Often quick and easy, but possibly very expensive.

In Norwegian

Think twice before you take out a loan 

Purchases financed through a consumer loan often become much more expensive than expected. If you take out a consumer loan to buy a TV, you risk having to pay back over twice as much as you loaned. If you do not have the money today, you should ask yourself whether you can really afford paying back what you loan tomorrow.  

Research what offers you can get 

First, ask your regular bank for a loan offer. If you have a good relation to your bank, they might make a good offer. You might also receive better personal guidance. For instance, investigate whether you can take out a loan secured in your residence at a lower interest rate. You should acquire offers from other banks as well.

Find the best consumer loan

Calculate the total cost

Before you decide to take out a consumer loan, you should always be certain of what the loan will cost. You have the right to know the total cost of the loan. You should also receive information about what percentage of every payment constitutes loan instalment, interest, and fees. 

Ask for the effective interest rate

The bank must state the effective interest rate. If you are comparing offers from different banks, you must compare the effective interest rates. All fees and costs are included in the effective interest rate, and this interest rate tells you how expensive the loan actually is.