All Estonian citizens who are at least 18 years old, as well as foreign citizens residing in Estonia with a valid residence permit or right of residence, can apply for a small loan. The applicant’s monthly income must be at least €400, and their age at the end of the loan period must not exceed 75 years. Applicants must also have a good credit history.
You do not need to switch your home bank to apply for a small loan. Monthly loan payments can be conveniently made from your current bank account. You can work out the amount you can apply to borrow using our small loan calculator.
A small loan can be used at your discretion. It is well-suited for travel, home renovation, paying for studies, purchasing new home appliances, or covering unexpected expenses.
No, Coop Pank’s small loan is unsecured. This means you do not need to pledge property or other assets, nor do you need to provide a guarantor. Your repayment ability and reliable payment behaviour are sufficient. The bank’s decision will be based on an analysis of your income and obligations. An unsecured loan makes the application process faster and easier, as no additional collateral is required.
Unfortunately, a disability allowance alone is not sufficient to obtain a small loan. If you also receive salary income in addition to the allowance, then it will be taken into account. If the allowance is your only source of income, it will not be considered.
To apply for a loan, please fill in the loan application either online on Coop Pank’s website or visit a Coop Pank office – choose the channel most convenient for you. Online applications can be submitted securely using an ID-card, Smart-ID, or Mobile-ID. After receiving a positive loan offer, you can sign the agreement digitally (using ID-card, Smart-ID, or Mobile-ID). If necessary, you may need to go through an identity verification process before the loan is disbursed. This can be done either via webcam on your smart device or at a Coop Pank branch. The whole process is designed to be as quick and convenient as possible – often the application takes only a few minutes.
Yes, when submitting a loan application we ask you to provide a bank account statement for the last 6 months. The most convenient way is to upload it during the application process in our self-service environment, for example directly from your online bank. The account statement provides an overview of your income and obligations and helps us make a responsible lending decision.
You can add account statements automatically during the application process. Statements from all of your bank accounts must be provided.
You can also add the account statement as a separate file. If you submit an account statement from a bank operating in Estonia, it must be digitally signed by the bank. For statements from a foreign bank (e.g. Finland), your own digital signature is required. Each statement must cover the last six months of transactions.
In this case, please provide proof or confirmation of the account closure. An official letter from the bank or a screenshot from internet banking showing that the account has been closed is acceptable. Please send this information by e-mail to klienditugi@cooppank.ee.
When specifying a credit card obligation, you must indicate the total credit limit.
Applications submitted online or at a branch are usually answered within moments. In the case of a positive response, you can immediately sign the loan agreement.
If you have already signed the agreement and the loan has been disbursed, you can only submit a new application after making three instalment payments. If you have not yet signed the offer, we recommend submitting a new application for the higher amount you require. The amount offered depends on your repayment ability, so an increase is not always possible.
At the moment, we do not offer a refinancing loan. However, you are welcome to submit an application so that, if possible, you can repay your existing loan and service a new loan at Coop Pank.
We will transfer the funds to your account no later than one working day after signing the agreement and completing identity verification. The money will arrive in your current account in Estonia either on the same or the next banking day, depending on your bank, after we have made the transfer.
At disbursement, the loan fee is deducted from the loan amount. If you also signed a loan insurance agreement, the first two months of insurance premiums are also deducted immediately.
Yes, the interest rate is fixed for the entire repayment period and does not depend on Euribor fluctuations. This ensures that your monthly payment will not change.
The annual interest rate of Coop Pank’s small loans is fixed and calculated on the outstanding loan balance. The exact interest rate in your offer depends on your income and existing obligations – therefore it may be higher than the minimum rate.
When signing the loan agreement, a one-time agreement fee of 2% of the loan amount (minimum €35) applies, deducted from the disbursed loan amount. In addition, a monthly agreement administration fee of €1.5 is charged (included in your monthly instalment). Coop Pank does not charge an additional fee for early repayment. Before signing the agreement, please review all terms and the price list to understand the total cost of the loan.
Yes, absolutely! A loan can be repaid either partially or in full before the end of the contract period without any additional fees. If you repay the loan early, you only pay interest for the actual period of use. Early repayment helps you save on interest costs, and Coop Pank does not charge a penalty for it.
Full early repayment is free of charge. Partial repayment is also free of charge, provided the loan period remains unchanged. If you wish to change the loan term along with partial repayment, a contract amendment fee of €15 applies. Both partial and full repayments can be made in the small loan self-service environment.
Yes, contract changes are possible during the loan period. Changing the payment date and making a partial repayment without changing the term are free of charge. Any other amendments cost €15 per contract.
In the small loan self-service environment, you can conveniently:
An e-invoice is sent automatically every month to the bank where your loan was disbursed. If you wish to change your e-invoice account, you can easily do this in the small loan self-service environment.
The most common reason is advance payment. If you have paid at least one monthly instalment in advance, no e-invoice is issued for that month, as the payment is already covered.
If you encounter repayment difficulties, we recommend contacting the bank immediately. We can offer a grace period or extend the loan term to help you avoid arrears.
Yes, if you face temporary repayment difficulties, we recommend contacting the bank right away to find a solution together. Coop Pank can offer a grace period, with the length and terms agreed individually based on your situation. For example, the bank may extend the loan period or offer a temporary grace period during which you only pay interest. Prompt communication is important, as it helps prevent arrears from worsening. Together we will find the best solution for overcoming financial difficulties.
If necessary, you can apply for a payment holiday. The length and conditions will be determined according to your needs and possibilities. Please send the completed and signed application by e-mail to finants@cooppank.ee.
In case of an insured event, please contact If Insurance directly. As soon as possible, fill in the If Insurance claim form.
Yes, you can add loan insurance to your existing small loan agreement. This can be done in the small loan self-service environment.
Loan insurance can be terminated before the end date of a contract. Completed and signed applications should be e-mailed to finants@cooppank.ee.