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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 your temporary unsalaried period and to function as a lay-off loan. 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.
Features

Features

  • The credit is granted as a Nordea FlexiCreditOpens new window.
  • 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 4.00 percentage points
    - For other members: 3-month Euribor + a margin of 8.00 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.  
Prices
Prices before 1.9.2019
How to apply for a loan
Conditions for granting credits
Repayment of the credit
Standard European Consumer Credit Information
Terms and conditions

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 8.5% and a 74-month loan period, the annual percentage rate of charge on a FlexiCredit of 5,000 euros is 14.2% (December 2019).

The total sum of the credit and credit costs is 7,366,66 euros and the number of loan payments is 74. 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 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 5.5% and a 67-month loan period, the annual percentage rate of charge on a FlexiCredit of 5,000 euros is 11.3% (December 2019). 

The total sum of the credit and credit costs is 6,664,76 euros and the number of loan payments is 67. 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 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 2.5% and a 61-month loan period, the annual percentage rate of charge on a FlexiCredit of 5,000 euros is 8.3% (December 2019). 

The total sum of the credit and credit costs is 6,097,56 euros and the number of loan payments is 61. 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.

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