Lump-sum loans

• Loan number
  • The loan number is a unique loan identifier created by the lender.
• Loan contract concluded
  • The date of conclusion, i.e. the date when you and the lender concluded a binding contract.
• Peer-to-peer loan
  • The lender reports to the register whether they have brokered the loan as a peer-to-peer loan broker. Brokering a peer-to-peer loan refers to a situation where a private individual, for example, borrows money to another private individual through a company acting as a peer-to-peer loan broker.

In the Positive credit register’s e-service, you can check for what purpose a loan was granted to you. The purpose of use is reported only on lump-sum loans.

Guarantee receivable for a student loan

A guarantee receivable for a student loan arises when you cannot repay your student loan to the bank yourself. In that case, Kela – the guarantor of the loan – repays the loan to the bank and then collects the loan amount from you. Kela reports such guarantee receivables to the register. Information reported on guarantee receivables is more limited than on other loans, so some data fields may be empty. If you need more information about the guarantee receivable of a student loan, contact Kela.

Home loan

A home loan is a loan you have taken to buy or renovate an apartment. A home loan may also be a loan you have taken to maintain your residential property or to pay a housing company loan.

Note that loans for the renovation of a residential apartment are also reported as home loans to the register if the shares or participations entitling to the ownership of the apartment, or the residential property or the right to use the property have been provided as collateral for the loan.

Home loan for first home

‘Home loan for first home’ refers to a home loan you have taken out to buy your first own home. You may own the first-time home alone or together with someone else.

Home loan for leisure house

‘Home loan for leisure house’ refers to a loan you have taken out to buy a leisure home, such as a summerhouse or other free-time residence.

Home loan for investment purposes

‘Home loan for investment purposes’ refers to a loan you have taken out to buy an investment property. ‘Investment property’ means an apartment that the owner does not use as a permanent home but to gain financial benefit by renting it out, for example.

Student loan

‘Student loan’ refers to a loan granted to finance your studies or study trips. Student loans granted to minors are also shown in the Positive credit register.

Consumer credit for the purchase of a vehicle or craft

‘Consumer credit for the purchase of a vehicle or craft’ refers to a loan you have taken out to buy a car or boat, for example.

• ‘Vehicle or craft’ refers to a means of transport registered in the transport register and to any accessories associated with it. For example the following are registered in the transport register:
  • cars
  • aircraft
  • watercraft.

If you have been granted a car loan or a boat loan, for example, this is the purpose of use that the lender reports for the loan.

Note, however, that if you have been granted a car loan or a boat loan for a private entrepreneur’s business operations, the loan will not be reported as a consumer credit for the purchase of a vehicle or craft but as a business credit.

Other consumer credit

Ordinary consumer credits are reported to the register as ‘other consumer credit’. ‘Other consumer credit’ refers to all such loans granted to consumers that are not

• home loans
• student loans
• consumer credits for the purchase of a vehicle or craft
• guarantee receivables for a student loan
• instant loans with no collateral.

Loan for operation of business

‘Loan for operation of business’ refers to a loan you have taken out to conduct business, for example. Examples of such loans include:

• a loan taken out by a farmer to buy a new tractor if they do business as a natural person
• a loan that a self-employed individual providing massage services has taken out to buy supplies
• a car loan if a private entrepreneur has bought the car for their business operations.  

Other loan

If the purpose of use of a loan granted to you is none of the above, it is considered to be ‘other loan’. ‘Other loan’ refers to all such loans granted to you that are not consumer credits and whose purpose of use is other than operation of business.

Name for marketing purposes

• The lender reports its own marketing name or auxiliary business name to the register. ‘Marketing name’ here refers to the name that the lender uses for the purposes of marketing.

Identifier

• The lender's identifier is the company's Business ID. If the lender is non-Finnish, it reports a foreign business ID instead of a Finnish Business ID.

Official name

• The lender's official name is the trade name registered in the Trade Register.
  Please note that the lender’s marketing name and official name are not necessarily the same. If you have any questions about your loan data, always check the lender’s official name and make sure you contact the lender with the official name. 

Here you can see the number of debtors in your loans. 

• You can see the first and last names of debtors who have a Finnish personal identity code. If a co-debtor does not have a Finnish personal identity code or is a company, for example, you do not see their name. 

At Loan currency, you see in which currency the loan was granted to you.

• Amount issued
  • ‘Amount issued’ means the total loan amount granted to you.
• Amount paid
  • ‘Amount paid’ refers to the loan amount you have actually drawn.
  • It is possible that the amount granted to you is greater than the amount you have actually drawn. In these cases, you can draw further amounts of the loan.
• Loan balance
  •  ‘Loan balance’ refers to the unpaid loan principal, excluding interest or expenses.

The lender reports your one-time loan expenses to the register. The one-time expenses include:

• expenses and fees charged for a loan application and conclusion of a loan contract
• fees charged for the use of a certain payment instrument
• loan arrangement fees 
• service fees or the like 
• fees payable to a loan broker when a loan contract is made or a credit opened 
• separate charges for transferring loan capital to an account, such as additional charges for expedited processing or withdrawal. 

The lender reports your loans’ interest information to the register. The information is shown only to you. Lenders have no access to your interest information, not even through credit register extracts they request about your data. You will see the following interest information:  

Total interest rate

The total interest rate shows the loan’s total interest in percentages. Examples for components of the total interest rate:

• If a lender collects a margin of 1% plus the Euribor, which is also 1% on the date of conclusion, the lender reports that the total interest rate of the loan is 2%. 
• If the loan is interest-free, the total interest rate is 0. 
• If varying interest rates may be collected on the loan, the lender usually reports the highest interest rate to the register.
• If your loan has been accelerated and only late-payment interest is collected after the acceleration, the total interest rate is not available in the e-service.

Margin rate

The loan's interest rate usually consists of a reference rate and a margin rate.

• ‘Margin rate’ refers to the charge for the loan that the bank collects in addition to other expenses.
• The lender determines the margin separately to each client in a loan contract, for example.
• If your loan has been accelerated and only late-payment interest is collected after the acceleration, the margin rate recorded in the register may be 0.

Effective interest rate on the date of conclusion

‘Effective interest rate’ means the effective annual interest rate calculated in accordance with the Consumer Protection Act and communicated to you in conjunction of the conclusion of the loan contract.

• If the contract contains alternative interest rates, the lender usually reports the highest effective interest rate at the time of conclusion of the contract.

Interest type

The interest type is one of the following:

• The Euribor rate (Euro Interbank Offered Rate), generally used as a reference rate for loans and savings in the financial markets of the euro zone.
• The bank’s own reference rate, which may be changed independently by the bank or group of banks. The bank’s own reference rate is often called the Prime rate.
• A fixed interest rate, which remains the same throughout the agreement period or for the duration of the loan.
• Other variable interest, i.e. other than the Euribor, the bank’s own reference rate or a fixed interest rate. Other variable interest may also be shown for an accelerated loan on which only late-payment interest is collected.
• Interest-free: a loan is interest-free if no interest is collected on the loan under the loan contract.

Period for interest determination

The period for interest determination refers to the period for which a given interest rate is valid before it is reconsidered and may change. For example, if the interest type is the Euribor, the period for interest determination has probably been agreed to be 1, 3, 6 or 12 months. The most common interest type for home loans in Finland is the 12-month Euribor. In these cases, the period for interest determination is reported to be 12.

End date of the period for a fixed interest rate

• If an initial fixed interest rate has been agreed on for your loan, the end date of the period is stated here provided that the lender has reported it to the register.
  Type of linkage to a benchmark interest rate after the fixed interest rate period
• Your loan may have been agreed to have a fixed interest rate for a certain period of time. If the loan period continues while the fixed interest rate period ends, the interest type applied to the remaining part of the loan is stated here.
  Late payment interest
• The e-service does not show any late payment interest because it is not reported to the register.

An interest rate restriction, also known as an interest rate cap, is shown in the e-service if one has been set for your loan. An interest rate corridor, an interest rate cap and a fixed interest rate are reported to the register but other interest rate restrictions are not reported.

• Payment method
  • You have agreed on the payment method with the lender in the loan contract.
  • The payment method options are Fixed-size amortization, Fixed-size payments, Annuity, Bullet, Balloon and Other.
  • When fixed-size amortization is used, the amortization amount remains the same throughout the loan period but the monthly repayment amount changes according to the amount of interest to be paid. In this case, repayment instalments usually grow smaller towards the end of the loan period because the amount of interest paid on the loan decreases.
  • In the case of fixed-size payments, the repayments are always of the same amount regardless of changes in the interest. If the interest rate goes up, the loan period is extended. The amount of amortization included in the repayments usually increases towards the end of the loan period because the amount of interest to be paid decreases.
  • ‘Annuity’ differs from Fixed-size payments in such a way that when the interest changes, the repayment amount also changes. In other words, an increase in the interest rate does not extend the loan period but increases the repayment amount.
  • ‘Bullet’ means that the loan principal is repaid in one instalment.
  • ‘Balloon’ means that the last instalment of the loan is much bigger than the other instalments.
  • ‘Other’ is used if the payment method has not been separately agreed on. The loan may be at debt collection, for example.
• Amortization frequency
  • If the payment method is other than Bullet or Other, the lender reports the amortization frequency you have agreed on in months. For example, if you amortize a loan every month, the value you see here is 1 month, and if you amortize the loan every other month, the value here is 2 months.
• Final due date
  • The lender reports the final due date of the payment plan agreed on in the loan contract if the date is known.  

The lender reports the payment transactions of the loan to the register. In this section, you can see only the latest payment transaction. Payment transactions may be amortizations or other payment transactions, such as payments relating to loan-related expenses or interest.

The lender reports separately the actual amortization of the loan, the amount of interest, and the amount of loan expenses other than interest. In addition, the lender reports the date on which the latest payment transaction was made. 

You can see any deferments of amortizations in the e-service. A deferment of amortizations refers to an agreed period during which your payments are deferred. You may need to pay interest or charges, however, even if you do not make repayments towards the loan principal. A single loan may have multiple deferments of amortizations.

Only the deferments of amortizations you have separately agreed on with the lender are shown in the e-service. You will see both the start and end dates of the deferment periods.

Deferment periods that are an integral part of the loan contract and are under your control are not shown in the e-service. No separate agreement is made on them with the lender. 

The lender reports to the register the income data it has established to assess your creditworthiness during loan negotiations, for example. The lender reports the income as monthly income, divided into gross and net income. The income data is always shown in euros. If only gross income or only net income has been established, the lender reports only that. At Income data, you will find a description of the income data disclosed to the lender on your credit register extract. The register receives the income data from the Incomes Register.

• Gross income
  • Gross income refers to the income about which the lender has received information from you and from which no taxes have been withheld or other deductions made.
• Net income
  • Net income refers to the income about which the lender has received information from you and from which taxes have been withheld and other deductions made.

The loan includes collateral

• If your loan includes collateral, it will be shown in the e-service. The information is reported as Yes/No.

•  Collateral is reported on lump-sum loans and running-account loans.
• Collateral refers to assets that you provide for the bank as collateral in case you cannot repay the loan as agreed. 
• Collateral may also be a guarantee. In the case of a guarantee, some individual (such as a close relative) agrees to assume liability for your debt.

Type of collateral

There are different types of collateral, and for example an apartment or a personal guarantee may serve as collateral for your loan. A single loan may have more than one collateral at the same time. If your loan has several types of collateral, each type is shown separately in the e-service. For example, if an apartment and a personal guarantee are provided as collateral for a single loan, you will see them separately in the loan information.

However, the e-service does not show the euro value of the collateral or the date of valuation of the collateral.

The following types of collateral are shown in the e-service:

• Residential property
  • ‘Residential property’ here means that the collateral provided is a residential real estate unit, shares in a housing company, or a residential building located in an area whose control is based on a right of use concerning a property, such as a right of tenancy (for example, a single-family house on a rented plot). The property or apartment may be for permanent use or for leisure use.
    The type of collateral is also Residential property if the collateral is an investment property, a right-of-occupancy property or a part-ownership property.
• Other immovable property
  • ‘Other immovable property’ here means that the collateral provided consists of other immovable property than residential property described above. For example, the collateral may consist of fields, forests or real estate units for other than residential use.
• Hire-purchased item
  • ‘Hire-purchased item’ here means that the collateral provided consists of goods bought on hire purchase, such as a vehicle.
• Other moveable property
  • ‘Other moveable property’ means that the collateral for the loan is moveable property other than residential property or a hire-purchased item. Examples of such property include various securities, such as quoted stock, shares other than those conferring the right of possession to a residential apartment, art of high value or precious metals.
• Other collateral
  • ‘Other collateral’ here means that the collateral provided consists of property that does not fit in any of the categories described above. Examples of such property are business mortgage or credit insurance.
• Personal guarantee
  • A personal guarantee means that another person guarantees the repayment of the loan, i.e. undertake to repay the lender the guaranteed amount of the loan. 
  • If there are several guarantors, all guarantors’ details are recorded in the register.
  • If a guarantor does not have a Finnish personal identity code, the type of collateral is Other guarantee.
• Government guarantee
  • A government guarantee means that the State undertakes to repay the lender the guaranteed amount of the loan. For example, a student loan or a home loan may have a government guarantee.
• Other guarantee
  • ‘Other guarantee’ means that the loan has a guarantee other than a personal guarantee or a government guarantee. Examples of such collateral include commercial guarantees and guarantees granted by churches, municipalities or other organisations.
  • Also, if a guarantee is provided by the Provincial Government of Åland or the Guarantee Foundation, the guarantee type reported is Other guarantee.
  • If a guarantor does not have a Finnish personal identity code, the type of collateral is Other guarantee.

The e-service shows whether your loan is a loan as referred to in the Consumer Protection Act, such as a home loan, student loan or car loan.

Examples of a goods or services related credit include credit cards and loans granted for the purchase of a car.

This data item is reported only on consumer credits. In other words, if you have taken out a loan of this type in the capacity of business name entrepreneur for purposess of business, the data is not available in the e-service.

Under the Loan status section, you will find the following information.

• The loan has delayed amounts
  • If delayed amounts have been reported for your loan, you will see it here. The information is reported as Yes/No.
  • The lender reports delayed amounts to the register only if they are at least 60 days late.
  • The lender will remove the delayed-amount entry when you have paid the delayed amount in full.
• The loan has been accelerated
  • If your loan has been accelerated to be paid in full, you will see it here. The information is reported as Yes/No.
  • Note that if the loan has been accelerated for a reason other than a delayed amount, information about the acceleration is not shown in the register.
  • The lender will keep informatioin about the acceleration in the loan information until the loan contract has been acclerated. A new payment plan agreed on with a debt collection agency, for example, to pay an accelerated loan does usually not cancel the acceleration. You can discuss acceleration in greater detail with your lender.
• The loan is included in a payment plan in a debt arrangement
  • If your loan is included in a payment plan in a debt arrangement confirmed by a court of law, you will see it here. The information is reported as Yes/No.
• The loan is included in a business restructuring program
  • If your loan is included in a business restructuring program confirmed by a court of law, you will see it here. The information is reported as Yes/No.
• The loan has been transferred from another lender
  • If the original lender has transferred your loan to another lender, you will see information about the transfer here. The information is reported as Yes/No. The lender may also decide not to report the information, in which case you will see the text ‘No data has been reported’.  
• The loan is transferred to another lender
  • If your loan has been transferred to another lender, you will see it here. The information is reported as Yes/No. The lender may also decide not to report the information, in which case you will see the text ‘No data has been reported’.
• The loan has ended
  • The information is reported as Yes/No.
  • When the lender reports a loan as ended, the loan details will no longer be shown in the e-service or on credit register extracts.
  • If the loan is transferred to another lender, the loan may be shown as ended for a few days before the loan data is removed from the register.
• The accuracy of loan data has been denied
  • The information is reported as Yes/No.
  • This is shown when you have denied the accuracy of loan data and requested that the processing of your data should be restricted on the basis of Article 18 of the EU General Data Protection Regulation. Information that you have denied the accuracy of loan data will be disclosed to lenders on your credit register extracts.
  • We will remove the entry upon your request.
  • The entry will also be removed when we have verified the accuracy of the data you had denied or the lender has corrected any incorrect data.
• Borrower’s Business ID is linked to the loan
  • If a loan has been granted for your business operations, your – i.e. the borrower’s – Business ID will be shown here. 

Here you will see when the lender last updated the loan data. The lender may have updated one or more data items.