Loans in Norway

Please note that the previous tax year is closed when the Skatteetaten (Tax Office) performs the settlement, which is confirmed by the receipt of a document - i.e. Skatteoppgjør (available in the Altinn system). Every year there is a minimum of 3 rounds of settlements on the following dates: end of June, mid-August and October.

Consumer loan repayment can be repaid over a maximum of 5 years. It is possible to obtain a loan with a repayment period of up to 15 years. In this case, the requirement is to refinance other liabilities.

Of course, every bank with which we cooperate provides the possibility of early or partial repayment of the loan. The earlier you repay the loan, the less you will pay for interest.

The amount ranges from NOK 25,000 to 600,000. It depends on the creditworthiness of the applicant, which is affected, among others, by the duration of employment with a permanent personal number, amount of remuneration and length of stay in Norway. The creditworthiness can be checked in the systems used by banks, i.e. Experian and BisNode.

Debt refinancing is the repayment of previous liabilities with a new, more favourable loan. In practice, this means taking one loan that covers current loans and credit cards. This is a chance to save up even thousands of NOKs. In addition, refinancing makes it easier to control expenses and increases the transparency of your home budget.

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

The application is valid for up to 30 days from the moment it is submitted to the bank by our financial advisor. The length of validity depends on the bank's procedures.

Yes, but it all depends on your creditworthiness and the amount of consumer credit. Many people decide to refinance an existing credit.

BankID is an electronic ID that allows you to perform many official activities (including contact with NAV, Skatteetaten, Altinn, etc.) and financial activities. To use it, go to your bank and ask for the service to be activated. The document required to enable the service is a Polish passport or Norwegian identity document. BankID is necessary for the so-called e-signering, i.e. electronic approval of the consumer loan offer from the bank. Getting a loan in Norway is only possible thanks to BankID.

Yes, most banks accept applications from self-employed people. The documents that need to be prepared are as follows: Næringsoppgave for the previous year, Skattemelding and Resultatregnskap.

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

The effective (real) interest rate determines the total cost of the loan as a percentage of the total amount of this liability on an annual basis. According to this interest rate, we compare the offers objectively.

After signing the e-signature by means of the BankID service by the borrower, the banks process the application in the decision-making department. Norwegian law gives the bank the option to withdraw an offer at this stage if they encounter any inconsistencies during consideration.

Each loan must be preceded by a loan application. Upon receipt of initial offers and payment of the loan, any remaining unused loan offers shall be cancelled. However, you can still submit a new loan application.

After submitting the e-signature and providing the account number for the payment, the bank usually takes its decisions within 3 business days. The payment of the loan by a bank is equivalent to a positive decision. Usually, the Bank precedes the payment by sending information via email to the borrower.

AvtaleGiro - a standing order - is a popular payment method for Poles. Banks are often given permission to collect monthly instalments from the borrower's account. With this feature, you can avoid paying for a paper invoice, which is a standard option. Most banks also support e-invoices by email.

Broadly understood creditworthiness, which is impacted by duration of work in Norway, length of stay with a permanent personal number, previous activity on the credit market in Norway or the value of assets held in Norway, etc.

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

Experian and BisNode are systems determining the creditworthiness for financial institutions. The reports contain information, including regarding income for the previous years or current inkasso-type debt. Anyone can check their profile. Before applying for a loan, it is worth checking your ability in these systems - whether the data is current or if it is incomplete, you should try to complete them.

There is no limit of checks on creditworthiness systems for one person, as it has nothing to do with bank offers. Therefore, checks do not adversely affect your creditworthiness.

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

Forbrukslån is the Norwegian name of consumer credit, which is granted for any purpose.

Customer service is in English. A English-speaking consultant will help you choose a loan offer depending on the amount you want to borrow and your financial possibilities.

No collateral is required for consumer loans in Norway.

Consumer loan is granted for any purpose. You decide what you spend it on.