Can You Get An Unsecured Loan (Uten Sikkerhet) In Norway & How?

Anyone who starts thinking about borrowing money from a financial institution probably has a few things in mind. For starters, that person knows precisely what he or she wants to spend the money on, as there would be no point in getting a loan without actually knowing that. Additionally, they also know that the process of getting the money they are after can take a while and that they won’t be able to get it in a matter of minutes after completing the loan application.

So, the bottom line is that they are aware of their own reasons for getting a loan, such as those listed on this site, as well as of the fact that this entire process is a bit complicated. You are, without a doubt, one of the people who are aware of all of this and who are definitely thinking about getting a loan. You wouldn’t have found your way to this particular article if that weren’t the case. Well, I have a question for you.

Are you also aware of all the different loan types that exist in Norwegian financial institutions and in all the other financial institutions in the world? If you aren’t, then I would definitely urge you to get properly acquainted with those types, because you need to know precisely which type you need and want to get. This will mostly depend on what it is that you want to use the money for, because buying a house is not the exact same thing as, for instance, funding your wedding or buying a car.

When you are not planning buying a house and you are, instead, planning on spending your money on certain completely different things, personal things, such as debt consolidation or moving expenses, then the loan you want to get is called, unsurprisingly, a personal one. Basically, whenever your money is intended to be used for practically anything else than home purchase, you will have to rely on this particular loan type. The best part is, nobody will even ask you what it is that you want to use the money on, since it is nobody’s business. Instead, the financial institution that you’ll cooperate with will simply approve your application and provide you with the amount you need.

Now, you have most likely heard a lot of stories about collaterals and how banks can get ownership over some of your assets if you don’t repay your debt and I suppose that this is scaring you at least a little bit. You are picturing yourself being late with one monthly installment and thus losing your car, for example. Well, let me tell you right away that this isn’t how things work. If it were like this, then nobody would ever trust any of the financial institutions they come across.

I am not going to, however, keep on explaining how loans with collateral work. That is not the topic that I am planning on covering today, but the one that I have in mind is actually closely connected to loans and collaterals. Basically, what I am trying to do here is shift your attention towards the fact that there are actually different personal loan types that you can get, i.e. those that don’t require collateral.

These specific ones that I am talking about here are called unsecured loans, or loans uten sikkerhet, as people in Norway would say it. They don’t require you to use any collateral in the process of getting the money and repaying it, meaning that you won’t have to worry about losing certain assets due to your inability to pay off your debt. Of course, given that there is no collateral at stake, you might have a bit more difficult time getting this loan, because banks aren’t ready to trust just anyone.

As you might have guessed it, your credit score plays a role in that, but let us not get ahead of ourselves here. Before we begin talking about how you can get an unsecured loan in Norway, we first need to check whether you can actually do this. After all, you don’t want to start the process without first understanding if you can complete it. So, we are now going to answer that crucial question for you, and thus help you understand if you should stop thinking about this or if you should start taking necessary steps towards getting this loan uten sikkerhet.

Can You Get It In Norway?

The very first thing that you need to understand here is that, as a foreigner, you won’t be able to get any type of a loan in Norway. Things are, fortunately, not so black and white. Basically, if you have been residing in this specific country for a few years, then you will become eligible for a loan and you will be, thus, be able to borrow the money that you need. Of course, if you are a resident in the country, then there is no need for you to wonder about this at all.

The above is a general requirement for any particular loan type that you want to get. Yet, when the unsecured ones are in question, you need to think about a few more things as well. As mentioned above, banks aren’t ready to trust just anyone when there is no collateral involved, meaning that you’ll need to provide them with some information in order for them to consider lending you the money.

Most importantly, you’ll have to have a great credit score if you want to get the money this way. Then, you’ll also have to provide them with proof that you can pay off the loan. This means that you’ll need to give them proof of employment, for example, or proof of assets. You also need to have a rather reasonable income to debt ratio, as well as a history of making other monthly payments on time. It is usually not difficult for people to become eligible for these unsecured loans, as they can easily get the proof that the banks will need.

Read more about the unsecured loans: https://www.nerdwallet.com/article/loans/personal-loans/unsecured-personal-loans-no-collateral

You should further understand that banks are not the only institutions that can provide you with what you actually need. You could also get the money from a credit union, or from certain online lenders that have started working in this industry. Usually, the online option is the easiest one and people are increasingly using it, because it is convenient, as well as lenient when it comes to the requirements necessary for you to get the money without having to provide collateral.

How To Get It?

I suppose that the above talk has helped you understand whether or not you can get an unsecured loan in Norway. Now, I could have just answered “yes” to that question, but that wouldn’t be very helpful, since you might not have understood why and when you can actually get it. That’s why I’ve taken the time to thoroughly explain everything to you. Since things are now probably perfectly clear to you, we only have one thing left to do.

In simple words, we need to help you understand how you can get this loan in Norway. Well, if you’ve been paying attention, then you know that there are a few different types of institutions that you can rely on. Whatever you decide to do and whichever institution you pick, there is one thing that you will have to do. Essentially, you will have to choose the best company to be your lender. The entire process begins with making this specific choice and the success of the process depends on making the right one.

If you are worried that you might not be able to make the best choice here, let me give you some peace of mind. There are actually quite a lot of amazing lenders in Norway, so you have high chances of finding a great one. Of course, you will need to take your time to do some digging and get some necessary information about all of those institutions before choosing the most amazing one for you, but I’m sure that you are ready to do the research. Once you’ve completed the research and made your choice, you’ll need to proceed to taking some other important steps that will help you get an unsecured loan (additional info) in Norway.

Most importantly, you will have to fill in the application properly, and the good news is that you can do this online nowadays, meaning that you won’t need to go through the trouble of even leaving your home. The forms that you’ll be filling in won’t be complicated and they will simply seek your personal information that will be necessary for the lender to decide if they want to approve your unsecured loan request or not. So, once you have filled out the forms and once you have sent them to the chosen lender, the only thing left to do is wait to get approved.