Best Loans in Finland: Ultimate Guide

Compare the best options on the market and choose the one which best adapts to your day to day needs.

Further Below: Our Guide To Loans in Finland, Everything You Need to know.

1. Nordic bank

  • Offer loans of up to 70,000 euros
  • Flexible interest rates
  • Unsecured loan
  • Fast payout
  • Laxer application procedures
  • Excellent repayment period of up to 15 years
  • Loans available for any purpose
  • Offers free application 

2. OP (osuuspankki)- cooperative bank

  • Flexible loan limit of up to 15,000 euros
  • Annual interest of 7.9% plus a Euribor of 3 months 
  • Offers a grace month once a year 
  • Lenient application procedures
  • Loan purpose is diverse
  • Fast approval 
  • Limited to OP customers
  • Customized repayment terms

3. Saldo loan

  • Offer loans of up to 50,000 euros
  • Friendly interest rates of 13.99% p.a
  • Fast approval within 5 minutes
  • Hassle-free online application  
  • Long  repayment terms of up to 88 months
  • Simpler eligibility criteria
  • Applicants with stable income are preferred
  • Available for various purposes

What Is a Loan?

Before delving into the specifics of loans in Finland, let’s start with the basics. A loan is a financial arrangement where a lender provides a sum of money to a borrower, typically with interest, which must be repaid over a set period. 

Loans can serve various purposes, such as buying a home, financing education, starting a business, or covering unexpected expenses.

What are the Different Types of Loans in Finland?

In Finland, loans come in several forms, each tailored to specific needs. Here are some common loan types:

  • Mortgage Loan (Kiinnityslaina): A mortgage loan, known as “Kiinnityslaina” in Finnish, is perhaps the most significant financial commitment a person can make in their lifetime. This loan is specifically designed for purchasing or refinancing residential properties. 
  • Consumer Loan (Kulutuslaina): A consumer loan, or “Kulutuslaina” in Finnish, provides individuals with the financial flexibility to cover various personal expenses, ranging from home renovations to dream vacations. Unlike mortgage loans, consumer loans are typically unsecured, meaning they don’t require collateral. 
  • Student Loan (Opintolaina): In Finland, students can access low-interest student loans known as “Opintolaina” to fund their education. These loans cover tuition fees, textbooks, and living expenses while studying. 
    One unique aspect of Finnish student loans is that they are income-adjusted, meaning repayment is based on the borrower’s income level after graduation, ensuring affordability for new graduates.
  • Car Loan (Autolaina): When you’re looking to purchase a vehicle, a car loan, or “Autolaina” in Finnish, can be a viable option. Car loans typically come with fixed interest rates and shorter terms compared to mortgage loans. 
  • Business Loan (Yrityslaina): Entrepreneurs and business owners can access business loans, referred to as “Yrityslaina” in Finnish, to fund their ventures or expand existing operations.
    These loans cater to the unique financial needs of businesses, offering various terms and conditions depending on the lender and the type of business. 
  • Personal Loan (Henkilökohtainen laina): A personal loan, or “Henkilökohtainen laina” in Finnish, is a versatile loan type that individuals can use for various purposes, including debt consolidation, home improvements, or covering unforeseen expenses. 

When Should I or Should Not Get a Loan?

Before applying for a loan, assessing your financial situation and needs is crucial. Here’s a simple guide to help you decide when you should get a loan and when not to:

SituationsWhen Should I Get a LoanWhen Should I Not Get a Loan
Emergency expenses       ✅ Consider a loan for immediate needs  ❌ Avoid loans for non-urgent expenses
Investment opportunities ✅ Explore loans to seize profitable ventures❌ Avoid loans for risky investments  
Essential purchases      ✅ Get a loan for necessary big-ticket items❌ Avoid loans for frivolous spending
Debt consolidation       ✅ Consider loan consolidation for better terms❌ Avoid loans if it worsens your debt  
Home Purchase            ✅ Obtain a mortgage for homeownership and wealth-building❌ Avoid loans if you’re not ready for the long-term commitment
Education Funding        ✅ Use student loans for educational expenses❌ Avoid loans for unnecessary courses or non-academic pursuits
Business Expansion       ✅ Consider a business loan for growth and increased revenue❌ Avoid loans if your business plan is not well-researched
Medical Emergencies      ✅ Loans can help cover urgent medical bills❌ Avoid loans for elective medical procedures
Vacation Planning        ✅ Consider a loan for a well-deserved vacation❌ Avoid loans for extravagant trips that strain your budget
Vehicle Purchase         ✅ Use a car loan for essential transportation❌ Avoid loans for luxury cars you can’t afford
Wedding Expenses         ✅ Loans can help fund a memorable wedding❌ Avoid loans for extravagant weddings beyond your means
Renovation and Repairs   ✅ Get a loan for critical home repairs❌ Avoid loans for cosmetic upgrades without a clear return on investment

What to Look Out for When Picking a Loan in Finland?

Here are some key factors to look out for when selecting a loan, with a particular emphasis on the role of Suomen Asiakastieto Oy, also known as Asiakastieto:

  • Interest Rates and Costs: One of the most critical aspects to consider when choosing a loan in Finland is the interest rate. Different lenders may offer varying interest rates, which can significantly impact the total cost of your loan. 
  • Loan Term: The loan term, or the period over which you’ll repay the loan, is another critical factor. Longer terms may result in lower monthly payments but potentially higher overall interest costs. 
    Shorter terms may have higher monthly payments in Finland but can save you money on interest in the long run. Select a term that fits your budget and financial goals.
  • Suomen Asiakastieto Oy Credit Report: Before applying for a loan, it’s advisable to obtain your credit report from Suomen Asiakastieto Oy. This report provides a detailed credit history overview, including past loans, payments, and any potential delinquencies. 
    Review your credit report carefully to ensure its accuracy and address any discrepancies. A positive credit report can help you secure better loan terms, such as lower interest rates.
  • Debt-to-Income (DTI) Ratio: Finnish lenders often assess your Debt-to-Income (DTI) ratio to determine your ability to repay a loan. Your DTI is the ratio of your monthly debt obligations to your monthly income. 
    A lower DTI suggests that you have a more manageable debt level than your income, which can enhance your eligibility for loans. It’s advisable to keep your DTI below 40%.
  • Loan Purpose: Consider the purpose of your loan. Different loans are designed for specific needs, such as mortgages for home purchases, student loans for education, or consumer loans for general expenses. 
    Ensure that the loan you choose aligns with your intended use to maximize its benefits.
  • Loan Repayment Flexibility: Evaluate the flexibility of the loan repayment terms. Some loans may offer options for early repayment without penalties, while others may have stricter terms. 
    Choose a loan that aligns with your repayment preferences and financial stability.

How to Qualify for a Loan in Finland?

Here’s a comprehensive guide on how to qualify for a loan in Finland:

  • Maintain a Good Credit History: A crucial aspect of loan qualification in Finland is your credit history. Finnish lenders rely on credit reports provided by credit bureaus like Suomen Asiakastieto Oy (Asiakastieto) to evaluate your financial track record.
  • Steady Income: Demonstrating a stable source of income is essential when applying for a loan. Lenders want assurance that you have the means to repay the borrowed amount. 
    Ensure you have a consistent income stream, whether from employment, self-employment, or other sources, and be prepared to provide proof of income, such as pay stubs, employment contracts, or tax returns.
  • Residence Permit (For Non-Finnish Citizens): If you are an expatriate or foreign national residing in Finland, having a valid residence permit for the loan term can be crucial. 
    Lenders may have specific requirements for non-Finnish citizens, and a valid residence permit provides assurance of your legal status in the country.
  • Choose the Right Loan Type: Selecting the appropriate loan type that matches your financial goals and needs is crucial. 
    Different loans, such as mortgage, personal, or business, have specific requirements and eligibility criteria. Make sure you understand the prerequisites for the type of loan you intend to apply for.
  • Build a Positive Relationship with Your Bank: Having an existing relationship with a Finnish bank can work in your favor. 
    A history of responsible banking, maintaining accounts, and demonstrating financial responsibility can enhance your chances of loan approval.

How Can Fundgecko Help You Get the Best Loan in Finland?

Fundgecko can play a pivotal role in helping individuals secure the best loan tailored to their specific needs.

 We offer a platform to compare various loan options from different lenders and select the most appropriate one for your needs.

 Fundgecko generates personalized loan recommendations that align with your unique situation, ensuring you’re presented with the most relevant options.

What Documents Should I Have Ready to Present?

When applying for a loan in Finland, prepare the following documents:

  • Identification Documents:  You’ll need valid identification, such as your passport or Finnish ID card. 
  • Proof of Income: Lenders want to ensure that you have a steady source of income to repay the loan. Depending on your employment status, you may need to provide:
    • Pay Stubs: If you’re employed, recent pay stubs or salary statements are essential to demonstrate your income.
    • Employment Contracts: Some lenders may request copies of your employment contracts, especially if you’re in a long-term employment relationship.
    • Tax Returns: Self-employed individuals or freelancers should be prepared to present their tax returns as proof of income.
  • Residence Permit (For Non-Finnish Citizens): If you’re not a Finnish citizen, a valid residence permit is often required to confirm your legal status in Finland. Ensure that your permit covers the loan’s duration.
  • Bank Statements: Lenders may request your recent bank statements to assess your financial stability and track your spending habits. These statements provide insights into your cash flow and existing financial commitments.
  • Loan Purpose Documentation: Depending on the type of loan, you might need to provide specific documentation related to the loan’s purpose. For instance:
    • Mortgage Loan: You’ll need property-related documents like the purchase agreement and property valuation reports.
    • Student Loan: Enrollment confirmation and documentation of tuition fees are usually required.
    • Car Loan: If you’re financing a vehicle, you’ll need documents related to the car, such as the purchase agreement and registration.
  • Debt Obligations: Make a list of your existing debt obligations, such as other loans or credit card balances. Lenders will want to evaluate your overall debt load to determine your capacity for additional debt.
  • Collateral Documentation (if applicable): For secured loans, like mortgages, you’ll need to provide documentation related to the collateral, such as property deeds, insurance policies, or asset valuations.
  • Loan Application Form: Complete the lender’s loan application form accurately, providing all requested information and supporting documents. This form serves as the official request for the loan.

How can I improve my chances of getting a Loan in Finland?

Here are key steps to enhance your eligibility for loans in Finland:

  • Build a Positive Credit History: A strong credit history is a cornerstone of loan approval. Make sure to pay all your existing or recurring bills and existing loans on time. Avoid any late payments or defaults.
  • Check Your Credit Report: Obtain your credit report from Suomen Asiakastieto Oy (Asiakastieto) and review it for accuracy. Dispute any errors or discrepancies promptly, as they can negatively affect your credit score and loan approval prospects.
  • Reduce Outstanding Debts: Minimize your outstanding debts, particularly credit card balances. 
    High credit utilization can lower your credit score and make lenders wary of extending additional credit. Aim to maintain a low credit utilization ratio by paying down existing debts.
  • Maintain a Stable Employment History: Lenders often prefer borrowers with stable employment histories. Consistent income from steady employment can bolster your loan application. 
    Avoid frequent job changes if possible, as it may raise concerns about your ability to repay the loan.
  • Apply for the Right Loan Amount: Apply for a loan amount that aligns with your financial capabilities and repayment capacity. 
    Avoid overextending yourself, as this can raise concerns for lenders. Calculate the loan amount you genuinely need and can comfortably repay.
  • Consider a Co-Signer or Guarantor: If you have a limited credit history or a lower credit score, having a co-signer or guarantor with a stronger credit profile can boost your loan application’s chances of approval. 
    The co-signer takes on responsibility for the loan if you fail to repay it.
  • Shop Around for Lenders: Different lenders have varying lending criteria and may be more or less lenient in their assessments. 
    Take the time to compare loan offers from multiple lenders, including traditional banks, credit unions, and online lenders, to find the best fit for your needs.

A Step-by-Step Guide on How to Get the Best Loan in Finland

Whether you’re a resident or an expatriate, here’s a step-by-step guide on how to get the best loan in Finland:

1. Assess Your Financial Needs: Begin by determining why you need the loan. Are you buying a home, financing education, or covering other expenses? Understanding your financial goals and the purpose of the loan will help you choose the right loan type.

2. Review Your Credit Report: Obtain a copy of your credit report from Suomen Asiakastieto Oy (Asiakastieto), the primary credit bureau in Finland. A positive credit report can lead to better loan terms.

3. Improve Your Credit Score: If your credit score is less than ideal, take steps to improve it. Pay bills on time, reduce outstanding debts, and maintain a responsible credit history. A higher credit score can result in more favorable loan offers.

4. Compare Loan Offers: Research and compare loan offers from various lenders, including banks, credit unions, and online lenders. Consider interest rates, loan terms, and fees. 

5. Understand Loan Terms and Conditions: Carefully read and understand the terms and conditions of each loan offer. 

Take note of the interest rates, repayment timelines, and any extra costs or fees. Make certain that the loan matches your financial capacity and objectives.

6. Calculate Affordability: Calculate the monthly installment and total cost of the loan based on your budget. Ensure that you can comfortably make the payments without straining your finances. 

7. Gather Required Documents: Prepare all necessary documents, such as identification, proof of income, and residence permits (for non-Finnish citizens). 

8. Apply for the Loan: Submit your loan application to the chosen lender. Be honest and accurate in providing information. Include all required documents and complete the application form thoroughly.

9. Review the Loan Agreement: Carefully review the loan agreement once approved. Ensure that it reflects the terms and conditions discussed during the application process. 

10. Sign the Loan Agreement: After understanding and accepting the terms, sign the loan agreement. This legally binds you to the loan and commits you to repay according to the agreed-upon terms.

11. Manage Your Finances Wisely: After securing the loan, manage your finances wisely. Make timely payments to maintain a positive credit history and prevent late fees. Continue to monitor your credit report for accuracy.

Loan Cost Calculation Example for a Loan in Finland

Let’s calculate the monthly EMI (Equated Monthly Installment) for a hypothetical loan in Finland. For this example, let’s consider a loan of €10,000 with an annual interest rate of 5% and a loan term of 5 years (60 months). The formula for calculating the monthly EMI is:

EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]


  • EMI = Monthly installment
  • P = Principal loan amount (€10,000)
  • r = Monthly interest rate (annual interest rate divided by 12 and expressed as a decimal)
  • n = Total number of monthly payments (loan term in months)

First, we need to convert the annual interest rate to a monthly interest rate:

  • r = (5% / 12) / 100 = 0.004167

Next, we calculate the total number of monthly payments:

  • n = 5 years × 12 months/year = 60 months

Now, plug these values into the EMI formula:

  • EMI = [€10,000 × 0.004167 × (1 + 0.004167)^60] / [(1 + 0.004167)^60 – 1]

Calculating this using a calculator or spreadsheet software, you’ll find:

EMI ≈ €186.07

So, for a €10,000 loan in Finland with a 5% annual interest rate and a 5-year term, the monthly EMI would be approximately €186.07. You would need to pay this monthly to repay the loan over the specified period. 

Where to Get Loans in Finland?

You can obtain loans from various sources in Finland, including:


Traditional banks in Finland, such as Nordea, OP Financial Group, Danske Bank, and others, are some of the most common sources for loans. These banks offer a wide range of loan products, including mortgage, consumer, car, and business loans. 

Banks typically have established reputations and extensive networks, making them a reliable choice for many borrowers.

Credit Unions (Osuuspankki)

Credit unions, also known as cooperative banks or Osuuspankki, are local financial institutions that provide various banking services, including loans. 

They often have a strong community focus and may offer competitive loan terms, particularly for members. Credit unions are a viable alternative to traditional banks for those seeking a more personalized approach to banking.

Online Lenders

Finland’s digital lending market has grown in recent years, providing borrowers with online access to a wide array of loan options. 

Online lenders offer convenience and speed, allowing borrowers to quickly complete the application process and receive loan approvals and disbursements. 

While online lenders may have varying terms and conditions, they can be a convenient choice for those comfortable with digital banking.

Government Programs

Finnish citizens and residents may be eligible for loans through government programs in certain situations. 

For instance, Kela, the Social Insurance Institution of Finland, offers student loans to eligible students, while the Finnish state provides guarantees for certain business loans to promote entrepreneurship and growth.

Credit Marketplaces

Credit marketplaces or loan comparison websites like Fundgecko connect borrowers with multiple lenders, offering a one-stop platform to compare loan offers. 

These platforms simplify the loan shopping process, allowing borrowers to explore various options and choose the most suitable loan based on their preferences and financial situation.

Peer-to-Peer (P2P) Lending

P2P lending platforms facilitate loans between individuals, bypassing traditional financial institutions. Borrowers can apply for loans on these platforms, and investors choose to fund their loans. 

While P2P lending can provide an alternative source of financing, it’s important to research and understand the terms and risks associated with this approach.

Microfinance Institutions

Microfinance institutions in Finland cater to individuals and small businesses with modest financing needs. They offer smaller loans with flexible terms, making them suitable for micro-entrepreneurs and those seeking small-scale financial support.


In conclusion, navigating the world of loans in Finland need not be a daunting task. With a clear understanding of the diverse loan options, your financial goals, and carefully considering key factors, you can confidently make informed decisions about your borrowing needs. 

From mortgage loans for homeownership to student loans for educational pursuits, the Finnish loan market offers opportunities for everyone.

So, go ahead, explore your options, and secure the best loan to make your dreams a reality in the land of a thousand lakes and endless possibilities.

Frequently Asked Questions

What is the typical interest rate for personal loans in Finland?

The interest rates for personal loans in Finland can vary depending on several factors, including your creditworthiness and the lender’s policies. 

Generally, interest rates for personal loans range from 4% to 20% or more. Borrowers with excellent credit histories tend to qualify for lower rates, while those with less favorable credit may face higher rates.

Are there any government-backed loan programs in Finland?

Yes, Finland offers government-supported loan programs, such as student loans provided by Kela, the Social Insurance Institution of Finland. 

These loans are designed to help students cover tuition fees and living expenses while pursuing higher education. 

The terms and conditions of government-backed loans are typically more favorable than those of private loans, including lower interest rates and income-based repayment options.

How does my credit score affect my loan eligibility in Finland?

Your credit score plays a significant role in loan eligibility in Finland. Lenders use credit reports from credit bureaus like Suomen Asiakastieto Oy (Asiakastieto) to assess your creditworthiness. 

A positive credit history with timely payments and responsible credit use can improve your chances of loan approval and secure more favorable terms, such as lower interest rates.

What is the maximum loan term for mortgages in Finland?

In Finland, mortgage loan terms can vary but commonly extend up to 25 to 30 years. Some lenders may offer even longer terms. The choice of the loan term depends on factors such as the borrower’s financial situation, preferences, and the type of property being financed.

Can I prepay my loans in Finland without penalties?

Yes, Finnish law generally allows borrowers to prepay loans without penalties, including mortgage loans and personal loans. 

Prepayment flexibility can be a valuable feature, allowing borrowers to pay off their loans faster and reduce interest costs. 

However, checking your loan agreement’s terms and conditions are essential, as some loans may have specific clauses regarding prepayment penalties or fees. 

Glossary for Finland loan terminology

German TermEnglish translation
Yleiset ehdotGeneral terms and conditions
HakemusmaksuApplication fee: the fee charged by a lender to cover costs associated with processing the loan
Lapsilisään oikeutettujen lasten lukumääräNumber of children entitled to child benefits
Työttömyys, työpaikkojen menetysUnemployment, job loss
Sairausloma, työkyvyttömyysSick leave, disability
Asuinpaikka TyyppiResidence type
Automaattinen laskun maksuAutomatic bill payment
Pankkitili, pankkitiedotBank account, bank details
Ammatillinen suhdeProfessional relationship
TakaajaA guarantor is someone who promises to make sure you repay the loan completely. Lenders ask for guarantors when your credit history isn’t good enough. If this happens, the guarantor is legally responsible for paying back the loan
Työsuhteen kestoDuration of employment
Lainan kestoTenure of the loan
Lunastettavat kolmannen osapuolen velvoitteetThird-party obligations to be redeemed
Ensimmäinen erä maksettavaFirst installment payable on
Kiinteä veloitusmaksuFixed debit rate
Vakuudellinen lainaSecured loan
Lainan kesto/laina-aikaLife/period of a loan
Haluttu lainaLoan desired
Lainan määräLoan amount
Efektiivinen vuosikorkoEffective annual interest rate
PienlainaSmall loan
LainanottopyyntöBorrowing request
LuottolinjaLine of credit, official document that shows the rules for a personal loan
LainakorotLoan rates
Luottohistoria, taloudellinen asemaCredit history, financial standing
Lombard-laina, takaukset, vakuudetLombard loan, guarantees, collateral(asset that backs your loan)
NettotulotNet income
Maksamatta jättäminen, rikollisuusNon-payment, delinquency
Maksuviivästys, viivästyskorkolate payment, interest on arrears
Vaihtoehto maksusuojasta/vakuutuksestaOption on Payment protection/ insurance
HenkilötietojaPersonal data
Henkilökohtainen laina, vakuudeton lainaPersonal Loan, unsecured loan
Ammattilaisen tiedotProfessional Data
MaksusuojavakuutusPayment protection insurance
VakuusmaksuSecurity Deposit
VakavaraisuusSolvency, a credit score is an individual’s valuation and ability to repay a loan
SosiaaliturvajärjestelmäSocial security system
Kuolema, tapaturma, työkyvyttömyys, työttömyys (3 kuukauden odotusaika (lukuun ottamatta tapaturman aiheuttamaa kuolemaa)).Death, accident, incapacity for work, unemployment (waiting period of 3 months (except death due to accident))
TilinylitysmahdollisuusOverdraft facility
Velan uudelleenjärjestelyRescheduling of debt
Allekirjoitettu sopimusSigned contract
Vaihteleva korkoVariable interest rate
Velvollisuus toimittaa todisteetObligation to provide evidence
Maksu erissäPayment in installments
KorkoprosenttiInterest rate

About this page, our methodology

What this page is for: Our goal is to help you get the best financing for your needs. Therefore, here we explain you what credits with payday guarantee are, how you can compare them to know which one suits you and which offers are the most attractive right now.

Source: The information regarding the main characteristics of payday loans and their current regulation comes from Law 16/2011 on consumer credit contracts among other reference portals.

Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.

About Fundgecko: We are an online comparison site specialized in personal finance and home economics products. Here you can, in addition to comparing the conditions of all offers, find quality information that will help you identify the payday loans that best suit your needs.

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