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Special Consumer Credit

Credit of 2,000 to 15,000 euros 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. You’ll get the money to your account after accepting the credit agreement.

 

No collateral needed

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

No cost surprises

You only pay the interest and the monthly €6 loan servicing fee – there are no other loan costs.

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.

Apply for credit of up to 15,000 euros without collateral

Special Consumer Credit is an unsecured loan drawn down at once. It’s ideal for financing both small and large purchases. You can apply for Special Consumer Credit from 2,000 euros up to 15,000 euros. You don’t need to provide any collateral.


How do I apply for Special Consumer Credit?

You can apply for a loan at op.fi or OP-mobile. You will get the loan decision within two banking days, at the latest. The money will be transferred to your account once you have accepted the credit offer.

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

Who can get a loan? What matters affect the granting of a loan?

You can apply for Special Consumer Credit if:

  • You are at least 23 years old and use OP cooperative bank as your main bank
  • you have regular income from pay or a pension
  • you have sufficient repayment capacity
  • you have managed your personal finances well, and
  • you have a permanent residence in Finland.

The maximum loan depends on several factors. The loan offer you receive from us is based on your circumstances and how you manage to cover your expenses with your income. We always want to make sure that the size of a loan is suitable for your situation and that you won’t have any problems in repaying it.

Can I pay off Special Consumer Credit with a shorter payment plan?

Yes. Special Consumer Credit is flexible. You can repay a larger amount than the agreed monthly repayment at any time or pay off the loan in full.

When applying for the loan, you agree on the size and schedule of repayments for paying back your loan. However, you can then later change the amount of each repayment and the due date and set a grace month.

Can I get a grace month on Special Consumer Credit repayments?

Yes. You are annually entitled to one grace month on your Special Consumer Credit. During the grace month, you don’t need to repay your credit and related interest. The grace month is the same calendar month every year.

The change takes effect in the next month's billing. The already-created bill may not be changed.

Costs of Special Consumer Credit

The costs of Special Consumer Credit consist of interest and the loan servicing fee, as well as the loan amount.

The size of monthly repayments depends on the loan amount and the loan term. You can choose the 1st, 8th, 16th or 24th day of the month as the due date. The loan terminates when the last instalment has been paid.

Costs of Special Consumer Credit:

  • Credit interest rate, 3-month Euribor + 7,95% (11,91 % in December 2023)
  • Loan servicing fee 6 euros per month


Example calculation:

Special Consumer Credit is a one-off loan: the effective annual interest rate for a 10 000 euro loan with a 5-year payback period would be 13,36 % if the credit interest rate were the 3-month Euribor + 7,95% percentage points (11,91 % in December 2023) and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 13 557,69 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 also assumes that the loan is repaid in monthly instalments of 230 euros up to and including the final instalment.

The loan is granted by OP Retail Customers Plc

Applying for credit, and collateral Granting a credit, drawing down a credit

Fill in the credit 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 within two banking days, at the latest. After you have accepted the offer, the credit is readily available to you on OP eServices.

You are eligible to receive Special Consumer Credit if you are a long-standing customer using a OP member cooperative bank as your main bank, are at least 23 years old, 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.

Collateral

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

Täsmäluottoa voit hakea kätevästi verkossa. Täsmäluottoa voit hakea kätevästi verkossa.

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 the Loans section. After that, go to "New payment" under the Daily banking services section 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 2024, you will earn 40% more OP bonuses 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.
How to make changes to your loan
You can find your loan details on op.fi and OP-mobile. Read how you can personally make changes to unsecured loans.