5 Things You Should Know About Consumer Loans in Finland

Obtaining a consumer loan in Finland isn’t difficult as long as you are armed with the right information and you meet the needed requirements. Online customer experience aggregators and company profilers like SuomiArvostelut, can help you with information on obtaining loans and credible lending institutions such as Limiitti.

A consumer loan can be for any purpose and the fact that lending institutions do not need to know why you are applying for such a loan makes it more comfortable. And another good thing is that you do not need collateral to apply for such loans in Finland.

Thus, let us have a look at some things you need to know about consumer loans so that successfully applying for one wouldn’t pose a problem.

     1. Payment Duration

When you obtain a loan in Finland, the maximum duration of payment is 15 years. This time frame is not affected by the amount of loan taken, the purpose, or the creditworthiness of the person acquiring the loan.

But it is possible to pay your loan earlier than the stipulated time agreed upon. Doing this will be in your favor because the interest rate can be lowered and your chances of obtaining future loans will be increased.

     2. No Collateral is Needed

You don’t need collateral to be eligible for a consumer loan in Finland. This is of advantage for those who don’t have assets that are collateral-worthy such as cars and landed properties. This helps to level the field among the populace as both the rich and the not-so-well-off can get loans as long as they satisfy all the needed requirements.

But the downside to unsecured loans is that interest rates are higher than if you were to obtain loans with collateral. This is because the lender is at higher risk since they have nothing to hold on to if the individual defaults to pay back the loan.

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     3. Legal Requirements

In Finland, some legal requirements must be met for your loan application to stand a good chance of being approved. These requirements are enumerated below.

  1.      To qualify for a loan in Finland, you need to have a registered permanent address or Finnish citizenship or a minimum of 3 years recorded stay in the country.
  2.      The minimum age requirement is 23 years. Your loan application will be invalid if you are not up to that age.

      3.      You must have a clean slate at the Maksuhairiomerkinnan, the Register of Insolvent Debtors.

      4.       A steady annual income at 16,000 EUR minimum.

      5.       Your recent payslip and initial tax return (veroilmoitus) are documents required by any lending institution in Finland to process your loan application   

     4. Partnership

It is possible to take a loan in Finland as a team. This is usually done by two people who are related or legally bound via marriage, cohabitation, or registered partnership.

In this case, each member must present their documents, which are evaluated following the same procedures used if it were a single person applying for the loan.

The advantage of this option is that a combined effort can easily settle alone as compared to a single individual.

     5. Refinancing Your Loan

This is a process whereby you undertake a new loan to pay off an old one. Refinancing is a good option as it comes with more encouraging terms such as a lesser interest rate.


Whether you need a consumer loan to get a new vehicle, house equipment, renovation, or as a student in Finland, as long as you meet the requirements, your application is more likely to be considered by lending institutions. However, each lending institution may have other added terms, thus, you need to be sure what the deal is before signing up for a loan.

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