Consolidation of debt | Save by transferring your debt

How does debt consolidation work?

Debt consolidation means that you will take out a new loan from us, which we will use to pay off your old loans on your behalf. With a debt consolidation loan you can combine all your hire purchase agreements, consumer loans and credit cards into a single loan.

1. List your loans

Collect information on all your current loans. For example, you can take a photo of the invoice of your loan or hire purchase agreement, and send it to us attached to a message via Nordea Mobile or Netbank.

2. Fill in the application

Fill in the loan application, select debt consolidation and we will contact you within 3 to 5 banking days.

3. Loan decision

If we can grant you a debt consolidation loan, we will pay off your old debt.

Did you know?

If you’re unsure about your loans, you can check the details of your current loans from the new positive credit register maintained by the Tax Administration.

What does debt consolidation cost?

Our debt consolidation loan is granted as FlexiCredit, which is an unsecured loan.
Opening fee 0 euros.
Account management fee 12.50 euros at maximum.
Interest rate for Premium Customers 3-month Euribor + 2.90%.
Interest rate for home loan customers 3-month Euribor + 5.90%.
Interest rate for other Nordea customers 3-month Euribor + 8.90%.

Why consolidating your debt makes sense

There are many obvious reasons why it’s worth consolidating your debt with Nordea: it’s convenient, you save money and you have a clearer overview of your finances.

You can save in loan servicing costs if you combine multiple smaller loans into a single loan.
We’ll repay your old loan or loans on your behalf.
You can easily track all your finances in one place in Nordea Mobile or Netbank.
We also offer many free and flexible features that you can use. For example, you can edit your monthly payment or instalment-free months.

Try our debt consolidation loan calculator

I want to consolidate my debt!

Fill in the loan application and we will contact you about debt consolidation.

Fill in the loan application

Debt consolidation - FAQ

When is debt consolidation a good idea?

Debt consolidation is a good idea if you have loans or hire purchase agreements with multiple financial institutions. After consolidating your loans, you will only pay expenses for one loan.

Where can I get help for debt consolidation?

You can turn to our loan advisers if you have questions about debt consolidation. Start by collecting information on all your current loans and filling in the loan application. Select debt consolidation in the application and we will contact you within 3 to 5 banking days to agree on how to proceed.

What reasons may prevent debt consolidation?

We are not always able to grant a debt consolidation loan. We may have to reject your application if you have payment default entries in your record or if your current loan payments are delayed. Another reason that could prevent us from accepting your application is that your salary is not paid to a Nordea account.

How can I work out the interest rate for a debt consolidation loan?

We will grant the debt consolidation loan as FlexiCredit, which has an opening fee of 0 euros. You can check your price on the application.

Margin for Premium Customers 2.90%.
Margin for home loan customers 5.90%.
Margin for other Nordea customers 8.90%.

Is the debt consolidation loan a secured or an unsecured loan?

The loan is granted as FlexiCredit, which is an unsecured consumer loan issued by Nordea.

If you have a home or other assets to put up as collateral, you might also consider taking out a secured loan. Read more about secured loans.

Can I combine a home loan and consumer loans?

Home loans and consumer loans can’t be combined because a home loan is a secured loan, while consumer loans are unsecured.

Can I consolidate my debt if I’m unemployed or have a bad credit record?

Getting a debt consolidation loan from us requires that you are permanently employed and have a clean credit record.

Can I get a debt consolidation loan from Nordea to pay off multiple debts?

Yes, you can combine consumer loans, hire purchase agreements (excl. car finance) and credit card debts into a single loan if you’re worried about your current loan servicing costs. You can get a debt consolidation loan if you are our customer, are permanently employed or retired and reside permanently in Finland. Your credit record must also be clean.

Can I combine payday loans, hire purchase agreements and credit card debts?

Yes, you can combine consumer loans, hire purchase agreements (excl. car finance) and credit card debts into a single loan.

Example calculation

Calculation for consumer credits issued after 1.9.2019.

Nordea's FlexiCredit is a one-off loan and its interest is the 3-month Euribor quoted on the first banking day of the month in which the credit application is signed + a margin of 8.9%. With a nominal interest of 11.36% and a 78-month loan period, the annual percentage rate of charge on a FlexiCredit of 8,000 euros is 15.5% (March 2025). The total sum of the credit and credit costs is 12,354.70 euros and the number of loan payments is 78. The opening fee for the loan is 0 euros. The calculation includes a monthly account management fee of 12.50 euros in the case of automatic debiting.

For Nordea's mortgage customers:

Nordea's FlexiCredit is a one-off loan and its interest is the 3-month Euribor quoted on the first banking day of the month in which the credit application is signed + a margin of 5.9%. With a nominal interest of 8.36% and a 69-month loan period, the annual percentage rate of charge on a FlexiCredit of 8,000 euros is 12.2% (March 2025). The total sum of the credit and credit costs is 11,001.46 euros and the number of loan payments is 69. The opening fee for the loan is 0 euros. The calculation includes a monthly account management fee of 12.50 euros in the case of automatic debiting.

For Nordea's Premium customers:

Nordea's FlexiCredit is a one-off loan and its interest is the 3-month Euribor quoted on the first banking day of the month in which the credit application is signed + a margin of 2.9%. With a nominal interest of 5.36% and a 63-month loan period, the annual percentage rate of charge on a FlexiCredit of 8,000 euros is 9.1% (March 2025). The total sum of the credit and credit costs is 9,997.47 euros and the number of loan payments is 63. The opening fee for the loan is 0 euros. The calculation includes a monthly account management fee of 12.50 euros in the case of automatic debiting.

FlexiCredit is provided under the normal credit terms and conditions by Nordea Finance Finland Ltd, Aleksis Kiven katu 9, Helsinki, FI-00020 NORDEA.