Consumer loan
A good option when unforeseen expenses arise.
Refinancing
Organise your finances – combine all your financial commitments into one.
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Mortgage
If you own a home or holiday property, you can apply for a loan secured by the home. With a mortgage, you get a much lower interest rate and a longer repayment period than with a loan without collateral.
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How to apply for free refinancing online
First
Fill in the application and send it in.
So…
We send the application to the banks.The banks process the application quickly and efficiently.
In the end
Compare interest rates and prices. Choose the one that suits you best. Sign loan offers easily with BankID.
Here’s what we need to know
- How much do you want to borrow?
- Name, birth and social security number
- Contact information
- Annual income and whether you are applying with someone
- Your marital status and whether you have children
- Place of work and citizenship
- All the debt you have now
It’s easy to apply yourself, but remember that we can help you fill in and complete the application. Just ask for help or advice!
Who can apply for refinancing?
- You have reached the age of 23
- You have a fixed income of at least NOK 230,000
- You have lived and taxed in Norway for the last three years
- Everyone who applies for a loan is credit assessed
All banks in Norway carry out a credit check on everyone who applies for a loan. What is a credit check?
Get help clearing unsecured debt
Many people have expensive loans and credit debt that make their finances difficult.
We can help you find ways to save money and clear and erase expensive debt with refinancing.
Loan calculator – How much will the loan cost me?
All about refinancing
Here we have gathered information about everything you need to know about refinancing. Are you wondering about something we don’t answer here? Get in touch and we’ll help you!
What is refinancing?
We advise you to tackle your financial problems before they get out of hand.
Banks have solutions to help you with your personal finances and debt situation.
Refinancing is an opportunity to combine old small loans with high interest rates, fees and charges into a new loan with lower interest rates and monthly installments.
What we help you with is to search for refinancing in many banks at the same time.
That way, you’ll find the lowest interest rate and the best loan terms you can get right now.
Don’t settle for a random refinancing loan.
Searching for the best loan offers from different banks and getting them to compete for you is also a way to save money!
Send us an online application and we’ll do the rest – completely free and without obligation.
When the bank refinances your debt, it works like this:
- Help you get an overview of all your debts and creditors
- The bank takes care of the debt and deletes it for you
- You’ll get a brand new loan with lower interest rates and less costs than what you had collected before
- Now you only have one invoice to pay each month – order and control!
How does refinancing work?
When you refinance, you get a new loan to clear your debts, which are often credit cards and expensive small loans with high interest rates.
Expensive small loans can be profitable to refinance because you pay high interest, installments, fees and charges on each of your loans.
Refinancing works like this: Old debt is erased and replaced with a new loan that has overall lower interest rates and costs than you had before.
Experience shows that there is a lot to save.
Refinancing of small loans and consumer loans
You can refinance credit card debt.
It may also be financially wise to refinance your debt because the interest rates on credit cards are guaranteed to be higher than the interest rate you get on a refinancing loan or consumer loan at the bank.
We can help you refinance your credit card debt.
How you can save money
There are several things that can help you save money on refinancing.
Getting a lower interest rate is one important thing, but don’t forget that the fees also cost or that the repayment period can be changed to get lower installments.
Here are a few examples:
- If you have five creditors and pay a fee of NOK 45 per month to all of them, that’s NOK 225 per month.
If you refinance down to just one creditor, you only pay NOK 45.
That’s NOK 180 saved every month. - If you have a consumer loan of NOK 100,000 at an effective interest rate of 10.94% over five years, it will cost you NOK 43,023 to borrow the NOK 100,000.
Just by finding a bank that gives you an 8.77% lower effective interest rate, the loan will instead cost NOK 34,288.
In other words, you’ll save NOK 8,735 by finding a lower interest rate.
If you also have several small loans, a total refinancing can save you thousands!
This way, you can either have more money to spend or have a better chance of paying off your debt faster. - Did you know that you can get an even lower interest rate if you refinance with someone else?
That’s because the bank gets more security because there are two of you handling the loan.
A co-borrower can be a cohabitant, spouse, family member or friend.
Save money on your debt in the same loan application
Remember that when you submit a loan application to us, you’re not just submitting a request for a desired loan amount.
The loan application is also a way for you to put us on the case to investigate whether your debts can be bundled to get the lowest interest rate, fees and installments available on the market now.
The interest rate you got on a loan a long time ago can often be negotiated lower now, and it’s smart to investigate!
If you’re not interested, you can reject any loan offer you receive through us.
Therefore, a loan application is more than an application for a loan, it’s an application for help to research and find banks that will give you better terms so that you save money and get a better overview of your finances.
How much can I save?
There are two ways to save money.
You can pay off loans as quickly as possible or you can refinance debt with a high interest rate and high installments into a new loan with a lower interest rate and lower costs.
The interest rates offered by banks vary, but we’ll do the work of finding the lowest interest rate for you!
Example of what you can save by shortening the repayment period:A loan of NOK 100,000, with 15% nominal interest and a repayment period of 10 years costs you NOK 100,000 in interest.
If you cut the repayment period to 3 years, the same loan will cost you NOK 28,000 in interest.
In addition, you save money on the fees you don’t have to pay.
What exactly are small loans?
The debts we refer to as small loans are debts you have that are not secured by your home or other assets.
Small loans are called everything from unsecured debt, consumer loans, credit, unsecured refinancing loans, home improvement loans, car loans, restart loans, credit cards and installments on goods you have purchased.
Read more about the collection of small loans.
Loans for unsecured refinancing
Obtaining an unsecured loan means that you as a customer do not need to provide the bank with any form of security for the loan.
Normally, the bank will require you to pledge your home or other property as collateral.
But for unsecured refinancing, you don’t need this.
Because the bank doesn’t get anything from you that they can sell if the loan defaults, they put up the price to compensate for the risk they take.
That’s why refinancing loans are more expensive than mortgages, for example.
But, we can find better interest rates by looking around at the banks!
This is what we can help you with.
Consolidate your debt so that you only pay one invoice each month and get better interest rates and loan terms than you have now.
There are several ways to refinance.
- You move a loan from one bank to another because you get a lower interest rate and better terms there.
- You refinance a mortgage by increasing the mortgage or repayment period you currently have.
This gives you access to the money you need for housing purposes, for example. - You consolidate your debt into a new loan with a lower interest rate, less fees and installments than you pay today.
Refinancing with a mortgage costs less
Many people prefer to refinance with security in their home.
It may be that you need money for renovation, travel or want to fulfill strong wishes and dreams that require money.
Using property as security for the bank is more profitable for you than borrowing without security.
Your mortgage bank can be a good place to go to negotiate a lower interest rate and better terms.
However, remember that you are free to investigate whether you can get an even better deal at other banks by comparing different loan offers against each other.
Either way, you can easily apply for a mortgage refinancing online through us. Read more about mortgage refinancing
Payment reminder and debt collection?
You still have options for loans
Sometimes the bank says no to refinancing and increasing the mortgage.
There may be several reasons for this.
A couple of examples are that you have too high a debt-to-income ratio in relation to the value of your home, or you may have received a payment reminder and debt collection.
Regardless, Motty will assess your application and help you where we see it is possible.
Our advisors know the rules and the market so well that it takes a lot for there not to be a solution for you.
We work with banks that can delete your payment history, clean up your finances and give you better control and overview.
Don’t you have a home?
Read more about how you can refinance with a payment reminder without a home.
Still wondering about something?
Contact us and we will help you! We are always available for a chat.
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