Loans

With a fixed-rate loan, you can fix the interest rate on your loan for a period of three, five or ten years. During this period, the bank cannot change the interest rate on your loan and this gives you very predictable costs. Historically, fixing interest rates does not save you money – but it can be seen as an insurance policy against higher interest rates. You can choose fixed rates on parts of your home mortgage, but you cannot fix the interest rate on more than 75 per cent of the value of the home.

Read more about fixed-rate loans

A credit card , as the name dictates, gives you the option to pay on credit – i.e. with borrowed money. If you use it in the right way, it has many benefits, such as free travel insurance and payment deferral, which gives you peace of mind when shopping online, for example. You also get a number of discount and bonus schemes.

However, if you do not pay the money during the interest-free credit period – which is up to 45 days with Mastercard from DNB – you will be charged interest. Therefore, you should always pay back what you owe on the credit card as quickly as you can.

A consumer loan is a loan without collateral. This means that the bank does not take security in your assets if the loan is not paid down as agreed. The price for this freedom is a higher interest rate than other loans. You should therefore prioritise repaying the consumer loan quickly. The faster the loan is repaid, the cheaper it is. We also recommend that you only use consumer loans for entirely necessary expenses.

The term ‘small loan’ is often used for consumer loans up to NOK 50 000. If you have several small loans or credit card debt, you can save a lot by consolidating and refinancing the debt into one consumer loan. This will give you a much better overview.