Guide to Finnish Loans for Expats
Getting a loan in Finland as an expat can be straightforward if you understand the Finnish banking system. This guide covers everything you need to know.
Types of loans in Finland
- Consumer loan (kulutusluotto) – 500–70,000 €, no collateral required. Example: APR 6.10% (€15,000, 5 years).
- Home loan (asuntolaina) – For purchasing property. Average margin on new loans 0.52% (Bank of Finland). The loan can cover up to 95% of the price, so you need at least 5% of your own funds.
- Car loan (autolaina) – For new and used vehicles. Competitive rates.
- Business loan (yrityslaina) – For entrepreneurs and small businesses.
Requirements for loans in Finland
- Finnish bank account (required)
- Finnish personal ID number (henkilötunnus)
- Regular income (employment or pension)
- No payment defaults (luottotiedot)
Frequently asked questions
- Can I get a loan in Finland as a foreign national?
- Yes, if you have a Finnish personal ID number, a Finnish bank account, and regular income, you can apply for a loan in Finland.
- What is the APR (todellinen vuosikorko)?
- The APR (Annual Percentage Rate) includes all loan costs: interest, fees and charges. It is the best way to compare loans.