What a consumer loan is
A consumer loan is credit taken by a private person with no tied purpose. It can be unsecured or secured, and the rate is either fixed or linked to a reference rate, usually Euribor. Banks often publish only a margin, so the total rate is Euribor plus margin. The figures in the table are calculated with today’s Euribor, and the margin is shown in the market report.
The market right now
We track 23 products from 19 lenders. 16 products (70%) publish a rate; for the rest the price is negotiable or not published.
The published "rate from" ranges from 5.71% to 15.00%, with a median of 8.77%.
The median published rate is 8.77% for banks and 11.30% for other lenders.
Data updated automatically.
Example calculation
What a 10,000 € loan over 5 y costs at different rate levels (annuity, excluding opening and monthly fees).
| Rate | Monthly payment | Total interest | You repay in total | |
|---|---|---|---|---|
| Lowest published rate | 5.71% | 192 € | 1,519 € | 11,519 € |
| Median rate | 8.77% | 206 € | 2,388 € | 12,388 € |
| Highest published rate | 15.00% | 238 € | 4,274 € | 14,274 € |
Indicative. The actual cost depends on the lender’s pricing, fees and repayment method.
How a consumer loan works
The lender pays the agreed amount into your account and you repay it in monthly instalments with interest and fees. The most common repayment method is the annuity: the instalment stays level, but its content shifts so that you pay more interest at the start and more principal at the end. The alternatives are equal principal repayments, where the principal part is the same each time and the instalment falls over time, and a fixed instalment, where the payment stays level and the term moves with the reference rate.
The rate is either fixed for the whole term or tied to a reference rate. In banks’ consumer loans the reference rate is usually Euribor, for example 3 or 12 months, with the bank’s own margin added. When Euribor rises, the rate and instalment of a variable-rate loan rise, and when it falls they fall.
What the price consists of
A loan costs more than the nominal rate suggests. The price includes interest, a possible opening fee, a monthly account fee and add-ons such as loan protection if they are attached to the credit. The annual percentage rate of charge (APR) combines these into one yearly percentage, which is why it is the right way to compare two loans.
Price regulation limits part of the costs. Interest may not exceed the reference rate plus 15 percentage points and the agreed rate may not exceed 20%, and other credit costs may not exceed 0.01% a day and EUR 150 a year. The example calculation below shows what the same loan costs at different rate levels.
Who an unsecured loan suits
An unsecured consumer loan suits a clear need, a moderate amount and repayment that fits comfortably in the monthly budget. It does not suit patching long-term spending: if a loan is taken to live on, or to repay another loan without a plan, a debt spiral is likely. For larger sums a secured loan is often cheaper but needs collateral such as a home.
How to compare properly
- Start from the APR and the total cost in euros, not from the instalment.
- See whether the rate is fixed or tied to Euribor, and what the margin is.
- Check the opening fee and the account fee: they weigh most on small and short loans.
- Make sure you can repay early and what that might cost.
- Check the lender’s supervision: banks and registered lenders are in the Finnish FSA’s supervised-entities list.
In the table you can filter banks and finance companies separately and sort products by rate, APR or amount.
Application and the credit decision
The application is usually made online with bank credentials. The lender must assess your ability to pay and check your data in the positive credit register, introduced on 1 April 2024. A decision can arrive in minutes or within a few working days. A refusal does not necessarily relate to the rate: the reason can be indebtedness or unclear ability to pay.
Once the agreement is made you can cancel it within 14 days. The lender may charge interest for the period the credit was at your disposal.
Most common mistakes
- Comparing the nominal rate instead of the APR, so costs go unnoticed.
- Choosing the longest term for a small instalment and paying interest many times over.
- Applying to many lenders at once and ending up with more debts than needed.
- Forgetting that the instalment of a Euribor-linked loan can rise mid-term.
Lenders in brief: consumer loan
Consumer loan is a freely usable loan for a private individual. Below, every lender we track has its own short profile. For each you see the published price, any margin, the amount and term, and a link to the lender’s profile. Order: by published rate from lowest to highest, unpriced last; data as of 07/10/2026.
Danske Bank – consumer loan
Bank branch: published rate from 5.71%; collateral required. Appears in the Finanssivalvonta register of supervised entities. Read more: Danske Bank.
OP – consumer loan
Bank: published rate from 6.10%; margin 3.50% – 10.95% + 3-month Euribor; amount 2,000 € – 30,000 €. Appears in the Finanssivalvonta register of supervised entities. Read more: OP.
OP – consumer loan
Bank: published rate from 6.10%; margin 3.50% – 10.95% + 3-month Euribor. Appears in the Finanssivalvonta register of supervised entities. Read more: OP.
OP – consumer loan
Bank: published rate from 7.08%. Appears in the Finanssivalvonta register of supervised entities. Read more: OP.
S-Pankki – consumer loan
Bank: published rate from 7.10%; margin 4.50% – 14.99% + 3-month Euribor; amount 5,000 € – 50,000 €. Appears in the Finanssivalvonta register of supervised entities. Read more: S-Pankki.
Aktia – consumer loan
Bank: published rate from 7.10%; margin 4.50% – 11.50% + 3-month Euribor; term 2 y – 10 y. Appears in the Finanssivalvonta register of supervised entities. Read more: Aktia.
Santander Consumer – consumer loan
Lender: published rate from 7.60%; margin 5.00% – 9.90% + 3-month Euribor; amount 2,000 € – 50,000 €. Appears in the Finanssivalvonta register of supervised entities. Read more: Santander Consumer.
re:member – consumer loan
Foreign bank: published rate from 8.55%; amount up to 25,000 €; term up to 15 y. Read more: re:member.
Svea Bank – consumer loan
Bank branch: published rate from 8.99%; amount 2,000 € – 50,000 €. Appears in the Finanssivalvonta register of supervised entities. Read more: Svea Bank.
Säästöpankki – consumer loan
Bank: published rate from 9.10%; margin 6.50% – 9.50% + 3-month Euribor; amount 2,000 € – 30,000 €; term 1 y – 8 y. Appears in the Finanssivalvonta register of supervised entities. Read more: Säästöpankki.
Säästöpankki – consumer loan
Bank: published rate from 9.10%; amount up to 30,000 €. Appears in the Finanssivalvonta register of supervised entities. Read more: Säästöpankki.
Bank Norwegian – consumer loan
Foreign bank: published rate from 11.71%. Read more: Bank Norwegian.
TF Bank – consumer loan
Bank branch: published rate from 12.61%; amount up to 40,000 €. Appears in the Finanssivalvonta register of supervised entities. Read more: TF Bank.
Lea Bank – consumer loan
Foreign bank: published rate from 12.67%; amount 1,000 € – 50,000 €; term up to 15 y. Read more: Lea Bank.
Banks and other lenders: how the difference shows
Banks and non-bank lenders price consumer loan differently, so we separate them. The table shows the range of published rates for each group.
| Group | Products | Lowest | Median | Highest |
|---|---|---|---|---|
| Banks | 21 | 5.71% | 8.77% | 14.90% |
| Finance companies and others | 2 | 7.60% | 11.30% | 15.00% |
The gap between the group medians is 2.53% points. It partly reflects the funding source and risk appetite: a bank funds loans with deposits, a finance company from other sources, and pricing is based on the applicant’s risk. More on the groups: banks and finance companies.
How to read the consumer loan table
The table is made for comparison, but the figures need interpreting. The following three points help you avoid the most common misreadings.
Starting rate and your own rate
The rate in the table is the starting price or low end of a range the lender publishes. Your own rate depends on your credit record, income, debts and the loan amount, and it can be higher than the published starting price. Use the figure as a starting point, not as an offer.
Margin and reference rate
If the table shows a margin and Euribor, the total rate is their sum. Euribor changes, so the monthly payment can change during the term. The margin is the bank’s own share and often stays the same. In a fixed-rate product the rate does not change during the contract period.
Amount and term
Amount and term limits show what need the product was designed for. If the amount you need is outside the limits the product does not fit, even if its rate is lowest. Lengthening the term lowers the payment but raises interest costs; test the options in the calculator.
Requirements for the applicant
For consumer credit the applicant must be of age, and the lender looks at income, expenses and debts. The lender must assess the applicant’s ability to repay before granting credit, and it checks credit information and the positive credit register (in use since 1 April 2024, Finnish Tax Administration).
Income and debts
The lender looks at how much of your monthly income is left after debts and other expenses. The more existing credit you have, the harder it is to get new credit. Do not apply to several places without comparing.
Collateral and guarantors
Some of the consumer loan products we track require collateral. Collateral lowers the lender’s risk and usually the rate, but you can lose it if payments are missed. Acting as a guarantor is a serious commitment: the guarantor answers for the debt if the borrower does not pay.
Pros and cons of consumer loan
Advantages
- You get money when you need it without saving for long.
- The monthly payment can be planned in advance when the rate and term are known.
- A consumer has the right of withdrawal and the right to repay early.
Drawbacks
- Credit costs money: interest and fees raise the total cost.
- On Euribor-linked credit the monthly payment can rise.
- Payment difficulties quickly lead to extra costs and a weaker credit record.
What makes up the price of consumer loan
The price is not only the rate. In consumer credit the price consists of interest, the opening fee, a monthly account or invoicing fee and possible reminder costs. They are combined into the annual percentage rate (APR). On a small amount over a short term fixed fees raise the total cost more than the rate does. The price of consumer credit is limited by law: the interest rate may be at most the reference rate plus 15 percentage points, the agreed rate at most 20 percent and other costs at most 0.01 percent of the credit amount per day and at most EUR 150 a year (Finnish Competition and Consumer Authority). The total cost in euros says more than the monthly payment.
Common mistakes when comparing consumer loan
Comparing only the monthly payment
A small payment can mean a long term and large interest costs. Always compare the total cost and the annual percentage rate.
Treating the published rate as your own
The published rate is a starting price. The lender sets the final rate from the applicant’s information, and it can be higher.
Forgetting rate risk
On a Euribor-linked consumer loan the payment can rise if the reference rate rises. Check whether your finances cope with a two-percentage-point rise; the calculator shows the effect.
When consumer loan is not the right solution
Consumer loan does not fit every need. If you need an amount that exceeds the product limits, or the purpose is quite different, compare other categories: quick loan, flexible credit line, debt consolidation loan, car loan, mortgage or renovation loan. If you already have payment difficulties new credit rarely solves the problem; contact debt counselling.
Compare other product categories
- Quick loan: 3 products, median rate 17.50%.
- Flexible credit line: 7 products, median rate 14.25%.
- Debt consolidation loan: 7 products, median rate 8.99%.
- Car loan: 7 products, median rate 10.58%.
- Mortgage: 10 products, median rate 3.78%.
- Renovation loan: 2 products, median rate 6.18%.
- Credit card: 4 products, median rate 16.70%.
- Student loan: 6 products, no prices published.
By group: banks, finance companies and others, business loans and all lenders.
Checklist before applying
- I know the amount and term I need and have calculated the monthly payment.
- I have compared at least three lenders and looked at the annual percentage rate or the total cost.
- The lender is registered or supervised (Finanssivalvonta register).
- I have read the pre-contract information and the agreement in full.
- I can cope with a rate rise if the loan is Euribor-linked.
- I do not pay anything in advance before the money is in my account.
Example: how the term affects the price
The table shows how the term affects the monthly payment and interest costs of a 10,000 € loan when the rate is the median 8.77% of the category’s published rates. The figures are computed as an instalment loan without an opening fee or monthly fees; they are illustrative calculations, not offers.
| Term | Monthly payment | Total interest |
|---|---|---|
| 3 y | 317 € | 1,409 € |
| 5 y | 206 € | 2,388 € |
| 8 y | 145 € | 3,950 € |
A longer term lowers the payment, but interest costs grow. Work out your own case in the calculator.
Applying step by step
Before the application
Decide the amount and term, calculate the monthly payment and check how much room you have left. Find out your own credit record and existing debts. Compare three or four lenders in the table and read their pre-contract information.
During the application
You always apply directly with the lender on its own site. Fill in the details truthfully and check the amount, term and costs before confirming. Haeluotto does not process applications and does not see your details.
After the decision
Read the agreement and pre-contract information calmly before signing. A consumer has the right to withdraw from the credit agreement within 14 days and to repay the credit early.
If the application is rejected
A refusal does not mean other lenders will refuse too, but a burst of applications does not help. Ask for the reasons, check your credit record and the positive credit register data, and consider whether a smaller amount or a longer term is realistic. Do not apply everywhere at once. If you already have payment difficulties, contact debt counselling before taking new credit.
Supervision and regulation
A consumer-credit provider must be a bank or a registered lender, and registered lenders appear in the Finanssivalvonta register of supervised entities. Check the lender with Finanssivalvonta and read about price limits on the Finnish Competition and Consumer Authority site. Lenders and groups are also on the lender list.
Payment difficulties and getting help
If the loan starts to feel heavy, contact the lender before a payment is missed. Many lenders offer a repayment holiday or a new payment plan. Debt counselling helps free of charge, and it is important to seek help early: late-payment costs and collection add to the debt quickly.
Recognising scams
Beware of offers that demand an advance payment, a “security fee” or a “processing fee” before the money is in your account. Do not give online-banking credentials by phone or message. Use the lender’s own, known address and check the company in the Finanssivalvonta register. Haeluotto never asks for credentials, payments or credit data.
Your budget before the loan
A good loan starts from a budget, not from an application. Go through the following steps before comparing lenders.
- Calculate your monthly income after tax and subtract fixed expenses: rent or mortgage, bills, insurance and food.
- Add the monthly payments of existing loans and credits.
- Keep a buffer worth at least a month of expenses for unexpected costs.
- What remains is the upper limit of the payment, not a target: choose a payment you can make even when income falls or the rate rises.
- Test the payment in the calculator with different terms and see which amount and term it allows.
How lenders assess risk
In consumer credit the lender assesses your income, expenses, debts and credit record. Risk sets the price: the less certain repayment is, the higher the rate or the stronger the collateral required. That is why the same product can cost different applicants different amounts, and why a published starting price is not a personal offer. The lender’s assessment rests on the information you give in the application and on registers, so do not give wrong information; it can lead to rejection or problems with the contract later.
Rate, margin and APR in brief
- Nominal rate is the annual rate calculated on the loan without other costs.
- Margin is the lender’s own share on top of a reference rate (for example Euribor).
- Annual percentage rate (APR) combines the interest and all credit costs into one annual percentage in consumer credit.
- Representative example is a calculation the lender publishes for a given amount and term; it does not necessarily match the price offered to you.
The differences are explained further on the methodology page, and a glossary is also at the bottom of this page.
Repayment and early repayment
A consumer has the right to repay credit early in whole or in part, and possible costs and their maximum are stated in the agreement and the pre-contract information. If possible, pay a small extra instalment now and then: it shortens the term and reduces interest costs. Before signing, check whether the due date can be moved and what that costs.
Information needed for the application
In consumer credit you usually need a personal identity code, strong authentication, income details, housing costs and existing debts and bank account details. For some products the lender retrieves income data directly from registers with your consent. Prepare the information in advance so the application is not delayed. Check that what you provide is correct: wrong information can lead to rejection.
Questions to ask the lender
- What is the total cost of the loan in euros over the whole term?
- What costs are there besides the opening fee and monthly fees?
- Is the rate fixed or linked to a reference rate, and when is it reviewed?
- Can I repay the loan early, and what does it cost?
- What happens if a payment is late?
- What data does the lender store and to whom does it disclose it?
Write down the answers and compare them side by side across lenders. If an answer is unclear or evasive, take that into account in your choice.
Common misconceptions
“The lowest rate is always the best option”
The lowest rate is not the best if it comes with high side costs, a short price period or terms that do not suit your situation. Compare the total cost and the terms.
“The published rate is what I will pay”
The published rate is a starting price or the low end of a range. Your own price depends on the applicant’s information.
“Comparing means applying”
Comparing is research. The application is made only to the lender, and Haeluotto does not see your application. Applying can affect your credit record, so compare first and apply afterwards.
Follow the market
Prices and terms change. In the market watch you see lenders’ rate changes and regulatory news, and in the market report the price range of the whole market and Euribor development. If you want to follow changes, subscribe to the digest of best offers with the newsletter on the front page.
Summary and next steps
The consumer loan comparison has 23 products, of which 16 have a published rate (5.71% – 15.00%, median 8.77%). Start by working out the monthly payment you need in the calculator, choose two or three lenders from the table and ask them for their own pre-contract information. Remember that the published price is a starting point, not an offer, and that the final decision is made by the lender.
When to seek advice
If the loan amount is large, you are already in debt or your income is uncertain, it is worth talking to a debt counselling expert before signing. Advice helps assess ability to repay, compare options and understand the terms of the agreement. Haeluotto does not give personal credit or investment advice, but our pages give information you can use to prepare for the conversation.
Where the data comes from
The consumer loan figures are collected from lenders’ own public pages every night. Unpublished prices are not guessed. The table follows 23 products, of which 16 have a published rate; status 07/10/2026. Rate changes are logged in the market watch, the whole-market picture is in the market report and the calculation methods on the methodology page.
Glossary
- Annual percentage rate of charge (APR)
- The total cost of credit expressed as a yearly percentage. It includes interest, the opening fee and monthly fees, so it can be used to compare two loans.
- Nominal rate
- The contractual interest rate, excluding the opening fee and monthly fees. It is always lower than or equal to the APR.
- Reference rate
- The rate to which the price of a variable-rate loan is tied, most commonly Euribor. The loan rate is the reference rate plus the margin.
- Margin
- The percentage the lender adds to the reference rate to cover risk and costs. The margin is the lender’s own decision and often customer-specific.
- Annuity
- A repayment method where the monthly payment stays level. At the start more of it goes to interest and at the end more to principal.
- Opening / handling fee
- A one-off charge made by the lender for granting the loan. It counts as a credit cost and therefore enters the APR.
- Interest cap and cost cap
- Consumer-credit interest may not exceed the reference rate plus 15 percentage points and may not be over 20%. Other costs are capped at 0.01% a day and EUR 150 a year.
- Positive credit register
- A register maintained by the Finnish Tax Administration to which lenders report consumer credit they grant. Lenders check it for credit decisions.
Frequently asked questions
Why is the APR more useful than the nominal rate?
APR (annual percentage rate of charge) combines all costs of the loan into one yearly percentage: interest, opening fee and monthly fees. Two loans with the same nominal rate can therefore cost different amounts. We show the APR only when the lender has published it in its representative example.
Why do some products have no rate?
Many lenders set the rate only at the credit decision, based on the applicant’s data, and do not publish a figure. We then write “negotiable / not published”. We never guess a rate or fill the gap with an average.
Can I repay early?
A consumer has the right to repay a consumer loan early, in full or in part. Any costs and their maximum are described in the loan agreement and the pre-contractual information.
Is the order in the table paid placement?
No. The order follows the rate the lender has published. Any commercial relationship never affects the order and is clearly labelled.
How much can I borrow with a consumer loan?
The amount depends on income, expenses and existing debts. Product maximums are shown in the table, but the lender decides the amount granted to each applicant individually.
Does a loan application affect my credit data?
For the credit decision the lender checks your data, and a granted loan is recorded in the positive credit register. A payment default entry arises only if payments are left unpaid.
Fixed or variable rate?
A fixed rate makes the instalment predictable. A variable rate follows Euribor and can be cheaper or dearer. The Euribor sensitivity calculator shows what a change would mean in euros.
Can I apply for consumer loan through Haeluotto?
No. Haeluotto is a comparison service that does not process applications or make credit decisions. You always apply directly with the lender on its own site.