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    Can you ask why a loan was refused in Finland?

    Stricter creditworthiness rules for lenders.

    Answered at: Checked at:

    Short answer

    Yes, from 20 November 2026. KPMG explains that with the changes taking effect then, lenders get more precise duties for assessing a consumer's creditworthiness. The consumer must also be told about the right to get an explanation of the decision and to ask for it to be reassessed. The rules are based on the EU Consumer Credit Directive 2023/2225, which Finland implemented with laws confirmed in January 2026.

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    Why

    1. KPMG describes the right to an explanation and reassessment.
    2. The positive credit register's news gives January 2026 as the date the laws were confirmed.
    3. The rules take effect on 20 November 2026.

    Details

    Lenders in Finland already use the positive credit register, which shows a person's loans and income, when checking creditworthiness.

    Tip

    Ask for the explanation in writing so you can check the information the decision was based on.

    What may differ

    A reassessment does not guarantee a different decision.

    Common misconception

    A lender never has to explain a refusal.

    What actually happens

    From 20 November 2026 consumers must be told of their right to an explanation and reassessment.

    People also ask

    • What changes for buy now, pay later in Finland in November 2026?
    • What is the positive credit register in Finland?
    • How long does a payment default entry stay in Finland?

    Sources

    This answer is for reference only. The new consumer credit rules start on 20 November 2026 and guidance may still be updated, so check KKV or the Financial Supervisory Authority.

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