Payday loans are very popular in Finland. Finns like to deal with payday loans as it`s the most quick way to handle financial crisis. They also refer to these loans as quick loans, as it`s fast and easy to go through its process.
Payday loans in Finland are legal, and it`s defined as a loan with credit amount of less than €250 and a repayment time of less than one month. Research in 2012 by Statistics Finland discovered that €229 is the average short term loan in Finland, with average repay time of 32 days. Statistics also showed that average age for payday loan seekers are working people over 35 years of age.
Knowing about how much it costs you to take a payday loan is very important and in Finland the average charge for €100 is €25.
The main reason why payday loans in Finland is a very popular option for credit, is that the process of having this loan is easy and no much hassle, it`s also quick and easy for anybody to get the approval for getting this loan type. Although there`re much more benefits associated with this kind of loans, but being so easy and quick are the main reason why most of Finns love Payday loans.
The payday loans in Finland come with very high interest rate, which is considered to be the main disadvantage for these quick loans. However, this point didn`t stop borrowers from using this loans, and that`s may be because these loans are normally for small amounts and for short period, so the total amount to pay along with interest rate can be reasonable.
In Finland you can find different companies that provide payday loans in Finland. The majority of the companies offer loans similar to quick loans, associated with many other services like consumer credit, flexible loans and credit accounts, business loans, loan brokerage services, etc.