Joustoluotto - Flexible Credit

eva888 · Post by **eva888** » Thu Oct 03, 2013 1:45 pm

I was wondering if anyone has ever used the Joustoluotto or flexible credit which seems like the equivalent of a personal loan in the US. Is it available to foreigners? I found it on the Nordea website, which is where I have an account.

I'm trying to buy a new musical instrument (which I need for my job). I can sell my old one once I've bought a new one, but not until then so I need a loan to cover the cost in the meantime. I am having trouble getting a loan in the US because I no longer live there and don't have employment there. Any other advice would be appreciated! Kiitos!

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Rip · Post by **Rip** » Thu Oct 03, 2013 3:43 pm

You try applying online, right? I doubt they require you to be a citizen, but it seems you moved here just a couple a months ago, so I wouldn't be too hopeful.

Rick1 · Post by **Rick1** » Thu Oct 03, 2013 4:15 pm

Can depend on many factors. Do you have some guarantee?, like house or partner (who has good connection with bank). Stay away from the 'quick loans' companies , they RIP you off. Large banks are more difficult but have still a minimum type of ethics.

Flossy1978 · Post by **Flossy1978** » Fri Oct 04, 2013 11:44 am

If you've only been here a short time, it's more than likely you'll not be able to get any kind of loan, because you'll have no 'credit history'. Yeah, we don't have a credit rating thing here like in America (the points system). But you've still got to have been here long enough to prove you have good credit. No idea how they do it, but somehow they do.

Good luck!

tjawatts · Post by **tjawatts** » Sat Oct 05, 2013 11:56 am

There for sure is a credit rating system the banks used to decide if they will give you a loan (similar to the US one, but probably not the same, actually I think all banks have their own system).

There is a general registry of credit and I am pretty sure you can request your extract if you would like to see it.

T

betelgeuse · Post by **betelgeuse** » Sat Oct 05, 2013 1:22 pm

tjawatts wrote:There for sure is a credit rating system the banks used to decide if they will give you a loan (similar to the US one, but probably not the same, actually I think all banks have their own system).

There is a general registry of credit and I am pretty sure you can request your extract if you would like to see it.

T

There is no general registry of credit (positive register). Creating one would be illegal. There is only a negative register (luottotietorekisteri) where you get put if you neglect payments.

eva888 · Post by **eva888** » Sun Oct 06, 2013 10:43 pm

Thanks for all the info! I guess then it's not looking good since I've only been here a few months. I have an appointment at Nordea tomorrow, so fingers crossed

oompah18 · Post by **oompah18** » Mon Oct 14, 2013 11:00 pm

I use klarna to buy expensive things online! I just pay a monthly instalment. They have never once asked about my income! I have unfortunately noticed that the online musical instrument shops that use klarna, seem to be a little more pricey than the ones that take credit cards and not klarna, (I dont have a credit card), but I got a flute, and sax case that way!

eva888 · Post by **eva888** » Thu Nov 21, 2013 5:02 pm

The place I am looking to buy the musical instrument from requires a bank transfer so unfortunately I can't use anything like klarna.

I just wanted to update this in case someone else stumbled upon it asking the same question. Nordea told me that in order to apply for a loan I needed some other kind of Finnish ID number (not the normal birthday-XXXX one). They said that I would be a good candidate though for this credit once I have that. Anyway, I went through the whole process of getting the Finnish ID card with the number, went to the bank and had it added to my account, etc. Now I applied for the loan and they told me that I can't have the amount I requested, and I can't have a smaller amount either.

So frustrating! Guess I won't be buying a car anytime soon either...

smilesalot · Post by **smilesalot** » Fri Nov 22, 2013 5:07 am

I got and used a Joustoluotto, yes Im american with Finnish citizenship, the biggest thing they wanted from me was my salary or monthly paycheck stub, and if I had any other loans. They would not give me the amount I was asking for but because I asked for a larger amount they gave me a smaller amount.

After paying off my 1st juostoluotto I went and asked for second juostoluotto thinking I could get the same amount asked for previously, but to my suprise they offered me 30% less. When I mentioned to them that they offered me the larger amount before and that I paid all my payments on time over 2 years and a l now have a 20% larger income, ( I thought I established a good credit record paying on time) they just said do you want what we offered or dont you there is no negotiations.
In other words we dont care about your previous credit record with us or that you have a increased salary, their attitude was we dictate the rules you dont .

My conclusion is always ask for a larger amount because they will cut your request 30 percent of your asking. Also to note the 2nd Juostoluotto they did not ask my salary just asked do I have any other loans and how much do I pay for rent or do I own something. Also the 2nd loan person did not even call or talk with me just a short email thats all.

I recommend go ask another bank if you can get a cosigner or if you have a regular proof income.

PS I had my paycheck direct deposited into my Nordea bank acount as well for over a year as another proof of regular income. They didnt care about that at all

smilesalot

Flossy1978 · Post by **Flossy1978** » Fri Nov 22, 2013 5:35 am

It's getting harder to get loans now.

I guess cause the economy is in the sh*ts.

I got my joustoluotto loan easily, but I guess that's cause I had had them before. And I guess it also depends on who is serving you. But I know they are getting stricter. I couldn't even get a 500€ limit upgrade on my fully paid off credit card now.

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