CrediNord UKK

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).

  • #businessloanpricing

    How is the pricing of a business loan calculated?

    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.

  • #businessloansecurities

    Do we require our customers to provide securities to receive a business loan?

    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.

  • #businessloanamount

    How big a loan can a company get?

    Generally speaking, we finance companies with sums equivalent to their monthly turnover. The maximum amount is €100,000.

  • #businessloanmonthlycost

    Why is it best to take a business loan with a fixed monthly instalment?

    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.

  • #businessloanpaymentperiod

    How long is the business loan’s payment period?

    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.

  • #businessloanrequirements

    What are the minimum requirements for getting a business loan?

    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.

  • #businessloanapplication

    What information must one provide when applying for a business loan?

    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.

  • #businessloanapplicants

    Who can apply for a business loan?

    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.

  • #businessloancosts

    How much will a business loan cost?

    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.

  • #businessloanwithdrawal

    How soon is the business loan amount available for withdrawal?

    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.

  • #businessloanterms

    What are the terms and fees of a business loan?

    The entrepreneur acts as a personal guarantor for the business loan. The loan terms and exact fees are clearly established in the loan agreement.

  • #applyingforbusinessloan

    How do you apply for a business loan?

    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.

  • #businessloanalternatives

    Do you offer other kinds of financing in addition to business loans?

    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.

  • #businessloantaxbenefits

    Are the costs of a business loan tax-deductible?

    Yes, the business loan expenses may be deducted for tax purposes. Please discuss the most suitable way to do this with your accountant.

  • #businessloanproviders

    Why take a business loan from CrediNord?

    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.

  • #businessloancustomers

    To whom do we grant business loans?

    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.

  • #businessloanpaymentdefaults

    Can an entrepreneur or a company with a history of payment defaults get a business loan?

    Unfortunately, we cannot grant a business loan if you or your company has a record of payment defaults.

  • #businessloanfinland

    Does the applying company have to be based in Finland, Sweden, Denmark, or the Netherlands?

    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.

  • #businessloanprerequisites

    Does the company have to be making a profit in order to get a business loan?

    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.

  • #businessloanriskassessment

    What kind of company information do you examine when offering a business loan?

    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.

  • #businessloantobankaccount

    How soon is the loan paid into the company’s bank account?

    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.

  • #businessloanguarantor

    Is it possible to get a business loan without a guarantor?

    Getting a business loan requires at least one personal guarantor.

  • #businessloanpurposes

    What can you use the business loan for?

    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.

  • #businessloanquestions

    Is it possible to contact the people processing my business loan application?

    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