CONSUMER LOAN IN NORWAY we provide professional help

Who can get a consumer loan in Norway?

Virtually anyone who has a permanent personal number and is registered in Norway can receive a consumer loan. It is usually awarded to people who have income from work. However, it is also possible to obtain a consumer loan by taking rehabilitation allowance (AAP). All these factors depend on the requirements of individual banks. It is worth making inquiries to check if you are entitled to a consumer loan.

Temporary personal number and a consumer loan in Norway.

With a temporary personal number (i.e. D-nummer) you cannot apply for a loan in Norway. A permanent personal number (so-called fødselsnummer) consists of 11 digits, the first six of which mean the date of birth. If you want to apply for a permanent personal number, you should go to Skatteetaten to the Folkeregisteret branch (Population Register) with a contract of employment for at least half a year and a contract for a flat/room/house.

What document confirms your stay and earnings in Norway?

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

Can two people apply for a consumer loan (e.g. marriage, partners)?

Yes, two people who together form a household (i.e. marriage, cohabitation, registered partnership) can apply for a consumer loan in Norway. Both people must meet the conditions for having a permanent personal number, registered address of residence in Norway and income.

What is the minimum working time in Norway to apply for a consumer loan?

Banks have different requirements regarding seniority in Norway, while the longer you work, the better the bank will assess your credit standing.

When does the previous year's income count towards creditworthiness?

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.

How long can I repay the loan for?

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.

Can I repay my consumer loan sooner?

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.

What is the total amount of credit without collateral?

The amount ranges from NOK 25,000 to 500,000. 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.

What is refinancing (and when can I use it)?

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.

Does the bank have the right to ask what I want to use the loan for?

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.

How long is the loan application valid?

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.

Will I get a consumer loan if I already pay back another loan in Norway?

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

What is BankID and what is it needed for?

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.

I run my own business, can I apply for a loan?

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.

What is the nominal interest rate?

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.

What is the effective interest rate?

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.

Do banks have the right to refuse a loan?

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.

Can I take more than one loan at a time?

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.

What does the process of issuing the loan look like?

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.

What does the instalment invoice look like?

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.

What impacts the interest rate?

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.

Will I get a loan with inkasso in Norway?

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.

What are Experian and BisNode?

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.

How often can banks check your creditworthiness?

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.

What is required to get a loan in Norway?

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.

What is forbrukslån?

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

In what language is customer service provided?

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.

Is a collateral required for a consumer loan?

No collateral is required for consumer loans in Norway.

For what purpose can I apply for a consumer loan?

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