Flexible Consumer Credit

2,000–8,500 euros of revolving credit without collateral

You will get a credit decision online

Fill in an online application and get a credit decision within two banking days at the latest.

No collateral needed

You don’t need any guarantors or collateral for the credit.

You are annually entitled to one grace month for your credit

During the grace month, you don’t need to repay your credit and related interest.

Draw down credit over and over again without a new application

Flexible Consumer Credit is a revolving credit. This means that you can draw it down over and over again without needing to fill in a new loan application.

One-off credit or revolving credit?

Flexible Consumer Credit is a revolving credit which you can draw down repeatedly without a new loan application. If you need credit for a one-off purchase, you can apply for Special Consumer Credit worth 2 000–15 000 euros.

Flexible Consumer Credit – loan of up to 8,500 euros without collateral

Flexible Consumer Credit is a consumer credit for a sum of 2,000 to 8,500 euros that is at your disposal at all times. You do not need to tie down your property as collateral and can apply for the credit online at any time.

Why choose flexible credit?

Whether you are renovating, moving house or have some other sudden need for cash, flexible credit can be of help in unexpected situations.

Flexible consumer credit is handy because it is always at your disposal. You do not need to withdraw the entire loan at once; you can withdraw funds whenever you need. In practice, flexible credit means that you can use the same credit over and over without having to reapply for credit.

How does flexible credit work?

Like its name suggests, Flexible Consumer Credit is flexible. After Flexible Consumer Credit has been granted to you, you can take it out in multiple drawdowns. As you repay your debt, you can draw it down repeatedly whenever you need to. In other words, Flexible Consumer Credit works like a credit card but without a payment instrument. 

The term of payment is also flexible since you can change the monthly instalment and its due date at any time. 

Who can apply for Flexible Consumer Credit?

You can apply for Flexible Consumer Credit if:

  • You can apply for Flexible Consumer Credit if:
  • you are at least 23 years old and use OP cooperative bank as your main bank
  • you have regular income in terms of pay or a pension
  • you have sufficient repayment capacity
  • you have managed your personal finances well
  • you have a permanent residence in Finland

If you are not yet our customer or do not have OP's credentials, book an appointment at your nearest branch.

Am I entitled to a grace month on Flexible Consumer Credit?

Yes. You can have one grace month per year on your Flexible Consumer Credit. The grace month is free of charge. The grace month is the same calendar month every year.

Can I repay Flexible Consumer Credit all at once?

Yes you can. Although Flexible Consumer Credit is a revolving credit, you can repay it in larger instalments than agreed or pay off the entire loan at once. After you have paid off all your Flexible Consumer Credit balance, the entire credit facility will be again available to you without a new application.

In other words, paying off your Flexible Consumer Credit does not mean the end of the loan agreement. If you want to terminate your Flexible Consumer Credit, after which it will no longer be available to you, the easiest way to do it is to send us a message through the op.fi service or OP-mobile.

Fill in a credit application in good time. You can draw down the credit just when it suits you best.

How do I apply for Flexible Consumer Credit?

Apply for Flexible Consumer Credit in OP's digital services. You’ll get a credit decision within two banking days, at the latest.

To activate your Flexible Consumer Credit, you must accept the credit offer. The funds will be transferred to your account once you have accepted our credit offer. After this, you can use the credit in any way you see fit.

Costs of Flexible Consumer Credit

Flexible Consumer Credit is a revolving credit, and its costs consist of interest and the loan servicing fee, in addition to the loan amount. The loan servicing fee is charged each month, even if the credit was not in active use (drawn down). 

You make a monthly repayment of an agreed amount but at least 2,5% of the credit limit and a minimum of 50 euros. You can choose the 1st, 8th, 16th or 24th day of the month as the due date. After you have paid back some of the credit, you can withdraw it again for your use in OP’s digital services.

Costs of Flexible Consumer Credit:

  • Credit interest rate, 3-month Euribor + 7.95 % (11,75 % in September 2023)
  • A monthly loan servicing fee of 6 euros

Example calculation:

Flexible Consumer Credit is a revolving credit whose effective interest rate for the loan of 2 000 euros is 17,84 % when the loan interest rate is a 3-month Euribor + 7,95 percentage points (11,75 % in September 2022) and the loan servicing fee is 6 euros per month. 

The estimated total amount payable would be 2 185,32 euros. This calculation is based on the assumption that the entire loan is withdrawn 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 250 euros, resulting in a loan period of 12 months.

The loan is granted by OP Retail Customers Plc

With Flexible Consumer Credit, finance is readily available to you just when you need it. Convenient, isn't it?

Johanna Ilonen Product Expert, OP
Applying for credit, and collateral Granting a credit, drawing down a credit

Fill in the application on OP's digital services, call OP telephone service at 010 253 1333 or visit a member cooperative bank branch. You will hear the decision concerning your application within two banking days, at the latest. After you have accepted the offer, the credit is available to you on OP's digital services. Your first drawdown must be at least 1,000 euros, after which you can draw down smaller amounts too.

You are eligible to receive Flexible Consumer Credit if you are a long-standing customer using a OP member cooperative bank as your main bank, are at least 23 years of age, have regular income in terms of pay or pension, have sufficient financial standing, have managed your personal finances well and have a permanent residence in Finland. Receiving the credit always requires approval by OP Retail Customers plc that extends the credit. OP Retail Customers plc is a credit institution wholly owned by OP Financial Group.

Because Flexible Consumer Credit is an unsecured credit, you do not need any collateral or guarantor.

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You are annually entitled to a one-month grace period for your credit when you do not need to repay your credit and related interest. The grace period is the same month every year. The change takes effect in the next month's billing. The already-created bill may not be changed.

Extra repayment

You can amortise your loan in addition to your normal monthly instalment. This extra repayment does not defer the next instalment or payment date. The extra repayment is not subject to a charge.

To make an extra repayment, you need the number of your loan which you can find in Loans. After that, go to "New payment" under Payment and enter your loan's number in the "Payee's account or IBAN" field. Then proceed as instructed. The amount of your extra repayment is debited to your account on the same day. 

As an OP cooperative bank owner-customer, you get OP bonuses that decrease your banking and insurance service charges. In 2023, you will earn 30% extra OP bonuses, and in 2024, up to 40% more than normal.

OP bonuses come from

  • funds in savings accounts
  • home loans, student loans and secured bank loans
  • mutual fund units and unit-linked insurance
  • paid insurance premiums, such as home and motor vehicle insurance and continuous travel insurance.

OP bonuses are tax-free. Because of that they are automatically used for loan service and origination fees and insurance premiums, among other things.

As an owner-customer, you also get significant benefits and discounts. For example, you will get daily banking services without monthly charges until the end of 2024 and interest on your Current Account. Furthermore, you'll enjoy lower saving and investing costs than usual.

The loan is granted by the OP Retail Customers plc.
Flexible Consumer Credit and Special Consumer Credit