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Six things to know before taking out a loan in Norway

This content was paid for by an advertiser and produced by The Local's Creative Studio

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Six things to know before taking out a loan in Norway
Photo: bruce mars/Pexels
This content was paid for by an advertiser and produced by The Local's Creative Studio
08:36 CEST+02:00
Finding a loan can be time-consuming. Finding the right loan for you while living in Norway is even more difficult, especially with multiple banks competing for your interest.

Here are some tips that you can bank on to help with the process.

1. Do your homework

Regardless of whatever reason you require a loan, be it refinancing existing loans, a new kitchen or a new car, investigate your own finances and draw up a (realistic) budget in terms of how much you can afford to repay each month if you take out a loan. Calculate your income and expenditure and, in particular, factor in any other loans you may have.

2. Use a loan broker

Chances are, you are bombarded with offers from banks all looking to throw money in your direction. But siphoning through all of them can be incredibly time consuming. Using a loan broker, such as DigiFinans, takes the hassle out of the loan search. DigiFinans handles your application and ensures the banks are competing for you instead of the other way around. Oh, and the service is free.

Click here to start your loan application with DigiFinans

3. Family matters

The bank of mum and dad has helped out many loan applicants in the past but it isn't always open for business. Including a co-applicant -- particularly if you are newish to living in Norway -- will often increase your chances of getting a loan, which in turn will result in better terms and a lower interest rate. Your spouse, registered co-habitant and, in some cases, friends and your parents can also be a co-applicant.

4. Merge your loans together

One big loan is easier on your pocket than several small loans combined. Prior to making your new application, factor in the possibility to combine all your loans together, which will often result in a lower interest rate. The experts at DigiFinans can help you with your application and simplify your financial life.

5. Be thorough

Granted, you want the money and you want it now but your loan application will only stand a chance if you provide full and accurate information when you apply. Banks, of course, want to loan you money but not at any cost so ensure that your accounts are in order. If your loan application is approved, you can borrow up to 500,000 krone by using DigiFinans.

Start your loan application with DigiFinans now

6. Assess all offers

Before you book a flight or hotel, you probably use a price comparison website. The same logic applies when looking for a loan. The whole process is made considerably easier by using a service such as DigiFinans, which liaises with the banks directly. Minutes after filling in an application, you will get a flurry of messages with loan offers from various banks and loan providers. Then it is up to you to look at factors such as interest rate, monthly costs and bank fees to decide which offer suits you best. The team at DigiFinans follows up on finished applications once the loan has been processed.

Example loan: 65.000 kr. 5 år Kost 28.720 kr. Tot 93.720 kr.

This article was produced by The Local Creative Studio and sponsored by Salus.

 

 
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