The product launch of the annuity loan, with a very competitive interest rate, meets the requirements of the temporary law that came into effect in Finland on the first of July 2020. In short, the law means that the interest rate cap will temporarily be lowered from 20 percent to 10 percent until the end of 2020. Northmill has, however, chosen to offer a product where the customers will maintain an interest rate below 10 percent also after the temporary law expires at the end of the year.

“It is a product to be proud of. We do not think that it would have been fair to use the temporary law as a means to offer low introductory interest rates this year and then raise the interest rates as of 1 January 2021. So we decided to develop a product which would enable us to keep the interest below 10 percent in the long run. In record time, we managed to meet this objective by working in a very fast and agile way. That is strong evidence of our product organization, relentlessness as well as the power of our technology stack. We are now able to offer very competitive credits to the Finnish market that we know people are asking for, and we have already seen a great response from the customers”, says Ville Kymäläinen, Country Manager Finland. 

Northmill Bank plans to introduce several new products on the Finnish market moving forward. One of them being Reduce™ which lowers the interest rate on existing credits, partial payments and credit card bills. A product that already has helped thousands of people in Sweden to lower their interest rates and get a healthier private economy.