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Transfer of loans

Transfer your existing loan to OP or combine several into a single, large loan. You can save on costs and manage your finances more easily.

One loan – one set of costs

As the main rule, a single larger loan will be cheaper than several smaller loans.

You will be able to understand and manage your finances more easily

By concentrating your loans with a single bank, you will be able to keep track of your finances more easily.

Why is it smart to concentrate banking?

Even if you had drawn down a loan for a home improvement, car or another large purchase from a lender other than OP, you can still transfer all your loans to us. Transferring loans to a single bank will pay off. You will get a clearer picture of your finances, and managing your loans with a single lender will be easier.

As the main rule, a single larger loan will be cheaper than several smaller loans. You will only pay the monthly costs, such as loan administration fees, for a single loan. So you should find out whether consolidating loans would be suitable for your needs or a lower-cost option.

Example:

  1. Jack changed his car and drew down a car loan of 15,000 euros from the car dealer. He also drew down an unsecured loan to complete a home improvement project. Now he would like to transfer his car loan to OP and combine it with the home improvement loan.
  2. Jack files an application for a secured bank loan. He lives in a home that he owns. He has repaid a home loan for a couple of years and believes that his home will be accepted as collateral for a bank loan. 
  3. Jack gets an offer for a bank loan and accepts it. He uses the bank loan to repay his existing loans.
  4. Jack is happy because his future loan servicing costs will be smaller and he will spend less money on the loan interest.

Would you like to transfer your home loan to OP?

If you want to transfer your home loan to OP or put the home loan taken out from another bank to tender, start by filling in a home loan application online. You can fill in the application with another person if you want to transfer your joint home loan to OP.

  • Find out in advance your monthly income and expenses, the amount of the existing loans, available collateral and home details.
  • For the loan application, we need the details of both loan applicants.
  • Start transferring your loans by filling in a home loan application online. The loan application does not obligate you to take out the loan but you’ll get a preliminary loan offer after that.

Read more about a home loan and apply for it >

Secured bank loan is often a cost-effective option

You may get a better interest rate for your loan when you use collateral for your loan. In general, a residential property (such as an owner-occupied home, a buy-to-let home or a holiday home) is used as collateral. The home doesn't need to be free from debt to be used as collateral for a loan. Other assets, such as forest, investments or savings, can also be used as collateral. Bank loans start from 20,000 euros.

What kind of loan or credit can you transfer to OP?

Before granting a loan, we will always analyse your finances and only offer you a loan that suits your financial situation. For transferring or combining loans, we will offer you a loan under the same lending principles as for other purposes. 
The granting of a loan depends on the amount of your existing loans, your income and the available collateral. If you have a payment default entry, we won’t grant you a loan. 

You can transfer any kind of loan to OP, but you must meet our lending criteria. These include regular income in terms of pay or pension, sufficient repayment capacity, available collateral and no payment default entries. 

You can also apply for a secured loan with another person.

 

Help with payment difficulties?

If you have difficulties repaying a loan, contact your own bank well in advance. Often the difficulties can be solved. A solution for solving repayment difficulties can be extending the loan term or having a repayment holiday, for example. Book an appointment with your bank or read more about loan arrangements.

Collateral
repayment method, monthly repayment, due date
interest rate, effective interest rate, markup, service fee

A bank loan is one-off credit. If the 12-month Euribor is 2.356% (December 3, 2024) and the loan’s interest rate is a 3.9% margin plus the 12-month Euribor, the annual percentage rate of charge on a bank loan of 20,000 euros with a five-year loan term will be 7.1%. A monthly servicing fee of 2.50 euros per month will be charged. An origination fee of 120 euros will be payable when the loan is drawn down. The estimated total amount payable will be 23,661.66 euros.

This calculation is based on the assumption that the entire loan has been drawn down, the loan interest rate, fees and charges are constant throughout the loan term, and the loan is repaid in equal instalments of 389,86 euros each month. The bank loan is granted by an OP cooperative bank.

Example calculation for a loan of 10 000 euros:

Loan with a personal margin of 3,5 per cent + a 3-month Euribor (2,36 %, 27.3.2025)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 7,11 % if the personal margin were 3,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 11 914,55 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 further assumes that the loan is repaid in monthly instalments of 200 euros up to and including the final instalment.

Loan with a personal margin of 6,5 per cent + a 3-month Euribor (2,36 %, 27.3.2025)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 10,17 % if the personal margin were 6,5 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 12 752,37 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 further assumes that the loan is repaid in monthly instalments of 215 euros up to and including the final instalment.

Loan with a personal margin of 10,95 per cent + a 3-month Euribor (2,36 %, 27.3.2025)

OP Tailored Consumer Credit is a one-off loan. Its effective interest rate for a loan of 10 000 euros with a 5-year payback period would be 14,83 % if the personal margin were 10,95 % and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 14 073,52 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 further assumes that the loan is repaid in monthly instalments of 237 euros up to and including the final instalment.

The loan is granted by OP Retail Customers Plc.

Repayment instalment, payment date, extra repayment

The financing is granted by OP Retail Customers Plc or OP cooperative bank, depending on the financing product.