kuluttajaluottoihin

Kuluttajaluotto, or consumer credit, is a financial service that allows individuals to borrow money for personal use, such as buying consumer goods or financing everyday expenses. In Finland, consumer loans are regulated by the Act on Consumer Credit (Kuluttajaluottolaki) and overseen by the Ministry of Finance and the Financial Supervisory Authority (FIN-FSA). The legislation aims to protect borrowers by setting limits on credit interest rates, ensuring clear terms, and providing a defined right to cancel within a short period after taking a loan.

Typical features of a consumer loan include a fixed interest rate, an agreed repayment schedule, and the loan amount usually no more than a few hundred thousand euros. In many cases, the lender requires a credit assessment based on the borrower’s income and credit history. The borrower receives a written contract that details the total cost of the loan, including interest, fees, and any potential penalties for late payment.

Common uses of consumer credit in Finland include financing household appliances, personal travel, and medical expenses, as well as consolidating existing debts. Because consumer loans are unsecured, they may carry higher interest rates compared to secured borrowing, such as mortgages. Consumers are advised to compare offers from multiple banks and credit unions, verify that the annual percentage rate (APR) is transparent, and carefully review the repayment terms. The Finnish legal framework also guarantees a seven‑day cooling‑off period during which the borrower may cancel the agreement without penalty.