Loans and refinancing
in Norway

Practically anyone who has a permanent personal number and is registered in Norway can get a consumer loan. It is usually granted to people who have income from employment. However, it is also possible to get a consumer loan while receiving rehabilitation benefit (AAP). All these factors depend on the requirements of individual banks. It is worth submitting inquiries to check if you are eligible for a consumer loan.

If you have a temporary personal number (D-nummer), you cannot apply for a loan in Norway. A permanent personal number (fødselsnummer) consists of 11 digits, the first six of which are the date of birth. If you want to apply for a permanent personal number, you must go to Skatteetaten, to the Folkeregisteret (Population Register) branch, with an employment contract for at least half a year and a rental agreement for an apartment/room/house.

The most important document is the current lønnsslipp, which confirms the applicant's financial liquidity. The second document required by banks is the preliminary tax return (Skattemelding). The bank requires that the submitted document be complete, i.e., contain all pages, not just the first one.

Yes, two people who jointly form a household (i.e., married couples, cohabitants, registered partnerships) can apply for a consumer loan in Norway. Both people must meet the conditions regarding having a permanent personal number, a registered address in Norway, and income.

Banks have different requirements regarding work experience in Norway, but the longer we work, the better the bank will assess our creditworthiness.

It should be remembered that the previous tax year is closed when Skatteetaten (Tax Office) completes the settlement, which is confirmed by receiving the document- tj. Skatteoppgjør (available in the Altinn system). There are at least 3 settlement rounds during each year - on the dates: end of June, mid-August, and October.

The repayment of a consumer loan can be spread over a maximum of 5 years. It is possible to obtain a loan with a repayment period of up to 15 years. In such a case, the requirement is to refinance other obligations.

Of course, banks in Norway offer the possibility of early or partial repayment of the loan. The earlier you repay the loan, the less you will incur in interest costs.

The amount ranges from 5 000 to 800 000 NOK. This depends on the applicant's creditworthiness, which is influenced by, among other things, the length of employment with a permanent personal number, the amount of remuneration, and the length of stay in Norway. Creditworthiness can be checked in the systems used by banks, i.e., Experian and BisNode.

Refinancing debts (Norwegian: refinansiering) is the repayment of previous obligations with a new, more favorable loan. In practice, this means taking out one loan that covers current loans and credit cards. This is an opportunity to save thousands of kroner. In addition, refinancing makes it easier to control expenses and increases the transparency of the household budget.

Yes, the bank has the right to know what we want to use the loan for, but it usually does not ask borrowers about the purpose of a consumer loan.

The validity period depends on the procedures of a given bank. In many banks, it is 30 days.

Yes, but everything depends on your creditworthiness and the amount of the consumer loan. Many people decide to refinance an existing obligation.

BankID is an electronic ID that allows you to perform many official (e.g., contact with NAV, Skatteetaten, Altinn, etc.) and financial activities. To use it, you must go to your bank and ask to activate the service. The document required to activate the service is a Polish passport or a Norwegian identity document. BankID is essential for e-signing, i.e., electronic approval of a consumer loan offer from the bank. Obtaining a loan in Norway is only possible with BankID.

Yes, most banks accept applications from self-employed individuals. The documents that should be prepared first are Næringsoppgave for the previous year, Skattemelding, and Resultatregnskap.

Nominal interest rate is a percentage value, expressed on an annual basis, which shows the interest rate at which interest will be charged on the disbursed capital.

Effective (actual) interest rate defines the total cost of the loan as a percentage of the total amount of this obligation on an annual basis.

Banken after submitting an e-signature using the BankID service by the borrower, process the application in the decision-making department. Norwegian law allows the bank to withdraw the offer at this stage if they encounter any inconsistencies during the review.

After submitting the e-signature and providing the account number for disbursement, the bank usually makes a decision within 3 business days. Disbursement of the loan by the bank is equivalent to a positive decision. Usually, the bank precedes the disbursement with an email notification to the borrower.

A popular method for Poles to pay monthly installments is AvtaleGiro – a standing order. Often, banks are given permission to automatically debit the monthly installment from the borrower's account. Thanks to this feature, you can avoid fees for paper invoices, which is the standard option. Most banks also support e-invoices sent to email.

Broadly understood creditworthiness, which is influenced by, among other things, work experience in Norway, length of stay with a permanent personal number, previous activity in the Norwegian credit market, or the value of assets held in Norway.

If inkasso is registered in the creditworthiness assessment systems for banks such as BisNode and Experian, it is not possible to obtain a loan from banks operating in Norway.

Experian and BisNode are systems that assess creditworthiness for financial institutions. Reports can contain information, among other things, about income from previous years or current debts such as inkasso. Everyone can check their profile. It is worth checking your creditworthiness in these systems before applying for a loan - to see if the data is up-to-date or to try to complete it if it's missing.

There is no limit to the number of checks in creditworthiness systems for one person, as this has nothing to do with bank offers. Therefore, checks do not negatively affect the creditworthiness score.

To get a cash loan in Norway, you must:
-have a documented, stable annual income of at least 220,000 NOK gross,
-be over 23 years old,
-have a permanent personal number,
-have a current registered address in Norway.

Forbrukslån is the Norwegian name for a consumer loan, which is granted for any purpose.

No, collateral is not required for consumer cash loans in Norway.

A consumer loan is granted for any purpose. You decide what to spend it on.