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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 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 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

Features

  • 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 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.  

Reference rate and prices

Most common prices for consumer credits from 1.9.2019.

Benchmark interest rate 3-month Euribor (quoted on the first banking day of the month in which the credit application is signed)

The credit margin is 2.9–8.9%, depending on the customer’s total banking volume. 

Reference rate and prices
ItemisationPrice

Margin, normal price

Margin, mortgage customers

Margin, Premium customers

8,90 %

5,90 %

2,90 %

Opening fee0,00 €
Raising fee0,00 €
Account management fee0,01% per day calculated from granted credit, max. 12,50 € per month
Costs for written statements17 €/every beginning hour
Copies of receipts and invoices per copy10,00 €
One-time change of due date after billing5,00 €
Permanent change of due date5,00 €
Balance or interest statement on request10,00 €
Payment reminder5,00 €

Reference rate and prices before 1.9.2019

Reference rate and prices for loans issued before 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).

Prices before 1.9.2019
ItemisationPrice
Opening fee, credit amount EUR 2,000–5,000125,00 €
Opening fee, credit amount EUR 5,001–12,000175,00 €
Opening fee, credit amount over EUR 12,000200,00 €
Opening fee, credit amount over EUR 25,000300,00 €
Account management fee per month, automatic debiting4,50 €
Account management fee per month, e-invoice4,50 €
Account management fee per month, without automatic debiting7,00 €
Copies of receipts and invoices per copy10,00 €
Raising fee100,00 €
Lengthening of repayment time, over 14 days5,00 €
Balance or interest statement on request10,00 €
Payment reminder5,00 €

Apply for credit

  • 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.

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 11,95% and a 139-month loan period, the annual percentage rate of charge on a FlexiCredit of 8,000 euros is 15,7% (April 2023). The total sum of the credit and credit costs is 16 671,54 euros and the number of loan payments is 139. 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 8.95% and a 110-month loan period, the annual percentage rate of charge on a FlexiCredit of 8,000 euros is 12,6% (April 2023). The total sum of the credit and credit costs is 13 196,54 euros and the number of loan payments is 110. 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 5.95% and a 94-month loan period, the annual percentage rate of charge on a FlexiCredit of 8,000 euros is 9.6% (April 2023). The total sum of the credit and credit costs is 11 228,50 euros and the number of loan payments is 94. 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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