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New report reveals how people in the Nordics plan to take loans this summer – interest rates and customer service are crucial when choosing lender


Tietoevry Banking’s Summer Loan Barometer shows that 26 percent of Swedes, 32 percent of Norwegians, and 44 percent of Finns are considering taking out loans this summer. Taking loans for travel, renovations, and various activities is particularly popular. When choosing a lender, most people consider the interest rate to be the most important factor, followed by trust in the lender and its customer service. The survey also shows that people are loyal to its current bank or lender.

Tietoevry Banking has studied consumer attitude towards summer loans in Sweden, Norway, and Finland. A total of 3,043 people participated in the survey conducted by YouGov. The results show significant differences between the countries in what they plan to use the loans for.

“We annually release the Loan Barometer as a service to our banking customers, citizens, and the industry. In Finland and Norway, house renovations top the list of reasons for acquiring a loan, while Swedes borrow money to finance their summer trips and activities. Interestingly, this summer, twice as many people in Finland are lending money to get married compared to Sweden”, says Pär Johansson, Head of Credit at Tietoevry Banking.

Sweden – record high number are considering a summer loan

More than one in four Swedes (26 percent) are considering taking a summer loan. This is the highest number since the survey was first carried out in 2018 by Tietoevry Banking. Popular purposes include travel (9%), renovations (6%), and activities (6%).

“The challenging economic situation continues, with interest rates still on a high level and recent year’s high inflation. We see that more Swedes are choosing to borrow money to finance their summer trips and activities. A strengthened travel trend and a weak krona play a significant role as travel tops this year’s list for Sweden,” says Pär Johansson.

Finland – leads in summer loan considerations

In Finland, the interest in summer loans is even higher, with 44 percent considering taking a loan. Although we have seen a year-on-year drop of 1% since 2022. Like Norway, house renovations top the chart (15%), however, unlike the other countries, shopping (13%) is second on the list. Twice as many people are loaning money this summer in Finland to get married than in Sweden.

Norway – recovering loan trend

Similar to recent years, Norway falls between its neighbors, with 32% of people planning to take a loan this summer. Last year, we saw the first drop in summer loanees since 2018, but the numbers have more than recovered. This year’s 32% is an increase of 3% from last year. In Norway, home improvements (13%) top the list for spending, followed by holiday travel (9%).

This is what’s important when choosing a lender – loyalty prevails among Nordic consumers

In Sweden, the majority (51 percent) of those considering taking a summer loan plan to do so with their current bank or lender. In Finland, this figure is even higher, with 70 percent opting for their current bank or lender. In Norway, however, 46 percent prefer to stay with their current bank or lender.

There is also a significant portion in all three countries that would choose a new online bank with only digital contact. In Sweden, this figure is 26 percent, while it is 20 percent in Norway and 12 percent in Finland. Growing acceptance of digital banking services and alternative lenders is evident, making customer service a crucial factor when choosing a lender.

“The interest rate is the most important aspect for Nordics consumers, but loyalty to their current bank is strong. At the same time, we see that fast processing and professional service can be pivotal for consumers decisions, especially as new digital alternatives become more accepted,” says Pär Johansson.

Read more and download the report here:


Tietoevry creates purposeful technology that reinvents the world for good. We are a leading technology company with a strong Nordic heritage and global capabilities. Based on our core values of openness, trust, and diversity, we work with our customers to develop digital futures where businesses, societies, and humanity thrive.

Our 24 000 experts globally specialize in cloud, data, and software, serving thousands of enterprise and public-sector customers in around 90 countries. Tietoevry’s annual turnover is approximately EUR 3 billion and the company’s shares are listed on the NASDAQ exchange in Helsinki and Stockholm, as well as on Oslo Břrs.  

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