- Can I apply for a secured loan with another person?
Yes. Simply state in your application that you are applying for the loan together with another person.
Your co-applicant doesn’t need to be a Nordea customer when you apply for the loan but they need to become a Nordea customer before we can grant the loan to you.
- I’m an entrepreneur and my income varies. Am I eligible to apply for a secured loan?
Yes. When we process your application we will use your company’s financial statements or other relevant documents to verify your income. One of our advisers will contact you to ask you for the documents we need.
- I’m not a Nordea customer. Am I eligible to apply for a secured loan with you?
Our secured consumer credit is intended for customers who do most of their banking with us.
If you want to become a Nordea customer, you can sign up easily online.
Read more about how to become a customer at Nordea.
- What is collateral?
Collateral means assets that you pledge to your bank as a guarantee for the repayment of your loan. Secured loans are usually secured against a property you own.
When you negotiate with us on the loan, we will assess the value of the asset you have and whether it can serve as collateral. If needed, we will ask you for further information about the asset and its value.
Read more about collateral
- Can I use my car to secure the loan?
No. Unfortunately, you can’t use a car as collateral when you apply for a secured loan. Assets that can serve as collateral include a property or a forest property you own, for example.
Read more about collateral
- What documents do I need to submit to Nordea?
When we process your loan application, we will ask you for the documents we need. For example:
- If you have chosen to use an apartment as collateral, we will ask you to provide us with a property manager’s certificate.
- If we are unable to verify your income from your account transactions, we will ask you to provide us with your payslip, an extract from the Incomes Register you can obtain from the Tax Administration, or your balance statements from another bank covering the past 3 months.
- If you are applying for a secured loan for a larger renovation, we will ask you to provide us with an estimate of the costs or the quote from your contractor.
- Can I consolidate my existing loans?
If you have existing loans that you have taken out for the same purpose as your new loan, it’s possible to combine them into a single loan. If your existing loans are with other banks or financial institutions, we will ask you to provide us with information about the loans, including their outstanding balances and purposes, to assess whether we can support you with debt consolidation.
- How can I make changes to my secured loan?
Your secured loan includes a free FlexiPayment feature, which allows you to reduce or increase the amount of your next instalment as you like. You can adjust your instalment amount free of charge.
Read more about FlexiPayment
If you want to request other changes to your loan, you can do this in Nordea Mobile or Netbank. Simply open your loan details and apply for changes.
Please note that if you can’t see a button that says ‘Apply for changes’ under your loan details in Nordea Mobile or Netbank, you can access the same application also on our websiteOpens new window.
- How can I increase my secured loan amount?
You must submit a new application in Nordea Netbank or Nordea Mobile every time you want to increase your secured consumer credit.
- What is the difference between a secured loan and an unsecured loan?
If you want to take out a secured loan, you will always need to secure it against collateral. Assets that can serve as collateral include your home, an investment property or other assets, such as deposits. If you apply for a secured loan with us, the minimum amount you can borrow is 15,000 euros and the loan period is 1 to 20 years.
An unsecured loan, on the other hand, doesn’t require any collateral from you. We offer unsecured loans as FlexiCredit, allowing you to borrow between 2,000 and 50,000 euros. FlexiCredit is granted for a period of 1–8 years.
Read more about FlexiCredit
- What is the difference between a secured loan and a homeowner loan?
A homeowner loan, or a reverse mortgage, means that you can release equity from your home when it’s completely or nearly debt-free. This type of loan allows you to unlock equity in your home to finance renovations, such as new pipelines, or other home improvements. Nordea’s homeowner loan is called HomeFlex. You still own your home and you will only pay the monthly interest during the loan period. You will pay off the loan in one instalment after the expiry of the loan period. The maximum loan period is 10 years.
A secured loan, on the other hand, enables you to borrow money against collateral. Assets that can serve as collateral include your home or holiday home, or other assets, such as deposits. With a secured loan, you pay an instalment, interest and a loan servicing fee monthly. Our secured loans include a FlexiPayment feature, which allows you to adjust the amount of your next monthly instalment as you like. The maximum loan period is 20 years.
- Can I make an early repayment of a secured loan?
If you have outstanding secured loan, you can repay it in full by calling us on 0200 70 000Opens new window (local rates apply) or contacting us via chat.
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