Loan and Credit offers its customers flexible credit of up to USD 2000. The customer applies for a credit for the amount they want and can then raise money as needed within the credit line. Loan and Credit presents different types of credit for smaller amounts, such as instant nipples, but in practice it is always the same flexible credit product, and new customers always have access to a credit line of $ 2,000. Non-bank instant loans are increasingly in fact continuous loans. Old customers who have paid off their credit on time can, if they wish, increase their credit line after three months of credit, first to $ 2,500 and then to $ 3,000.
The credit will be paid the customer’s customer account My Loan and Credit service which the client can increase the amount they want access to transferring it to their bank accounts. You can manage your own Loan and Credit account by logging in to the service on the Loan and Credit pages. To open an account, a customer must be at least 20 years old, a Finnish personal identification number, an online banking account with a Finnish bank, or a mobile certificate and a functioning personal email address. Applicants must not have payment default entries. Creating or using an account does not cost the customer.
Applying for a loan
The loan is applied for on the Loan and Credit website either on a computer or on a mobile device. For the application, the applicant must identify himself with the service using his online banking ID or mobile certificate. You can apply for a loan at any time. Applications are processed during customer service hours and the loan decision is sent to the customer electronically immediately after processing. Applying costs nothing.
The loan can be granted to a person of at least 20 years of age with a Finnish personal identification number, online banking codes, personal mobile phone subscription and e-mail address. Applicants must not have payment default entries. No separate collateral or guarantors are required to obtain credit.
Once the customer’s credit application has been processed and approved, the customer will receive, in addition to the loan decision, his or her personal PIN code, which will enable him or her to log in to the service without using online banking. This makes the service easy to use even when traveling. The customer must ensure that the PIN code does not end up in the wrong hands. If the code is forgotten, the customer must log in to the service with their online banking codes and request a new code.
Experience with Loan and Credit shows that the use of Loan and Credit services is safe. CreditFinance uses a strong authentication method provided by Finnish banks to secure the applicant’s identity in the loan application process. Loan and Credit’s website is protected and customer information is stored in a user-protected system and a secure server environment. Credit Credit operates in accordance with Finnish law, including the Personal Data Act, and no customer information is disclosed to third parties. Loan and Credit is also committed to responsible lending, which means that when making credit decisions, it pays particular attention to the customer’s ability to pay to avoid overspending or credit repayments.
Cost and repayment of the loan
The customer can raise the amount of credit they wish, and the repayment is made in monthly installments. The minimum monthly installment shall be 10% of the amount of the drawn credit, withdrawal fees and interest, but not less than USD 100. The loan can also be repaid in equal installments.
For each monthly payment, you will receive an invoice in your email with all required payment information, such as a reference number. The details of the invoice can also be found in the customer’s Credit Line. However, if the customer does not receive the invoice, the invoice will have to be paid, for example, according to the information in My Credit Credit. You can also ask for payment information from LuottoRaha customer service.
The loan can also be repaid on an accelerated schedule if desired, which allows the customer to save on interest costs. Payment details can be found at My Loan and Credit.
Customers can change their payment plan
At My Credit Credit and, upon request, also receive a repayment-free month. There is a processing fee for granting the grace period. The repayment grace period must always be agreed in advance with Credit Credit and monthly loan installments may not be left unpaid. Failure by the customer to pay monthly credit installments in accordance with the agreement may be interpreted as a default and result in consequences, such as interest on late payments, recovery actions and, eventually, default.
The nominal annual interest rate on the Credit is 48.7% of the outstanding credit balance. The effective annual interest rate depends, among other things, on the date the loan was withdrawn, the number of withdrawals, and the amount of principal and monthly installments. Before submitting a credit application, the customer can estimate the cost of the credit using the price calculator available on the Credit Credit page.
The effective annual interest rate on the Credit 2000 Loan, calculated as required by the Consumer Protection Act, is 108.51%. In addition to interest, the customer pays a withdrawal fee each time the customer withdraws money from the credit. The withdrawal fee charged by Loan and Credit is 14% of the withdrawal amount.