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Swedes and Norwegians more likely to borrow money this summer than Finns


More than one in five Swedes and Norwegians are planning to take a loan this summer. With 22 % of Swedes and 21 % of Norwegians looking to borrow money, they are far more likely to do so this summer than Finns with only 14 %. Interest rates and trust are the main criteria when choosing a loan provider for summer loans. These are some of the key findings of the Summer Loan Barometer, conducted by Tieto Financial Services in Sweden for the fourth consecutive year and for the first time in Norway and Finland.

“In Sweden and Norway, we see more mature unsecured credit markets, where there is a bigger appetite for these kinds of loans than in Finland. The processes are also more manual in Finland which could be another barrier”, says Pedram Tadayon, VP Credit Solutions and Services at Tieto.

Trust more important for Swedes, speed for Finns

When taking a loan, Swedes value trust in the loan provider higher than Norwegians and Finns. More than half (58 %) of Swedes consider trust in the loan provider to be “very important” when borrowing money. In Norway only 38 % consider it to be very important, and in Finland 48 % consider it to be very important.

The survey also shows that 71 % of those looking to borrow consider the interest rate to be an important factor when taking out a loan. Finns differ from the other two countries. They give more importance to “Speed” (how fast they get the money), potential fees and the flexibility of the repayment plans when taking out a loan.

Half of the people wanting to borrow state that they will use their current bank/loan provider for the new loan. Only 15 % (17 % in Norway) have decided that they would change bank/loan provider for the new loan.

“We see around 50% of people who want to take a loan expressing a preference for their existing bank. This is very interesting since the market is dominated by the brokers and the general understanding is that brokers are the key acquisition channel for unsecured loans.

“Interest rates are very important, closely followed by trust. So if you’re an existing bank, you have advantage when it comes to acquiring that customer thanks to the trust already established, provided you are competitive enough with the rates.

“This year we also see that there is a higher percentage of people looking to borrow for the summer. In Sweden, for example, the number has increased from 12 % to 22 %. I think the reason for an increased demand for unsecured loans in Sweden is tighter regulations around mortgages, which makes it more difficult to access money from your mortgage for consumption”, says Pedram Tadayon.

Tieto Loan Barometer is based on results from a survey conducted by YouGov in Sweden, Norway and Finland during the period 05-10/6. A total of 3075 interviews were conducted with men and women of the age of 18 and older. In Sweden 1038 interviews were conducted, in Norway 1027 interviews and in Finland 1010 interviews. This survey was previously run by Emric, which joined the Tieto group in 2016.

Read more about the survey (

About Tieto

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 customer´s 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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