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Refinance Unsecured Loans
What is an unsecured loan refinancing?
Refinancing an unsecured loan means taking out a completely new loan to pay off your existing debt, without an additional pledge such as a mortgage. In other words, when you are unable to repay your loan, the banks will not take back the property you have pledged.
By refinancing unsecured loans, you will gain better control of your finances, save money and extend your repayment period.
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!
Is it possible to refinance unsecured loan despite receiving a notice?
Unfortunately no. If you receive a notice (betalingsanmerkning), your application for refinancing will be rejected by the banks. In this case, you can only refinance with collateral such as a mortgage.
Combine all loans into one
Keeping your finances under control is difficult when you have many different instalments to repay. In fact, many of us tend to pay off several loans at the same time, whether they are car loans, home loans or credit cards.
Several loans to repay also mean higher interest rates and multiple instalments. Refinancing is a fitting option for those who want to consolidate expensive loans into a new cheaper loan. This solution pays off. In addition, it saves money.
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 loans from up to 20 banks so that you get the offer from the bank with the best terms. Get your finances in order today. Get in touch for a no-obligation chat and hear how we can help you with refinancing without collateral.
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