Transfer of loans
Consolidate your loans into a single loan with OP. You can also combine several credits into a single, larger loan.One loan – one set of costs
You will pay the costs of one loan and get a moderate interest rate for your loan.
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.
Concentrating your banking is smart
Have you drawn down a loan for a home improvement, car or another large purchase from another lender and would like to transfer all your loans to OP? Usually, concentrating your loans is smart and makes it easier for you to manage your finances.
Transferring your 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. Therefore, it pays to combine small credits into a single loan.
Example:
- 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.
- 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.
- Jack gets an offer for a bank loan and accepts it. He uses the bank loan to repay his existing loans.
- 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 >
The most inexpensive interest rate – choose a secured bank loan
Use a collateral to get the most reasonable interest rate for your loan. As collateral, you can use, for example, a home that you own if you have made payments on your home loan or if you have bought your home either fully or partly with your savings. You can also use other assets, such as investments or forest, as collateral.
For transferring or combining your loans, we recommend that you take out a secured bank loan, which is OP’s loan option with the lowest interest rate. As a rule, we don’t grant a bank loan for managing payment difficulties.
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?
Instead of applying for a new loan, you can also discuss other alternatives with your bank. Book an appointment with your bank or read more about loan arrangements.
The financing is granted by OP Retail Customers Plc or OP cooperative bank, depending on the financing product.