P2P loan in Finland — everything you need to know
A P2P loan (peer-to-peer loan) is a loan between private individuals without a bank as intermediary. This guide: how a P2P loan works, the rates, the platforms and the risks.
Short answer: what a P2P loan actually is
A P2P loan is a debt between two parties with no bank acting as the lender. The money comes from another private individual, or from a group of private investors, and repayment rests on a written promissory note rather than on a bank credit decision. In Finland the route splits into two models that behave very differently in practice: a platform that scores the applicant and slices the loan into pieces, and a direct agreement where the two parties negotiate the terms themselves.
For a borrower the difference shows up immediately in price and in access. On a platform the rate follows a credit grade that cannot be negotiated, and a payment default entry stops the application automatically. In a direct agreement the counterparty judges the situation as a person: employment, collateral and a guarantor weigh more than a score produced by a model. The trade-off is that there is no safety net — collection, delays and disputes are left to the parties.
For an investor a P2P loan is an interest product whose risk sits closer to equity than to a deposit. There is no deposit guarantee, the capital can be lost in full, and the nominal rate says nothing about return until credit losses have been subtracted. Vertaislaina24 is neither model: it is a classifieds board that publishes a listing and leaves the agreement between the parties. We do not grant loans and we do not broker them.
Overview of the topic
A P2P loan means financing given directly from one private individual to another. No bank or credit institution is the intermediary — the investor gives their funds to the borrower, who repays interest and principal as agreed.
In Finland, P2P loans became popular in the 2010s when Fixura, Fellow Finance and AuroraX offered investors a way to invest in interest income in a diversified way. A typical rate is 5–18%, investor annual return after fees 6–12%.
Vertaislaina24 does not operate as a platform — we are a classifieds board where borrowers and investors find each other. Agreements are made directly, without a scoring algorithm and without platform fees.
P2P routes in numbers
| Route | Typical amount | Term | Interest range | Who carries the credit loss | Collection |
|---|---|---|---|---|---|
| Platform, diversified (Fellow Finance, Fixura) | €1,000–60,000 | 1–10 yrs | 6–18 % nominal | The investor, spread over hundreds of loans | Handled by the platform |
| Direct agreement with a stranger | €500–20,000 | 3 mo–5 yrs | negotiated, often 8–25 % | A single investor, in full | The investor personally |
| Agreement with someone you know | €200–10,000 | free | often 0–6 % | The lender | In practice no collection |
| Bank consumer loan (benchmark) | €2,000–50,000 | 1–15 yrs | 5–12 % nominal | The bank | Bank and collection agency |
The ranges describe market practice in August 2026 and are not an offer. The comparable figure is the annual percentage rate with every mandatory cost included — work it out with the loan calculator before you put two offers side by side.
The Finnish P2P market in numbers
Peer-to-peer lending started in Finland in 2010, when Fixura opened the first Nordic marketplace for lending between private individuals. Fellow Finance followed in 2013 and grew fastest, until it moved under a banking licence in 2022. In practice that meant part of what is still called peer-to-peer lending turned into ordinary bank credit, with a bank rather than another private person as the funder.
Scale is worth keeping in mind. Finnish households hold roughly €17–18 billion in consumer credit, and the share classified as peer-to-peer lending has stayed clearly below one per cent of it. A P2P loan is therefore a narrow route, not a mass product: it gets used when the bank terms are unacceptable or the bank door is closed. The same applies to direct agreements, which are not recorded in any statistic at all — a large part of private lending happens between relatives and friends and never appears in a register.
The rate rise of 2022–2024 changed the picture from both sides. Investors gained competing options paying four to five per cent with no credit risk, which pushed up the return required from P2P lending. Borrowers met tighter bank margins and a higher rejection rate, which pushed applicants towards alternative routes. The net effect is that supply and demand meet less often than before: there are more applicants than funders. In practice a well-written listing stands out — see how the terms of a direct agreement are written down.
Source: Bank of Finland monetary financial institution statistics, public reviews by Fixura and Fellow Finance, and Finnish Financial Supervisory Authority releases; data checked in August 2026.
How a P2P loan proceeds, step by step
Whether the money travels through a platform or directly, the same six stages repeat. What differs is who performs each stage — the platform or you.
- 1
Define the need
Write down the amount, the purpose and the period within which you can repay. Without a term, comparing rates is impossible, because the same percentage costs a different amount over a different length of loan.
- 2
Calculate the repayment capacity
Subtract housing costs, other loan servicing and living expenses from net income. What remains is the ceiling for the monthly instalment. Work it out with the loan calculator rather than guessing.
- 3
Choose the route
A platform suits a clean credit record and a plain need for money. A direct agreement suits a need for flexible terms, or a case where the automated decision has already gone against you — see what remains when the credit check fails.
- 4
Listing or application
On a platform you fill in a form and wait for a model. On a board you write a listing stating the amount, the term, the rate you hope for and the reason. Concrete text filters out pointless contacts.
- 5
Agree the terms and sign the note
Interest, due dates, the consequence of late payment and any collateral are recorded before money moves. The wording of every clause is on loan agreement terms.
- 6
Payments and monitoring
Money moves by bank transfer. Use the same reference in every payment so the bank statement works as evidence. A platform does this through its system; in a direct agreement the parties do it themselves.
Route planner: three questions, one recommendation
Peer-to-peer lending is not a single product but a set of different routes. Answer three questions to see which route fits your situation and what to read next. The tool collects nothing and sends nothing to a server — everything runs in your browser.
Recommended route
Answer all three questions to see the recommendation.
Below €2,000 an arrangement fee eats the largest relative share of the loan. Write a listing that states the purpose and the repayment dates, and work out the total cost with the loan calculator before you agree on a rate. Background: how P2P lending works in Finland.
The most common P2P range. Compare the platforms’ real annual cost against your own offer first: Fellow Finance, Fixura. If you want to agree directly, write the agreement terms down before any money moves.
Above €15,000 collateral and witnesses are not a formality. Go through the contract terms clause by clause and check the risks on both sides before signing.
With a small pot, diversification is the only protection you have. Do not put everything into one listing — read how to calculate expected return and credit losses and follow the active listings before the first agreement.
At this size it is worth comparing platform investing and a direct agreement side by side: the platform handles collection, a direct agreement leaves the whole interest to you. Background: P2P mechanics and AuroraX.
With large sums, collateral and enforceability decide whether you get your money back. Read the terms, the risks, and check what a credit default actually means for the counterparty.
Even a small loan to a friend is worth putting in writing. Use a promissory note structure and add a reference in the bank transfer message field — that is the only proof when memories differ.
Write down the interest, the due dates and the consequence of late payment. Without a written interest the debt is interest-free, and without due dates late-payment interest never starts running. See the wording of each clause.
For a large promissory note, two witnesses and collateral are the practical minimum. Read the agreement terms and the risk list before signing.
A clean credit record is a negotiating asset: say plainly in the listing that there are no entries, and the other side dares to offer a lower rate. The cheapest route is still usually a bank consumer loan — put that out to tender first and use P2P only if the terms are not acceptable.
A payment default closes the bank and most platforms, because they run an automatic credit check. On a classifieds board a default does not block publishing, but honesty pays: read what options remain and how to word the listing.
If you do not know the state of your credit record, check it before applying for anything. You can obtain your own credit data free of charge once a year from the register keeper. After that you know whether to go to a bank or straight to the listings board.
What a P2P loan requires from the parties
Requirements differ sharply between the two routes. On a platform they are mechanical and absolute; in a direct agreement they are matters for negotiation — but four things recur in both.
An identifiable counterparty
A promissory note needs a full name and a personal identity code or business ID. Without identification the agreement cannot be enforced, however clearly it is signed.
Demonstrable ability to pay
A platform calculates this automatically from income data. In a direct agreement it is shown with a pay slip, a bank statement or a tax decision — voluntarily, but it is the one thing that makes a counterparty trust you.
A written agreement
An oral loan is valid in Finland but practically impossible to prove. A written promissory note is the only document that gets a debt to enforcement if it comes to that.
A Finnish bank account
Payment should move from the named party’s account to the named party’s account. A third person’s account, a crypto wallet or a payment card is almost always a sign of fraud.
If the P2P application is rejected
A platform rejection is machine-made and rarely worth arguing with. Three reasons cover nearly all of them: a payment default entry, too little repayment capacity against existing debts, or too short an income history. Only the first is lasting — the other two correct themselves within a few months if the situation does not get worse.
The most common mistake after a rejection is applying to several places on the same day. Every credit enquiry leaves a trace, and a dense burst of enquiries tells the next lender exactly what you would rather not say. One application at a time, with a few weeks in between.
- Check your own credit data before the next attempt — you can obtain it free of charge once a year from the register keeper.
- Reduce the amount you ask for. The same applicant is often refused €10,000 and approved for €4,000.
- If the reason was a default entry, read what a default actually blocks and which routes stay open.
- Consider a guarantor or collateral. Either one moves the risk away from the counterparty and is often the single thing that turns a rejection around.
- If you already have several debts, contact the municipal financial and debt counselling service before taking on more. It is free and it does not appear in your credit data.
The P2P loan weighed up
Advantages: what this route gives you
- +Terms can be negotiated, where a bank simply states them.
- +The decision can rest on the situation rather than on a credit grade alone.
- +For an investor the interest return is clearly above a deposit.
- +A direct agreement carries no arrangement fee and no monthly platform charge.
Drawbacks and limits: where it breaks down
- −No deposit guarantee and no capital protection — an investor can lose the whole sum.
- −In a direct agreement collection is the creditor’s own responsibility and costs both time and money.
- −Consumer protection law does not shield the borrower when the counterparty is a private individual.
- −Rates can run high precisely for the applicants least able to pay them.
Who this is not for
- ×Anyone who can get a cheaper consumer loan from a bank — put that out to tender first.
- ×An investor who may need the money back before the loan term ends.
- ×Anyone already carrying several unpaid debts — a new loan deepens the problem.
- ×Anyone unwilling to put the agreement in writing at all.
Legal framework: which act governs what
A loan between two private individuals is governed by the Promissory Notes Act 622/1947. It requires neither a notary nor any prescribed form: a written, dated and signed note is fully valid. The act regulates transfer and limitation of the debt, and in practice its most important rule is that assigning a claim to a new creditor requires notice to the debtor before it takes effect.
Late payment is governed by the Interest Act 633/1982. If nothing has been agreed about late-payment interest, it is the Bank of Finland reference rate plus seven percentage points. If no interest at all has been agreed in writing, the debt is in principle interest-free — the single most expensive mistake in loans between people who know each other.
Chapter 7 of the Consumer Protection Act does not apply to a loan between two private individuals. It applies to a trader granting credit professionally, which also brings a registration duty under Act 186/2023. So if you grant loans repeatedly for profit you are in practice a credit provider rather than a private person. The dividing line and this service’s own position are explained on legal status.
| Act | Number | What it governs | Practical consequence |
|---|---|---|---|
| Promissory Notes Act | 622/1947 | Form, transfer and limitation of a promissory note | A written note is valid without a notary; transfer requires notice to the debtor |
| Interest Act | 633/1982 | Late-payment interest and how the rate is set | Without a contract term, late interest is the reference rate + 7 percentage points |
| Consumer Protection Act | 38/1978, ch. 7 | Consumer credit granted by a trader | Does not cover a loan between two private individuals — but does cover anyone lending professionally |
| Criminal Code | 39/1889, 36:6 | Usury | A clearly disproportionate rate can be a criminal offence, not merely an invalid term |
| Contracts Act | 228/1929, §36 | Adjustment of an unreasonable term | A court can afterwards moderate the interest or the payment terms |
| Act on Registration of Certain Credit Providers | 186/2023 | Registration of credit providers and intermediaries | Professional lending requires registration; a classifieds board is not credit intermediation |
The table is a general overview, not legal advice. In an individual case, use a lawyer or the municipal financial and debt counselling service.
Spotting a scam before the money leaves
In agreements made directly between private individuals there is no platform background check, so recognising fraud is the parties’ own responsibility. These signals repeat in almost every case we have heard about.
- An advance fee before the loan. There is no situation in which receiving a loan requires a “handling fee”, “insurance fee” or “notary fee” paid up front. This is the most common loan scam in Finland.
- Urgency and deadlines. “The offer is valid for one hour” is pressure, not a term. A real lender gives you time to read the agreement.
- Contact only through a messenger where messages disappear. Ask for every term in writing, by email or in the agreement itself.
- The counterparty refuses to give a personal identity code or business ID for the agreement. Without identification a promissory note cannot be enforced.
- A request to send money to a third person’s account, in cryptocurrency or on a payment card. A lawful loan is paid by bank transfer to the named party’s account.
- For investors: the applicant wants the money immediately but refuses to sign a promissory note. Without a written agreement, collection is practically impossible.
If you suspect a crime, report it to the police. Lender registration can be checked in the register kept by the Regional State Administrative Agency for Southern Finland, and the Finnish Financial Supervisory Authority maintains a warning list of operators without authorisation in Finland. More on this on risks of P2P lending.
The term “P2P loan” appears in scam messages precisely because it sounds official yet vague. The rule is the same as everywhere else: a loan whose release depends on a fee paid in advance is not a loan.
How the listings board actually works
Vertaislaina24 is not a platform that slices loans into pieces and runs the payments. It is a classifieds board: you write a listing, the other party gets in touch, and everything after that happens between the two of you. Four steps cover the whole process.
Listing
You state the amount, the term you want, your interest expectation and a short justification. The more concrete the text, the fewer pointless contacts. Prices are on the pricing page.
Contact
The other party contacts you through the service. We do not score either side and we do not recommend anyone — the judgement is yours. You can browse active listings without registering.
Agreement
Terms go into a written promissory note before any money moves. The wording of each clause is on loan agreement terms.
Payments
Money moves directly between bank accounts. The service neither receives nor forwards payments, so the transfer visible on your bank statement is itself your proof of payment.
Vertaislaina24 does not grant loans, does not broker them and takes no part in payments between the parties. We are not a credit institution and not a credit intermediary, and we charge no interest or commission on any loan. The only charge is the fee for publishing a listing.
Glossary: the words the terms are written in
The same thing often goes by three names in P2P discussions. These six terms are enough to read a draft agreement without help.
- Nominal interest
- The annual rate written into the agreement, excluding fees. Two loans with the same nominal rate can cost very differently if one carries an arrangement fee.
- Annual percentage rate
- The rate with all mandatory costs included. The comparable figure, which you can work out yourself with the loan calculator.
- Annuity
- A repayment method where the monthly instalment stays the same and the interest share of it shrinks over time. The most common model in private agreements too.
- Late-payment interest
- Interest that runs after the due date. Under the Interest Act 633/1982 it is the reference rate + 7 percentage points unless otherwise agreed.
- Payment default entry
- An entry in the credit information register for a neglected payment. It affects borrowing for years — see what a default actually blocks.
- Collateral
- Property from which the debt can be recovered if the debtor does not pay. Without collateral the creditor is an ordinary creditor among others.
Frequently asked questions
What is a P2P loan? +
A P2P loan is a loan granted by one private individual to another. The agreement is made directly, the bank is not an intermediary.
Is a P2P loan legal in Finland? +
Yes. P2P loans are legal as long as the rate is not usurious and the agreement complies with Finnish law.
What are the risks of a P2P loan? +
For the borrower: high rates and collection costs on default. For the investor: loss of principal, defaults, collection costs, legislative risk.
Does a thin credit file rule out a peer-to-peer loan? +
Not by itself. A direct agreement with a private individual is possible, because the counterparty decides on the evidence you present rather than on a score. The large platforms (Fixura, Fellow Finance) do run a credit check, so there the file matters.
Is investing in P2P loans worthwhile? +
P2P investment returns have been 6–12% per year after fees in recent years. Risks are significantly higher than a bank deposit — diversification is important.
What is the difference between a P2P loan and an instant loan? +
An instant loan is granted by a trader, so the interest rate cap and information duties of consumer protection law apply. In a P2P loan the funder is a private individual, so those rules do not apply and the rate is set by agreement. In practice a P2P loan tends to run longer and cost less than an instant loan.
Do P2P interest earnings have to be declared for tax? +
Yes. Interest received by a private individual is capital income and is declared in the tax return. No withholding is made automatically, so the responsibility rests with the recipient. Deductibility of a credit loss is limited — check the current guidance from the Tax Administration.
Can a P2P loan be repaid early? +
Only if that has been agreed. Early repayment is a statutory right in consumer credit, but in an agreement between private individuals the clause has to be written into the promissory note. Without it the creditor can demand interest for the whole agreed term.
How high is too high for the interest rate? +
There is no absolute cap in a loan between private individuals, but Chapter 36 Section 6 of the Criminal Code prohibits usury: a clearly disproportionate rate obtained by exploiting another person’s distress or dependent position is a criminal offence. A court can also moderate an unreasonable term under Section 36 of the Contracts Act 228/1929.
What happens if the borrower does not pay? +
The creditor sends a reminder, then a demand. If nothing follows, the claim goes to the district court, which issues a default judgment, and only then to enforcement. The process takes months and costs money up front — without a written promissory note it is practically impossible. Both sides are covered on risks of peer-to-peer lending.
Is Vertaislaina24 a P2P platform? +
No. We do not score applicants, we do not slice loans into pieces and we do not handle payments between the parties. The service is a classifieds board whose only charge is the fee for publishing a listing — it is shown on the pricing page. We are not a credit institution and not a credit intermediary.
Read next
P2P lending is an umbrella term. These pages open up its parts separately: the platforms, the investor side, contract technique and the situations where a bank has already said no.
- What is peer-to-peer lending — the concepts without finance jargon.
- Fellow Finance and Fixura — the two best-known Finnish platforms and their terms.
- AuroraX — the Nordic alternative and what to check in its terms.
- Invest in P2P lending — expected return and credit losses worked out in full.
- Risks of peer-to-peer lending — what can happen to each side in practice.
- Loan agreement terms — what has to go into the promissory note.
- P2P loan without a credit check — what a default entry changes.
Related topics
Take up a P2P loan without platform fees
Post a listing or find one — Vertaislaina24 only handles the connection, you decide the terms.
Publishing a listing is not a loan application and binds neither party to anything. Vertaislaina24 does not grant loans and does not broker them.
Publisher: Vertaislaina24 — a private-individuals’ listings board operated by NET Partner OÜ (est. 2007). We are not a bank, lender or credit intermediary. About us · Legal status
Sources (Finlex): Korkolaki 633/1982, Oikeustoimilaki 228/1929, Velkakirjalaki 622/1947, Laki 186/2023, Finanssivalvonta. Content is checked against public sources and is not legal advice.