The financial market and what consumers should know

We all have some sort of recollection of the financial crisis that hit the entire world a few years back. From the bad loans and unpaid mortgages and many financial institutions not operating as they should have, it has now become complicated and stressful for an individual to take a loan in Norway without giving a pile of documents and collateral. In fact, most banks will not release any money without some sort of guarantee. However, if you are looking for information you will have to look around a bit.

Taking out loans


There are many documents that one will have to present when they want a loan and these include income proof, bank statements, and others. Apart from the documents, you may also have to provide guarantors and collateral. However, if you are looking for a loan without having to provide any security, you may be in luck. There are a few firms that provide such services, and you can get a consumer loan based on your job and your monthly income.

The type of loan

There are a few types of loans that you can take without providing any form of security, and they are payday loans, consumer loans, overdraft facilities and credit cards. Many of us will have a credit card or mortgage, but if you want to take out a consumer loan, you will need to approach a firm that provides them with no security.

Finding the right lender

Many people do not realize it, but lenders change their interest rates based on the person applying for a loan. Here are a few tips to help you get the best deal.

Get yourself pre-approved from a few lenders

financialYou should not wait to apply for a loan when you are only ready to buy something If you have an intention of purchasing a product, contact a few lenders and ask them what the maximum amount they can lend you. Make sure you also find out what the interest rates are and what terms and conditions are in the loan documents including late payment penalties etc.

In case you get a lower interest rate from one lender and a more flexible payment plan from another, you can take one offer to the other firm and ask them to match a particular interest rate. You will be surprised at how many firms will do this for you.




Continue reading