A consumer loan, or a forbrukslån, is an option that most people use at least once in their lifetime, so as to fund certain expenses, go on vacation, organize some events, or perhaps buy something that’s out of their price range and that their salary cannot cover, such as a vehicle for example. When aiming to generate capital, people doing business also sometimes get consumer loans instead of business ones, simply because those are fairly easy to qualify for.
Can Everyone Get A Forbrukslån?
Does the fact that these are fairly easy to qualify for mean that anybody can get a consumer loan whenever they decide to do that? Well, not quite. Even though getting them isn’t complicated, there are still some minimumskrav på forbrukslån, i.e. minimum consumer loan requirements that everyone has to meet in order to get approved. So, if you’re not sure whether you’ll get approved or not, the best thing to do is get informed about the requirements and check that for yourself prior to actually applying for this loan.
What Are The Requirements?
Now that you understand that not every single person who wakes up with a wish to do so can get a consumer loan, you’ll definitely want to check the eligibility requirements and thus figure out if this is something you can do or not. As you’ll quickly see, the requirements really aren’t that strict, but they do exist for a reason, and there’s no way around them. Let’s begin checking them out.
- Age
This is the most obvious and the most logical requirement, since no lender will provide a forbrukslån to a person that is not legally eligible to committing himself or herself to an agreement. That’s just impossible. When you reach the age of 18, you become legally responsible and ready to commit to getting a consumer loan and repaying it, as well as to facing the consequences if you don’t repay it. Even though you become legally responsible at 18, most banks won’t agree to giving out loans to people under 21. Some have raised the threshold to 25.
All of that basically means that you’ll need to check the requirements with the lenders you’re planning on working with, while keeping in mind that 21 will probably be the minimum age everywhere. Since the banks don’t look only at your age, in some rare instances you may be eligible for a consumer loan even at 18. That is, of course, if your finances indicate that you’re a reliable payer and thus responsible enough to repay it on time.
- Income
I’ve made it clear that the lenders won’t look at your age alone, so you need to know what other requirements they’ve set forward, and whether you meet them or not. Having an income is the most essential criterion to meet, because no bank will agree to give you a forbrukslån if you don’t have a stable income, regardless of how old you actually are. The amount of fixed income you’ll need to have in order to be eligible will be different from one bank to another, but the loan amount will always be limited in accordance with the income. Thus, if you have the lowest acceptable income, you can’t expect to get a huge loan.
Income requirements are especially important for unsecured loans. That is basically because the income will become the only collateral that the lender can fall back on should you stop making payments. With secured loans, you’ll offer something else for collateral, and the lender will feel much safer giving you money. Since the same doesn’t go for unsecured loans, fixed income becomes the number one criterion to meet.
There’s one more thing we have to clear up when talking of income. Most people assume that getting a consumer loan while not working is impossible, but that doesn’t have to be that way. The banks will look at your income, and it will be tolerant towards it coming from different sources other than employment. Thus, if you’re on pension, or you’re receiving regular disability benefits, other types of benefits, or have any kind of taxable income, you’ll still be eligible for a forbrukslån. If that income is rather low, you can also apply with a co-borrower, in which case both yours and the co-borrower’s financial situation will be looked into, which will increase your chances of getting approved, and you’ll both be responsible for repaying the loan.
- Residence
Residence requirements also have to be met. For instance, if you’re a Norwegian citizen, you’ll have no issue applying for a loan in that country. On the other hand, if you’re not a Norwegian citizen, you’ll at least have to be a resident, and there’s a specific time frame to meet. Around two or three years of residence in the country will usually be enough, but it, once again, all depends on the lenders. As a foreign citizen, you’ll be eligible if you’ve been receiving income and paying taxes in Norway for the last couple of years.
- Payment History
Payment history is another significant criteria to consider, and it is more important when we’re talking of unsecured loans, i.e. those you can get without collateral. Since consumer loans are often unsecured, lenders won’t be ready to turn a blind eye to this requirement and look the other way if you don’t have a good payment history. This is because they want to be sure that you’re a responsible and reliable payer, given that they have nothing to fall back on since collateral is not part of the story.
If you’re not happy with your current payment history, you can always take time to improve it prior to applying for a forbrukslån. Clean up your finances by paying and debts and getting rid of debt collection notices you have to your name. By improving your payment history, you’ll have higher chances of getting approved for the consumer loan that you’ll apply for. And, always make sure to apply for the one that offers the best rates and best terms in general.
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