Lisäkorko

Lisäkorko is a Finnish term describing an additional interest charged on a debt that has not been paid by its due date. It is a form of late payment interest that creditors may impose on top of the principal and any contractually agreed interest when a payment becomes overdue. Lisäkorko is typically applied after the debtor misses a due date and the creditor has a contractual or legal basis to charge such interest. The purpose of lisäkorko is to compensate the creditor for the costs and delay associated with late payment and to encourage timely settlements.

The legal framework governing lisäkorko in Finland is the regime of late payment interest (viivästyskorko) and related consumer protection rules. The rate and applicability are determined by law and by the terms of the contract between the creditor and debtor. In practice, lisäkorko is calculated on the overdue balance from the date the payment becomes late, often on a daily basis, and may be capped or otherwise constrained by law. Creditors are generally required to inform the debtor of the charge and how it is calculated.

Debtors should carefully review contract terms to understand when lisäkorko can be charged, how the rate is determined, and what notice is required. If lisäkorko is not properly disclosed, or if the charge exceeds the lawful limits, it can be challenged or corrected through negotiation or dispute resolution.