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Consumer loans and short-term loans
There are quite a number of different expressions in connection with consumer loans. Some call the unsecured loans, while the term «blank loan» is also used in the same context. This because blank loans and consumer loans are the same. Both are expressions of unsecured loans and what expressions people use depends on what they themselves like. Consumer loans are by far the most widely used expression and what you see everywhere.
Interest and expenses
All loans cost money. The interest rate reflects the largest cost of a loan. There may also be other costs with a loan as a consumer loan. Typical other costs are establishment fee and monthly fees.
Floating or fixed interest rate
There are two types of interest on loans. The one interest rate is floating while the other interest rate is fixed. These are typical terms you look at on all types of loans. If you have a fixed rate loan, the interest rate is the same throughout the loan period. This is very convenient, but not very convenient for the bank. The bank is then the party that is left with the risk. Consumer loans are usually loans with floating interest rates. Therefore, be careful to take over that interest rates can increase. Remember that when the interest rate is set up by the central bank, the interest you pay will go up even more.
Requirement for applicant
When applying for a consumer loan, you must be over 18 years old. Some banks require you to be older, but everyone requires you to be 18 years of age or older. You must have income to apply for a loan. How much this income is, varies from bank to bank. Some operate with a monthly income, while others want income per year. Looking at an annual basis, this varies from 120,000 kroner to 250,000 kroner. It is important that you also have no payment notes and that you also have a people’s registered address in Norway. The latter is not a requirement, but more help in order to facilitate the application.
You can borrow different amounts depending on which bank you use. Most banks offer $ 600,000. Most banks offer $ 500,000 or less. Your private economy and sometimes the purpose controls how much money you can borrow. If you have a good economy, it’s easier to borrow the maximum. It may be easier to borrow refinancing than to completely new debt if you already have a lot of debt.
Banks and intermediaries
Banks need to lend money. It depends on how much money the different banks have. Consumer loans are good sources of income for the banks and they therefore want to lend as much as they can. When they borrow it is important to be placed correctly. Brokers work with banks so you do not have to ask each bank yourself. If you apply for a loan from one, you will receive an answer from one. If you are looking for many, you will receive answers from many. Borrowers inform about which banks they work with.