like a home or car.
You can use a personal loan for almost any purpose, including consolidating debt, financing a large purchase, covering unexpected expenses, or funding a home improvement project.
The amount you can borrow with a personal loan in Finland varies but typically ranges from €1,000 to €50,000, depending on the lender and your creditworthiness.
Yes, Finland uses a credit scoring system. Lenders assess your credit score to determine your creditworthiness, which influences your loan terms, including interest rates and the amount you can borrow.
