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What you need to know about taking out a loan in Finland

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  • What you need to know about taking out a loan in Finland

    Finland provides a wide range of affordable loan services to its citizens and expats alike. If you’re thinking about getting a loan in Finland, it’s important to borrow from a reputable lending institution that knows the ropes and does not take advantage of their customers. Nordiclenders can provide you with accurate loan comparison services that will help you choose the best lender for your particular needs.

    Here are 4 things you need to know about taking out a loan in Finland:

    1. Relatively low interest rates

    Finland loans are delightfully convenient because of their reasonably low-interest rates. The average lending rate in Finland was about 2.7% during December 2019. Comparatively, the mean lending rate in the United States was 4.75% during the same period – almost double the rates in Finland. Borrowers can benefit greatly from the low-interest loans provided by Finnish banks. Finland’s booming economy is mainly driven by its refining, manufacturing and service industries, earning it an impressive per capita GDP. The country’s high export revenue also contributes to its flourishing economy.

    2. Flexible loan repayment conditions

    Finland’s banks provide highly flexible loans to a variety of clients. You can easily secure a customized loan that suits your specific preferences. Most people request loans that cover 7 – 10 years whereas a minority prefers securing a three to five-year loan. Finnish financial institutions can provide whatever loan type you need. However, you ought to have a good credit rating if you wish to obtain high loan amounts. Small business startups can also receive significant funding from Finnish banks. Project development loans could range between 50%-70% of the entire cost, which is perfect for most entrepreneurs.

    3. Loan terms can be an amendment

    If you borrow a loan in Finland to finance a potentially lucrative project and it nosedives, you can simply request your respective bank to adjust the loan terms accordingly. There’s a variety of pitfalls that can befall your project. For instance, it may be affected by extremely harsh weather conditions or it could simply fail to provide sustainable profits. Some Finnish banks will provide suitable repayment extensions to give borrowers enough time to recoup the funds. In some cases, the loans awarded to huge firms can be converted into grants. This only happens when there is a defined risk clause in the contract.

    4. Access to debt management advice

    Accumulation of debt is a major drawback that severely hampers the relationship between borrowers and lending institutions. In Finland, essential financial advice ranging from debt management to credit repayment is provided by the Finnish Consumer Authority. This guidance not only helps borrowers to make wise financial decisions but also teaches them to develop a saving mentality. Debt issues mainly occur due to negligence and financial indiscipline. However, the Finnish government focuses on providing solutions to everyday financial problems rather than adding more insult to injury. These solutions include extending loan repayment periods and freezing any interest applied to default payments.

    Finland offers one of the best lending environments in the world. Before you request for a loan in Finland, conduct a quick comparison of the lending rates and loan conditions extended by various banks within the country.

    The post What you need to know about taking out a loan in Finland appeared first on Tasteful Space.



    Finland provides a wide range of affordable loan services to its citizens and expats alike. If you’re thinking about getting a loan in Finland, it’s important to borrow from a reputable lending institution that knows the ropes and does not take advantage of their customers. Nordiclenders can provide you with accurate loan comparison services that […]

    The post What you need to know about taking out a loan in Finland appeared first on Tasteful Space.



    https://www.tastefulspace.com/blog/2...an-in-finland/
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