Unlocking insights: understanding factors influencing unsecured loan approvals

In Finland, consumer loans serve as vital financial tools, offering individuals the flexibility to fulfill various needs, from purchasing household appliances to covering unexpected expenses. With consumer loan options ranging from small, short-term borrowings to larger, long-term commitments, Finnish borrowers have access to a diverse array of lending products tailored to their specific requirements.

As a cornerstone of the country's financial landscape, consumer loans play a pivotal role in empowering individuals to manage their finances efficiently and pursue their aspirations with confidence. Sortter , a Finnish loan comparison service, offers statistical information regarding loan applications and approvals by banks and financial institutions concerning unsecured and consumer loans. The data is based on the credit decisions of 20 banks and financial institutions and the information provided during loan applications on the comparison service.

These statistics have been collected since 2020 and are updated monthly. In addition to details about loan applicants, the statistics report includes acceptance rates, average loan periods and amounts, yearly interest rates, and effective interest rates offered by banks and financial institutions. Users can filter the information by specific periods, age groups, occupations, earnings, and applied loan amounts.

Let's delve deeper into Sortter's statistics! Unsecured loan for ordinary purchases – who gets it? A consumer loan is a one-time unsecured loan, typically granted for smaller purchases. Consumer loans can range up to €60,000, with loan periods from one to twenty years. From January 2020 to the beginning of 2024, there have been over 642,500 credit decisions in the statistics, encompassing all age groups, professions, and income levels.

The average consumer loan applicant during this period: - Is aged 30–39. - Earns bet.