Competition for Payday Advances in Finland

Competition for Payday Advances in Finland

We did a bit of research comparing loans that are quick various businesses that offer pay day loans in Finland.

We discovered that a lot of the firms provide loans just like loans that are quick. Companies provide credit rating, versatile loans and credit accounts, loans, loan brokerage solutions, etc. There we discovered different businesses that solution customers with fast loans.

Name Loan amount Loan Duration Age limitation
Ferratum Min €50 Max €300 7-30 times 21 years
Vivus Min €10 Max €2010 3-30 times twenty years
Luttoraha Min €50 Max €2000 45 times 22 years
Ekstraluotto Min €10 Max €2100 1-26 months 21 years
Ainalaina Min €50 Max €2000 45 times 21 years
Euroloan Group as much as €500 3 months-3 years two decades
Everyday.fi Min €20 Max €2000 3 months-1 12 months 21 years
Compare to payday advances when you look at the UK
Cashfloat Min ВЈ200 Max ВЈ1100 1-4 months 18 years
  • Ferratum fast loan is section of a Ferratum Corporation and it’s also noted on the Frankfurt stock market. It’s Finnish institution that is financial simple objective, to provide significantly more than cash to everyone else. With headquarters in Finland, it runs in other 21 nations Germany that is including, Croatia, Romania etc.
    • Loan quantity: minimum €50, maximum €300.
    • Loan timeframe: from 1 week as much as 1 month. Ferratum is interest free, therefore the yearly rate of interest is 0,0%.
    • Age limitation to take that loan: 21 yrs . old.
  • Vivus has workplaces for pay day loans in Finland, Sweden, Denmark, Latvia, Poland and UK. It started operating during 2009.
    • Loan quantity: minimum €10 and €2010 optimum.
    • Loan timeframe: 3 to thirty days.
    • For 10 as much as €400, yearly interest is 0%.
    • For 10 as much as €2010, the percentage that is annual in €2000 is 447.6%.
    • Age restriction for taking a loan: twenty years old.

Our 2nd supply had been Lainaa which revealed some other businesses providing fast loan solutions.

  • Luttoraha – is a Finnish personal liability that is limited devoted to credit rating. They will have expertise in the granting of credit rating when you look at the countries that are nordic 2005.
    • Loan quantity: from €50 to €2000.
    • Loan timeframe: 45 times.
    • Right after paying right right right back the mortgage, borrowers can utilize more.
    • It provides free protection application to everyday activity.
    • The APR of €2000 credit is determined on 140.4per cent.
    • Age restriction when planning on taking a loan: twenty years old.
  • Ekstraluotto – is a lending that is reliable since 2006.
    • Loan quantity: from €10 to €2100.
    • Payback period: from 1 to 26 months.
    • For a €2000 loan for year repayment, the APR is 119.86%.
    • Age limitation when planning on taking a loan: 21 yrs . old.
  • Ainalaina – recognize the €2,000 personal credit line for longer than 21 years old.
    • Loan quantity: from €50 to €2000.
    • Loan period: 45 times.
    • Borrowers can enhance money by text 24/7.
    • Clients solution available twenty-four hours a day.

Because we couldn’t find more sources about competition for pay day loans in Finland, we now have expanded the investigation on greater number of credits over durations of many months. In accordance with our other supply, Parasvippi, you will find 9 businesses providing various number of loans that are detailed and explored below.

  • Eurolan Group – is just an ongoing business with customer finance choices in Finland, Sweden and Poland. For Finland, it gives loans that are express as much as €500. Here you will find the key traits:
    • Loan Duration: min a couple of months, max three years.
    • APR (annual) 50.5%.
    • Nominal interest is 4.99%.
    • Loan instance: for a financial loan of €100 for a few months, the borrower has to spend €47 monthly payments, or €139 as a whole. This is why a charge of €39.
    • Age restriction when planning on taking a loan: Above twenty years old.
  • Eurolimitti – Eurolimitti is a brand name of JW-Group Ltd which runs since 2006 as totally Finnish-owned finance business.
    • The minimum quantity they provide is €10 with maximum number of €3000.
    • APR (annual) 98.68%
    • Nominal rate of interest is 5.99%.
    • Loan instance: for a financial loan of €100 for three months, the debtor need to pay €37 in equal payments or €112 as a whole. This will make a charge of €12.
    • Age restriction when planning on taking that loan: 21 years of age.
  • Laina – is Finland’s leading business for different sort of loans. Versatile services that are financial currently utilized by significantly more than 400 a knockout post,000 Finns.
    • Loan extent: min a few months, maximum three years.
    • APR (annual) maximum 77.16%.
    • Loan instance: for a financial loan of €100 for a couple of months, the debtor has to spend €40 installments that are monthly or €121 as a whole. This will make a fee of €21.
  • NordCREDIT – is another complete credit business that provides multiple form of credits, including short-term loans online.
    • Minimal level of loan is €100 and optimum is €3000.
    • Loan Duration: min a few months, maximum one year.
    • APR calculated into the average of €2000 for 12 month re payment period is 128.80% while the cost that is total €3255.
    • Yearly nominal rate of interest is 60%.
    • Loan extent: min three months, maximum 12 months.
    • The amount that is least they feature is €20 with maximum number of €2000.
    • Withdrawal payment of 15% with month-to-month interest of 5% with no other fees.
    • APR for a normal €800 is 99.69%.
    • Age restriction when planning on taking a loan: 21 yrs . old.
  • okay cash is Finnish credit provider and award winning for a long time while the most readily useful little loan company.
    • Loan Duration: a few months to two years.
    • The fee for a €100 loan for ninety days is €29, which means that the charge is €29.
    • Annual interest is 376.68%.
    • Age limitation to take a loan: twenty years old.
  • Soumilimiitti is a brandname of JW-Group Oy. It provides as much as €2000.
    • It gives minimum €10 and optimum €2000.
    • Withdrawal commission is 15% associated with the raised quantity.
    • Year loan duration: min 3 months, max 1.
    • The fee for the €100 loan for ninety days is €33, which means that the cost is €33.
    • The yearly rate of interest is 477.6%.
    • The APR on credit of €800 for 12 thirty days repayment period is 163.98%.
  • Euro24 – The company’s primary business is funding while the granting of credit rating. Euro24 Finance Ltd is registered in the Southern Finland Regional State Administrative Agency creditor register from 31.1.2011.
    • Loan Duration: min a couple of months, maximum 24 months.
    • The fee for the €100 loan for 3 months is €52, this means the charge is €52.
    • Annual rate of interest is 1254.79%.
    • Year loan example: for €800 the APR will be 98.87% for a repayment period of 1. The quantity of total cost of the mortgage will be €2086.
    • Age restriction when planning on taking a loan: 21 yrs old.

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