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Consumer Loan Norway
Free, 100% digital consumer loan comparison
Save money on your consumer loan with lower interest rates
Choose the loan that suits you best
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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.
We recommend applying to more than one consumer loan provider to improve your chances. It’s 100% non-binding – and if you’re approved and accept the offer, you still have 14 day cancellation right.
Recommended
Amount
NOK 10.000 – 150.000
(≈ USD 1000 – 14.900)
Term
24-60 months
Interest rate
21,60-26,40%
Verified Company
Repay the loan whenever – without fees
Payment on the same day
Nominal interest rate from 21.60% – 26.40%, based on individual credit rating. To apply for a loan, you must be over 25 years old, have lived in Norway for 2 years and have no payment notes. Please note that the maximum loan amount for new customers is NOK 100,000. To get a loan up to NOK 150,000, you must be an existing Thorn customer with a good payment history. Thorn refinansiering:
Representativt eksempel: eff. rente 14,42%, 120.000,-, o/8 år, kostnad 77.204,-, totalt 197.204,-.
Amount
NOK 20.000 – 800.000
(≈ USD 2000 – 79.300)
Term
12-60 months
Interest rate
Varies
Verified Company
Free and without obligation
Carefully selected lenders
Example: Annuity loan 150,000 NOK, 5 years, nominal interest rate 10.90%, estab./term deposit 0 NOK gives effective interest rate 11.46%. Total cost 195,240 NOK, cost 3,254 NOK/month. Repayment period 1-15 years, 5 years if you are not going to refinance. Updated 2025-03-24
Amount
NOK 10.000 – 100.000
(≈ USD 1000 – 10.000)
Term
24-60 months
Interest rate
12-26,40%
Verified Company
Fixed interest rate
You can use the money as you wish
Example: Nominal interest rate from 21.60% – 26.40%, based on individual credit rating. *Monthly amount in calculator is based on nominal interest rate of 23.87% – 29.84% and direct debit. Effective interest rate 29.29% – 35.48%, cost 17,991 – 21,714:- NOK, total 57,991 – 61,714:- NOK. To apply for a loan, you must be over 25 years old, have lived in Norway for 2 years and have no payment notes.
Amount
NOK 10.000 – 600.000
(≈ USD 1000 – 60.000)
Term
12-180 months
Interest rate
12-26,40%
Verified Company
Free and without obligation
Offers from 21 banks
Example: The cost is based on the following statutory interest rate example: Nominal interest rate 11.39%, effective interest rate 12.42%, 238,000kr, o/6 years, cost 93,761. Total 331,761.
Amount
NOK 10.000 – 600.000
(≈ USD 1000 – 60.000)
Term
12-240 months
Interest rate
8,19-26,23%
Verified Company
Free and without obligation
Submit only one application
Example: Nominal interest rate 11.9%, effective interest rate 26.28%, loan amount NOK 10,000 with repayment over 5 years, cost NOK 5,007, total NOK 15,007. Establishment fee varies from 0,- to 1990,-. All banks operate with individual interest rates and your interest rate is first presented together with the loan offer. Maturity min. 1 year – max. 20 years. Effective interest rate 8.19% – 26.23%..
A consumer loan can be an ideal solution when you need financial flexibility to manage unexpected expenses or make larger purchases. In Norway, consumer loans are popular among those who want funds quickly without pledging collateral. We will help you understand the key aspects of consumer loans, including eligibility, benefits, and how to choose the right one for your needs.
What is a Consumer Loan?
A consumer loan is an unsecured loan, meaning you do not need to provide any collateral, such as a car or house, to secure it. This type of loan is typically used for personal expenses, such as home improvements, vacations, medical bills, or consolidating high-interest debts. Because there is no collateral required, consumer loans often come with higher interest rates compared to secured loans.
In addition, consumer loans provide a great degree of flexibility since they do not require any asset as a guarantee. This makes them accessible to many individuals who may not own significant assets. However, because of the increased risk to lenders, interest rates are usually higher, and the eligibility criteria can be more stringent.
Another important aspect to consider is that consumer loans can help consolidate multiple smaller debts into a single payment. This can simplify your finances and potentially lower your monthly expenses if the interest rate is lower than your current debts. However, it is important to understand the total cost of the loan to ensure that consolidation will actually benefit you in the long term.
Eligibility Requirements
To qualify for a consumer loan in Norway, you generally need to meet the following requirements:
- Age: Most lenders require you to be at least 23 years old.
- Income: You need a stable income to demonstrate your ability to repay the loan. The minimum income requirement can vary depending on the lender.
- Residency: You must have legal residence in Norway.
- Credit History: A good credit history increases your chances of getting approved. Lenders evaluate your financial background to assess the risk of lending.
Meeting these requirements is essential, but keep in mind that each lender may have specific conditions or variations in their approval process. For example, some lenders might be more lenient with credit history if you have a high income or stable employment. It’s always a good idea to review multiple options to see which lender’s requirements best match your personal situation.
Additionally, it is important to remember that even if you meet the basic eligibility criteria, lenders will still conduct a thorough assessment of your financial health. This may include evaluating your current debts, monthly expenses, and overall debt-to-income ratio. Being prepared with all necessary documentation, such as proof of income and residence, can help streamline the process and improve your chances of approval.
How to apply for a consumer loan
Applying for a consumer loan online is a simple and convenient process that allows you to access funds from the comfort of your home. Most lenders in Norway provide user-friendly online platforms where you can complete the entire application process within minutes. Here are the typical steps to follow when applying for a consumer loan online:
1. Compare Lenders
Start by researching different lenders to find the best rates and terms that suit your needs. Many websites provide comparison tools that make it easy to evaluate interest rates, fees, and loan conditions side by side.
2. Fill Out the Application Form
Once you have selected a lender, visit their website and fill out the application form. You will need to provide personal information such as your full name, contact details, income, employment status, and any existing debts. Be sure to provide accurate information to avoid delays in the approval process.
3. Submit Required Documentation
To verify your details, lenders will require supporting documents. This typically includes proof of income, tax records, and identification. Many lenders offer the option to upload these documents securely through their online portal, making the process quick and hassle-free.
4. Credit Evaluation
After submitting your application and documents, the lender will evaluate your creditworthiness. This involves checking your credit history, income, and overall financial situation to determine if you qualify for the loan. This step can often be completed within hours or a couple of days, depending on the lender.
5. Receive Approval and Sign the Agreement
If your application is approved, the lender will send you an offer outlining the loan amount, interest rate, fees, and repayment schedule. Read the terms carefully and, if you agree, sign the contract electronically. Most lenders use secure digital signature services, allowing you to complete this step online.
6. Funds Disbursement
Once you have signed the agreement, the funds will be transferred to your bank account. This usually happens within a few business days, but some lenders offer same-day or next-day transfers for approved applications.
Applying online not only saves time but also allows you to compare multiple offers quickly and make an informed decision. Many lenders also provide online tools to help you calculate monthly payments and determine how different loan amounts or repayment periods will affect your overall cost.
Example of a Consumer Loan in Norway
Loans in Norway come in many forms, with different interest rates, terms, and conditions. Before diving into the specifics of a loan, it is crucial to understand the key elements that affect the overall cost and monthly payments. Factors such as the interest rate, loan amount, and loan term all interact to determine how much you will end up paying in total. Below is an example table that provides insight into different scenarios for consumer loans in Norway, helping you see how these variables influence the overall cost.
Loan Amount (NOK) | Interest Rate (%) | Loan Term (Years) | Monthly Payment (NOK) | Total Cost (NOK) |
---|---|---|---|---|
100,000 | 12.5 | 5 | 2,249 | 134,940 |
200,000 | 10.0 | 7 | 3,334 | 280,056 |
300,000 | 9.0 | 10 | 3,798 | 455,760 |
Interest Rate
The interest rate is the cost of borrowing, expressed as a percentage of the loan amount. A lower interest rate reduces the total amount you need to repay. The table shows varying interest rates, which directly impact monthly payments and the overall cost of the loan.
Loan Term
The loan term is the duration over which you agree to repay the loan. In the table, loan terms of 5, 7, and 10 years are provided. Longer loan terms generally lead to lower monthly payments, but they also increase the total cost due to accumulating interest.
Monthly Payment
Monthly payment is the fixed amount you pay each month to repay the loan. It is calculated based on the loan amount, interest rate, and term. The table illustrates how different combinations of these factors affect your monthly obligations.
Total Cost
The total cost represents the sum of all payments made over the entire loan term, including both the principal amount and interest. A lower interest rate or shorter loan term can reduce the total cost significantly, as shown in the table.
Consumer Loan Without Collateral (Unsecured Loan)
A consumer loan without collateral – also known as an unsecured loan – is the most common form of personal financing in Norway. This means you don’t need to offer any form of security, such as your house, car, or savings, to get approved.
Lenders rely entirely on your income level, credit score, and financial history to assess the risk of lending. Because no assets are at stake, these loans carry higher interest rates compared to secured loans, where the lender can seize property if you default.
Despite the higher cost, unsecured consumer loans offer clear benefits:
- No asset risk – your personal property is never tied to the loan.
- Faster processing – fewer documents, no valuation of collateral.
- Full flexibility – you can use the funds for any purpose: renovations, travel, medical expenses, or debt consolidation.
However, approval criteria are stricter. Most lenders require you to:
- Be at least 20–25 years old
- Have a stable income from employment or self-employment
- Have lived in Norway for at least 1–2 years
- Be free of recent payment remarks
Loan amounts typically range from NOK 10,000 to 600,000, with repayment periods from 1 to 15 years. Some brokers (like Zensum or Låneråd) allow you to apply with multiple lenders at once, increasing your chances of finding a good offer.
Bottom line: If you have a steady income and good credit, an unsecured consumer loan gives you access to fast financing – without putting your assets at risk.
Refinancing with a Consumer Loan
Refinancing with a consumer loan allows you to consolidate existing debts into a single, more manageable loan – often at a lower interest rate. This strategy is commonly used in Norway to replace expensive credit card balances, payday loans, or multiple small loans with one structured repayment plan.
The main goal of refinancing is to reduce your monthly payment burden or the total interest cost. If you qualify for a lower effective interest rate than your current debts, you can save thousands of kroner over time.
Key benefits of refinancing
- Lower total cost if you replace high-interest debt
- Fewer monthly payments – only one creditor instead of several
- Improved financial overview and less risk of missed payments
- Possibility to extend the loan term for better cash flow
To refinance, you apply for a consumer loan marked as “refinansiering” with a repayment term up to 15 years. Some lenders even offer loans specifically tailored to debt consolidation, often with slightly different conditions than standard loans.
Example: If you currently pay 22% interest on three small loans and get approved for a new loan at 12% over five years, the monthly savings and total repayment could be significantly lower.
Before refinancing:
- List your current debts and their interest rates
- Compare loan offers with focus on effective interest rate (effektiv rente)
- Make sure new monthly payments fit your budget
- Avoid taking up new credit after refinancing
Important: Refinancing is only a good idea if the new loan is cheaper or better structured than your current obligations. Otherwise, you risk increasing your long-term costs.
Advantages & Disadvantages of Consumer Loans
Consumer loans offer several benefits, but they also come with certain drawbacks, making it important for borrowers to weigh both the advantages and disadvantages.
No Collateral Needed: You don’t need to risk your property to secure the loan.
Quick Access to Funds: The application process is often straightforward, and funds can be disbursed relatively quickly.
Flexible Usage: There are no restrictions on how you use the loan, which means you can finance a variety of needs.
Higher Interest Rates: Since consumer loans are unsecured, they typically come with higher interest rates compared to secured loans, which increases the overall cost.
Risk of Overborrowing: Without the need for collateral, it can be tempting to borrow more than necessary, leading to potential financial strain.
Impact on Credit Score: Missing payments or defaulting on a consumer loan can negatively impact your credit score, making it harder to obtain credit in the future.
Things to Consider Before Applying
While consumer loans can provide quick access to money, it is important to consider the following:
- Interest Rates: Since consumer loans are unsecured, interest rates can be higher compared to other loan types. Always compare rates from multiple lenders.
- Fees: Be aware of potential fees, such as establishment fees and monthly administration costs, which can add to the overall cost of the loan.
- Loan Amount and Term: Choose a loan amount and repayment period that fits your budget. Longer repayment terms might reduce monthly payments but can increase the total cost due to accumulated interest.
Tips for Responsible Borrowing
Consumer loans can be beneficial, but responsible borrowing is essential to avoid financial challenges:
- Borrow Only What You Need: Avoid taking out more than you require. Higher loan amounts mean higher monthly repayments and interest.
- Budget Carefully: Ensure that you can comfortably afford the monthly payments. Use online calculators to get a clear picture of your monthly obligations.
- Pay on Time: Late payments can lead to additional fees and negatively impact your credit score, making it harder to obtain loans in the future.
FAQ
What is the maximum amount I can borrow with a consumer loan?
The maximum amount you can borrow depends on the lender and your financial situation. Typically, in Norway, you can borrow between NOK 10,000 and NOK 600,000, but higher amounts might be possible depending on your creditworthiness and income.
How long does it take to get approved for a consumer loan?
The approval process for a consumer loan can vary by lender. Many lenders provide instant or same-day approval, while others may take a few days to evaluate your application and documents.
Can I repay my consumer loan early?
Yes, most lenders allow you to repay your consumer loan early. However, it is important to check if there are any early repayment fees before making extra payments.
What happens if I miss a payment?
If you miss a payment, you may incur late fees and it could negatively impact your credit score. It is important to contact your lender as soon as possible to discuss your options if you anticipate missing a payment.
Do I need a guarantor for a consumer loan?
Generally, consumer loans in Norway do not require a guarantor, as they are unsecured loans. However, having a guarantor might increase your chances of getting approved if your credit history is not strong.
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