Combining loans
Transfer or combine your current loans into a single OP loan. By bringing your loans together with one bank, you can manage your finances more easily.One loan – one set of costs
You will pay monthly costs, such as loan servicing charges, for just one loan.
You will be able to understand and manage your finances more easily
By bringing your loans together with a single bank, you will be able to keep track of your finances more easily.
Combine your loans into one with unsecured OP Tailored Consumer Credit
If you have one-off loans in other financial institutions, you can combine them into one with OP Tailored Consumer Credit. You can apply for a maximum credit of 30,000 euros.
If you want to apply for OP Tailored Consumer Credit to combine your loans, please contact your local OP cooperative bank.
Why is it smart to concentrate banking?
Even if you have drawn down a loan for a home improvement, car or another large purchase from a lender other than OP, you can transfer all your loans to us. Bringing your loans together with a single bank will pay off. You will get a clearer picture of your finances, and managing your loans with a single lender will be easier.
You will pay monthly costs, such as loan servicing charges, for just one loan. It's worth checking whether combining your loans would be a better or more affordable option for you.
Example:
- Jack changed his car and drew down a car loan of 15,000 euros from the car dealer. He also drew down an unsecured loan to complete a home improvement project. Now he would like to transfer his car loan to OP and combine it with the home improvement loan.
- Jack sends an application for a secured bank loan. He lives in a home that he owns. He has been repaying a home loan for a couple of years and believes his home will be accepted as collateral for a bank loan.
- Jack gets an offer for a bank loan and accepts it. He uses the bank loan to repay his existing loans.
Would you like to transfer your home loan to OP?
If you want to transfer your home loan to OP or get competing offers for a home loan from another bank, start by filling in a home loan application online. You can fill in the application with another person if you want to transfer your joint home loan to OP.
- Find out in advance your monthly income and expenses, the amount of your existing loans, available collateral and home details.
- For the loan application, we need the details of all loan applicants.
- Start transferring your loans by filling in a home loan application online. The loan application does not obligate you to take out the loan – we'll send you a preliminary loan offer.
Read more and apply for a home loan
Transfer consumer credit and hire-purchase financing to OP
If you want to transfer consumer credit or hire-purchase financing from another provider to OP, you can choose either a secured or an unsecured loan.
A secured bank loan for loan needs over 20,000 euros
A secured bank loan is often a lower-cost option than unsecured consumer credit because collateral helps ensure loan repayment to the bank. In general, a residential property (such as an owner-occupied home, a buy-to-let home or a holiday home) is used as collateral. The home doesn't need to be free from debt to be used as collateral for a loan. Other assets, such as forest, investments or savings, can also be used as collateral. Bank loans start from 20,000 euros.
Unsecured OP Tailored Consumer Credit is a flexible option for combining your loans
You can apply for unsecured OP Tailored Consumer Credit to transfer your loans. You can apply for OP Tailored Consumer Credit from 2,000 to 30,000 euros. If you want to apply for OP Tailored Consumer Credit to combine your loans, please contact your local OP cooperative bank.
What kind of loan or credit can you transfer to OP?
You can transfer any kind of loan to OP, provided that you meet our lending criteria, such as having regular income from salary or pension and sufficient repayment capacity. We will also consider the collateral you can provide.
Before granting the loan, we will assess your financial situation to ensure we offer only loans that fit your circumstances. For transferring or combining loans, we will offer you a loan based on the same lending principles as for other purposes
.
Note that you can also apply for a secured loan jointly with another person.
With unsecured OP Tailored Consumer Credit, you can combine one-off loans from other financial institutions. Revolving credit facilities or credit cards can't be combined into a single loan. An unsecured loan is personal, which means you can't apply for it jointly with another person.
You can apply for unsecured OP Tailored Consumer Credit if you have regular salary or pension income, you have managed your personal finances well and have no payment default entries.
Help with payment difficulties?
If you have difficulties repaying a loan, contact your own bank well in advance. Often the difficulties can be solved. Solutions may include extending the loan term or arranging a repayment holiday, for example.
Book an appointment with your bank or read more about loan arrangements.