Consumer loans

Consumer loan is a loan that you can use to pay for your small or major purchases. You can apply the loan to buy, for example, a car or redecorate or refurbish your home. Learn more and fill in a loan application online.

Choose the loan from among the three options that suits you best

OP Tailored
Consumer Credit

Unsecured one-off credit on which you get a decision conveniently online.

  • 2,000–30,000 euros
  • You don’t need collateral for your loan
  • Personal interest rate 3.5–10.95% margin + 3-month Euribor
  • Only for OP customers
Learn more and apply

Flexible Consumer Credit

Unsecured revolving credit that you can draw down according to your needs.

  • 2,000–8,500 euros
  • You don’t need collateral for your loan
  • Interest rate 7.95% + 3-month Euribor
  • Only for OP customers
Learn more and apply

Bank Loan

Secured one-off loan with a typically lower interest rate.

  • Starting from 20,000 euros
  • You need collateral for your loan
  • Typical interest rate 3–5% + 12-month Euribor
  • For any bank’s customers
Learn more and apply
 

Why does it pay to apply for consumer loan from OP?

Applying for a consumer loan from an OP cooperative bank is safe. When you apply for consumer loan from OP, you'll get a loan amount of a suitable amount and with a suitable repayment period. You can also apply for a change in the repayment plan at op.fi or on OP-mobile.

When applying for consumer loan from OP:

  • Applying for a consumer loan from OP is reliable and safe
  • You can repay your loan in a flexible way
  • Clarity about the total cost of your loan at all times

What kind of a consumer loan is suitable to me?

There are differences between consumer loans that you should consider before filing a loan application. In particular, the amount of loan you need and the purpose of the loan determine which consumer loan suits you best.  The loan options also differ from each other in terms of collateral and the rate of interest. 

When you apply for a consumer loan, you can choose from among a secured Bank Loan, unsecured OP Tailored Consumer Credit or unsecured Flexible Consumer Credit. Bank Loan and OP Tailored Consumer Credit are one-off loans available in a single drawdown. Flexible Consumer Credit is a revolving credit intended for more long-term use. You can take it out in multiple drawdowns and use it repeatedly without the need to fill in a new loan application.

Learn more about unsecured OP Tailored Consumer Credit

Learn more about unsecured Flexible Consumer Credit

Learn more about secured Bank Loan

How much consumer loan can I get?

The amount of the consumer loan depends on the type of the loan you apply for. You can apply for the unsecured one-off OP Tailored Consumer Credit in the amount of 2,000–30,000 euros, the revolving unsecured Flexible Consumer Credit in the amount of 2,000–8,500 euros or the secured Bank Loan without any maximum loan amount.

Unsecured consumer loan – loan amount 2,000–30,000 euros

  • Fill in a loan application online and you’ll get a decision within two banking days at the latest
  • Only OP customers can apply for unsecured consumer loans
  • You should have regular income in terms of pay or pension and sufficient repayment capacity
  • You may not have any payment default records

Secured consumer loan – loan amount starting from 20,000 euros

  • Fill in an application online. The loan application does not obligate you to draw down the loan
  • You can apply for a secured consumer loan even if you are not an OP customer
  • You need collateral for the loan, such as an owner-occupied home
  • You should have regular income in terms of pay or pension and sufficient repayment capacity
  • You may not have any payment default records

How can I apply for a consumer loan and how soon will I get a loan decision?

  1. Fill in the application for consumer loan conveniently online
  2. Normally, you will get a loan decision on an unsecured consumer loan within two banking days at the latest
  3. After you have accepted the consumer loan agreement, you will get the money to your account

The most convenient way of applying for a consumer loan is to fill in a consumer loan application online. If you apply for unsecured consumer loan, you will get a loan decision within two banking days, at the latest. After you have accepted the loan agreement, you will get the money to your account.

If you apply for a secured consumer loan, you can fill in a loan application online even if you are not our customer. The loan application is nothing more than an invitation to make an offer ‒ it does not obligate you to draw down the loan. When we have received your loan application, we will contact you.

Consumer loan interest rate – which consumer loan is the most affordable one?

When you think of a consumer loan suitable to you, pay attention to the total cost of different types of loans. Consumer loan with the lowest cost is not necessarily the one with the lowest interest rate. The interest rate may vary significantly between various loan products because the pricing models of different types of consumer loans may differ from each other. The consumer loan interest rate may depend, for example, on the amount of the loan you apply for or whether you are a regular customer of the bank.

Read more about the loan cost

Compare consumer loans to find the one with the lowest cost

Because of the variety of options, it may be difficult to find out about which consumer loan has the lowest cost and how the comparison should be made.

The most reliable way to compare between consumer loans is to pay attention to the effective interest rate and the total cost of the loan. Considering that the effective interest rate must always be stated in percentage terms, you can easily find out which of the available options would be the most affordable consumer loan for you.

When you look at various options, always compare the loans for the same loan amount and loan term. If the duration of the loan agreements differs from each other, compare the total cost of the loan. If you compare between long-term consumer loans. the effective interest rate is the best way to assess the total loan cost.

What is a consumer loan all about?

A consumer loan is a loan that you can apply for to pay for daily purchases. The maximum loan amount depends on whether you apply for the loan with or without collateral.

Consumer loans are available for a variety of purposes. For example, you can use your consumer loan if you want to buy a new household appliance to replace the broken one, buy a car or realise your dreams through home or holiday home improvement.

Pay flexibly with a credit card

You can get 2,000–20,000 euros of credit with OP’s credit card. Apply for a card or increase your credit limit at OP-mobile or op.fi.

Example calculation for Flexible Consumer Credit

Flexible Consumer Credit is a revolving credit whose effective interest rate for 2,000 euros is 17.79 % when the loan interest rate is a 3-month Euribor + 7.95 percentage points (10.87 % in December 2024) and a six-euro loan servicing fee per month.

The estimated total amount payable would be 2,177.08 euros. This calculation is based on the assumption that the entire loan is drawn down and that the interest rate and charges and fees remain unchanged throughout the loan term. It is also assumed that the loan is repaid in the monthly minimum repayments of 225 euros, resulting in a loan period of 12 months.

The loan is granted by OP Retail Customers Plc.

Example calculation for Bank Loan

A bank loan is one-off credit. If the 12-month Euribor is 2.356% (December 3, 2024) and the loan’s interest rate is a 3.9% margin plus the 12-month Euribor, the annual percentage rate of charge on a bank loan of 20,000 euros with a five-year loan term will be 7.1%. A monthly servicing fee of 2.50 euros per month will be charged. An origination fee of 120 euros will be payable when the loan is drawn down. The estimated total amount payable will be 23,661.66 euros.

This calculation is based on the assumption that the entire loan has been drawn down, the loan interest rate, fees and charges are constant throughout the loan term, and the loan is repaid in equal instalments of 389,86 euros each month. The bank loan is granted by an OP cooperative bank.

Example calculation for OP Tailored Consumer Credit

Example calculation for a loan of 10 000 euros:

Loan with a personal margin of 3,5 per cent + a 3-month Euribor (2,92 %, 2.12.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 7,71 % if the personal margin were 3,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 11 974,57 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 210 euros up to and including the final instalment.

Loan with a personal margin of 6,5 per cent + a 3-month Euribor (2,92 %, 2.12.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 10,79 % if the personal margin were 6,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12 773,50 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 225 euros up to and including the final instalment.

Loan with a personal margin of 10,95 per cent + a 3-month Euribor (2,92 %, 2.12.2024)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 15,48 % if the personal margin were 10,95 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 14 079,16 euros. This calculation is based on the assumption that the loan is drawn down in a lump sum and the loan interest and charges and fees remain unchanged throughout the loan term. It further assumes that the loan is repaid in monthly instalments of 245 euros up to and including the final instalment.

The loan is granted by OP Retail Customers Plc.