Finnish credit comparison platform Sortter has opened a site where anyone can view the development of consumers’ loan applications in Finland and the decisions made by Finnish banks and financial institutions. The material includes credit applications submitted for competitive tenders through Sortter since 2020. Sortter organizes competitive tenders worth in excess of 130 million euros for consumers each month.
For the past four years, credit comparison platform Sortter has been publishing regular analyses of unsecured consumer loans based on its comprehensive data. Sortter’s news on the credit market has been published in a variety of financial media and other public media. From now on, statistical data on the application and credit decisions of unsecured consumer loans will be openly available to media, universities and research institutions at sortter.fi/en/statistics. The data is based on Finnish loan applications, which currently run at around 200,000.
“Information on unsecured loans has not been this easily available before. This information is significant from a societal viewpoint but also in terms of financial decision-making, and we want to promote the transparency of the market by publishing statistics on unsecured loans,” says Sortter’s CEO Markus Huhdanpää.
Sortter’s website can be used to view changes in the Finnish loan markets on the basis of, for example, loan period, loan sum or the loan applicant’s demographic background information. Interest rates offered by banks and financial institutions are presented according to the cheapest alternative found by Sortter.
“The Bank of Finland publishes loan portfolio and interest rate statistics monthly concerning banks and twice a year concerning other financial institutions. Sortter’s monthly updated counters provide a comprehensive cross-section of interest rates offered by other players in the financial industry, too,” continues Huhdanpää.
Sortter in long-term cooperation with universities
At the beginning of the year, Sortter began cooperating with the SILE project. This is a joint research project by the Finnish Institute for Health and Welfare and the universities of Helsinki, Turku and Lapland to study how the rights, position and wellbeing of so-called silent agents are taken into account in legislation. The project has four main themes: regulatory policy, law drafting processes, implementation of laws, and impacts on silent agents. Based on Sortter data, the SILE research group studies the direct and indirect effects of interest rate and other regulation on consumer behavior and the credit decisions given to the various citizen and social groups.
“In the past three years, the regulation of the financial industry has been changed within just a few months on occasion. This is partly because information is scattered, and the effects of regulations are difficult to follow. We consider it important that the effects of legislation are now studied thoroughly, which is why we are giving researchers all the help they need,” says Huhdanpää.
The six-year project is funded by the Strategic Research Council (SRC), which operates under the Academy of Finland.
About the company
Sortter is a Finnish loan comparison service that offers Finnish consumers and companies a comprehensive and transparent platform for comparing financing and banking services.
Every month, Sortter compares loans worth 130 million euros offered by Finnish banks and financial institutions.
Media Contact
Company Name: Sortter
Contact Person: Markus Huhdanpää
Email: Send Email
Address:Sortter Oy Bulevardi 21
City: Helsinki 00180
Country: Finland
Website: http://www.sortter.fi
