The Best Loans in Norway: Ultimate Guide

Compare the best loans on the market and choose an alternative that best meets your daily needs with minimum constraints.

Further Below: Our Guide to Best Loans in Norway, Everything you need to know.

1. Instabank

  • Get a loan of up to Kr 200,000
  • Friendly interest rates of 7.99%
  • Excellent loan conditions
  • Funds are disbursed in a lump sum
  • Fast concessions
  • It is a multi-purpose loan
  • Applicable with employment
  • Flexible repayment terms

2. Bank Norwegian 

  • Favorable interest rate of 6.99%
  • Provides loans of up to Kr 600,000 
  • Flexible repayment terms of up to 5 years
  • Fast payout 
  • Offers floating interest rates 
  • Flexible terms of payment of 15 years
  • Zero establishments
  • Best applied with stable income sources
  • Has no extra repayment cost 

3. Centum Finans

  • Get a loan of up to Kr 70,000
  • Effective interest rates of 13.47% p.a 
  • Repayment terms of up to 5 years
  • Excellent loan conditions
  • Fast concessions
  • Seamless application procedures
  • Offers a wide range of loan purpose

What Is a Loan?

A loan is a financial arrangement in which a lender provides you with a sum of money that you agree to repay with interest over a specified period. In Norway, loans are commonly referred to as “Lån.”

What are the Different Types of Loans in Norway?

Norway offers several types of loans to suit diverse financial needs:

  • Mortgage Loan (Boliglån): A mortgage loan is used primarily for purchasing real estate, such as a house or apartment. 
    In Norway, homeownership is common, and mortgage loans typically come with favorable interest rates and extended repayment terms. The Norwegian term for this loan is “Boliglån.”
  • Consumer Loan (Forbrukslån): A consumer loan, also known as a personal loan, is an unsecured loan that can be used for various personal expenses. This type of loan is versatile and can be used for anything from home improvements to travel. 
    However, consumer loans often come with higher interest rates due to their unsecured nature. In Norway, it’s referred to as “Forbrukslån.”
  • Car Loan (Billån): If you’re looking to finance the purchase of a vehicle, a car loan, or “Billån,” is an excellent option. These loans are tailored for the specific purpose of buying a car, offering competitive terms and interest rates.
  • Student Loan (Studielån): Norway places a high value on education, and student loans, or “Studielån,” are designed to assist students in covering their educational expenses. 
    These loans typically have lower interest rates and flexible repayment options to support students in pursuing their academic goals.
  • Credit Card Debt (Kredittkortgjeld): Credit card debt is a form of revolving credit obtained through credit cards. 
    While not a traditional loan, it’s essential to manage credit card debt responsibly to avoid accumulating excessive interest charges. In Norway, it’s referred to as “Kredittkortgjeld.”
  • Business Loan (Bedriftslån): For entrepreneurs and business owners, Norway offers business loans, known as “Bedriftslån.” These loans are intended to help businesses fund operations, expansion, or investments in equipment and technology.
  • Home Equity Loan (Egenkapitallån til bolig): Homeowners in Norway can also leverage their property’s equity to secure a loan. 
    This type of loan, known as “Egenkapitallån til bolig,” allows homeowners to borrow against the value of their homes for various purposes.
  • Debt Consolidation Loan (Gjeldskonsolideringslån): Debt consolidation loans are designed to combine multiple debts into a single, more manageable loan. 
    Borrowers in Norway often use these loans to simplify their finances and potentially lower their overall interest rates.
  • Microloan (Mikrolån): Microloans, or “Mikrolån,” are small, short-term loans typically used for emergency expenses or unexpected financial needs. These loans offer a quick solution for individuals facing temporary cash flow challenges.
  • Construction Loan (Byggelån): For those undertaking construction projects, such as building a new home or renovating an existing one, construction loans, or “Byggelån,” provide the necessary funds to complete the project stage by stage.

When should I or should not get a Loan?

Situations When should IWhen Should I not 
Emergency Expenses    ✅ Consider a loan if it’s urgent   Avoid loans for non-urgent or non-essential expenses
Investments or Property  ✅ It’s suitable for home purchase or investment Avoid loans for non-appreciating assets or speculative investments
Education and Training✅ Ideal for furthering education and enhancing career prospects Avoid loans for non-essential courses or if education goals can be met through other means
Debt Consolidation    ✅ Consider if it helps streamline and lower interest rates on multiple debts Don’t consolidate if it will lead to more debt accumulation or if existing debts are manageable
Business Expansion    ✅ Suitable to fund business growth, expand operations, or invest in new opportunities Avoid loans for high-risk or unproven business ventures
Healthcare Expenses   ✅ Consider for necessary medical treatment Avoid loans for elective or non-urgent medical procedures
Home Improvements    ✅ Appropriate for essential home repairs or improvements Avoid loans for purely cosmetic or non-essential renovations
Vacation or Travel    ✅ Consider for travel that enhances personal growth or experiences Avoid loans for extravagant or impulsive vacations
Luxury Purchases      ✅ Justifiable for significant life milestones like a wedding or a home purchase Avoid loans for unnecessary luxury items or impulsive purchases
Debt to Finance Lifestyle✅ Use caution and assess the impact on long-term financial stability Avoid loans to maintain an unsustainable lifestyle or to cover routine expenses

What to look out for when picking a loan in Norway?

Here are some crucial factors to consider when picking a loan in Norway, along with a mention of Experian Norge AS, Norway’s primary credit bureau:

  • Interest Rates: The interest rate on a loan significantly impacts your overall cost. Look for competitive interest rates that align with your financial situation. Loans with fixed interest rates offer predictability, while variable rates can fluctuate.
  • Loan Terms: The duration of the loan, or the repayment term, is another critical factor. Longer terms may have lower monthly payments but result in higher overall interest costs.
    Shorter terms can save you money but may require higher monthly payments.
  • Fees and Charges: Be aware of any additional fees, such as origination fees, processing fees, or early repayment penalties. These can substantially affect the cost of the loan.
  • Total Loan Cost: Calculate the total cost of the loan, including both interest and fees, over the entire repayment period. This gives you a clear picture of the financial commitment.
  • Loan Type: Choose the right type of loan for your specific needs. For instance, if you’re buying a home, a mortgage loan is appropriate. For general personal expenses, a consumer loan may be more suitable.
  • Credit Score: Your credit score plays a crucial role in loan approval and interest rates. Experian Norge AS, as Norway’s credit bureau, maintains credit reports that reflect your credit history. 
    It’s essential to have a good credit score, which is a reflection of your responsible borrowing and payment history.
  • Debt-to-Income (DTI) Ratio: Lenders in Norway often evaluate your DTI ratio to determine if you can comfortably manage loan repayments. Aim for a DTI below 40% to enhance your eligibility.
  • Reputation and Reviews: Research the lender’s reputation and read reviews from other borrowers. A reputable lender should have transparent terms, good customer service, and a history of fair practices.
  • Loan Purpose: Ensure that the loan serves a meaningful purpose and fits your financial goals. Avoid taking out loans for unnecessary or frivolous expenses.
  • Prepayment Options: Check if the loan allows for early repayment without penalties. 
  • Customer Support: Evaluate the lender’s customer support services. You’ll want a lender that can assist you promptly with any questions or concerns.
  • Loan Insurance: Consider whether loan insurance is necessary. It can provide financial security in case of unexpected events such as job loss or illness.

How to qualify for a loan in Norway?

  • Maintain a Good Credit Score: Your credit score plays a pivotal role in loan approval. Lenders assess your creditworthiness based on your credit history, payment behavior, and outstanding debts. 
    A higher credit score indicates responsible financial management. To maintain a good credit score:
    • Pay bills and existing debts on time.
    • Keep credit card balances low.
    • Avoid applying for multiple loans or credit cards within a short period (which can trigger hard inquiries and temporarily lower your score).
  • Stable Employment and Income: Lenders prefer borrowers with a steady source of income. Demonstrating reliable employment history and income stability makes you a more attractive candidate for a loan. 
    Be prepared to provide proof of your income through pay stubs, tax returns, or employment contracts.
  • Residency Status: While residents and non-residents can qualify for loans in Norway, having legal residency status can sometimes enhance your loan eligibility. Non-residents may face stricter requirements or slightly higher interest rates.
  • Age Requirements: You must be at least 18 years old to apply for a loan in Norway. Some lenders may have higher age requirements, typically around 23-25 years.
  • Valid Identification: You’ll need to provide a valid form of identification, such as a passport or national ID card, to verify your identity.
  • Bank Account: Having an active bank account in Norway is often a prerequisite for loan approval. Lenders use your account to disburse funds and collect repayments.
  • Collateral or Guarantor (if required): Some loans, especially larger ones like mortgages, may require collateral or a guarantor. 
    Collateral can be an asset like a property, while a guarantor is someone who agrees to cover your loan payments if you default. Meeting these additional requirements is essential for such loans.
  • Responsible Financial Behavior: Demonstrating responsible financial behavior is crucial. Avoid late payments, defaults, or excessive debt accumulation, as these can negatively impact your creditworthiness.
  • Loan Purpose: Be prepared to explain the purpose of the loan to the lender. Different loans have different requirements, and the lender needs to assess whether the loan aligns with your financial goals.

How can Fundgecko help you get The Best Loans in Norway?

Fundgecko can play a pivotal role in helping individuals secure the best loan tailored to their specific needs.

 We offer a platform to compare various loan options from different lenders and select the most appropriate one for your needs.

 Fundgecko generates personalized loan recommendations that align with your unique situation, ensuring you’re presented with the most relevant options.

Click here to get started with our Loanfinder!🔥

What documents should I have ready to present?

To increase your chances of loan approval, prepare the following documents:

  • Valid Identification: You can use a passport, national ID card, or driver’s license for this purpose.
  • Proof of Income: Lenders need to confirm your ability to repay the loan. Depending on your income source, you may need to provide one or more of the following:
    • Pay Stubs: Recent pay stubs or salary statements that show your monthly income.
    • Tax Returns: Copies of your most recent tax returns, typically for the past two to three years.
    • Employment Contract: If you have a fixed-term employment contract, provide a copy.
    • Bank Statements: Some lenders may request bank statements to verify your income deposits and expenses.
  • Residence Verification: Proof of your current residence in Norway, such as utility bills or a rental agreement, is typically required.
  • Credit Report: In some cases, the lender may request your credit report from Experian Norge AS, Norway’s primary credit bureau. Your credit report provides a comprehensive overview of your credit history, outstanding debts, and payment behavior.
  • Debt Obligations: If you have other outstanding loans or debts, be prepared to provide details, including the lender’s name, outstanding balance, and monthly payments.
  • Business Documents (for Business Loans): If you’re applying for a business loan, prepare business-related documents such as financial statements, business plans, and any legal paperwork related to your business.
  • Valid Residence Permit or Visa (for non-residents): Non-residents in Norway may need to provide a valid residence permit or visa documentation.
  • Personal References: Some lenders may request personal references or character references as part of the application process.
  • Loan Purpose Explanation: Be prepared to explain the purpose of the loan and how it aligns with your financial goals. Lenders want to ensure that the loan serves a legitimate and responsible purpose.

How can I improve my chances of getting a Loan in Norway?

Here are strategies to boost your chances of loan approval in Norway:

  • Maintain a Good Credit Score: Your credit score is a crucial factor in loan approval. To improve and maintain a good credit score in Norway:
    • Pay bills and existing debts on time.
    • Keep credit card balances low and within your credit limit.
    • Avoid opening multiple new credit accounts in a short period.
  • Reduce Existing Debts: Lenders consider your debt-to-income (DTI) ratio when evaluating your ability to manage new debt. 
    Reducing your current debts can enhance your debt-to-income (DTI) ratio, making you a more appealing loan applicant.
  • Correct Credit Report Errors: Regularly review your credit report from Experian Norge AS and dispute any inaccuracies or errors promptly. 
  • Establish a Stable Income: Lenders prefer borrowers with stable, reliable sources of income. Maintain steady employment and provide consistent income documentation to demonstrate your ability to repay the loan.
  • Build a Positive Credit History: If you have a limited credit history, consider establishing a positive credit history by responsibly using a credit card or taking out a small loan. 
    Timely payments and responsible credit use can help build your creditworthiness over time.
  • Pay down High-Interest Debts: Focus on paying down high-interest debts, such as credit card balances, before applying for a new loan. This can free up your income and improve your financial picture.
  • Increase Down Payment (for Mortgages): If you’re applying for a mortgage, consider saving for a larger down payment. A larger down payment reduces the loan-to-value ratio and may lead to better loan terms.
  • Maintain Stable Residency: Having a stable residential history can positively impact your loan application. Frequent moves can be viewed less favorably by lenders.
  • Demonstrate Savings: Lenders appreciate borrowers with savings and a financial cushion. Having an emergency fund and savings can show that you’re financially responsible and prepared for unexpected expenses.
  • Limit Credit Applications: Avoid making numerous credit inquiries within a short time frame. Each hard inquiry can temporarily lower your credit score and potentially signal financial distress to lenders.
  • Choose the Right Lender: Different lenders have varying criteria and risk appetites. Research lenders and choose one that aligns with your financial profile and loan needs.
  • Prepare a Solid Loan Application: Fill out the loan application accurately and completely. Be ready to provide all necessary documentation promptly to expedite the approval process.
  • Consider a Co-Signer or Guarantor: If you have a weak credit history or insufficient income, a co-signer or guarantor with a stronger financial profile can strengthen your loan application.
  • Discuss Your Options with a Financial Advisor: Consult with a financial advisor or credit counselor to review your financial situation and develop a strategy for improving your creditworthiness.

A step-by-step guide on how to get the Best Loan in Norway

Here’s an in-depth step-by-step guide on how to get the best loan in Norway:

1. Define Your Loan Purpose: Start by clearly identifying why you need the loan. Whether it’s for buying a home, financing education, or covering unexpected expenses, understanding your purpose is crucial.

2. Assess Your Financial Situation: Evaluate your current financial status, including income, expenses, existing debts, and savings. This assessment will help you determine how much you can afford to borrow and repay.

3. Check Your Credit Report: Obtain a copy of your credit report from Experian Norge AS, Norway’s credit bureau. Review it for accuracy and address any discrepancies or errors.

4. Establish a Budget: Based on your assessment, create a detailed budget that outlines your income, expenses, and potential loan repayments. 

5. Research Loan Types: Familiarize yourself with the various loan types available in Norway, such as mortgages, consumer loans, and student loans. 

6. Prequalification: Some lenders offer prequalification, which provides an estimate of the loan amount and terms you may qualify for without a hard credit inquiry. This step can help you narrow down your options.

7. Complete the Loan Application: Fill out the loan application accurately and completely. Be thorough and provide all requested information and documentation promptly.

8. Choose the Best Offer: After reviewing multiple loan offers, select the one that aligns best with your financial goals and budget.

9. Sign the Loan Agreement: Once you’re satisfied with the chosen offer, sign the loan agreement. Ensure you read and understand all the terms before signing.

10. Receive the Loan Funds: The lender will disburse the loan funds to your designated bank account. Make sure the funds are used for their intended purpose.

Loan cost calculation example for a Loan in Norway

To calculate the monthly EMI (Equated Monthly Installment) for a loan in Norway, you can use the formula for calculating EMI:

EMI = [P x r x (1+r)^n] / [(1+r)^n – 1]


  • EMI = Equated Monthly Installment
  • P = Principal Loan Amount
  • r = Monthly Interest Rate (annual interest rate divided by 12 months and converted to decimal)
  • n = Loan Tenure in Months

Let’s say you want to calculate the monthly EMI for a loan of 500,000 Norwegian Krone (NOK) at an annual interest rate of 5% for a loan tenure of 5 years (60 months):

  • P = 500,000 NOK
  • Annual Interest Rate = 5%
  • Monthly Interest Rate (r) = (5% / 12) / 100 = 0.004167
  • Loan Tenure (n) = 5 years x 12 months/year = 60 months

Now, plug these values into the formula:

  • EMI = [500,000 x 0.004167 x (1+0.004167)^60] / [(1+0.004167)^60 – 1]

Calculate the EMI:

  • EMI = [500,000 x 0.004167 x (1.004167)^60] / [(1.004167)^60 – 1]
  • EMI = [500,000 x 0.004167 x 1.265005] / 1.265005 – 1
  • EMI = (529.1675) / 0.265005
  • EMI ≈ 1996.28 NOK

So, the monthly EMI for a 500,000 NOK loan at 5% annual interest rate for 5 years in Norway is approximately 1,996.28 NOK. 

Where to Get Loans in Norway?

Finding the right place to secure loans in Norway is crucial for obtaining the best possible terms and conditions. Here’s a detailed guide on where to get loans in Norway:

Traditional Banks

Traditional banks like DNB, Nordea, and SpareBank 1 are reliable sources for various types of loans, including mortgages, personal loans, and car loans. They often offer competitive interest rates, especially for established customers with a good credit history.

Online Banks and Lenders

Norway has a growing number of online banks and lenders that provide a wide range of loan options. These lenders often offer competitive terms, streamlined application processes, and quick approvals. Examples include Komplett Bank and Instabank.

Credit Unions

Credit unions, or “Samvirkeforeninger” in Norwegian, are member-owned financial cooperatives that offer loans to their members. They may have more personalized services and favorable terms for their members.

Specialized Lenders

Some lenders specialize in specific types of loans, such as car loans or refinancing. These lenders may have expertise in their niche and can offer tailored solutions. For instance, Santander Consumer Bank specializes in car loans.

Mortgage Brokers

If you’re in the market for a mortgage, consider consulting with a mortgage broker. These professionals can help you navigate the complexities of mortgage lending and connect you with suitable lenders.

Government Programs

In Norway, government entities like the Norwegian State Educational Loan Fund (Lånekassen) provide loans for education and student expenses. Be sure to explore government programs if you’re eligible.

Peer-to-Peer (P2P) Lending Platforms

P2P lending platforms like Funding Circle and Folkia are gaining popularity in Norway. They connect borrowers with individual investors willing to fund loans. Interest rates can vary based on your creditworthiness.

Local Credit Unions and Cooperatives

Many local communities have credit unions or cooperatives that provide loans to residents. These organizations may offer community-focused services and competitive rates.

Online Loan Marketplaces

Online loan marketplaces, such as, allow you to compare loan offers from multiple lenders in one place. This simplifies the process of finding the best loan for your needs.

Financial Advisors and Brokers

Consider seeking advice from financial advisors or brokers who can guide you to reputable lenders and loan products aligned with your financial goals.


As our journey through the world of the best loans in Norway comes to a close, we hope you’ve gained valuable insights into the financial opportunities that this beautiful country offers. 

Whether you’re dreaming of homeownership, furthering your education, or achieving personal milestones, the right loan can be your stepping stone towards success. 

Just like the majestic fjords that adorn this land, the path to the best loans in Norway may have twists and turns, but with knowledge and prudence, it leads to financial empowerment and stability. Safe travels on your financial journey through Norway!

Frequently Asked Questions

What types of loans are commonly available in Norway?

In Norway, you’ll find various loan options to suit different needs. 

Some common types include mortgage loans (Boliglån) for homebuyers, consumer loans (Forbrukslån) for personal expenses, car loans (Billån) for vehicle purchases, student loans (Studielån) for education, and credit card debt (Kredittkortgjeld) through credit cards.

How can I improve my chances of loan approval in Norway?

To enhance your loan approval prospects, focus on maintaining a good credit score by making timely payments, reducing existing debts, and avoiding excessive credit inquiries. Keep your debt-to-income (DTI) ratio below 40% and establish a stable source of income. 

What is Experian Norge AS, and why is it important for loans in Norway?

Experian Norge AS is Norway’s primary credit bureau responsible for collecting and maintaining credit-related data. 

It plays a vital role in assessing your creditworthiness when you apply for loans. Lenders use credit reports from Experian Norge AS to evaluate your credit history, payment behavior, and outstanding debts, which significantly influence loan approval and terms.

Can non-residents in Norway qualify for loans?

Yes, non-residents can qualify for loans in Norway, but eligibility criteria may vary. Having legal residency status can sometimes enhance your loan eligibility. 

Be prepared to provide necessary documentation, including proof of income, valid identification, and residence permits or visas, as applicable.

How long does it typically take to get a loan in Norway?

The loan approval process duration can vary depending on factors like the lender, loan type, and your application’s complexity. 

Some loans may be approved within a few days, while others, such as mortgages, may take several weeks due to property assessments and legal procedures.

Glossary for Norway loan terminology

Norwegian TermEnglish translation
Ansettelsens varighetDuration of employment
Antall barn med rett til barnetrygdNumber of children entitled to child benefits
Automatisk betaling av regningerAutomatic bill payment
Bankkonto, bankopplysningerBank account, bank details
Betaling i avdragPayment in installments
BetalingsforsikringPayment protection insurance
Datos profesionalesProfessional/Job Data
DepositumSecurity Deposit
Dødsfall, ulykke, arbeidsuførhet, arbeidsledighet (karensperiode på 3 måneder (unntatt dødsfall på grunn av ulykke))Death, accident, incapacity for work, unemployment (waiting period of 3 months (except death due to accident))
Effektiv årlig renteEffective annual interest rate
Erstatning av gammel gjeld med ny gjeldReplacement of old debt by new debt
Et lån som krever at låntakeren stiller eiendeler som sikkerhet.A loan that requires the borrower to pledge assets as security or collateral
Fast debiteringsrenteFixed debit rate
Flytende renteFloating interest rate
Forespørsel om lånBorrowing request
Første avdrag betales denFirst installment payable on
GarantistA guarantor is someone who promises to make sure you repay the loan completely. Lenders ask for guarantors when your credit history isn’t good enough. If this happens, the guarantor is legally responsible for paying back the loan
KassekredittOverdraft line
Kreditthistorikk, økonomisk statusCredit history, financial standing
KredittlinjeLine of credit, official document that shows the rules for a personal loan
KredittrenterCredit rates
Lån med sikkerhet, en eiendel som sikrer lånet ditt.Collateral loan, asset that backs your loan
LånebeløpLoan amount
Lånets løpetid/lånets løpetidLife/period of a loan
Løpetid for lånetTenure of the loan
Manglende betaling, forsinket betaling, tilleggsavgift for forsinket betalingNon-payment, late payment, late payment surcharge
Mulighet for betalingsbeskyttelse/forsikringOption on Payment protection/ insurance
Netto inntekterNet income
Obligación de aportar pruebasObligation to provide evidence
Omlegging av gjeldRescheduling of debt
Ønsket lånLoan desired
Personlig lån, lån uten sikkerhetPersonal Loan, unsecured loan
Personlige dataPersonal data
Profesjonelt forholdProfessional relationship
RentesatsInterest rate
Signert kontraktSigned contract
Små lånSmall loan
SøknadsgebyrApplication fee: the fee charged by a lender to cover costs associated with processing the loan
SolvensSolvency, a credit score is an individual’s valuation and ability to repay a loan
Standard forretningsvilkårStandard business terms, the conditions of a contract
Sykefravær, uførhetSick leave, disability
System for sosial sikkerhetSocial security system
Type boligResidence type
Unemployment, job lossUnemployment, job loss

About this page, our methodology

What this page is for: Our goal is to help you get the best financing for your needs. Therefore, here we explain you what credits with payday guarantee are, how you can compare them to know which one suits you and which offers are the most attractive right now.

Source: The information regarding the main characteristics of payday loans and their current regulation comes from Law 16/2011 on consumer credit contracts among other reference portals.

Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.

About Fundgecko: We are an online comparison site specialized in personal finance and home economics products. Here you can, in addition to comparing the conditions of all offers, find quality information that will help you identify the payday loans that best suit your needs.

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