Loosely, translated, this phenomenon grants all and sundry across the Scandinavian country a loan amount, second to none. Go to any proactive website based in Finland, using their loan code of laina heti and what do you get; a plethora of opportunities. There are abundant opportunities where, previously there were none. Previously, it was extremely difficult for hard-working Finnish men and women to get a decent or urgent loan.
Especially since the last, and hopefully it will be the last, financial crisis, the banks have been reluctant to open their books and lend to those that asked. This has, for many years been quite tragic and rather unfair. Those who were deserving always had the door shut in their faces. This has been the case for those who have only entered the formal job market in the last few years. Because they had no credit record to speak of, banking regulations excused the fact that these deserving men and women could not be accommodated.
But these men and women also had no bad credit records either, so why should they be penalized. It is extremely difficult to make solid savings and investments for the proverbial rainy day and for emergencies. If credit-worthy men and women are able to save at all, the monthly amounts they put away are modest. So, what are they to do when those emergencies arise? Why should they wait until a mature age to finance their first home, a worthwhile investment on any rainy day? And like many of them are trying to do, and as they should, how are they expected to finance their first ambitious start-up project.
Well, enough questions for one lifetime. Only clear answers and solutions going forward. One of those solutions is going the now-customary laina heti way. It is the Finnish way of today, and of tomorrow. If you are not a Fin, this progressive and welcome development applies to you as well. No matter where in the world you are today, entrepreneurial ventures are springing up, making provision for required loan activity. The provisions are capitalized. This means that new and legislated loan service providers can afford to provide new loan applicants with the loans they need.
But as is the case in Finland, there is no bending of the rules. Self-rule applies equally here. While the loan options available can respond to unsecured applicants, the applicants still need to apply their minds towards providing their new credit providers with the requisite paperwork. This usually entails the submission of a monthly salary slip and at least a three month bank statement. In the spirit of being progressive, this can be regarded as a statement of intent and also a guarantor indicative of utmost good faith.
Not to be outdone will be the affordability criteria. In as much as these progressive lenders are more than willing to help out, they will not be paying over amounts that clients will not be able to afford to pay back.