Salary interruption credit
You can apply for a salary interruption credit if the payment of your salary is interrupted due to industrial action or layoffs.
You can apply for a salary interruption credit if the payment of your salary is interrupted due to industrial action or layoffs. The purpose of the credit is to cover for lost income during the interruption. The minimum amount of credit you can take out is 2,000 euros and the maximum is the equivalent of your gross salary for two months.
- The repayment schedule is flexible and the loan period can be adjusted to your payment capacity.
- You will repay the loan monthly in equal payments.
- There is an option for two instalment-free months per year.
- In an industrial action or layoff situation, you have the opportunity to renegotiate the terms and conditions and repayment schedules of your existing loans.
- The credit is granted as a Nordea FlexiCredit.
- You can submit a loan application at a branch or by calling Nordea Customer Service and identifying yourself with Nordea access codes.
- If you submit the application at a branch you can get a credit decision right away and, from Customer Service, during the call.
- After a positive decision, the money will be deposited to your account.
- The minimum amount of the credit is 2,000 euros and the maximum is the equivalent of the applicant's gross salary for two months.
- The interest consists of the reference rate, i.e. 3-month Euribor, a margin, an opening fee and an account management fee.
- The interest on the credit differs from the normal tariff for FlexiCredits as follows*
- For Nordea's existing and new salary account customers: 3-month Euribor + a margin of 3.00 percentage points
- For other members: 3-month Euribor + a margin of 6.00 percentage points
- The opening fee and other fees for the credit are charged in accordance with the tariff for FlexiCredits.
- The credit is an unsecured one-off credit, so you do not need any security.
- You can adjust your repayment schedule according to your life situation.
- Only one credit can be granted per each case of industrial action/layoffs. The amount of credit cannot be raised.
- You will find detailed information on the credit on the Standard European Consumer Credit Information form.
- The credit is granted by Nordea Finance Finland Ltd. *Example: The interest on the credit for Nordea's existing and new salary account customers is the 3‑month Euribor, as quoted on the first banking day of the month in which the credit application was signed, plus a margin of 4.0%. With a nominal interest of 3.88% and a 36-month loan period, the annual percentage rate of charge on a FlexiCredit of 5,000 euros is 8.0% (December 2015). The total sum of the credit and credit costs will be 5,591 euros and the number of loan payments will be 36. The calculation includes an opening fee of 125 euros and a monthly account management fee of 4.50 euros in the case of automatic debiting. The FlexiCredit is granted by Nordea Finance Finland Ltd, Aleksis Kiven katu 9, Helsinki, on standard credit-granting terms.
- The industrial action must be decided and organised by a trade union. The layoff or lock-out must be decided and implemented by the employer/company.
- The latest date on which you can apply for a salary interruption credit is 3 months after the conclusion of the industrial action or layoff/lock-out.
- Upon request, the credit applicant must present acceptable proof of his or her membership with the trade union and/or of the interruption in the payment of salary.
- The borrower must be creditworthy and possess sufficient credit servicing ability.
- All credits are subject to Nordea's credit granting criteria valid at the time.
- You can choose a monthly payment equivalent to 2–10% of the credit principal.
- The repayment schedule is flexible and you can change the monthly payment according to your payment capacity.
- You will repay the credit monthly in equal payments.
- There is an option for two instalment-free months per year. You can choose any month to be instalment-free, but not two consecutive months.
- You can choose to receive paperless e-invoices.
- Nordea Customer Service will assist you in invoicing matters Mon-Fri 10.00–16.30.
- You can also view your credit details in Netbank.
- You can pay extra instalments or the entire credit any time.
To make comparing easier, the applicant has the right to receive the key information on the credit on a Standard European Consumer Credit Information form before signing the credit agreement. The information on the form may be calculated with the details given by the customer or on typical values. The form on this page is calculated with typical values, which means that a typical euro amount for this credit type is applied.
The form specifies the lender's contact information, the main features of the credit product, the costs, other important legal aspects and, if needed, the additional information required for distance selling. The information on the form may be binding or unbinding on the lender. A binding form requires a positive credit decision.
You will find detailed information on the credit on the Standard European Consumer Credit Information form (pdf, 53 KB).
|Reference rate*||3-month euribor|
|Opening fee, credit amount EUR 2,000–5,000||125,00 €
|Opening fee, credit amount EUR 5,001–12,000||175,00 €
|Opening fee, credit amount over EUR 12,000||200,00 €
|Account management fee per month, automatic debiting||4,50 €
|Account management fee per month, e-invoice||4,50 €
|Account management fee per month, without automatic debiting||7,00 €
|Copies of receipts and invoices per copy||10,00 €
|Raising fee||100,00 €
|Change in repayment schedule||17,00 €
|Balance or interest statement on request||10,00 €
|Payment reminder||5,00 €
* At the beginning of the credit relationship the value of the reference rate is determined according to the reference rate quotation on the first banking day of the month in which the credit application was signed.
FlexiCredit is granted on normal credit terms. You are eligible for FlexiCredit if you are 18 years or older, have regular income and a clean credit report.
Further information in the agreement terms and conditions of FlexiCredit (pdf, 77 KB).
- You can apply for a salary interruption credit through Nordea Customer Service or at a branch.
- When applying for a credit through Nordea Customer Service or at a branch, please inform us that you are applying for a salary interruption credit.
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