Representative loan example: the interest rate is variable and set individually. Loan amount 250 000 kr over 5 years, nominal interest rate 12.12%, effective interest rate (APR) 12.82%, cost 84 577 kr, total amount payable 334 577 kr. Repayment period 1-15 years. APR ranges from 6.82% to 48.76%. Each bank sets its own rate – you will see the offer after submitting an application.
Debt refinancing (Norwegian: refinansiering) is the repayment of previous debts with a new, more favorable loan. In practice, this means taking out another, larger loan that covers old debts – by repaying debt, creditworthiness is built, so one can expect better terms and lower interest rates. This is an opportunity to save thousands of kroner. Additionally, refinancing simplifies expense control and increases household budget transparency.
Do you have several loans, credit card debt, or old loans you've been repaying for several years? In such cases, refinancing can be a very suitable solution. You can combine loans into one and pay a single, fixed installment. Additionally, you save time previously spent managing multiple loans.