Getting a personal loan in Norway as a foreign resident can be a straightforward process, provided you meet certain criteria. Here's what you need to know.
Norway offers a range of loan options tailored to different needs, from consolidating debt to financing a major purchase. As a foreign resident, key factors to consider include having a stable income, a good credit history, and a valid residence permit.
SPONSORED CONTENT: This article contains links to various loan companies in Norway. Should you submit an application, we may receive a commission from the loan company at no extra cost to you.
Many lenders require applicants to have lived in Norway for a certain period, longer than for a credit card. It's important to compare loan terms, interest rates, and fees to find the most suitable option.
Additionally, understanding the loan application process and ensuring all necessary documentation is prepared can increase your chances of approval and help you secure the best possible terms.
Once you have been living in Norway for a while and have a settled income, it is possible for a foreigner to obtain a loan.
While personal credit can be a valuable tool for managing your personal and household finances, care should of course be taken not to build up unnecessary debt. Make sure you understand the full terms of any loan you are considering taking.
To better manage the understanding of loans among the general public, the government has issued strict guidance on how all personal credit can be advertised. We have included important information next to each loan company below.
How to Apply for a Personal Loan
Personal loans are only available to foreigners over the age of 20 who have been living in Norway for several years. Typically you will require permanent residence to be accepted.
Norwegian finance companies will expect to see tax return history from several full years to confirm your income. This may be done automatically, but you may also need to provide evidence.
To begin a personal loan application, select the company that best meets your needs and click the “Apply Now” button. Be sure to read the information carefully before applying.
Up to NOK 600,000 with Bank Norwegian
We have partnered with Bank Norwegian for many years now. The company offers unsecured personal loans from NOK 5,000 to NOK 600,000, ideal for a car purchase, home improvement project, or many other uses.
Apply Now for an unsecured personal loan with Bank Norwegian.
Important info: Nominal interest rate 11.49%, effective interest rate 13.75%, 70,000 NOK over 5 years, establishment fee 995 NOK. Cost: 25,461 NOK. Total: 95,461 NOK.
Applicants must be 20 years or older, and must have a registered taxable income. They also cannot have any payment remarks or active collection cases, essentially you need a “clean” financial history.
If you're interested in obtaining a credit card, Bank Norwegian also offers this facility. Read our article about credit cards in Norway to find out more.
Smaller, Flexible Loans with Ferratum
Ferratum is unique in the Norwegian loan market. Do you know of any lenders that don't have establishment fees, withdrawal fees, installment fees, or binding periods? There is at least one, namely Ferratum.
You get transparent terms and no other fees to worry about except the interest rate. When you need extra money for a short period, Fleksikreditt from Ferratum is a good option.
With Fleksikreditt, you get credit of up to 50,000 NOK that is always available. When you need money, you can transfer it to your own account. You only pay interest on the money you actually transfer.
Apply Now for an unsecured personal loan with Ferratum.
Important info: Representative loan example for Ferratum Fleksikreditt: 48.17% effective interest rate, 30,000 NOK, over 12 months, 39.97% nominal interest rate, cost 6,494.72 NOK. Total: 36,494.72 NOK. No minimum repayment period. Minimum monthly instalment 500 NOK or 8% of the loan amount, whichever is greater.
The application form is brief, and you get an immediate response to your application. If you apply before 1.30pm on weekdays, you can have the money in your account the same day.
I hope this article helps you understand the options available for personal loans in Norway. However, please bear in mind we cannot help you with any financial advice or the applications process.