Forbrukslan – Getting The Cheapest Unsecured Consumer Loans In Norway

Forbrukslan - Getting The Cheapest Unsecured Consumer Loans In Norway

Though many people may not like it, money actually makes the world go round. It is a crucial necessity for any individual in the world today as it enables one to meet up with the duties, goals and responsibilities expected of the individual. A lot of people have failed in their plans or dreams, not due to laziness or for lack of a good plan, rather, it was due to lack of financing.

To put it flatly, there is very little that you can do without good financing, even billionaires have to raise funds to embark on projects. For this reason, there are institutions that offer credit facilities to individuals and organizations to enable them embark on projects that they want to carry out. The individual who has received financial aid owes a duty to pay back the sum lent on an agreed date. This practice is known as giving out and receiving loans and it is necessary to explain it further.

What Is A Loan?

This simply refers to an amount lent by an individual or organization (most probably a financial institution) called the lender to another person (again an individual or organization) that is to be paid back on an agreed date with interest. However, failure of the borrower to pay on the agreed date makes the borrower liable for breach of a loan agreement. 

This is a popular practice and is one major way through which money Is raised to finance projects and any other plan that requires financial assistance. This arrangement is also referred to as a consumer loan. You can read more about it at

Types of Loan Agreements

There are basically two types of this agreement; they are:

  • Secured loans and
  • Unsecured loans

Secured Loans

This is simply an arrangement where the borrower makes a pledge of an asset (a collateral) in order to obtain the sum being asked for. The pledge is recovered upon repaying the borrowed sum and in the case that the borrower defaults in repaying the borrowed sum, the pledged asset is sold to recover the amount owed. Thus, the asset serves as security for the person or institution lending the money as they stand the risk of losing out the most in the case of a default. A mortgage loan is a prime example.

Unsecured Loans

These simply are arrangement where a monetary sum is lent to an individual or an organization without the borrower pledging an asset as security. Thus, there is no collateral in this arrangement. This is allowed or happens because of the creditor’s credit worthiness as assessed by the lending institution, such as with Sunny Loans.

Generally, this type of lending agreements is a much riskier arrangement than secured loans for the lender and thus, requires a higher credit score from the borrower for it to be approved. Upon default by the borrower, the lender has the option of commissioning a collection agency to collect the debt. The commissioning agency can also take the borrower to court or even sue the borrower themselves. 

Types Of Unsecured Loans

It is of 2 types namely:

  • Revolving and 
  • Term loans

Revolving Loans

This is an arrangement that allows for continuous borrowing of money from a financial institution by an account holder in that institution. There however is a set limit to the amount that can be spent by the borrower. The prime example of those who this arrangement applies to are credit card holders.

Term Loans

In this arrangement, the borrower is given a lump sum of money under some specifically named terms and conditions. The terms here usually are repayment modes that the borrower has to follow. This arrangement is usually entered into by established small businesses. These are the two types of unsecured loans.

Getting The Cheapest Unsecured Loans In Norway

The country of Norway is enjoying a lot of migrations to its shores owing to its strong economy and the various opportunities that abound in it. The newbies to the country might need a hand to come to terms with how things are run in the country.

Though we have explained above what a loan arrangement generally involves, different unique procedures might apply in certain situations, in different countries and in financial institutions. However, there are certain tips to guide you when about to enter this sort of arrangement in Norway, especially if you want to get the best and cheapest arrangement. They are as follows:

Do A Thorough Self Evaluation

Financial decisions are never to be taken lightly because the repercussions might prove very costly. For this reason, it is important for you to thoroughly evaluate your financial status and budget before making this decision. Be realistic in evaluating and planning yourself especially as it concerns your income and on how you’ll pay back the borrowed sum if it goes through.

Engage The Services Of A Loan Broker

It often happens that on occasions or times like this, many banks will show up with mouth-watering offers that look good to you. This can easily sway your decision making resulting in you entering into an arrangement without understanding the terms involved. Engaging a loan broker will help you go through the offers you have, haggle if there is the need until you get an arrangement that suits you the best.

Having A Co-Applicant or Family Member Who Is A Customer Helps

Having a family member (father, mother, spouse etc.) who is a customer of the financial institution that you are dealing with can be an advantage. Such a person can join you by applying as a co-applicant. This shows that there already is an established relationship between you and the bank and can result in reduced interest rates or generally favorable terms for you.

Merge Your Loans Together

It is better that you have one all-encompassing loan agreement rather than having separate arrangements for different reasons. The basic wisdom in this is that it will result in a reduced interest rate. Asides the aforementioned benefit, it makes your financial life simpler and eliminates having different conflicting agreements that you have to meet up with.

Provide Full And Accurate Information

No matter how much in a hurry you are, you have to properly fill out your application form in details before submitting your application. In this application, you have to disclose full and accurate information or else, your application can be denied.

Assess Every Available Offer

It follows that ordinarily, when an individual (even you) wants to make purchases, they compare products and prices before finally settling for the best offer available. This same scenario applies in various other aspects of life including when assessing offers from financial institutions for a loan agreement. Some make the mistake of jumping into an agreement that they feel looks good without assessing all other available agreement for one better than what they have. 

Thus, it is important to assess every available offer before coming to an agreement. Again, the Norwegian government has strict loan advertisement policy and because of that there are sites that showcase available options. You can click here to go the site and check the available options.


The importance of finance in the world today cannot be overstated. It is necessary for many ventures or activities that an individual may want to be involved in.However, most individuals cannot finance their own projects or ventures by themselves and will thus have to rely on loans from financial institutions for this. Luckily, Norway has a good system in place to facilitate these type of arrangements, especially as it regards unsecured loans.