Running-account loan

• Loan number
  • The loan number is a unique loan identifier created by the lender.
• Loan contract concluded
  • The date of conclusion is 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 of 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.

• 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, they report their foreign business ID instead of the Finnish Business ID.
• Official name
  • The lender's official name is the trade name registered in the Trade Register

The lender reports to the register whether you are the loan's only debtor or a co-debtor. You can see the number of co-debtors and the first name and last name of each co-debtor who has 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 the co-debtor's name. If a co-debtor wants to see more detailed information on the loan, they must log in to the e-service with their own ID.

The lender reports the currency of the loan that was granted to you.

• Credit limit
  • The lender reports the credit limit agreed on for a running-account loan. The credit limit refers to the maximum amount of credit available to you.
• Loan balance
  • The lender reports the loan balance, i.e. the amount of credit you have used. In running-account loans, the amount of loan balance is the amount of debt. The lender reports the amount of loan balance for the running-account loan according to the situation on the calendar day following the monthly due date or, if there is no monthly due date, on the last calendar day of the month.
  • For example, if you have paid with a credit card and pay the entire credit card invoice on the monthly due date at the latest, loan balance will not be reported to the register. If you pay only part of the invoice on the due date, the lender will report the remaining balance to the register.
• Balance date
  • The lender reports to the register the date on which the loan balance was reported.

The lender reports one-time expenses for the conclusion of a loan contract to the register. Such expenses include, for example, expenses and fees for loan applications and conclusion of a loan contract, charges for the use of a certain means of payment, loan arrangement fees, delivery fees or the like, payments made to loan brokers when a loan contract is concluded or credit is opened, separate expenses for transferring money to a bank account, i.e. an additional charge for rapid loan processing or withdrawal. The lender reports expenses included in the calculation of the effective annual interest rate according to chapter 7, section 6 of the Consumer Protection Act to the Positive credit register.

Note that charges and loan expenses may be collected from you throughout the life cycle of the loan. Such expenses are not included in the one-time expenses arising from the conclusion of a loan contract. If loan expenses are paid in connection with monthly payments, for example, or otherwise in instalments, you can find them in the reported payment transactions.

Lenders report all interest information that is taken into account in the calculation of the effective annual interest rate. Late-payment interest is an expense arising from a breach of contract, and it is not reported to the register. You can see all loan-specific interest information that lenders have reported to the register, but this information is not shared with other lenders requesting credit register extracts about you. Kela does not report interest information on guarantee receivables for student loans, so this information is not found in the register.

• Total interest rate
  • Total interest rate shows the loan's total interest in percentages. For example, if a margin rate of 1% is collected on a loan, plus the bank’s reference rate, which on the date of conclusion is also 1%, the lender reports that the total interest rate is 2%. If the loan is interest-free, the total interest rate is 0. If interest collected on the loan may vary, 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 found in the register.
• 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 specifically for 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 stored 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 at 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 options in the register include Euribor rate, Reference rate determined by the bank, Other variable rate, Fixed interest, and Interest-free. The lender reports to the register the interest type agreed on in the loan contract.
  • Euribor rate (Euro Interbank Offered Rate) is the rate generally used as a reference rate for loans and savings in the financial markets of the euro zone.
  • Reference rate determined by the bank refers to a reference rate subject to changes decided by the bank or group of banks. This reference rate is often called the primary interest rate.
  • The lender reports Other variable rate as the type of interest if the interest rate is other than Euribor, Reference rate determined by the bank or Fixed interest. Other variable interest may also be shown for an accelerated loan on which only late-payment interest is collected.
  • Fixed interest refers to an interest rate that remains the same throughout the contract period or for the entire loan period.
  • The type of interest is Interest-free if no interest is collected on the loan according to the loan contract.
• Period for interest determination
  • If the lender has reported that the interest type is Euribor, the period for interest determination refers to the rate's change interval. Euribor's period of determination is always given in months, for example 12 months.
• End date of the fixed interest rate period
  • If a fixed interest rate period has been initially agreed on for the loan, you can see the end date here, provided that the lender has reported the date to the register.
• Type of linkage to a benchmark interest rate after the fixed interest rate period
  • If the loan period continues after the fixed interest rate period ends, and if some other interest type has been agreed on with the lender for that period, you can see the other interest type in this section. Here the interest type can be Euribor rate, Reference rate determined by the bank, Other variable rate or Interest-free.

If an interest rate restriction has been agreed on for the loan, you can see here the details of the restriction reported to the register. The interest rate restriction protects you against interest rate increases in accordance with what you and the lender have agreed on. There are different types of interest rate restrictions. Interest rate restrictions reported to the register include the interest rate corridor, the interest rate cap and the fixed interest rate.

The lender reports the payment transactions of the loan to the register. In this section, you can see only the latest payment transaction. The lender reports the amount of interest and the amount of loan expenses other than interest separately. In addition, the lender reports the date on which the latest payment transaction was made. In running-account loans, amortizations are not reported at all. If the value shown for the latest payment transaction is 0, the lender may have been correcting an error.

The lender reports to the register the deferments of amortizations that you and the lender have agreed on in the loan contract. Deferment of amortizations refers to an agreed period during which your payments are deferred. In many cases, the deferment of amortizations concerns only the loan principal, i.e. you may still have to pay interest and expenses. The lender reports to the register only separately agreed deferment periods and their start and end dates. If a deferment period is an integral part of the loan contract and if it is under your own control and does not require a separate agreement with the lender, it is not reported to the register. The lender can report several deferments of amortizations for a loan.

The lender reports to the register the income data they have 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 the lender has established only your gross income or your net income, they report only the income they have established. At Income data, you find a description of the income data disclosed to the lender on the credit register extract. The register receives the income data from the Incomes Register.

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

Loan according to the Consumer Protection Act

For authorities' needs, the lender must report to the register whether a loan is a consumer credit within the scope of chapter 7 of the Consumer Protection Act, a consumer credit linked to residential property within the scope of chapter 7a of the Consumer Protection Act, or other than a consumer credit.

• Consumer credit (chapter 7)
  • Consumer credit within the scope of chapter 7 of the Consumer Protection Act means a loan which the lender grants to a consumer and on which interest or other charges are collected. Such loans include student loans, investment loans, credit cards, hire-purchase transactions and consumption loans. Loans comparable to consumer credits, such as peer-to-peer loans and rental and other contracts (leasing contracts), are also reported as falling within the scope of chapter 7.
• Consumer credit linked to residential property (chapter 7a)
  • Loan linked to residential property within the scope of chapter 7a of the Consumer Protection Act means loans granted for acquiring residential property and loans for which residential property has been provided as collateral. Such loans include, for example, home loans, loans for the purchase of investment apartments, and renovation loans. This information is reported only on loans granted after the entry into force of chapter 7a of the Consumer Protection Act (1 January 2017).
• Other than consumer credit
  • In the Positive credit register, other than consumer credit refers to guarantee receivables for student loans.

Goods or services related credit

The lender reports whether a loan is a goods or services related credit. A goods or services related credit is a consumer credit that a seller, a service provider or a business acting on their behalf has granted for the acquisition of a consumer commodity, such as a car or furniture.

Credit cards are also reported to the register as goods or services related credit. Home loans or student loans, for example, are not reported as goods or services related credit.

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