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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Uno Finans NO
Recommended: Uno Finans NO
Borrow up to NOK 600,000 with interest rates from 5.01%.
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Managing multiple debts in Norway can become complex. A debt consolidation loan allows you to combine several outstanding loans and credit card balances into a single new loan. This can simplify your monthly payments and potentially lower your overall interest costs. Many lenders in Norway offer these loans to residents, including expats.
The primary benefit of consolidating debt is to streamline your financial obligations. Instead of juggling payments to different creditors with varying due dates and interest rates, you will have one monthly payment to a single lender. This can reduce the risk of missed payments and associated fees. Depending on the terms of your new loan, you may also achieve a lower overall interest rate, reducing the total amount paid over the life of the loan.
Before applying for a debt consolidation loan in Norway, it is crucial to understand the terms and conditions. Pay close attention to the Annual Percentage Rate (APR), often referred to as the effective interest rate in Norway. This rate includes not only the nominal interest but also any associated fees, providing a more accurate picture of the loan’s total cost. Compare the effective interest rates offered by different lenders, as well as the repayment period and any potential early repayment fees.
Eligibility for Expats
To be eligible for a debt consolidation loan in Norway as an expat, you generally need to meet specific criteria:
Residency Status: You must have a Norwegian personal identification number (fødselsnummer or D-nummer) and be registered as a resident.
Income: Lenders require proof of stable income in NOK, typically from employment in Norway. Self-employed individuals may need to provide financial statements.
Credit History: Your creditworthiness will be assessed based on your financial history in Norway. Past defaults or a poor credit score can impact your application.
Age: Most lenders have minimum age requirements, typically 20 or 25 years old.
Employment: A stable employment situation is often a requirement.
It is important to review the specific requirements of each lender, as these can vary. Some providers listed may have different minimum age and duration parameters, as indicated in the comparison table above.
Understanding Loan Terms
When considering a debt consolidation loan in Norway, familiarize yourself with key terms:
Nominal Interest Rate: This is the stated interest rate of the loan without including fees.
Effective Interest Rate (Effektiv rente): This is the total cost of the loan, including interest and fees, expressed as an annual percentage. This is the most important figure for comparing loan offers. For example, Uno Finans NO offers a minimum interest of 4.99% and a minimum effective interest of 5.01%. Sambla NO offers a minimum effective interest of 5.17%.
Repayment Period: This is the total time you have to repay the loan, measured in months or years. Lenders like Zensum NO and Morrow Bank NO have a maximum repayment period of 5 years, while others like Uno Finans NO and Lendo.no offer up to 15 years.
Loan Amount: The total sum you can borrow. Lenders have minimum and maximum loan amounts. Okida NO offers a higher maximum loan amount of up to 1,000,000 NOK, whereas Viiga Lån NO has a maximum of 40,000 NOK.
Fees: Be aware of potential setup fees, monthly service fees, or early repayment penalties.
Some providers, like Nanofinans and Okida NO, accept remarks on loan applications, which might be relevant if your financial situation is non-standard.
When to Consider Debt Consolidation
A debt consolidation loan can be beneficial if you:
Have multiple high-interest debts (e.g., credit cards, smaller personal loans).
Are struggling to manage multiple monthly payments.
Can secure a new loan with a lower overall interest rate than your current debts.
Are seeking a simpler repayment structure.
It is not advisable if you are likely to accumulate new debt soon after consolidating, as this can lead to an unmanageable debt burden. Additionally, if your credit score is very low, you may not qualify for favourable terms, or at all.
This information is for guidance purposes only and does not constitute financial advice. Always conduct your own research and consider consulting with a qualified financial advisor. We do not guarantee loan approval.
What is a debt consolidation loan in Norway?
A debt consolidation loan in Norway is a single loan used to pay off multiple other debts, such as credit cards or existing loans. This simplifies your repayment schedule into one monthly payment and can potentially lower your interest rate.
Can expats get a debt consolidation loan in Norway?
Yes, expats living in Norway can generally apply for debt consolidation loans if they meet the lender's criteria, which typically include having a Norwegian personal identification number, proof of stable income in NOK, and a good credit history in Norway.
What is the difference between nominal and effective interest rates in Norway?
The nominal interest rate is the basic interest rate charged on the loan. The effective interest rate (effektiv rente) includes the nominal interest rate plus all mandatory fees associated with the loan, providing a more accurate cost comparison. For example, Lendo.no advertises a minimum nominal interest of 4.90% and a minimum effective interest of 7.54%.
What is the typical repayment period for a debt consolidation loan in Norway?
Repayment periods can vary significantly. Some lenders like Zensum NO and Morrow Bank NO offer terms up to 5 years, while others such as Uno Finans NO and Lendo.no provide flexibility up to 15 years. Always check the specific terms of the loan offer.
Which lenders in Norway offer debt consolidation loans?
Lenders such as Uno Finans NO, Zensum NO, Lendo.no, Okida NO, Nanofinans, Morrow Bank NO, Sambla NO, and DigiFinans NO offer various loan products that can be used for debt consolidation in Norway. Comparison tools can help you find the most suitable option.
