Compare Refinancing

Compare refinancing on Loan.no

Compare refinancing from several providers and get a clearer overview of interest rates, fees, available amounts and repayment terms before deciding whether to proceed.

Refinancing involves replacing one or more existing unsecured debts with a new loan agreement. It may allow you to combine personal loans, credit card balances and other unsecured credit into one monthly payment.

The purpose is normally to make your debt easier to manage or reduce its overall cost. Refinancing does not remove the debt, and the new agreement must still be repaid.

Compare refinancing step by step

Start by reviewing the debts you want to refinance, including their outstanding balances, effective interest rates, fees and current monthly payments. This gives you a useful basis for comparing the available options.

Use the filters on Loan.no to adjust the comparison according to the amount you want to refinance and your preferred repayment term. You can then review the information provided for each lender or broker.

Interest rates and refinancing costs

The nominal interest rate shows the interest charged on the borrowed amount. The effective interest rate also includes relevant fees and therefore provides a more complete indication of the cost.

The total cost of refinancing depends on the amount, interest rate, fees and repayment term. Extending the repayment period may reduce the monthly payment, but it can also increase the amount of interest paid overall.

The rate you receive is normally determined individually. Providers may consider your income, total debt, regular expenses, payment history and the amount you want to refinance.

You can read more about consumer debt and debt collection developments in Norway on the Norwegian Financial Supervisory Authority’s website.

Assess the actual saving

A refinancing offer should be compared with the debts you already have. Add together the remaining balances, interest charges, fees and expected repayment costs of your current agreements.

Compare this with the total amount repayable under the new agreement. A lower interest rate may reduce the cost, but a longer repayment term could offset some or all of the saving.

You should also check whether the new agreement includes arrangement fees, monthly charges or other costs.

Refinancing amount and repayment term

The amount available for refinancing depends on the provider’s limits and its assessment of your ability to repay. The amount offered may be lower than the amount you request.

A shorter repayment term normally results in higher monthly payments but may reduce the total interest cost. A longer term can make the monthly payment more manageable but may increase the overall cost.

Choose a repayment term that provides an affordable monthly payment without extending the debt for longer than necessary.

Debts that may be refinanced

Refinancing is generally intended for unsecured debts, such as personal loans, credit card balances and other forms of consumer credit. The debts accepted will vary between providers.

Check whether the proposed agreement covers the full outstanding balance of each debt. Any debt that is not included must continue to be paid separately.

You should also confirm what happens to existing credit cards and credit limits after refinancing. They may remain open unless you or the new provider arrange for them to be reduced or closed.

Proceeding from the comparison

After comparing the available refinancing options, click “Apply now” beside the provider you want to consider. You will be taken to the lender’s or broker’s website to review further details and submit an application.

The provider will normally carry out a credit check and assess your income, debts, expenses and repayment capacity. Applying does not guarantee that you will receive an offer.

If your application is approved, the offer should explain the refinancing amount, nominal and effective interest rates, fees, repayment term, monthly payment and total amount repayable.

Repayment of existing debts

The new lender may pay the agreed debts directly to your existing creditors. In that case, the refinancing amount may not be paid into your personal bank account.

Check which debts will be repaid and whether their full outstanding balances are covered. If any amount remains unpaid, you will still be responsible for it.

You should also verify whether existing credit accounts will be closed automatically or whether you need to contact the creditors yourself.

Avoid accumulating new debt

Existing credit limits may remain available after refinancing unless they are reduced or closed. Using them again could increase your total debt and leave you with both the new refinancing agreement and additional credit balances.

Consider closing credit facilities that you no longer need and prepare a budget that includes the new monthly payment.

Choose refinancing based on the complete agreement

A suitable refinancing option should provide a clearer or more manageable arrangement than your existing debts. Consider the complete agreement rather than focusing on one advertised figure.

Comparing refinancing on Loan.no does not in itself result in a credit check. A credit check may be carried out after you proceed and submit an application to a provider.

Apply for refinancing through Loan.no

If you prefer to submit one application through Loan.no, you can use our separate application service. Your application will be forwarded to our lending partners for assessment.