Kertaluotto
Kertaluotto is a Finnish term that translates to "one-time loan" or "single loan." It refers to a loan that is granted as a lump sum and is repaid over a predetermined period with regular installments, typically including both principal and interest. Unlike a revolving credit facility or a line of credit, a kertaluotto is not designed for repeated borrowing. Once the principal amount is disbursed and repaid, the loan agreement is considered settled.
These loans are commonly used for specific financial needs such as purchasing a vehicle, funding a home
Kertaluotto typically involves a formal application process, credit checks, and the signing of a loan contract.