How to compare loans – check the annual percentage rate

By reading the loan terms carefully, you can find out how the duration of the loan or changes in the payment period, for example, affect the total loan costs. 

Also remember to check whether you can make changes to the loan when you need to. For example, can you take payment holidays or pay off the loan anytime without extra costs?

It’s not always crucial to secure the cheapest loan. It might sometimes be more important to have the opportunity to make changes to the repayment schedule during the loan period.

Read more about managing FlexiCredit

Read more about the flexibility provided by our home loan

Different loans are suited for different purposes. When you compare loans, pay attention to your needs and to the loan type.

An unsecured consumer loan doesn’t require any collateral from you. You can apply for a loan without collateral to make a single major purchase or many smaller ones. Nordea’s unsecured loan product is called FlexiCredit. With FlexiCredit, you can borrow between 2,000 and 50,000 euros with a repayment period of 1 to 8 years. You will repay an unsecured consumer loan in fixed equal payments throughout the loan period.

A secured consumer loan can be used to borrow more than 15,000 euros for a purchase or home improvement. You can place your home or other assets as collateral for the loan. The maximum loan period is 20 years. Unlike in unsecured consumer loans, you will have three repayment methods to choose from in secured loans: equal payments (annuity), fixed equal payments and equal instalments.

A home loan – as the name suggest – is something that you apply for when you want to buy a home. You should also apply for a home loan if you want to buy a holiday home or an investment property. In home loans, the loan period can be up to 30 years and you can choose equal payments (annuity), fixed equal payments or equal instalments as your repayment method.

Read more about repayment methods