Business loans—Frequently Asked Questions
Do you have a question about a business loan? Here, you can find answers to the most frequently asked questions about business loans.
If you don’t find the answer to your question here, please send us an email: asiakaspalvelu@credinord.fi or give us a call: 09 424 757 88 (Mon.–Fri., 9 a.m.–5 p.m. GMT+3).
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#businessloanpricing
The cost of all our business loans is calculated on an individual basis. Our pricing is based on a risk assessment and an estimate of a company’s ability to pay. To see the exact costs of a loan for your company, you’ll need to apply for a loan. Filling in and submitting a loan application does not bind you to anything.
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#businessloansecurities
Our business loans don’t require securities. What matters is that you and your company have been taking good care of your business affairs. We do, however, require a personal guarantee where the entrepreneur acts as a guarantor. For loans of over €25,000, we generally ask the company to present two guarantors.
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#businessloanamount
Generally speaking, we finance companies with sums equivalent to their monthly turnover. The maximum amount is €100,000.
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#businessloanmonthlycost
It is in the company’s own interest to know in advance the total monthly costs of a loan. With a fixed cost, you know what your payment commitments are, and there are no surprises.
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#businessloanpaymentperiod
We offer business loans with flexible payment periods. You can choose to repay your loan over 6, 12 or 18 months. If necessary, you can apply for a grace period of 1 month.
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#businessloanrequirements
The applicant company must have been active for at least for six months, and neither the company nor its guarantor can have a record of payment defaults. In addition, the company and its decision-makers must be based in the corresponding country, be it Finland, Sweden, Denmark, or the Netherlands. The company must have an annual turnover of at least €30,000.
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#businessloanapplication
Applying for our business loan is fast and straightforward. All you need to provide in your application is the loan amount, the payment period, the purpose of the loan and the company’s and its guarantor’s contact details.
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#businessloanapplicants
Any entrepreneur with the authority to sign the company’s documents can apply for a business loan. The business loan can be granted to any company, irrespective of its size.
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#businessloancosts
The costs of a business loan vary from one company to another. You can use a loan calculator to get a preliminary estimate, but the exact details will be provided to you only after you submit a loan application. Filling in and submitting a loan application does not bind you to anything.
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#businessloanwithdrawal
We don’t want to waste your time, so we aim to process your loan application within one hour. You’ll be emailed a loan offer that you’ll need to sign. In some cases we might ask you to provide some attachments. If everything is in order, the loan is paid into your bank account and you can withdraw the money on the following business day at the latest.
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#businessloanterms
The entrepreneur acts as a personal guarantor for the business loan. The loan terms and exact fees are clearly established in the loan agreement.
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#applyingforbusinessloan
Applying for a business loan is simple. All you need to do is fill in the loan application form on our website. You’ll receive our offer one hour later or, at the latest, on the following business day.
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#businessloanalternatives
At the moment, we’re concentrating on what we do best. That’s why we specialize only in business loans and don’t offer any other loan products or services.
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#businessloantaxbenefits
Yes, the business loan expenses may be deducted for tax purposes. Please discuss the most suitable way to do this with your accountant.
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#businessloanproviders
The way we work with business loans is not only quick and simple but also clear and flexible. It takes just a minute to fill in our loan application, and you can have the money on your bank account on the same or, at the latest, the following business day. We offer flexible repayment terms.
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#businessloancustomers
We grant business loans to companies that are based in Finland, Sweden, Denmark, or the Netherlands, and that have no record of payment defaults. The companies must have a clean credit record and be actively in business.
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#businessloanpaymentdefaults
Unfortunately, we cannot grant a business loan if you or your company has a record of payment defaults.
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#businessloanfinland
Yes. In order to be able to apply for a business loan, the company must be registered in Finland, Sweden, Denmark, or the Netherlands, and its head office must be located in that country as well.
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#businessloanprerequisites
No, not necessarily. We always perform a risk assessment and estimate the company’s ability to repay the loan. If the company doesn’t have a history of payment defaults and it is able to pay monthly instalments, it is not required have a positive balance.
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#businessloanriskassessment
We perform a comprehensive risk assessment for any company applying for a loan. Among other things, we examine its turnover, results and balance sheet. The final loan decision is always based on our comprehensive assessment of the company’s risk level.
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#businessloantobankaccount
We aim to provide a fast service. If the loan agreement is signed on a business day before 4 p.m., the loan is paid into the company’s bank account on the same day.
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#businessloanguarantor
Getting a business loan requires at least one personal guarantor.
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#businessloanpurposes
Our goal is to improve companies’ operating conditions. It is possible to use the business loan for any purpose that promotes the company’s business potential.
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#businessloanquestions
You can contact our customer service on weekdays between 9 a.m. and 5 p.m. GMT+3 on 09 424 531 57. You can also send us an email to asiakaspalvelu@credinord.fi
