Consolidate debt — easy as 1-2-3

You end up with one loan instead of many. One bank to deal with, one date to remember, and usually lower costs than the sum of what you had before.

Refinancing means consolidating debt, so they are two words for the same thing. Bank people say refinancing. Most people say consolidating debt. You end up in the same place either way.

You don't need to own a home to consolidate debt. Without security the interest rate is a bit higher, but if the debt you want to get rid of is expensive enough already, it's often worth it anyway.

It depends on your situation. If you own a home with enough value, there are banks that look at the whole picture and not just the default. Get in touch and we'll look at it specifically.

Norwegian banks cannot give you a loan that makes your total debt exceed five times your annual income. If you earn 500 000 kr, the cap is 2,5 million. It is a binding regulation, not a rule of thumb. Even so, in rare cases the banks can set it slightly aside within their quota for exceptions.

We can't know without looking at your numbers. But if you have credit card debt at 24 percent and small loans at 20, and switch to 12, then we're talking many thousands of kroner a year. Use the calculator at the top of the page for an estimate or ask us for a no-obligation offer.

The application form itself only takes a few minutes. Replies from the banks usually arrive the same day, sometimes faster than you expect.

It depends on whether you use your home as security. Without security the term is usually between 1 and 15 years. With your home as security you can choose up to 30 years. The longer the term, the lower the monthly cost, but the more you pay in total.

Nothing. Zero kroner from you. We earn money from commission from the bank you may choose, but it's the bank that pays, not you. And you can withdraw from the application process at any time. 

The banks set their own fees, and they vary. You usually meet an establishment fee when it's set up and a fixed monthly instalment fee. All costs are included in the offer you receive, and you see the total cost before you decide on anything.

Without security the banks usually set the cap somewhere between 500 000 and 800 000 kroner. If you use your home, it's the value minus what you already owe on it that sets the limit, and that can be far higher.

Some banks allow it. If you need a little extra to cover the establishment fee or a buffer, it can be included in the new loan. It depends on the bank's assessment of your finances and, if you use your home as security, on the available value in your home.

A credit assessment is carried out by the banks as part of processing the application, and it is recorded that you have applied for a loan. You send one application to us, and we forward it to the banks on your behalf.

After you've said yes, the bank takes care of the rest. They pay down what you owe to the other creditors without you having to do anything. The next time you look at your account statement, it's one loan. Not several.

You can bring a spouse, cohabiting partner or a parent. Both then owe on the loan, but both incomes count. It improves the chance of approval, and often the interest rate too.

The thing most people get wrong after consolidating their debt is taking on new debt. It sounds obvious. It still happens. The money you free up from a lower monthly cost, use it wisely. Extra repayment. A buffer. Anything other than a new credit card. The cards you don't use actively: cut them. Available credit is not savings, it's temptation. Also keep an eye on your interest rate over time. In a few years it may pay to look at the terms again.

That you actually do it. Many people know they pay too much, but put it off because it seems complicated. It isn't. The application takes a few minutes, and you commit to nothing until you have chosen a specific offer. 

And listen: you should ALWAYS save money by consolidating debt.

Yes, it's possible. The banks look at the average of your income over time, usually the last two to three years. If you are self-employed or a freelancer, they will typically ask for your tax return and business income statement as documentation. Permanent employment usually gives the best terms, but variable income doesn't rule you out.