• Beware of Expensive Real estate.

    To be successful in real estate, you must always and consistently put your clients' best interests first. When you do, your personal needs will be realized beyond your greatest expectations.
  • From Our Real estate to Yours

    Real estate sales was perfect training for the experience to go into public life because you learn to accept rejection, learn to meet new people, learn to work with people and find common ground. That's the way you sell houses... that's also the way you win over constituency.
  • If you buy a rental property, screen your potential tenants carefully

    Does it excite you to think of yourself as the next Donald Trump sound thrilling to you?It is, but you must have a proper plan before you start. This article has some great real estate investment strategies so that you don’t find yourself in hot water as you get started.

How To Access Lån På Dagen (Loan On The Day)

Posted by: | Posted on: November 24, 2022

Emergencies are part of life and most times these emergencies require money to be sorted out and some times, one may not have the money. On other occasions, some people may not want to tamper with their savings because they have earmarked it for one project or the other.

When faced with this dilemma, one will need to get funding by any legal means possible. One of those ways is by getting a loan. Sometimes the issue with loans is that the process takes time while the issue to be sorted requires urgency. That is where the concept of loan on the day comes in. Click here to explore ways of getting funding for projects.

In this article, we will examine the concept of loan on the day and all that you need to know about it and how to access it.

What Is Lån På Dagen (Loan On The Day)?

Like we alluded to earlier, this is a banking concept in Norway that a number of people are just catching on to. It is a process by which a borrower applies for a loan, gets approval and the funding is disbursed all in 24hours. This has been a life saver to a lot of people but sadly some do not still know about it.

Requirements For Qualification

The requirements for qualification for these kinds of loans differ from bank to bank. But the minimum requirements from majority of lenders are as follows:-

  1. Age – Not younger than 20 but some banks insist on 23 years and above.
  2. Income – Applicant must earn no less than NOK120,000 per year
  3. The amount requested for must not be more than 500% of your annual income.
  4. Applicant must be a Norwegian or possess a Norwegian D-number.
  5. Applicants who have a payment remark on their debt history are likely to have their application rejected.
  6. For co-signed applications, both applicants must have all the minimum requirements.

Information That Will Be Requested For

The requirements to qualify for this loan are not as stringent as other types of loans but you will still be required to submit some documents. In other cases, you may not be asked for physical documents but information about you will be pulled out of online database.

Some of the personal details that will be pulled up or requested that you provide include the following:-

  1. Name
  2. Phone number
  3. Social security number
  4. Account number
  5. Email Address
  6. Tax information
  7. Payment history
  8. Creditworthiness and debt repayment history
  9. Credit score

Since everyone’s information is on a database that can be accessed online, it makes it easier to investigate a potential borrower and approve or disapprove loans in one day.

Interest Rate s and Terms

Interest rates on this type of credit differ from one lender to the other. On the average many banks that offer as much as NOK 30,000 charge an effective yearly interest of more than 60% across board. But banks that offer higher credit amounts charge effective interest that ranges between 8 and 18%, in the case of banks that give out higher credit amounts, the rates are largely dependent on the amount the applicant borrowed and his/her credit score.

Those who have higher credit scores and want to borrow larger amounts of money get interest rates that are more favourable than people who want to borrow lower sums. Normally, applicants are not told what the interest rate will be until when the bank gives them an offer.

The lowest sum that can be borrowed from majority of banks is between NOK 5,000 to NOK 10,000.

The Application Process

The process of applying for same day loans is quite easy; you are only required to fill in only information that is deemed necessary and basic. Thanks to technology and the BankID that’s issued to every Norwegian or those with the National D-number, these applications are easy to evaluate and approve.

We have stated the information that will be required earlier in this article. So in addition to filling in the required information, you will be required to state the amount you want to borrow and when you wish to pay back.

Other information that may be required includes the reason why you are taking out the loan (purpose of the loan). This is so that the bank can be exonerated in case you use the money for any fraudulent activity. Note that these loans are not strictly regulated, this means that you can state one purpose and use it for another purpose (as long as it is legal).

So for example, you can state that the reason you want the credit facility is to buy a car and then later change your mind and use if for vacation.

Furthermore, bear in mind that the whole process would most likely be affected by the amount you are asking for. This is in spite of the fact that almost all the steps are automated. For amounts lower than NOK50, 000, the application process is totally automated without need for the input of a bank official.

Factors To Consider Before Taking Out Lån På Dagen

One might argue that in the case of an emergency, a borrower may not have the presence of mind to process some vital thoughts. However, it is very important to still think things through before filling out an application or signing any agreement.

Here are a few things to consider as you go about getting this loan:-

The Interest Rate

No matter how hard pressed for cash that you are, consider the interest rate that comes with the loan. Never just sign off on a deal without conducting a comparative analysis of offers from different lenders. Ensure that you compare rates, terms and conditions so that you can get the best deal.

The Legitimacy Of The Lender

Ensure that the lender you want to borrow from is licensed to offer such services. Especially with online lenders, it is quite easy to fall into the hands of scammers who will rip you off at the end of the day.

Look out for a lender that’s licensed and also under regulatory bodies. This way you are sure that they will abide by the laws that govern these processes.

The Reputation Of The Lender

The sad truth is that some legit lenders have been known to do their customers in. How many people actually take legal action against financial institutions? Not many; especially when it comes to issues of loan rates and repayment.

So to save you heartache and stress, check out the reputation of the lender. Read up on what past customers have to say about them before you choose which one to go with. You can get more tips on how to get a på dagen lån with moneyminiblog.com or other reputable lender platforms.

Conclusion

We have shared the basics of loan on the day in this article. Even if you don’t have an emergency now, it will do you a world of good to have this information handy. This will help you make an informed decision when the time comes.