This is how the application process for a loan or consumer credit proceeds
- Fill in the application for consumer credit conveniently online
- Normally, you will get the consumer credit decision right away
- After you have accepted the consumer credit offer, you will get the money to your account.
You can apply for consumer credit with or without collateral – three consumer credit options
You can choose between three different types of loans the one that suits you best. If you want credit without collateral, you can choose Special Consumer Credit or Flexible Consumer Credit.
If you can provide collateral, you can apply for a secured Bank Loan. The interest rate for secured consumer credit will be lower than for an unsecured one.
The unsecured Special Consumer Credit is a one-off loan. In other words, you cannot use the repaid credit amount again, unlike in the case of credit cards, for example. You can apply for Special Consumer Credit worth 2,000–15,000 euros.
The unsecured Flexible Consumer Credit is a revolving credit. This means that after you have paid back some of the credit, you can draw down it again for your use without filling in a new application. You can apply for Flexible Consumer Credit worth 2,000–8,500 euros.
A secured Bank Loan is a one-off loan and it's our most affordable consumer credit, thanks to collateral. You can apply for a bank loan starting from 8,000 euros, with no upper limit, alone or together with another person. It’s suitable for financing bigger expenses, like a home renovation or buying a car.
In general, residential property (such as an owner-occupied home, a holiday home or a buy-to-let home) is used as collateral for a bank loan. The home doesn’t need to be free from debt to be used as collateral for a bank loan. Investments, savings and forest property can also be used as collateral. However, a car or consumer goods aren’t eligible as collateral.
OP cooperative banks’ owner-customers earn OP bonuses through secured bank loans.
It is a good idea to take out consumer credit from your own bank
Taking out consumer credit from your own bank is usually the smartest alternative in terms of overall costs. We don’t have hidden interests or other costs. You will always know the total cost of your consumer credit.