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Shopping drives sharp increase in demand for consumer loans in Finland

12 June 2019

A survey shows that Finns are the most likely Nordic people to consider taking a loan this summer. According to this year’s Summer Loan Barometer carried out by Tieto a third of Finns said they were considering borrowing money with shopping being the biggest motivation. 

Tieto asked over 3,000 people in Finland, Sweden and Norway about their attitudes and plans regarding summer loans.  

In Sweden, 19 percent responded that they plan to take out a loan for the summer, about the same level as last year. While in Finland and Norway, the proportion of respondents considering taking a loan increased – with Finland showing the biggest jump, up from 14 percent to 36 percent.  

Another insight from this year’s survey is why Finns would consider borrowing money. The most common reason for taking out a loan was shopping, cited by 12 percent of respondents. While in Sweden only three percent would use a loan for shopping and in Norway just two percent. Home renovation and travelling came out as the top reasons for borrowing in these countries.  

Tieto also asked what people consider important when choosing a lender. Across all countries, interest rate is the number one considerationIn Sweden and Norway, the bank’s reputation comes a close second with 57 and 45 percent respectively. While in Finland, a flexible repayment plan took second place with 49 percent. 

The survey also shows that Swedes are not particularly faithful to traditional banks. Respondents who were considering moving banking provider preferred new entrants such as Klarna and online banks. Plus, young people between the ages of 18 and 39 who said they were considering taking a loan are just as likely to go with a new entrant as to their current supplier.  

Finns are the most traditional when it comes to choosing a loan provider, with 61 percent choosing to stay with their current provider and 20 percent to go to a traditional bank. The corresponding figures for Sweden are 46 percent and 12 percent, and for Norway 40 percent and 21 percent. 

“These results show how important it is for loan providers to step up and meet the heightened customer expectations of today. Data is enabling new opportunities to improve customer experience and provide the best possible service. In this industry, the "hyper personalized" customer experience will define the future”, says Jonas BrännvallDirector of Credit Products, Tieto. 

For further information, please contact:  

Jonas BrännvallDirector of Credit Products, Tieto  

Mobile: +46 73 504 77 48 


Jessica Nannini, Senior Communications Manager, Tieto  

Mobile: +46 76 105 50 90 


Summer Loan Barometer  

The survey was carried out by YouGov on behalf of Tieto, the software and service company. 3,040 participants in Sweden, Finland and Norway answered questions about planned loans for the summer, what is important when choosing lenders and what the money should be used for. This is the fifth time the Summer Loan Barometer has been performed in Sweden and the second time in Finland and Norway 

Download the full report here

Tieto aims to capture the significant opportunities of the data-driven world and turn them into lifelong value for people, business and society. We aim to be customers’ first choice for business renewal by combining our software and services capabilities with a strong drive for co-innovation and ecosystems. 


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