Updated 14.7.2026
Unsecured loan 2026 – What it means and where to get the best terms
An unsecured loan doesn't require collateral or guarantors. Read what it means, who it suits, and where you get the most affordable terms.
- No collateral or guarantor
- Loan amount 500 – 70,000 €
- Decision quickly
- Free use of funds
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Try how much the loan costs per month. The result is indicative.
The calculation is indicative and based on a fixed annuity loan. The final rate and costs are determined based on a personal credit decision.
What is an unsecured loan?
An unsecured loan is a credit that doesn't require pledged property (e.g. a home, car) or a guarantor. The lender's only "security" is the applicant's repayment ability and credit record.
Unsecured loans are also called:
- Consumer loan (most common)
- Personal loan
- Quick loan (small amounts)
- Flex credit (revolving credit)
How does an unsecured loan differ from a secured loan?
| Unsecured loan | Secured loan | |
|---|---|---|
| Collateral | None | e.g. home |
| Loan amount | 500 – 70,000 € | Up to 90 % of home value |
| Interest | 5.9 % – 25 % | ~4 % – 10 % |
| Repayment period | 1–15 years | 5–25 years |
| Decision speed | Minutes – days | Days – weeks |
| Payment defaults | Generally not accepted | Often accepted |
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When is an unsecured loan worth it?
- You don't have collateral (don't own a home or don't want to use it as collateral)
- You need money quickly – an unsecured loan is granted often in minutes
- The loan amount is small to medium – up to about 30,000 €
- You have good credit – ensures the lowest rates
When is a secured loan better?
- You need a large loan amount (>50,000 €)
- You want a lower interest rate
- You have payment defaults but own a home
- You want a long repayment period
Where to get the cheapest unsecured loan?
The unsecured loans compared on Lainafy typically range:
- Loan amount: 500 € – 70,000 €
- Effective annual rate: 5.9 % – 25 %
- Decision time: minutes – 1 business day
The cheapest unsecured loans in Finland (2026):
- Morrow Bank – effective annual rate from 5.9 %, large amounts up to 60,000 €
- Bondora – flex credit, up to 20,000 €
- Northmill – flex credit, payment-free months
Application requirements for an unsecured loan
Typically a Finnish unsecured loan requires:
- Applicant's age 20–25 years (lender-specific)
- Regular income (employment or pension)
- Permanent residence in Finland
- Clean credit information (no payment defaults)
- Online banking credentials for identification
Are unsecured loans granted by traditional banks and digital lenders?
Unsecured loans are granted by both traditional banks and digital lenders. Digital providers are often faster and more flexible.
- Traditional banks (OP, Nordea, Danske Bank): slower process, may require an existing customer relationship
- Digital lenders (Morrow Bank, Bondora, Northmill): faster, often more affordable, no existing customer relationship needed
Frequently asked questions
What is an unsecured loan?
An unsecured loan is a consumer credit that doesn't require collateral (such as a home) or a guarantor. The lender evaluates your repayment capacity based on income, credit information and payment behavior.
How much unsecured loan can I get?
The typical unsecured loan amount in Finland is 500 – 70,000 €. The final amount is determined by your income and credit information.
What is the typical interest rate?
An unsecured loan's effective annual rate in Finland is typically 5.9 % – 25 %. Larger loan amounts and longer repayment periods usually mean a lower rate.
Do I need a guarantor for an unsecured loan?
No. An unsecured loan is granted in your name alone. A guarantor is rarely needed – usually loan amounts are small enough that no guarantor is required.
Can I get an unsecured loan with payment defaults?
Typically not. Getting an unsecured loan requires clean credit information. If you have payment defaults, a secured loan (e.g. Bluestep Bank) may be an option.
How quickly do I get an unsecured loan?
Decision often within minutes or the same day. Money to your account within 1–3 business days, with some providers in just a few minutes.
Can I repay an unsecured loan early?
Yes. Under Finnish consumer protection law, all consumer credits can be repaid early without additional fees.
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