According to an article in the Turun Sanomat daily, so-called peer credit providers match potential lenders with borrowers from a pool of customers. Interest rates are set by a method similar to an auction.

Peer credit has beached in many countries before Finland, where there are currently just two providers. The Vaasa-based company Fixura began operations in August and currently has 500 loan applications and 100 lenders. Based in Turku, Lainaaja.fi is due to open for business in the next few weeks.

According to Turun Sanomat, peer credit providers offer much larger loans than quick credit companies and interest rates may range from 1 to 20 percent.

The operations of peer credit providers currently do not come under the supervision of the Finnish Consumer Agency or the Financial Supervisory Authority.