It is impossible to say exactly what interest rate and monthly payment you will be offered for each consumer loan from different banks before you apply. How much you can borrow with a consumer loan also varies from bank to bank. Fortunately, you can apply for non-binding banking, but it is a bit difficult to obtain as many offers as possible to get the very best consumer loan with the lowest monthly payment and get the desired amount on the loan.
Well-known banks in Norway such as DNB, Santander, Norwegian and Komplett are among the banks that are most popular for consumer loans – what if you could obtain loan offers from these with one and the same application?
An application and many offers, in fact possible!
Now, many loan intermediaries have emerged in Norway and these do almost all the work for you. You only need to fill out one application which will then be communicated to up to 17 popular providers of consumer loans in Norway. By using a loan broker, you can get absolutely non-binding loans that are typically valid for 30 days, so you can assess which consumer loan is best for you, based on the actual terms you have been offered.
Then you will get to know the individual terms, prices, interest rates and loan amounts that apply to you in your situation. This is something that comparison sites and reviews on the internet cannot obtain and you get a much better assessment basis! PS. It does not cost anything to use a loan intermediary, nor is it longer processing time than by applying to the banks directly. Let the banks compete for you.
Consumer loans in DNB
DNB is the bank in Norway with the most money in lending to customers and had a market share of almost 30% in 2015. At DNB you can borrow between 10,000 and 300,000 kroner as consumer loans for whatever you want. 1 year to 5 year repayment period.
Many people choose to go directly to a popular bank such as DNB and forget (or do not know) that there are many more banks that offer consumer loans. There can be a lot of money to save on comparing loan offers from several banks instead of relying on the largest bank giving you the best interest and terms directly. Which loan amount you are granted can also vary from bank to bank.
DNB consumer loan price example
Nominal interest rate 16.20%, effective interest rate 21.07%,
55,000 kroner / 12 months. A total of NOK 60,910.
Rates and conditions apply as of 11 January 2017 and may be changed. Terms, including interest, are given based on an individual assessment of each individual applicant. You generally get better conditions if you have a relatively high income, and must borrow larger amounts.