June 17, 2024


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Young consumers increasingly take new loans to pay off old ones | Yle  Uutiset | yle.fi

Individuals desire to acquire a loan from financial institutions when they experience a shortage of money to fulfill the requirements of events, investment, or any other use. A small loan signifies that the purpose is to satisfy personal commitments rather than some investment. Credigo is a leading loan rendering company that promotes customized loan services in Finland. Consumers can report the amount they need to Credigo and the company issues loans after following the legalities and paperwork. 

The information about loan granting companies and their reviews on Suomiarvostelut.fi assist people in choosing the relevant and fitting option. However, Suomiarvostelut not just gives erudition about loans but also about the interest rates that the loan service providers charge.

Prerequisites for a small loan

The loan period and the amount of borrowed money determine whether the loan acquired comes under the small loan category or it is a long-term loan. No loan providing company issues a loan without following some set government standards and asks clients to show them some documents. Prerequisites include the income history of the borrower, credit score, DTI (debt to income proportion), origination fee, and collateral. However, the mobile certificates and online IDs of users ease the loan process through which consumers can select the time and amount and proceed easily with the application. As the application reaches the loan provider and fulfills all the requirements then the applicant gets the loan in his/her account instantly.

Loan for temporary shortages

A short-term loan that is cataloged to be returned in the time of one or less than one year is mainly opted to suffice the temporary needs. If a business or the individual fails to qualify for the long-term loan then it is easy to obtain a short-term loan to fund your interim functioning capital requirements. However, individuals obtain small loans to buy cars or pay the house installments, furniture purchases, emergency expenses, financing of the vehicle, or wedding expenses. Short-term loans are normally not backed by collateral but sometimes bestowers demand some asset having the same monetary value to be put as a guarantee under the safekeeping of the loan providing company.

Credit report 

A credit report entails the information that depicts an individual’s monetary solvency and condition. The loan company evaluates the financial status of an individual to know the chances of returning back the borrowed money. Certainly, most donors automatically examine credit reports before awarding a loan to discover more regarding an appellant’s stability and response. Bisnode Finland and Suomen Asiakastieto maintain a record of credit information of Finnish residents, and the online loan application is always accepted after evaluation of credit records delivered by these two organizations.


The facility of small loans helps people in meeting their temporary and emergency needs, and the online loan applications made it even more simple to acquire the loan. By using the online method, companies digitally examine the credit information and issue loans without going through a lengthy process. The objective is to assure that the individual receiving the accommodation has the potential to return the money as granted. The evaluation of credit information protects an individual from the burden of over-indebtedness.