The purpose of social lending is to provide financial support to low-income individuals who permanently reside in Helsinki and face difficulties obtaining loans due to factors such as a lack of collateral or a poor credit rating.
Receiving a social loan will not affect your eligibility for social assistance. Through social lending, we aim to prevent financial exclusion and over-indebtedness while promoting independent living.
A social loan may be granted for various needs that support your or your family's independent well-being. Examples of justified reasons for a social loan include:
-Financial balancing
-Small home and health care-related purchases (such as a washing machine, glasses or dentures)
-Employment-related expenses
-Other justified expenses necessary for independent living
If you are considering applying for a social loan, please contact us by phone. During the call, we will conduct a preliminary assessment of your eligibility and review your income, expenses, and overall debt situation. Based on this initial assessment, we will provide guidance on how to complete the loan application if necessary.
Call us
Client service and counselling
More information on applying for and receiving a social loan
Social loans range from €500 to €15,000. The interest rate is based on the reference rate set by the Bank of Finland and is reviewed annually.
The repayment period depends on the loan amount and is tailored to individual circumstances. The maximum repayment period is seven years, providing sufficient time for repayment without financial strain.
Social lending is specifically designed for low-income residents of Helsinki who cannot obtain loans on reasonable terms elsewhere. To qualify, applicants must:
- Provide a justified reason for the loan
- Demonstrate the ability to repay it
When assessing applications, we conduct a thorough review of repayment capacity, considering factors such as income and essential expenses, including:
- Housing
- Transportation
- Daycare fees
- Child support
- Health care costs
- Other necessary living expenses based on the protected portion defined in private individuals' debt settlement guidelines
We also assess overall debt levels and financial management based on bank statements before approving the loan.
More information on applying for and receiving a social loan
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Prerequisites for obtaining a loan
To be eligible for a social loan, you must:
- Clearly justify how the loan will improve your financial situation and quality of life
- Have the means to repay the loan
- Have ceased accumulating new debt
- Have a stable financial situation
- Have explored other loan options and been unable to obtain a loan on reasonable terms
- Have no outstanding debts beyond the social loan in debt settlement cases
- Demonstrate the ability to manage credit (we may require prior savings or proof of debt management)
- Submit all requested documents (proof of income, expenses, debts, and three months’ worth of bank statements)
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Possible obstacles to obtaining a loan
You may not be eligible for a social loan if:
- The requested loan amount exceeds €15,000
- Your available income is insufficient to repay the loan (e.g., basic social assistance or minimum benefits from Kela do not generate repayment capacity)
- You qualify for a loan with reasonable terms from the regular market
- Your income or assets do not classify you as a low-income individual
- You own assets that can be sold or used as collateral
- You do not have a permanent residence.
- You have a gambling, substance abuse, or other addiction affecting repayment ability
- You are currently under a debt settlement plan or already have an active social loan
- The loan is intended for business purposes
- There is another justified reason for rejection
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Call us or contact us via Maisa
If you are considering applying for a social loan, you can contact the social lending phone service to assess your repayment capacity, overall debt, and other eligibility criteria. During the call, we will conduct a preliminary assessment and, if necessary, guide you through the application process.
Call +358 9 3104 3929(Link starts a phone call)
Alternatively, you can send an electronic contact request via Maisa. You will find the contact request form under: Social welfare services > Submit an application/contact request for working-age services > Reason for support: Financial matters.
When making contact, please indicate that you wish to apply for a social loan and provide details of your income, expenses, assets, and debts.
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Submit an application
If our preliminary assessment indicates that a social loan may be a suitable option for you, we will initiate your application in Maisa.
If you are unable to use Maisa, we can send you a paper application form. -
Meet us for further discussions
Once we receive your application, we will contact you to schedule an appointment. During processing, we will thoroughly assess your financial situation, expenditure patterns, and ability to repay the loan. If necessary, we may recommend financial monitoring, which will be agreed upon to provide you with comprehensive support throughout the loan process.
Read the application instructions
You can also find this page at hel.fi/social-loans .
