Cash loan in Norway – most common requirements & conditions

Norway is one of the wealthiest European countries. The high standard of life attracts many expats that look for work and investment opportunities. If you’re considering moving to Norway and starting a business or investing in real estate, check our advice on loans.

Moving to a new country can be a great way to begin a new chapter and open the door to various opportunities. Regardless of what brings you to Norway, you may find our set of information on loans quite handy. You may need some cash injection due to higher expenses than usual. 

Arranging a new home, registering a business activity, law support – all these common aspects of settling down in a new country can have an impact on your budget. A loan can save you in the situations mentioned here and others that require additional funding – such as a sudden need for car repair or house restoration. Here’s what you need to know if planning to receive this form of financial support.

Getting a bank loan in Norway

The Norwegian banks have a standardized set of requirements for clients who plan to apply for loans. Minimum age varies depending on an institution, but usually, the banks don’t offer loans for those who are not at least 23 years old.

The bank will also verify your tax residency and address, so make sure you have all the necessary documents at hand. Another important aspect is your income. You should have a source of income on a Norwegian territory – living off your savings or working for a foreign company may disqualify you from access to this form of financial support.

The institution will most likely check your total debt – if it’s too high, you may not qualify for the loan.

Note, however, that taking a bank loan is not the only solution you may consider. In Norway, just as in other European countries, you can also take fast cash loans. These are the easiest way to cover unexpected expenses which are relatively small but still burden your budget. However, as in any other case, you should choose your loaning service carefully, basing on reliable opinions and recommendations.

Cash loans in Norway – what to take into account?

There is one rule that applies to all types of loans, regardless of the country – always check the interest rate first! Some offers may seem attractive at first glance, but after taking a closer look they turn out to be unprofitable. Pay attention to the period of payment as well. We recommend sticking to verified institutions that present all the conditions of the offer before starting cooperation.

Article prepared in cooperation with LocalMarket

About Charles Knox 1393 Articles was established to deliver accurate financial information that can help anyone that wants to take control of their finances achieve financial freedom. My Finances is your go-to place for online news. This site gives you an exceptional variety of news and information that helps you make the right financial decisions. We provide features, guides, access to companies offering professional advice & comparisons for smart money choices.