Flexible Consumer CreditMake you holiday dreams come true – why not every year.
Suitable credit amount
You can apply for Flexible Consumer Credit worth 2,000–8,500 euros.
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.
Flexibility to renovation and moving home
Moving soon? Renovation too? Flexible Consumer Credit is a well-suited solution to you to make your dreams come true or balance your personal finances.
Flexible Consumer Credit is a versatile consumer loan that is helpful if you incur smaller and bigger expenses related to renovation or moving home, whether it is a matter of removal boxes or an extensive kitchen remodelling. When financing is in order, you can avoid one source of stress.
Apply for Flexible Consumer Credit for any purchases without collateral. If you are not yet our customer or do not have user identifiers for OP eServices, book an appointment in the nearest branch.
Only one credit application is needed
You can apply for credit conveniently online. Fill in an application and the money will go to your account when it suits you best – you do not need to visit a bank branch.
Flexible Consumer Credit is flexible also after you have drawn down one loan: after you have paid back some of the credit, you can draw it down again for your use without filling in a new application. So Flexible Consumer Credit is a continuous financing option for everyday and leisure needs. You can transfer credit to your account when you need it and repay it as you would with a credit card.
With Flexible Consumer Credit, finance is readily available to you just when you need it. Convenient, isn't it?
Fill in the application on OP eServices, call OP telephone service at 010 253 1333 or visit a member cooperative bank branch. You will hear the decision concerning your application at once or within two banking days, at the latest. An approved application is valid for three months without any separate charges. After you have accepted the offer, the credit is readily available to you on OP eServices. 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 Card Company Plc that extends the credit. OP Card Company 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.
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 1st, 8th, 16th or 24th of the month as the due date.
After you have paid back some of the credit, you can re-draw it for your use on OP eServices.
Flexible Consumer Credit is subject to a monthly loan servicing fee of 6 euros (covers the credit establishment fee, drawdowns to your account and invoicing). The loan servicing fee is charged each month even if the credit is not in active use. The credit interest rate is the 3-month Euribor + 7.95 percentage points (7,6% 9/19).
Flexible Consumer Credit is subject to a monthly loan servicing fee of 6 euros (covers the credit establishment fee, drawdowns to your account and invoicing). The loan servicing fee is charged each month even if the credit is not in active use. The credit interest rate is the 3-month Euribor + 7.95 percentage points (7,6% 9/19)
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.
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 owner-customer, you will earn OP bonuses for example from:
- savings and investments
- purchases you have paid with credit
- insurance premiums for home, family and motor vehicle policies.
From 1 November 2020, OP bonuses will accrue from:
- home loans, secured bank loans, student loans
- savings and investment accounts
- mutual fund units and unit-linked insurance
- non-life insurance bills
The change on 1 November 2020 means that no OP bonuses will accrue from:
- deposits in current accounts
- unsecured consumer loans (Flexible Consumer Credit, Special Consumer Credit, One-off Credit and Overdraft Facility)
- OP hire purchase
- Purchases paid using OP Visa as a credit card, the balance of credit with interest of OP-Visa and OP-Mastercard cards
OP bonuses are used for the bank’s service charges and insurance premiums.