Consumer loan 2026 – Compare the best consumer loans
A consumer loan is an unsecured personal loan you can use freely for renovation, a car or unexpected expenses. Compare the best offers and save hundreds of euros.
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Try how much the loan costs per month. The result is indicative.
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What is a consumer loan?
A consumer loan (also called a personal loan or unsecured loan) is a credit granted to a private individual where the lender doesn't require collateral or a guarantor. The loan can be used freely for any purpose – the lender doesn't ask what you spend the money on.
Typical features of a consumer loan in Finland:
- Loan amount: 500 € – 70,000 €
- Repayment period: 1–15 years
- Effective annual rate: typically 5.9 % – 25 %
- No collateral or guarantor
- Free use of funds
When is a consumer loan worth it?
A consumer loan suits, for example:
- Renovation or home improvement – when you want to add value to your home
- Buying a car – often cheaper than dealer financing
- Consolidating loans – combine several smaller loans into one cheaper loan
- Unexpected expenses – car repair, doctor visit, moving
- Weddings or celebrations – when you want bigger investments without emptying savings
Compare loans and save hundreds of euros
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How to choose the right consumer loan – 5 steps
- Determine the loan amount: only take what you need – don't borrow more "just in case".
- Choose the repayment period: shorter = less total interest, longer = smaller monthly installment. Find the right balance for your budget.
- Compare the effective annual rate: nominal rate doesn't tell the full price. The effective annual rate is the only reliable comparison number.
- Check the fees: opening fee, monthly account fee, other costs. Read the loan agreement carefully.
- Verify the lender's reliability: we list only lenders registered with the Finnish Financial Supervisory Authority.
How much consumer loan can I get?
The loan amount depends on your income, credit record and existing loans. Lenders typically grant a consumer loan up to 30–40 % of your annual net income.
Examples
- Monthly net income 2,500 € → annual income 30,000 € → potential consumer loan approximately 9,000 – 12,000 €
- Monthly net income 3,500 € → annual income 42,000 € → potential consumer loan approximately 12,000 – 17,000 €
- Monthly net income 5,000 € → annual income 60,000 € → potential consumer loan approximately 18,000 – 24,000 €
These are guideline figures. The actual loan amount is always determined by the lender's personal credit decision.
Consumer loan vs. flex credit – which to choose?
A consumer loan is a one-time amount which you pay back according to a fixed schedule. A flex credit is a revolving credit limit you draw from as needed.
- Consumer loan suits when you have a specific purpose (e.g. renovation) and need a known sum.
- Flex credit suits when you don't yet know the final amount, or when you want a credit reserve for sudden expenses.
Where to get the best consumer loan?
The best consumer loan in Finland is the cheapest – in other words, the one with the lowest effective annual rate. The cheapest loan isn't always offered by the biggest bank: digital lenders often offer better rates than traditional banks.
The most affordable consumer loans in Finland (2026):
- Morrow Bank – from 5.9 % (large amounts up to 60,000 €)
- Northmill – flex credit option, from 6.5 %
- Bluestep Bank – secured consumer loan, accepts payment defaults
The best way to find the cheapest consumer loan is to compare. Lainafy.com brings the best-known Finnish consumer loan providers to the same page.
Frequently asked questions
What is a consumer loan?
A consumer loan is an unsecured credit granted to a private individual. You can use it freely – no collateral or guarantor required. Typical loan amount 500 – 70,000 € and repayment 1–15 years.
How much consumer loan can I get?
The loan amount is typically 30–40 % of your annual net income. For a monthly net income of 3,000 €, you can usually get about 10,000 – 14,000 € in consumer loans.
What is the typical interest rate on a consumer loan?
The effective annual rate is typically 5.9 % – 25 % in Finland. Larger loans and longer repayment periods generally come with lower rates.
Do I need a guarantor for a consumer loan?
Usually not. Most consumer loans are unsecured. A guarantor is needed only for large amounts and when the applicant's repayment capacity is borderline.
Can I get a consumer loan with payment defaults?
Typically not. Consumer loans require a clean credit record. If you have defaults, a secured loan (e.g. Bluestep Bank) may be an option.
How quickly do I get the money?
The decision usually comes within minutes or the same day. The money is transferred to your account within 1–3 business days.
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