Special Consumer Credit

Credit of 2,000 to 15,000 euros without collateral
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Make use of the price benefit for Special Consumer Credit

You will get Special Consumer Credit without the loan servicing fee for the first six months if you draw down the credit on 31 August 2022 at the latest.

This benefit will automatically apply to Special Consumer Credits drawn down by 31 August. The loan servicing fee will be deleted from your bill for the first six months.

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Get a credit decision quickly online

Fill in the online application and get a credit decision straight away or within two banking days at the latest. You’ll get the money to your account straight away after accepting the credit offer.

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.

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 straight away or within two banking days, at the latest. The money will be transferred to your account immediately once you have accepted the credit offer.

If you are not yet our customer or do not have user identifiers for OP eServices, 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 easily change your repayment plan at op.fi without any extra charges. You can 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% (7.4% in January 2021)
  • Loan servicing fee 6 euros per month. There will be no loan servicing fee for the first 6 months of credit drawn down during the campaign period of 1 April–31 August 2022.


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 8,96 % if the credit interest rate were the 3-month Euribor + 7.95% percentage points (7.57 % in May 2022) and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12,351.59 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 212.00 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 at once or 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. 

OP cooperative bank owner-customers earn OP bonuses from:

  • Funds in savings accounts

  • Home loans, student loans and secured bank loans

  • Mutual funds and unit-linked insurance assets

  • Insurance premiums paid, such as home and motor vehicle insurance and continuous travel insurance

 OP bonuses are used for the bank’s service charges and insurance premiums.

The loan is granted by the OP Retail Customers plc.
Flexible Consumer Credit and Special Consumer Credit
How to make changes to your loan.