Loans for foreigners in Finland

What lenders require

The table shows each product’s requirement as the lender states it on its own page. “Not stated” means the requirement does not appear on the product page – it does not mean it does not apply. The final terms are set in the application and in the lender’s own terms. We compare only publicly stated conditions and do not assess whether you will get a loan.

Personal ID code and strong identification

In Finland a loan application is signed with strong electronic identification, usually Finnish online banking credentials or a mobile certificate (Mobiilivarmenne). Of the products in the table, 8 mention identification with online banking IDs, and 3 mention a Finnish personal identity code. The personal identity code is issued by the Digital and Population Data Services Agency when a person is registered in the population information system.

If you do not yet have online banking IDs

Without Finnish online banking credentials or a mobile certificate you usually cannot submit an online application. Ask your bank on what conditions you can get them; this is usually the first step before you can apply for credit.

Living in Finland and length of residence

6 of 14 products require permanent residence or a permanent address in Finland. Some lenders also require a minimum time lived in Finland: Fixura 2 y, Svea Bank 3 y. The length of residence affects what information the lender can get about your income and debts from Finnish registers.

Age, income and employment

Published age limits range from 18 to 24 years. Nearly all require regular income, and some are more specific: the probation period must be over or income must reach a certain level. Income is often checked from the Finnish Incomes Register, so a Finnish salary or pension makes applying easier.

Credit record and the positive credit register

Lenders check credit information and, for consumer credit, the Finnish Tax Administration’s positive credit register, in use since 1 April 2024. The register shows your credits in Finland, not loans taken in other countries.

Language

Most product pages do not state a language requirement, but service and contracts are usually in Finnish or Swedish. One product in the table (the S-Pankki mortgage) requires Finnish or Swedish on its page.

Loan types from a newcomer’s point of view

Requirements differ by loan type. For small unsecured credit, identification, income and payment history usually decide, while for a mortgage the lender also assesses how permanent your residence is and the collateral.

Consumer loans and quick loans

For an unsecured consumer loan or quick loan the application is made online with online banking IDs. Age, regular income and a clean payment record are the most common conditions, and some lenders also require a minimum time lived in Finland. Compare the annual percentage rate, because fixed fees raise it on small credits.

Mortgages

For a mortgage, the lenders in the table require permanent residence in Finland, and one of them mentions Finnish or Swedish language skills. You also need collateral and a down payment, the amount of which is agreed in the loan negotiation.

Student loans

The state guarantee for a student loan is granted by Kela to a student receiving student financial aid. Whether you are eligible for student aid depends among other things on residence in Finland; check the conditions on Kela’s site before applying to a bank.

Costs and legal limits

The price of consumer credit is limited by law for every applicant regardless of nationality: the rate may be at most the reference rate plus 15 percentage points and 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. A consumer has a 14-day right of withdrawal and may repay early. If someone offers credit above these limits or asks for payment in advance, it is not ordinary Finnish consumer credit.

Checklist before applying

• You have a personal identity code and Finnish online banking IDs or a mobile certificate.
• Your address is registered in Finland and you know how long you have lived in the country.
• You have regular income in Finland and your probation period is over.
• Your credit record is clean, with no payment defaults.
• You have calculated the monthly payment and compared the APR from at least three lenders.
• You understand the language of the contract or ask the lender to explain the terms.

How to proceed

1. Make sure you have a personal identity code and Finnish online banking IDs or a mobile certificate.
2. Choose the product type: consumer loan, quick loan or mortgage.
3. Check the lender’s residence, age and income requirements in the table.
4. Work out the monthly payment in the calculator and compare the APR.
5. Apply directly with the lender. Haeluotto does not process applications.

If the application is rejected

When an application is rejected, the reason is often a short residence period, missing income history in Finland or a payment default. Ask for the reasons and check that you meet the requirements in the table before applying again. Do not apply to many lenders at once.

Beware of scams

Foreigners are often targeted with “guaranteed loan” offers that ask for an advance fee or online banking credentials. A lender operating in Finland should appear in the Finanssivalvonta register, and asking for an advance payment is a typical sign of fraud. Check the lender with Finanssivalvonta; price limits are explained by the Finnish Competition and Consumer Authority.

Where the data comes from

The requirements are read from each lender’s own product page. The nightly run checks that the same wording is still on the page; if it disappears, the row is flagged for review. More on the methodology and the whole market in the market report. All lenders: lender list, banks and finance companies.