Consumer credit

Information on consumer credit

What can I get consumer credit for?

• Our unsecured consumer credit product, FlexiCredit, is excellently suited for financing purchases or redecorating your home, for example.
• Alternatively, if you have security to offer, you can apply for secured consumer credit to pay for larger purchases.
• You can also use consumer credit to cover for unexpected expenses, buying a used car or going on a holiday trip.

How can I apply for consumer credit from Nordea?

The easiest way to apply for consumer credit is through Netbank or Nordea Mobile, or by using the application on the Nordea website.

Can I apply for consumer credit from Nordea even though I’m not a Nordea customer?

You need to be a Nordea customer to apply for consumer credit from us. If you are not yet a Nordea customer, you can easily become one through the “Become a customer online” service.

Who can apply for consumer credit from Nordea?

You can apply for consumer credit from us if:

• You have a regular income (a salary or a pension).
• You have no registered payment defaults.
• Your repayment ability is sufficient.

How can I compare different consumer credit products?

It’s always a good idea to carefully compare what different providers of consumer credit have to offer before applying, as the total cost of the credit may vary greatly. Tips on how to compare consumer credit:

• Check the annual percentage rate (APR) of the credit. The APR will reveal the total cost of the consumer credit. In addition to the interest, it includes all costs such as the opening fee and monthly account management fee.
• Also check the repayment period for the credit, as it affects the total cost as well.

How much consumer credit can I get?

• You can apply for FlexiCredit, which is unsecured consumer credit, from 2,000 euros up to 50,000 euros.
• We recommend trying out our FlexiCredit calculator, which can help you determine the right credit amount, the repayment period and the total credit costs. 
• If you need a larger amount of credit, you can read more about our secured consumer credit.

How long is the repayment period for consumer credit?

• Nordea FlexiCredit is granted for a period of 1–5.5 years, but you can repay the entire sum in one go.
• The repayment period for consumer credit may also depend on the amount of credit, your repayment ability and the size of the instalments you choose to repay the credit.

How will the legislation regarding consumer credit and credit cards be amended?

The provisions included in the Consumer Protection Act will be amended temporarily due to the state of emergency related to the coronavirus pandemic. However, none of the amendments will apply to housing loans or consumer credit with residential property placed as security. The amendments will enter into force on 1 July 2020 and will remain valid until the end of 2020. 

Subject to the interest rate cap provision applicable to consumer credit, the interest rate may be 10% at maximum. In fact, the interest rate of consumer credit offered by Nordea, as a rule, has already been less than 10%. The amendment will not apply to credit cards, i.e. their interest rates will remain the same as before. 

Similarly, the fees charged on consumer credit will remain unchanged.