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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.


  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 10,000 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 Collateral

You are eligible to apply for the secured Bank Loan if you have regular income in terms of pay or pension, have sufficient financial standing, have managed your personal finances well and can provide collateral.

Why is collateral needed?

Banks require collateral to ensure that loans are repaid on time. Having to pledge collateral for the loan can also benefit you, as the costs of a secured loan are often lower than those of an unsecured loan.

What can be used as collateral?

You can use as collateral, for example, an owner-occupied home, a summer cottage, deposits, securities or a forest estate. Homes are the most popular type of collateral. If you have repaid instalments on your earlier loans, such as a home loan, you may have spare collateral and can use that as collateral for your new loan.
How much collateral is needed?

The collateral value of your collateral is always calculated on a case-by-case basis. Different types of collateral have different calculated collateral values.
Ask more about collateral

When applying for a loan, you don’t yet need to have a clear idea of what you intend to use as collateral. You can discuss it with our expert after having submitted the application. We’ll help you determine the value of your collateral, if needed.


Loan repayment repayment method, monthly repayment, due date

Your bank agrees with you on the repayment method and the monthly repayment. You can choose a due date that suits you best. The recommended loan term for the secured Bank Loan is a maximum of 5 years. You can discuss the loan term with your bank if the period of five years seems too short.

The loan terminates when the last instalment has been paid.
Loan costs interest rate, effective interest rate, markup, service fee

Loan costs consist of the reference interest rate, bank's markup and service fees related to loan repayment. In addition, loan drawdown and any possible partial drawdowns are subject to a charge based on the bank's list of service charges and fees.

The Bank Loan markup is determined on a customer-specific basis by, for example, collateral lodged, repayment capacity and other customer relationship. Our loan offer shows you the effective interest rate of the loan which you can use to compare any other possible loan offers. The loan drawdown and servicing costs are taken into account in the effective interest rate.

A monthly service fee of €2.50 is charged for the bank loan, and an origination fee of maximum €120 is charged when the loan is drawn down. The loan interest is the 12-month Euribor rate + the markup you have agreed on with the bank.

A bank loan is one-off credit. If the 12-month Euribor is 4.091% (August 18, 2023) and the loan’s interest rate is a 3.9% margin plus the 12-month Euribor, the effective interest rate on a bank loan of 10,000 euros with a five-year repayment period will be 7.9%. 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 12,046.06 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 196.28 euros each month. The bank loan is granted by an OP cooperative bank.

Special Consumer Credit is a one-off loan: the effective interest rate for a 6,000-euro loan with a 5-year payback period would be 14.01 % if the credit interest rate were the 3-month Euribor + 7.95% (11.75 % in September 2023) and the loan servicing fee 6 euros per month.

The estimated total amount payable would be 8,249.19 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 145 euros all the way to the final instalment.

The loan is granted by OP Retail Customers Plc

Loan repayment holiday and other changes Repayment instalment, payment date, extra repayment

You can apply for a repayment holiday for your Bank Loan on the op.fi service, during which you will pay only interest. You can also apply for a change to the repayment instalment and date. Such changes are subject to a charge based on the bank's list of service charges and fees.

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.

If you have a fixed-rate loan, please contact the bank that has granted the loan because extra repayment may be subject to a charge under the general loan terms and conditions.

Take a look at the terms and conditions governing loans, pledges and guarantees. You will accept the terms and conditions of the loan and collateral agreement at the time of signature.

Loan terms and conditions (pdf)

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