Social lending and financial advice service
View connections →Social lending is intended to assist creditworthy Helsinki residents with low income who do not have access to other forms of loans on reasonable...
Published by: City of Helsinki, The Social Services, Health Care and Rescue Services Division · Municipality
Description language: English
Coverage: Selected municipalities, regions or wellbeing services counties
About this service
Description
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. Contact us for guidance and advice on social lending and managing your finances. We provide advice and service coordination over the phone in situations where applying for credit is not an option. We provide financial counselling in the context of applying for social lending and also offer financial advice after a negative credit decision. The aim of financial counselling is to strengthen your financial management skills and improve your ability to cope with finances independently as well as prevent you from getting into more debt. Financial advice service - We provide assistance in managing and planning your personal finances effectively. - We offer guidance on tracking your income and expenses, enabling you to have better control over your spending habits. - We provide support in taking ownership of your financial difficulties and assist in identifying their underlying causes.
Conditions
Social loans are intended for permanent residents of Helsinki who have a low income or limited financial means and who are not eligible for other loans with reasonable terms due to their lack of security or bad credit history, for example. The precondition for granting a social loan (max. 15,000 euros) is that the applicant is able to pay the loan back. All debt and liabilities are taken into consideration in the decision-making process. Social loans are granted for person who have also other income than social assistance. Credit cannot be granted to anyone who has realizable property, a valid debt restructuring payment schedule or a permanent need for social assistance that is not due to recovery proceedings. Social lending is based on legislation.