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 8,17% to a maximum of 34,16% (!), so it can be very beneficial to choose the best offer. Example: NOK 140,000 over 5 years, effective interest rate 13.44%, cost NOK 49,412, total NOK 189,412.
The interest rate is variable and set individually. Nominal interest rate 11.9%, effective interest rate 13.14%, loan amount NOK 200,000 with repayment over 5 years, cost NOK 69,078, total NOK 269,078. Eff. interest rate: 6,82%-48,76%.
Loan example: nominal interest rate 8.67%, effective interest rate 10.34%, NOK 90,000 o/5 years, set-up fee NOK 870, term fee NOK 35/ month. Cost NOK 24,407, total NOK 114,407. Max. effective interest rate 32.10
Example: The interest rate is variable and set individually. Annuity loan NOK 150,000, 5 years, nom. interest 12%, estab./term fee NOK 0 gives eff. interest 12.68%. Total cost: NOK 200,200 or NOK 3,337/month (60 payments). Repayment period 1-15 years, 5 years if you are not refinancing. Eff. interest: 5.17%-48.76%.
Repayment period 1–15 years (max 5 years if you are not refinancing). Nominal interest rate from 7.0–40.0% p.a. Effective interest rate from 7.2–49.8% p.a. depending on loan amount and repayment period. The interest rate is variable and set individually after a credit assessment. Example: NOK 230,000 over 6 years, nominal interest rate 11.39%, effective interest rate 12.00%, monthly installment approx. NOK 4,424, total to pay NOK 318,522.
Example: Annuity loan 150,000 NOK, 5 years, nominal interest rate 10.90%, estab./term deposit 0 NOK gives effective interest rate 11.46%. Cost: 45,234 NOK. 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
"Thorn Privatlån Pluss / TryggLån Representative example: effective interest rate 26.0%, 25,000, o/5 years, cost 17,588, total 42,588. The example is calculated based on the monthly amount being paid via direct debit and that the agreement's repayment plan is adhered to. Thorn Samlelån Representative example: effective interest rate 14.42%, 120,000, o/8 years, cost 77,204, total 197,204. The example is calculated based on the monthly amount being paid via direct debit and compliance with the agreement's repayment plan."
Example: Nominal interest rate 11.9%, effective interest rate 13.20%, loan amount NOK 135,000 with repayment over 5 years, cost NOK 101,038, total NOK 236,038. Establishment fee varies from NOK 0 to 1,990. The repayment period is 1 to 20 years. Max 5 years if you are not refinancing. Nominal interest rate varies from a minimum of 6.9% to a maximum of 23.4%. Effective interest rate varies from a minimum of 8.19% to a maximum of 26.23%.
Representative example: effective interest rate 26.1%, 25,000, o/5 years, cost 17,674, total 42,674. The example is calculated based on the monthly amount being paid via direct debit and that the agreement's repayment plan is adhered to.
"Representative example: Eff. interest 24.24%, 26300, o/5 years, cost. 17206, tot. 43506. The example is calculated based on the monthly amount being paid via direct debit and compliance with the agreement's repayment plan. "
Representative example: effective interest rate 28.79%, 40,000, o/5 years, cost 31,208, total 71,208. The example is calculated based on the monthly amount being paid via direct debit and compliance with the agreement's repayment plan.
Representative example: effective interest rate 31.60%, NOK 30,000, o/5 years, cost NOK 25,794, total NOK 55,794. The example is calculated based on the monthly amount being paid via direct debit and compliance with the agreement's repayment plan.
Representative loan example Ferratum Fleksikreditt: 48.17% eff. interest, 30,000, o/12 months, 39.97% nom. interest, cost. 6,494.72 kr. Total: 36,494.72 kr.
Borrowing costs money. Borrowing costs money. If you cannot repay on time, it may affect your credit record and make future borrowing more difficult. Always compare the total cost of credit before applying.
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Refinancing an existing loan in Norway can consolidate multiple debts into one, potentially lowering your monthly payments or overall interest cost. Expats living in Norway can explore various refinancing options. This process typically involves applying for a new loan to pay off one or more existing loans, such as personal loans or other credit facilities.
Understanding Loan Refinancing in Norway
Loan refinancing is the act of replacing an existing debt with a new loan, often under different terms. The primary goal for most individuals is to secure more favorable conditions, including a lower interest rate, a longer repayment period, or a reduced monthly installment. For expats in Norway, this can be a strategic financial move, especially if their circumstances or credit profile have improved since taking out the original loan.
When considering refinancing, you need to evaluate:
Interest Rates: Compare the current interest rate on your existing loan(s) with the rates offered on new refinance loans. Even a small reduction in the annual percentage rate (APR) can lead to significant savings over time.
Fees: Be aware of any associated fees with refinancing, such as arrangement fees, processing fees, or early repayment charges on your current loan. These can offset potential savings.
Repayment Terms: Consider the impact of different repayment periods. A longer term may reduce monthly payments but increase the total interest paid. A shorter term increases monthly payments but reduces total interest.
Creditor Requirements: Lenders will assess your creditworthiness, income, and residency status in Norway. As an expat, proof of stable employment and residency may be particularly important.
Who Can Benefit from Refinancing?
Expats in Norway who meet certain criteria are most likely to benefit from refinancing:
Individuals with multiple existing loans who wish to simplify their finances.
Borrowers who can secure a lower interest rate than their current loan(s).
Those seeking to adjust their monthly payments to better fit their budget.
Expats who have established a good credit history in Norway.
Key Considerations for Expats
As an expat, your residency status and financial history can influence your refinancing options. Lenders will often require:
A valid Norwegian personal identification number (fødselsnummer or D-nummer).
Proof of income, typically through payslips or tax returns.
Documentation confirming your employment and residency in Norway.
Some lenders may have specific requirements for non-Norwegian citizens, such as a minimum period of residency or employment. Utilizing comparison tools like the one above can help identify lenders who cater to a diverse range of applicants.
The Refinancing Process
The typical process for refinancing a loan in Norway involves the following steps:
Assess Your Current Loans: Consolidate information on your existing debts, including outstanding balances, interest rates, and monthly payments.
Compare Refinance Offers: Use loan comparison websites to evaluate different lenders and their refinance products. Pay close attention to the effective interest rates (eff. rente).
Submit Application(s): Complete the application forms for the lenders you choose. This will involve providing personal, financial, and employment details.
Credit Assessment: The lender will perform a credit check and assess your financial situation to determine your eligibility and the terms of the new loan.
Loan Offer and Acceptance: If approved, you will receive a loan offer. Review the terms carefully before accepting.
Disbursement: Once accepted, the new loan funds will be disbursed. You will typically use these funds to pay off your existing loan(s) directly.
Alternatives to Refinancing
While refinancing is a common strategy, other options exist for managing debt:
Debt Consolidation Loans: Similar to refinancing, but specifically aimed at merging multiple debts into a single loan. The terms might differ.
Negotiating with Existing Creditors: Sometimes, you can negotiate better terms directly with your current lender without taking out a new loan.
This information is for educational purposes only and does not constitute financial advice. Loan eligibility and terms are subject to individual assessment by the lenders. Always conduct your own due diligence before making financial decisions.
What is loan refinancing in Norway?
Loan refinancing in Norway involves taking out a new loan to pay off one or more existing loans. The goal is usually to obtain better terms, such as a lower interest rate or more manageable monthly payments.
Can expats refinance loans in Norway?
Yes, expats living in Norway can generally refinance loans, provided they meet the lender's eligibility criteria, which typically include having a Norwegian personal identification number and proof of stable income and residency.
What are the benefits of refinancing?
Benefits include potentially lower monthly payments, a reduced total interest cost over the life of the loan, consolidating multiple debts into a single payment, and possibly accessing a more flexible repayment schedule.
What documents are typically needed for refinancing as an expat?
Commonly required documents include a Norwegian identification number (fødselsnummer or D-nummer), proof of income (payslips, tax returns), and evidence of employment and residency in Norway.
How do I compare refinancing options in Norway?
You can use online comparison tools like the one provided on this page to compare interest rates, fees, and terms from various lenders. This allows you to find the most suitable offer based on your financial situation.
