Special Consumer Credit
Special Consumer Credit will no longer be granted
Special Consumer Credit will no longer be granted on OP-mobile or in the op.fi service as of DD Month 2024. Special Consumer Credit has been replaced with OP Tailored Consumer Credit, which is an unsecured one-off loan of 2,000–30,000 euros. If you have Special Consumer Credit, it will not be changed to OP Tailored Consumer Credit. The repayment of your current Special Consumer Credit will continue according to the repayment plan.
The interest rate of OP Tailored Consumer Credit consists of a margin of 3.5–10.95% + a 3-month Euribor. You only pay the interest and a monthly loan servicing fee of 6 euros – there are no other loan costs. OP Tailored Consumer Credit comes without any establishment fee.
Apply for OP Tailored Consumer Credit conveniently online. You will get a loan decision that is valid for 30 days. The loan decision will show your personal interest rate.
Changing the Special Consumer Credit repayment plan
You can still make changes to the Special Consumer Credit instalment and due date. You can also choose one grace month per year. During the grace month, you do not repay the loan principal or pay interest. The grace month is free of charge, and it is the same month every year.
Each loan repayment bill is created three weeks before its agreed due date. You can modify an upcoming instalment if its bill hasn’t been created yet. Apply for a change to your repayment plan in good time so that it can take effect from the instalment you want.
Please note that the self-service channels can only be used to make changes to loans that have been managed well.
Faster repayment of Special Consumer Credit
You can make extra loan repayments yourself on OP-mobile or in op.fi at any time. Extra repayments will not reduce the size of your monthly repayments but your total loan amount. In other words, they will shorten your total loan term.
You can also pay off all your Special Consumer Credit all at once. Repaying the loan faster will not cause any extra costs to you.
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% (11,42 % in September 2024)
- Loan servicing fee of 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 12,85 % if the credit interest rate were the 3-month Euribor + 7,95% percentage points (11,42 % in September 2024) and the loan servicing fee 6 euros per month.
The estimated total amount payable would be 13 397,62 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.
