Lietuvių
Norsk
Polski
Русский
Refinance a Personal Loan
Refinancing a personal loan allows you to consolidate your current payments into a new loan and reduce your overall loan costs.
What is a personal loan refinancing?
Refinancing loans involves replacing multiple expensive loans with one new loan at a lower interest rate and lower monthly costs. By refinancing, you can reduce high interest costs, avoid double fees and commissions. This way you save money.
How does refinancing work?
Your previous loans are consolidated and replaced with a new loan at a lower interest rate and costs than before.
What is refinancing without collateral?
A refinance without collateral is a form of loan that the bank provides You without the need to put your house or part of your property up as collateral. Refinance loans are often used to replace expensive credit cards and loans with high interest rates with a new loan with lower interest rates and costs. By refinancing, you can lower your interest costs and save money.
How does refinancing work?
When you refinance, you get a new loan to reduce credit cards costs and expensive loans with high interest rates. You should refinance to get rid of high interest rates, installments and additional fees. Refinancing works as follows: Your debt is removed and replaced with a new loan with lower costs and interest rates than before.
Can I refinance my credit card debt?
You can refinance your credit card debt. The interest rate on credit cards is higher than the interest rate on a refinance loan or consumer loan. We can help you refinance your credit card debt.
How much money can I save?
There are two ways to save money. You can pay off your debts as quickly as possible or refinance them with a new loan with lower interest rate and costs. The types of interest rates offered by banks vary – we will help you find the lowest one!
The second example of savings is to shorten the repayment period:
A loan of NOK 100 000, with a nominal interest rate of 15% and a repayment period of 10 years, costs NOK 100 000 in interest. If you shorten the repayment period to 3 years, the same loan costs NOK 28 000 in interest. In addition, you save money on fees you don’t have to pay!
Do you need to provide collateral when refinancing loans?
No, there is no need to provide collateral when refinancing a loan. However, if you do, you can get better loan terms and lower interest rates.
Refinancing loans with collateral
If you own a property and at the same time have one or more expensive loans or you are paying off credit cards, it is usually more cost-effective to refinance them with collateral in the property.
A mortgage is one of the cheapest loans you can have. If you can take advantage of the security in the property, you will be able to get a much lower interest rate and therefore reduce your monthly loan costs significantly.
Refinancing loans without collateral
Refinancing unsecured loans is a type of loan provided by the bank, where you do not have to pledge your home or other assets.
Refinancing loan debt
You can refinance your credit card debt. You can combine both credit card debt and consumer debt and obtain a new loan as part of the refinancing. Refinancing your debt is a smart solution, as the interest rate on credit cards is higher than the interest rate on a refinance loan or consumer loan.
Consumer loans and credit card debt
A credit card will be the best option if you need to borrow a smaller amount that you can repay in a short period of time.
Choose a consumer loan if you want to borrow a larger amount and need a longer repayment period.
Good news is: Both options can be refinanced! We help you refinance both loans and credit card debt.
Example
If you take a loan for 100 000 NOK with an interest rate of 10.94% over 5 years, the cost of the loan will be 43 023 NOK. For a bank that offers an interest rate of 8.77%, the cost will only be 34 288 NOK. With a lower interest rate, you can save up to 8 735 NOK. If you merge several small loans into one, you can save much more! This way you gain additional funds or the possibility of a faster repayment.
Motty helps you refinance
We will help you compare loan offers from up to 20 banks in order to get the lowest possible interest rates and fees.
Benefit from a non-binding and free advice and find out how to refinance your loans.
Motty helps you with refinancing
We help you compare loan offers from up to 20 banks so that you pay as little as possible in interest and extra fees.
Have a non-binding chat with us and find out how we can bring your small loans together.
Articles about loans
Hva bør du velge av forbrukslån og kredittkort?
Når du står overfor valget mellom forbrukslån og kredittkort, kommer det ofte ned til hvor mye penger du vil låne og hvor lang nedbetalingstid du trenger. Begge alternativene har sine fordeler og situasjoner hvor de passer best. Forskjellen mellom kredittkort og forbrukslån Kredittkort er ideelt for kortsiktige behov. Med kredittkort får du fleksibiliteten med rentefri periode i 30…
Hva er en god rente på forbrukslån i 2024?
En god rente ligger under gjennomsnittet for tilsvarende lån på markedet, samtidig som den reflekterer din personlige økonomiske situasjon. Rentesatser endres med tiden og påvirkes av økonomiske forhold og politikk. Men hvordan kan du selv vurdere renten? Hvordan vurderer du hva en god rente er? For å forstå hva som regnes som en god rente…
Hva er fordelene og ulempene med forbrukslån?
Forbrukslån gir deg fordelen ved å raskt få tilgang på penger, samtidig som ulempen med høye rentekostnader når du skal betale tilbake. Vi lister opp 5 fordeler og 5 ulemper med forbrukslån slik at du kan ta et informert valg. Fordeler med forbrukslån Ulemper med Forbrukslån Usikker på om forbrukslån er det rette for deg? Noen…