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The repayment period ranges from 1 to 15 years, or 5 years if you do not need to refinance. The nominal interest rate varies from a minimum of 4.9% to a maximum of 23.44%. The effective interest rate ranges from a minimum of 5.33% to a maximum of 49.92% (!), so it can be very beneficial to choose the best offer.

Example: 130,000 kr over 5 years, effective interest rate 12.73%, cost 43,382 kr, total 173,382 kr.

Loan Norway

When considering taking out a loan in Norway, it’s important to understand the various loan options available, the criteria for approval, interest rates, and the application process. At LoanNorway we help you with the fundamental knowledge required to explore different loans effectively. Whether you’re in the market for a new home, a vehicle, or a personal loan, starting with a clear understanding of the financial environment will help you make choices that are best suited to your needs. We’re here to assist you in identifying the right loan for your situation in Norway.


Requirements for getting a loan in Norway

To secure a loan in Norway, meeting certain eligibility criteria is essential. These requirements ensure that borrowers can manage their debt responsibly.

Here’s an overview of the essential requirements:

  1. Age Requirement: Must be at least 18 years old.
  2. Residency Status: Permanent residency in Norway or a valid residence permit.
  3. Income Stability: Proof of stable income to support debt repayment.
  4. Credit History: A clean credit record, free from defaults or significant debts.
  5. Documentation: Necessary documents, including identification, proof of income, and residence status.

Before applying,

Meeting these prerequisites is the first step towards obtaining the loan you need in Norway.

How to Apply for a Online Loan in Norway

Applying for a loan in Norway has become streamlined thanks to digital platforms. You can complete the entire application process online, from the comfort of your home. All you need is access to the internet and the required documents in digital form.

Here’s a step-by-step guide to applying for a loan online in Norway:

  1. Choose a Lender: Research and select a lender that offers terms that meet your needs.
  2. Prepare Your Documents: Scan or take clear photos of all required documents, such as your ID, proof of income, and residency status.
  3. Fill Out the Application Form: Visit the lender’s website and complete the application form. Ensure all information is accurate to avoid delays.
  4. Submit Documents: Upload the necessary documents along with your application.
  5. Review and Submit: Double-check your application and submit it.
  6. Wait for Approval: The lender will review your application and documents. This process can take a few days.

Once approved, the funds will typically be transferred directly to your bank account, allowing you to use the money as needed.

How to apply for a loan in Norway

Types Of Loans in Norway

In Norway, the financial market offers a diverse range of loan types tailored to meet various needs, whether for personal or business purposes. Each type of loan comes with specific terms and conditions, designed to suit different financial situations and objectives. It’s crucial to understand the nuances of each to choose the best option for your circumstances.

These loans vary in terms of repayment periods, interest rates, and the amount of money you can borrow. From purchasing a home to consolidating debt, there’s a financial solution available. Below, we detail the most common types of loans in Norway to help you navigate your options.

Car Loans

Car loans in Norway are specifically designed for the purchase of new or used vehicles. Typically secured by the vehicle itself, these loans offer competitive interest rates and terms that can be adjusted based on your down payment and credit score. This financing option makes vehicle ownership accessible and manageable over time.

Mortgage Loans (House Loans)

Mortgage loans, or house loans, are essential for many Norwegians looking to buy real estate. These loans are usually long-term and involve a detailed assessment of the borrower’s financial stability. Mortgage rates can vary, so it’s important to shop around to find the best deal that suits your financial plans.

Personal Loans

Personal loans in Norway offer flexibility and are often used for consolidating debt, financing home renovations, or covering unexpected expenses. These unsecured loans don’t require collateral, but they generally come with higher interest rates compared to secured loans.

Debt Consolidation Loans

Debt consolidation loans are a strategic financial tool for managing multiple debts. This type of loan simplifies your finances by combining all existing debts into one loan with a potentially lower interest rate, making it easier to manage payments and potentially saving you money on interest over time.

Quick Loans

Quick loans, also known as payday loans, are designed for short-term borrowing needs. These are typically small amounts with high interest rates, intended to cover immediate expenses until the next payday. It’s important to use these responsibly due to the high costs associated.

Business Loans

Business loans in Norway are crafted to support the growth and operational needs of companies. From startup costs to expansion plans, these loans come in various forms such as term loans, lines of credit, and equipment financing, each with tailored terms to aid businesses at different stages.

Credit Cards

Credit cards offer a revolving credit line, providing flexibility for users to borrow and repay on a rolling basis. Many come with additional benefits such as rewards programs, purchase protection, and the ability to build credit history.

Payday Loans

Payday loans in Norway are another form of quick loans, providing immediate cash with the expectation of full repayment on your next payday. While convenient, they carry high interest rates and are best used only when absolutely necessary, as they can lead to debt cycles if not managed carefully.

Example of a Loan in Norway

Seeing an actual example of a loan in Norway can greatly aid in understanding the potential costs and structure of a loan agreement. It provides a clear picture of the financial commitment involved, including how interest rates, fees, and the total amount repayable impact the overall cost of the loan. This transparency helps you make an informed decision, ensuring that you choose a loan that aligns with your financial capacity and goals.

Loan Amountkr. 100,000
Term5 years
Nominal Interest Rate11.70%
Effective Interest Rate14.13%
Establishment Feekr. 990
Total Costkr. 37,412
Total Repayablekr. 137,412

This example details the financial implications of taking out a kr. 100,000 personal loan over a period of five years, highlighting the interest and fees that contribute to the total cost of the loan.

How much can you loan in Norway?

In Norway, the amount you can borrow varies significantly depending on the type of loan you are seeking. Personal loans, which are generally unsecured, typically range from as little as 1,000 kr to as much as 500,000 kr. This range allows borrowers to tailor the loan amount to their specific needs, whether for minor emergencies or significant personal expenditures.

The potential loan amounts are substantially higher for other types of loans such as mortgages, business loans, and car loans. These loans can range anywhere from 50,000 kr. to 10,000,000 or even 20,000,000 kr. This higher range reflects the larger financial needs associated with buying real estate, financing business operations or acquisitions, and purchasing vehicles. Such loans usually require collateral and a more rigorous approval process due to the larger amounts involved.


Frequently Asked Questions

The minimum age requirement is 18 years.

Yes, foreigners can apply for loans, but they must have a valid residence permit and meet the same financial criteria as Norwegian citizens.

Approval times can vary, but typically, it takes a few business days once all required documents are submitted.

Interest-free loans are rare and typically offered only under special programs or conditions, such as student loans from the government.

You will need proof of identity, proof of income, and residency status documentation.

Yes, most lenders allow early repayment without additional fees, but it’s important to confirm this with your specific lender.