In a bit of a financial pickle? You’re not alone. You’re not the first, nor the last person to find themselves needing money they don’t have, and then trying to find ways to get it. Loads and loads of ideas will probably cross your mind, whether you’re trying to repay some debts or you’re eager to make a larger purchase. Perhaps you want to buy a car, or you want to go on an exotic vacation that will cost a lot, or you’re planning your wedding, or another important event, and you want everything to run as smoothly as possible.
Whatever your case may be, that is, whatever your reason for needing money, like I said, a few ideas about getting it will certainly cross your mind. For starters, you may begin thinking about borrowing it from your friends or family members. While that may sound like a very good idea at first, you’ll soon realize that it isn’t such a good one, for various different reasons. First of all, you’ll be putting a lot of strain on your relationships by borrowing money like that, especially if you’re unable to pay it back in a short notice, which is probably impossible when we’re talking about a larger sum.
And then, speaking of larger sums, the truth is that the people you know may not even have the amount you need. So, even if they would be willing to lend you the money, the truth is that they may not have it. For instance, if you need NOK 100 000, it’s not like you can expect your friends to just have that kind of money lying around and ready to give it to you, no questions asked. You can see why relying on friends and family is, thus, not exactly a good idea.
What should you, then, do if you need that amount of money, and we’ve made it clear that borrowing from people you know is not the best option? You should turn to financial institutions for help, and borrow from them, agreeing on a repayment period in the process, on a schedule that works for you and for the lender as well. It is a great thing that such options exist, because most people can’t exactly save the money they need so as to, say, buy a car. Sure, you could try saving, but it could take a long time and you’d eventually probably give up. And then, some things are time-sensitive, such as certain credit card debts for example, meaning you won’t have time to save, unless you’re ready to accumulate a lot of interest.
Borrowing the money you need from lenders is, thus, the best idea. Personal loans are a thing and you can take advantage of them when you realize that you could benefit from such an influx of money and in a short notice. Are you, however, completely certain that you can borrow NOK 100 000 from those lenders, especially if you aren’t willing to provide any of your assets as collateral, or if you don’t have anything you could offer up as collateral? In different words, can you really get an unsecured lån 100 000 Kroner? That’s the question!
Can You Get an Unsecured Loan of NOK 100 000?
Before we can answer that, though, we need to be absolutely sure you understand what unsecured loans are and why this would even be a question, that is, why it would be unusual to borrow NOK 100 000 that way. Having been reading carefully? Then you already have some idea as to what unsecured personal loans are. Basically, those are the loans you can get without having to offer anything as collateral, i.e. as security that you’ll repay the loan.
They are suitable for people that don’t really have any assets they could provide as collateral, as well as for those that aren’t willing to risk their assets that way. Of course, they come at slightly higher interest rates, because the lenders still need to protect themselves, and those higher interest rates are how they do it. Furthermore, not all lenders are willing to extend these types of loans, and there are also credit score requirements to meet, meaning you’ll have higher chances if your score is higher.
You’d expect lenders to be willing to give out these types of loans, but for smaller amounts. When talking of NOK 100 000, you could easily assume that this is not possible. This is considered a medium-sized loan, and it is completely normal for you to conclude that most financial institutions aren’t willing to lend that kind of money without being offered anything as security. Is that really a good conclusion, though?
While it is a fair assumption, it is always much better to check everything instead of assuming and instead of jumping to conclusions before doing any research. You may be surprised to hear this, but there are actually some lenders that do offer the unsecured option for a NOK 100 000 loan. So, all is not lost, and you can get the money you need even if you don’t really have any collateral to offer. Quite an interesting find, isn’t it? And one that allows you to proceed with your plan to borrow this amount of money from a financial institution without offering up your assets as security.
Why Would You Get One?
Why would you borrow this amount of money, though? Several reasons, some of which I’ve mentioned above already. Paying off debts, covering unexpected costs, buying a car, going on vacation, organizing a wedding, doing home renovations… Reasons are vast, and the simple truth is that you can borrow the money and use it in any way you want, which is certainly a great thing.
It is a great thing because it also means you could be able to save some amount after paying for whatever it is that you’re planning on paying for with the loan. You may not know how much your home renovations, for example, will cost exactly, and you don’t want to borrow a smaller amount and then realize later that you won’t be able to complete the project due to not having enough money. So, rounding up to NOK 100 000 is a good idea no matter what you need the money for, because you’ll certainly get to cover the expenses you have and probably have something left over, to save it or use it in any way you want.
How to Get It?
Thought about doing this for a while, and realized that it is the perfect option for you? Regardless of the specific reasons you have for getting a lån 100 000 Kroner, you’ll want to know precisely how to do it the right way. That is, you want to know how to get the unsecured loan and borrow your NOK 100 000 as quickly and as easily as possible. A couple of things to keep in mind when trying to do this the right way.
Credit Score Matters
First off, understanding that your credit score matters will be a huge step towards actually getting approved for this type of loan. Why? Because understanding the importance of this score means you’ll be ready to work on improving it. And, working on improving it will ultimately lead to you having higher chances of getting approved for the loan and basically getting the money you need.
So Does Your Choice of Lender
Your choice of lender matters as well. In fact, it is the single most important thing to have in mind when trying to do all of this the right way. As you may have assumed already, there are lenders that won’t be ready to offer you a NOK 100 000 unsecured personal loan. And then, there are those that will. So, the first thing to do is find those lenders that will offer such a solution.
From there, you’ll need to do some more research on them. Checking if they are legit is a must, and so is determining their experience and their reputation. Working with trusted and reliable lenders is your goal, so remember to use such criteria when doing your research and eliminate and shady ones from the list of potential lenders you may have previously created.
Compare Interest Ratesand All the Other Terms
You’re still not ready to apply, though! While all the lenders you’ve found may be legitimate and reliable, not all of them will be offering the same borrowing terms. The interest rate specifically is the most important factor to remember and to check before applying for any of these loans. Sure, you’ll expect the interest rate to be slightly higher, given that we’re talking about an unsecured loan, but that doesn’t exactly mean you should agree on any rate that comes your way, without doing any comparisons.
Simply put, you should always compare the rates offered by different lenders, so as to check which ones are being reasonable about it, and which ones may be taking things too far. Remember to check all the other terms as well, though, including any and all fees the lenders may charge. And, always agree on a repayment period you’re sure will work for you, keeping in mind that the it will play a role in the amount of your monthly installment.
Research done? Comparisons done? Getting the documents in order is all that’s left to do, together with filling out the form and thus applying for the unsecured NOK 100 000 loan. Checking if applying online is possible is another thing to do, as that could make the process even easier.