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Consumer credit – compare unsecured loans and save money

Get competitive offers for consumer credit up to €70,000. Choose an affordable credit plan in our comparison and save on loan costs.

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The loan period can be 1–20 years, the loan sum can be €1,000–€60,000, and the interest rate can be 4–20%. Example: If the loan sum is €20,000, the interest rate is 6 %, and the repayment period is 7 years, the setup fee is €0, the account management fee is €5/month, the monthly repayment is €297, the sum repayable is €24,962, and the annual percentage rate of interest is 6,72 %.
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The loan period can be 1–20 years, the loan sum can be €1,000–€60,000, and the interest rate can be 4–20%. Example: If the loan sum is €20,000, the interest rate is 6 %, and the repayment period is 7 years, the setup fee is €0, the account management fee is €5/month, the monthly repayment is €297, the sum repayable is €24,962, and the annual percentage rate of interest is 6,72 %.

Get competitive offers for consumer credit up to €70,000. Choose an affordable credit plan in our comparison and save on loan costs.

Consumer credit is an unsecured loan

Consumer credit is a one-time loan, which is granted to individuals as a loan for purchases or consumption. You do not need any collateral or guarantors for consumer credit, as it is an unsecured loan.

The amount of consumer credit can vary from a few thousand euros up to €70,000. You can agree on a suitable repayment period between 1 and 15 years, but you can always pay the loan back early if you want to.

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Obtain competitive offers for consumer credit

Use Sortter, the Finnish loan comparison service, to obtain competitive offers for consumer credit from €1,000 to €70,000. We are a fully Finnish banking and finance comparison platform, and we are always on the side of consumers. We offer a comparison service, meaning that we compare loan offers and the terms of such offers, but we do not grant loans.

When you use our service to make a loan application, we send it on to more than 20 banks and financial institutions. The banks and financial institutions then make you personalised loan offers, which we rank in order of affordability according to the annual percentage rate of interest. This makes it easy for you to compare the loan offers made for you.

We can help you identify the most competitive consumer credit offered by banks and financial institutions free of charge. 

  • It is free to apply for consumer credit and obtain competitive offers
  • You can reach dozens of banks and financial institutions with a single application 
  • You can apply for consumer credit without collateral or guarantors
  • Loans are often paid out on the same day

Our customers' interest is the most important thing to us. Sortter follows the principles of fair loan comparison. We make sure that you get the most affordable loan offers in our comparison.

Our service always recommends the most affordable consumer credit, but we leave the choice to you. As a user of our service, you decide which credit offer to accept.

How to compare consumer credits?

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Consumer credit interest and costs

The interest on consumer credit and the related setup or handling fees vary according to the loan sum and the bank’s credit assessment. The interest rate on consumer credit generally decreases as the loan sum rises. 

Due to the risk-based pricing strategy used by banks, the interest rates on offer may vary depending on the applicant. Fill in the application with care in order to obtain the most affordable consumer credit. The better the bank understands your position based on the application, the more likely you are to receive credit at a low rate of interest.

The annual interest rates on consumer credit start at 4% and can vary depending on the bank and the applicant, going as high as 20%. For consumer credit of €10,000, the interest rate is typically between 5% and 15%. For larger amounts of consumer credit, the interest rate is usually below 10%. 

Most of the lender’s earnings come from the interest charged on credit, so the interest rate varies according to the loan sum. Despite the higher interest rates charged for smaller amounts of general-purpose credit, the customer does not accrue as much total interest as they do with larger amounts of credit.

For example, borrowing €1,000 with a 12-month repayment period at an interest rate of 20%, which is the highest possible rate, will accrue charges of €111.56. Correspondingly, a 10% rate of interest will lead to €55.04 in charges. 

The interest rate has a more significant impact on larger amounts of consumer credit, so the savings that can be gained by getting competitive offers may reach hundreds of euros over the entire loan period.

We make banks compete for you

As with every banking service, there are differences in the prices and conditions of consumer credit. We make banks compete for you as a borrower – we turn the credit application process on its head. Our service requires banks and financial institutions to compete with each other for your custom by offering lower interest rates and better credit conditions. 

As a user of our service, there is no need for you to ask each lender for an offer individually – you can choose the best value consumer credit with ease and avoid unnecessary interest payments and credit management fees. It is a good idea to get competitive offers for consumer credit, as you can easily save hundreds or even thousands of euros over the lifetime of the loan. 

Comparing different forms of unsecured consumer credit is smart financial management

It is always a good idea to compare the interest rates on unsecured forms of credit before you take out a new loan. It does not take much effort to compare the interest charged for credit, and you can avoid paying unnecessary credit fees and find loan conditions that suit you. 

It is also wise to obtain regular competitive offers for the interest on your existing debts, part-payment agreements or credit cards. Old credit agreements can be paid off with a more affordable loan, leading to lower credit costs and more money in your pocket.

The loan with the lowest interest rate may not necessarily be the best value overall. For this reason, it is worth comparing the annual percentage rates of interest, which indicate the total costs of each loan. At Sortter, we always compare loans according to the annual percentage rate.

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Consumer credit without collateral, quickly and easily

You can apply for consumer credit or a one-time loan on our service without any collateral or guarantors. You do not need to tie up property such as your home to secure your loan or ask your parents or anyone else to be a guarantor in order to get a loan.

You will receive a credit decision quickly – usually within just a few minutes, but always within one business day of submitting your application. 

Loan paid straight into your account – even on the same day

The money will be transferred to your account on the same day that you approve your credit offer. Our service makes it easy to choose a suitable consumer credit offer, and you can sign a credit agreement securely using your online banking ID.

Sometimes, lenders need proof of your reported income or pension before they pay the loan into your account. For this reason, it is a good idea to have the necessary documentation at hand when you fill in your loan application.

You can prove your income using one of the following:

  • A payslip
  • A pension certificate (from the My Pension service on the Keva website)

Consumer credit is a fast form of finance that is ideal for meeting your urgent and longer-term loan needs.

Frequently asked questions about consumer loan

  • Consumer credit is a form of credit granted by a bank or financial institution in the form of a loan for purchases or consumption. Consumer credit can be secured or unsecured. Consumer credit is a general concept referring to loans granted to private individuals, and the amount of credit can vary from a few thousand to tens of thousands of euros.

  • You can use our service to obtain offers for consumer credit from €1,000 to €60,000.

  • The interest rate is always personal and depends on the applicant’s financial position. It is worth bearing in mind that the loan fees also affect the expenses, so it is advisable to check the annual percentage rate of interest, which includes all the costs of the loan.

    The only way to find out how much each bank or financial institution will charge in interest is to apply for offers from them. There are many consumer credit providers, so the best way to find the lowest interest rate is to compare loan offers from different lenders.

    The Sortter service enables you to obtain competitive offers from several lenders with a single application, so you can access many comparable offers at a time, listed according to the annual percentage rates of interest.

  • The interest rate depends on the loan sum you are applying for and the bank’s credit assessment. The better the banks’ assessment of your solvency, the cheaper the consumer credit will be. The lowest rate of interest available is 4%. In addition to interest, banks may charge other fees for consumer credit, such as setup or account management fees, up to a maximum of €150 per year. 

    When you use Sortter to compare competitive offers for consumer credit, you will receive personal credit offers from the banks and financial institutions included in the comparison in just a few minutes. Our service makes it easy to choose the cheapest consumer credit, as the credit offers are always compared according to the annual percentage rate of interest.

  • Credit decisions are often made as soon as your application is sent. It usually only takes a few minutes to receive notification of the granting of consumer credit, and you can choose the best credit offer from our easy-to-use comparison.

  • Our customers' interest is the most important thing to us. We follow the principles of fair loan comparison. We make sure that you get the most affordable loan offers in our comparison. Loan interest rates and terms may change quickly, making it difficult to compare loans. We want to make sure that you always get the best offers.

  • You can apply for consumer credit if you are at least 20 years old, you have a regular income or pension, and you have handled your finances properly.

  • Yes, pensioners can apply for consumer credit, as they have a regular pension income.

  • You can apply for consumer credit jointly with your spouse. Banks may grant consumer credit at a lower rate of interest if you submit an application with a co-applicant.

  • Yes, you can apply for consumer credit without collateral or guarantors Sortter makes it quick to find unsecured consumer credit, and it is easy to choose the best-value loan from our free comparison.

  • You can compare the types of consumer credit without a payslip or any other proof of your income. However, lenders often require proof of your reported income before they pay the loan into your account. If you do not have a payslip at hand, you can print a certificate of your earnings using the Incomes Register maintained by the Tax Administration.

  • Compare the types of consumer credit using Sortter for free. With one application, you can reach dozens of lenders and choose the most affordable consumer credit from the offers you receive.

  • Sortter provides a comprehensive comparison of loan offers from dozens of banks and lenders. Our comparison makes it quick and easy to choose the best-value consumer credit.

  • Yes, you can consolidate your loans and pay off your expensive credit card debts, consumer credit, or other loans with an affordable consolidated loan.

  • Yes. It is a good idea to request competitive offers for your existing consumer credit regularly using Sortter. This will help you to keep your borrowing costs competitive and avoid unnecessary payments.

  • You can repay consumer credit early. The option for early repayment is stipulated in the law, and it does not need to be explicitly mentioned in the terms and conditions of credit. You can also pay back your consumer credit in larger instalments, which will lead to lower expenses.

  • Some of our partner banks grant payment holidays or interest-only periods. When our service lists the loan offers, it also indicates whether there is an option for payment holidays.

  • The loan offers made for you will remain valid for 2–4 weeks, depending on the lender. The period of validity of each offer is clearly stated next to the offer.

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How does consumer credit differ from other forms of credit?

The differences between unsecured loans, secured loans, and commodity-linked credit are shown below. You will clearly see how consumer credit differs from other forms of credit.

TermExplanationInterest rate
Unsecured loanA loan for small or large purchases. The applicant does not need to enter into negotiations about the loan. The interest rate is determined according to the loan sum and the lender's risk assessment.Approx. 4-10%
Secured loanA loan for a large, one-off purchase. A loan application should be submitted to a bank, and the applicant will need to negotiate the loan. The applicant needs collateral to be granted a loan. The interest rate is usually lower, as the collateral reduces the risk.Approx. 0-2%
Commodity-linked creditAn unsecured form of credit tied to a certain commodity (e.g., for purchasing goods or services)Approx. 6-20%

Better loan conditions by borrowing with a co-applicant

If possible, it is a good idea to complete the application with a co-applicant, as banks will be able to grant cheaper consumer credit. The co-applicant could be your spouse or cohabitant partner, for example. 

From the bank’s perspective, it is safer to grant consumer credit to two applicants than to one. Having a co-applicant usually results in a lower interest rate on consumer or general-purpose credit, as there are two people to pay back the loan rather than just one. However, both applicants are jointly and severally liable for the repayment of the loan.

Comparison helps find the cheapest consumer credit

When you compare consumer credit, it is worth taking into consideration the annual percentage rate of interest and any credit setup or handling fees in addition to the headline rate of interest. 

You can read more about comparing loans and the savings available through comparisons here. When you look for the cheapest consumer credit or general-purpose credit, it is important to obtain competitive offers from several banks before making your decision. 

Sortter helps to compare different types of consumer credit free of charge. You will receive lending decisions from all our partners with a single application, and you can select the cheapest option from all the offers you receive. We want our service to find you the best possible interest rate for your loan, so we follow the principles of fair loan comparison.

Differences between consumer credit and loans

For consumer loans, banks and financial institutions may differ in terms of the loan sums and interest rates they offer, but there are generally no other compelling differences. Consumer credit, consumer loans, or general-purpose credit are such simple products that it usually makes little difference which entity provides the financing. Instead, the loan conditions will determine which bank or financing company to choose for the cheapest credit. 

Sometimes, consumer credit may be granted in the form of flexible credit rather than a one-off loan. Flexible credit enables you to withdraw money at a later date, up to the credit limit granted to you. 

The loan sums are between €1,000 and €70,000.

The sums available in consumer credit vary depending on the lender, from a few thousand euros all the way up to €70,000. In most cases, you can apply for precisely the amount of consumer credit you need. However, some lenders only grant consumer credit to the nearest thousand euros. 

Three factors affect the monthly repayment

The monthly repayment of the credit is affected by three factors: the loan sum, the loan period, and the credit costs. Try out Sortter’s loan calculator to see how the loan period affects the monthly repayment, and decide on a monthly repayment that suits your finances.

You should choose a loan period that enables you to make every monthly payment even if you have more expenses than normal in some months.

Repayment period from 1 to 15 years

The repayment periods for consumer credit typically vary between 1 and 15 years, but even longer repayment periods may be available. 

The loan period for consumer credit is usually five or six years, and it increases in proportion to the loan sum. For example, €20,000 of consumer credit will generally be lent for a period of 7–8 years, while €40,000 is normally paid back in 8–10 years. 

If you are applying for consumer credit with a long repayment period, you can always pay back the loan in larger instalments or pay off the entire debt before the agreed time. In such cases, the interest and other fees payable on the consumer credit will be lower.

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Apply for consumer credit according to your needs – a renovation loan, car loan, or loan for a wedding

The uses for consumer credit vary from financing everyday purchases to larger purchases. Consumer credit is often used for thoroughly planned purchases such as renovations or buying a car. Consumer credit can also finance smaller purchases, such as leisure activities, furniture, or holidays. You can also take out a wedding loan to finance your dream wedding.

In addition to purchases, consumer credit can also be used to consolidate loans. Loans and credit card debts can be consolidated using consumer credit to enable a lower overall rate of interest, larger loan sums, and longer loan periods. 

Our service helps you to apply to dozens of banks and lenders for a credit decision in just a few minutes. You can then compare the interest rate offers tailored for you and identify the best deal. We will obtain competitive offers from lenders, so it is easy for you to find the best offer with a single application.

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Paying back consumer credit

Before you select a type of consumer credit, it is a good idea to take a moment to ensure that the loan is suitable for your budget. Choosing the right amount of consumer credit means that you will have no difficulties repaying it in line with the repayment schedule.

The repayment instalment should be an amount that will not cause any problems, even if your expenses are higher than normal in some months. 

Consumer credit is a financial commitment

Consumer credit is a financial commitment that must be repaid irrespective of whether it is secured or unsecured. 

If for any reason, the consumer credit cannot be paid down according to the schedule, it is a good idea to contact the lender and agree on a repayment arrangement. Banks and financial institutions are usually willing to search for a solution in the event of temporary payment difficulties.

Some lenders also offer interest-only months for their credit, and these can be used without having to negotiate them in advance. Our service shows you which lenders allow interest-only months.

You can repay consumer credit early.

As a consumer, you can always repay a loan or consumer credit early. You can also make larger repayments than originally agreed or make additional repayments. However, it is worth checking the credit agreement or contacting the bank that granted the consumer credit to find out how the early repayments will be offset against the loan. 

The interest on consumer credit is calculated based on the outstanding principal. For this reason, it is a good idea to check that any additional repayments will be offset against the credit principal and not the upcoming instalments. If this does not occur automatically, you can ask the lender to allocate your additional repayments in the manner of your choosing.

When the repayment is offset against the loan principal, you will gain the greatest financial benefit from your early repayment in the form of lower credit costs.

Consumer credit and granting credit

Consumer credit or consumer loans are a form of credit granted by a bank or financial institution in the form of a secured or unsecured loan. The advantages of unsecured consumer credit include the speed and flexibility of processing. When you apply for unsecured consumer credit, you do not need to tie up your property to guarantee repayment of the consumer credit. 

Secured forms of consumer credit are also on the market. If you choose secured consumer credit, you will need to use your existing property as collateral, such as shares in a housing company, a holiday home, or, for example, existing investments.

The price of secured consumer credit may be slightly lower than for unsecured consumer credit, but the downside is that the application process is not as easy as for unsecured consumer credit. When you apply for secured consumer credit, the bank first assesses whether you have enough collateral to cover the loan, and it issues a lending decision after assessing your collateral. 

Reliable banks and lenders

Finnish law strictly regulates consumer credit and other loans granted to consumers. The law obliges lending banks or financial institutions to follow good lending practices and, among other things, check the applicant’s solvency and indicate the costs of credit in a way that is easy to understand. Good lending practices also include taking a responsible approach to payment arrangements and agreeing on interest-only months or postponements of due dates. 

The interest rates on consumer credit have decreased due to competition between banks, but also as a result of legislation. At present, the annual interest rate on a loan cannot exceed 20%, nor can the additional charges, such as setup or account management fees, surpass €150 per year. 

Legislation and competition between banks have made it possible for loan applicants to obtain consumer credit on more favourable terms. Thanks to more active competition, consumer credit may be available from previously unknown lenders. 

In Finland, the granting of consumer credit is subject to strict supervision. The Financial Supervisory Authority controls banks and bank-related financial companies. Lenders that are not under the Financial Supervisory Authority’s control must be on the register of lenders maintained by the Regional State Administrative Agency of Southern Finland. All in all, more than 300 entities are listed on the registers of supervised lenders, and most of them grant consumer credit. However, the number of entities is inflated somewhat by the fact that some banking groups have several such lenders marketing themselves under the brands of larger corporations such as Osuuspankki or Säästöpankki.

Find an affordable consumer loan from the comparison

Comparison of consumer credit has increased in 2021

According to the latest survey by Taloustutkimus, a market research company, Finns are comparing more consumer credit than one year earlier. Price awareness has increased steadily among many loan products. In March 2021, Sortter commissioned a survey from Taloustutkimus to find out how active Finnish people are in comparing loan products and obtaining competitive offers.

However, consumer credit is the only loan product that customers find easy to compare. Other loan products, such as mortgages, credit cards, or part-payment agreements, are considered more difficult to compare than they were one year ago. In particular, loan comparison services like Sortter can help customers to compare loans.

Sortter provides consumers with loan offers from up to dozens of banks with a single loan application. Sortter ranks the loan offers in order of affordability based on the annual percentage rate of interest. This makes it easy for you to compare different loan offers, irrespective of whether the offers are for different loan sums or periods.

Experiences of applying for consumer credit

Obtaining competitive consumer credit offers and applying for credit online is just as safe as using your own online bank. When you apply for consumer credit online, you generally receive the money the same day. If you request competitive quotes for consumer credit, the interest rates are usually just as good or even lower than those offered by your own bank.

We regularly ask our customers to describe their experiences of applying for consumer credit via our service so that we will be able to help them find the best credit deals in the future.

Here is what our customers have to say about finding competitive consumer credit deals with Sortter’s help:

  • “I have used several loan services. Sortter presents the interest rates and loan costs very clearly.” 
  • “It was quick and easy to find the best consumer credit deal in the comparison. Thanks!”
  • “It was surprisingly easy to apply for consumer credit. I would recommend it to others.”
  • “The interest rates of consumer credit deals were presented clearly. It is a simple service that found the best option for consumer credit effortlessly.”

Consumer loans compared

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Transparent comparison and competition between consumer credit facilities

Our service makes it easy and transparent to compare consumer credit facilities. We are a Finnish company specialising in the comparison and competition of financial products, and we only work with reliable banks and lenders. Our service operates in a fully encrypted environment, and we only use your data to find you the most affordable consumer credit or any other financial product you desire.

It is free to obtain competitive consumer credit offers and compare them on Sortter. Our comparison always shows you the interest rates, costs, and other important conditions of loans, broken down in a fair and clear way. By default, we arrange the credit offers in order of affordability based on the annual percentage rate of interest. This is a professional way of comparing consumer credit, and it does not leave room for nasty surprises. 

You can apply for the amount of consumer credit you need over your desired loan period. It only takes a few minutes to request and compare credit offers, and the money may be transferred into your account the same day. 

Compare consumer credit for free, choose the most affordable offer, and save on your borrowing expenses.

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