Consumer credit – compare unsecured loans and save money

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 €60,000. 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.

Use Sortter, the Finnish loan comparison service, to obtain competitive offers for consumer credit from €1,000 to €60,000. 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.

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.

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 €60,000.

The sums available in consumer credit vary depending on the lender, from a few thousand euros all the way up to €60,000. 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.

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.

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.

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.