Consumer Loan is much like unsecured loan because you don’t need any collateral to apply for it. It also is straightforward and doesn’t need many requirements. You can get your money immediately so it’s the best option for those who need it right away.
Consumer Loan is used mostly by first time loaners or borrowers who don’t have the requirements needed by a secured loan. They will just make sure that your credit is high; otherwise they won’t let you apply for a loan since they are also risking their money if you have a history of not paying right away.
Consumer Loans main uses:
- Putting up a business
- Paying tuitions fees (for students)
- Immediate home renovation
- Buying that flat screen TV that you always wanted
You already know where this is going. Consumer Loans are for those who just want to loan or borrow because of personal reasons. Unlike a secured loan where there is mortgage loan for the house that you are going to buy, or a car loan where it is specifically used for buying a car. You can do whatever you want when you get a consumer loan. Buy those clothes that you like, eat wherever you want. But it’s proven that it can make you an impulse buyer since you already know in your mind that you can always loan again after paying for your previous loan.
Interests in Consumer Loan
Interest rates on consumer loans in Norway vary from approximately 10 to 30%. Different lenders have different interest rates. The rates also depend on how much money you borrow and how long time you use to pay back the loan. How much you are able to borrow depends on how much you are able to pay off the loan on a monthly basis. Your financial situation will be considered when you are applying for a consumer loan in Norway.
Qualifications in applying for a Consumer Loan
To qualify for a consumer loan it is required that you have a steady income, which means that you are able to pay back the loan. It is also required that you are 18 years old or older. Some lenders also require that the borrowers are older than 18 years old. It is also required that you do not have any payment defaults.
All in all, getting a consumer loan is a good option especially with a partner and for those who want to use the money in important stuff. But whatever the reason is, this is the quickest way for you to get the money that you want or need. Since it’s easy to apply, just make sure that you pay for it depending on your contract because the interest rates are rather high compared to other loans.
You could get the money fast and easy with little documentation just as long as your credit is high and you have a stable job that could pay for the loan that you have applied for. It is rather addictive so make sure that you can always pay for it. This is perfect for those who can’t wait for their payday. To know more details visit here www.lånmedmedsøker.no