Does the loan have to bear interest

Loans can be granted by any of us, regardless of whether they are friends, family or strangers. Most often, however, we associate loans with a bank, a pawnshop and a non-bank loan company. Institutions also earn on granting cash loans that do not have to be interest-bearing. Read for a critique

Loans can be concluded in any form, and thus also in an oral form

Loans can be concluded in any form, and thus also in an oral form

In addition, contrary to the prevailing opinions, a cash loan does not have to be interest-bearing, so it can also be free. However, is anyone besides friends and family willing to lend us money without any interest or fees, thereby risking losing cash? It would seem that no, but today you can borrow money also for 0 USD.

As a financial institution, the bank operates the accumulated capital, not its own, but clients’. Money deposited on deposits and savings accounts is paid out in the form of a loan or credit (e.g. cash) to persons with creditworthiness and positive history in the Information Bureau Credit.

The borrower, when taking out a loan from a bank for a specified amount, must return the borrowed capital together with interest within the set time limit. And it is on interest and commissions that the bank earns the most.

A similar situation is in the case of pawnshops

A similar situation is in the case of pawnshops

A person who needs cash can take out a loan at a pawn shop against a valuable item (e.g. jewelry, electronic equipment, etc.) By repaying the loan amount and interest due within a specified period, the customer retrieves the pledged item.

The loan can still be obtained at private non-bank companies, even for USD 0. Some promotional lenders give each new customer their first loan for free. This type of promotion is offered, among others.

To obtain an interest-free non-bank loan, all you need is internet access and ID details. In this way, we are able to borrow up to USD 1600 for free. The procedure consists of submitting an application for a loan online on the lender’s website and making a transfer confirming the accuracy of our data, usually the amount of 1 penny.

This free loan is available on our bank account in just a few minutes – without leaving your home. Most private companies’ loans do not require any income statement.

The condition is, however, repayment of the loan taken out within the set time – in this case it is usually a maximum of 30 days. These types of promotions are designed to attract new customers who have paid off their first interest-free loans will be encouraged to use the next one.

Loan for self-employed comparison – so it’s worth it

In the first place, banks check the financial situation of a customer when applying for a loan. Banks need to know if they can pay the installments on a loan they want. For this, the income is crucial. For employees and workers, proof of wages is sufficient.

The self-employed have a much harder time in this regard. With just a few papers, the self-employed cannot prove current income. Overall, lending after the loan for the self-employed comparison is more complicated than for employees. The guidelines are interpreted much stricter, even if the award is largely based on the criteria themselves.

The secure income

The secure income

Unfortunately, the fact that the self-employed generate a possibly passable income does not change anything. For banks, after a loan for the self-employed, the continuity and security of the income is important and not just the amount.

Unfortunately, the self-employed always have to reckon with the fact that business is going worse. Since the banks also know this, the risk of default is rated higher among the self-employed.

In some cases, worse conditions apply when lending. The self-employed must disclose their finances so that it can be demonstrated that enough money is being raised. However, a copy of an account statement is not enough.

Depending on the type of business, banks require tax certificates of several years, income-surplus bills and balance sheets. If a person has just started his own business and data can be submitted, the chances of getting a loan for the self-employed are relatively poor.

Lending is industry-specific

Lending is industry-specific

When lending, it only plays a limited role whether a person is freelance or otherwise self-employed. On this point, banks hardly make any differences and when they do, mostly freelancers are given preference.

This cannot be generalized and depends on the company’s business policy. Too many factors flow into the decision, such as customer qualifications, experience and the industry.

A credit for self-employed comparison is important

A credit for self-employed comparison is important

However, there are also banks where a loan for the self-employed is treated almost like a loan for employees. Almost the same conditions are then granted here. There are a number of direct banks for this purpose in a loan for the self-employed.

Some banks differentiate partially between the self-employed and freelancers. For the granting of a loan, only a look at the precise requirements helps here. A credit for self-employed comparison is the only way for cheap offers and then to borrow money cheaply.

Credit Cards With Travel Insurance – Best Travel Credit Cards

There are now many credit cards that include free travel insurance in the card. This is good news for anyone who loves to travel and likes to be insured during the trip. There is a lot of competition in the credit card market and for this reason the credit card companies enter into agreements with other types of companies and companies about discounts on goods and services and also include things such as free travel insurance.


Best travel credit card with insurance

credit card with insurance

These travel insurance policies are often very favorable and in some cases even better than the ones you pay for. An example is that several of the travel insurance cover a longer period abroad, while it is usual with 60 days through regular travel insurance, you can be insured for 90 days.

Another difference is that the included travel insurance covers others in the travel companion even though they are not family. If one can show that their travel is paid for with the credit card, there are many who will also cover these expenses. Compare your options here:

In the overview you see here you will find a very good selection of credit cards including free travel insurance which we know that in addition to offering favorable terms and conditions such as low effective interest rates and have included good free travel insurance. Here you can click on the buttons to enter the pages of the individual companies if you are wondering what is not listed in our overview. As you can see, one can easily compare the different credit cards against each other and thus find out which credit card suits your wallet best.


Focus on your own needs

travel insurance

To find out which credit card with insurance is the best, sit down and look at your own needs. You need to look at what credit amount you want in relation to the effective interest rate offered and also whether the credit card has other discounts or free features that allow you to save a slightly higher interest rate on other discounts or similar.

The easiest way to do this is to set a monthly budget and then match your budget entries against what the credit card offers or has included. Then you see which credit card gives you the most and at the same time will end up being the cheapest solution for you.


Good solution if you travel a lot

credit cards

For those who travel a lot it is recommended and have both free and paid travel insurance, then you are double covered and can be more confident that you get your expenses covered or problems solved in the best possible way. For example, through the travel insurance on the credit card, hospitals will also be able to withdraw necessary funds for treatment if they end up in a hospital due to illness or accident. Traveling on a budget will have a huge impact on your holiday if you have had to do this yourself and then have it refunded. In many cases such a thing can easily put an end to the whole trip and you have to return to Norway.


5 reasons to have travel insurance

travel insurance

  1. Of course, the biggest reason for having travel insurance is if you should be so unlucky to have an accident or get sick while traveling. Then travel insurance is invaluable. Hospitals and especially private or hospitals that maintain a good standard are paid very well when treating tourists or foreign citizens. It can be something as simple as falling and incurring a fracture, you have to take an x-ray, in some cases they operate, maybe legs need to be fixed and you get plaster. This becomes very expensive if you cover it yourself and with a credit card on hand you can also use the credit card to withdraw the necessary funds.
  2. If you experience a burglary in the hotel room and the like, a credit card with travel insurance will help replace the lost so you can complete your vacation.
  3. If you experience cancellations or problems with your flight or other means of travel, you can be compensated for this
  4. Whether you experience being scammed for money while abroad, or in need of legal assistance because you are a party to a dispute while abroad. For example, legal liability.
  5. Often covers the whole family and in some cases also veterinary expenses if you bring your pet.

What exactly is the difference between credit card loans and consumer loans?

Let’s start with the hard facts to distinguish one from the other. A credit card is a debit card that can be used to purchase goods and services. Some credit cards also give discounts when using the card as a means of payment. Unlike a traditional bank card, a credit card gives you the opportunity to postpone the payment on what you purchased.

In many ways, the deferred payment can be compared to a loan, but common practice in Norway is that this loan is completely interest-free for a given period of typically 30 or 45 days, and you do not have to pay more than the goods cost as long as you repay when The bill is finally coming. After using the card, you can choose whether you want to pay the entire credit used or a minimum amount, typically 3% of the credit used or a minimum of $ 300. If you choose to pay only part of the credit used, you will have to pay interest on the remaining credit. This interest rate is high compared to, for example, a consumer loan that often has a lower interest rate.

How much you can trade with the card is determined by the maximum credit limit the card issuer has given you. Customers can also choose to have a lower credit limit than the maximum limit the card issuer has set based on an assessment of your finances.


The benefits of a credit card are several

benefits of a credit card

Among other things, there are many cards associated with travel insurance in the card. This is beneficial, for example, when the card is used for holiday and travel purchases. Especially in the summer we at Sparebanken Vest see that many people use credit cards, as many pay all foreign transactions with the credit card. This is because it provides extra security in that the amount is not deducted directly from your checking account and because you then get a better overview and good time to study the transactions when you get home in peace and quiet.

E-commerce is recommended to use credit cards, as it also provides extra security. If, for example, you are exposed to scams or fraudulent operators, the card company will take the credit if you pay by credit card. In addition, there are many credit cards that have various benefit programs associated with them, such as discount schemes at hotels and stores.


What about the drawbacks of credit cards

What about the drawbacks of credit cards

They also exist – and especially for those who are unable to repay the debt.

Thus, when using a credit card, you should make sure that you have enough money in the account to pay what you owe when the bill arrives, whether through savings, wages or the like.

There are also those who use the credit card to give themselves a short-term loan. Eg. by buying cheap airline tickets for the summer holidays as early as February and paying off the full credit card debt when holiday money arrives in June. Then you have to pay interest on your credit card debt for a few months. It may be financially smart, but if one fails to pay down debt when the holiday money arrives, a scary financial journey begins.

Credit cards are suitable for those who are in order in the economy and who control when credit card debt is paid. Here you can apply for a credit card


Consumer loans are a little different

Consumer loans are a little different

It is a type of unsecured loan, that is, you can take out a loan without having to provide anything in collateral to get the loan. This is the opposite of, for example, mortgages, where the bank pledges to your home and may force you to sell it if you do not repay your mortgage. Since there is no collateral item on the bottom as collateral for the lender to get back their money, the lender assumes higher risk and then the price of the loan goes up. The interest rates on a consumer loan are therefore also higher than they are on a mortgage. On the other hand, you may want to get a consumer loan with a lower interest rate than what you pay when using credit cards. If you need a smaller amount in a short period of time, it might be a trick to use a consumer loan than to use the credit card.

The advantage of consumer loans is that it meets people’s need for money, but where it may not be a mortgage object to lend. Examples here may be people who rent housing rather than own their own home. Some also expect to have a consumer loan for a few months rather than waiting for a purchase of larger capital goods until they have money on account. Maybe you want to turn on sales or a good deal. It is whether you are in a position to buy and sell a car or boat, and where the new car arrives before the old one is sold.

Another benefit of consumer loans is that there may be money that can save you from an acute money shortage. That day the divorce is a fact, or the dental bill reaches new heights. There are endless reasons why people want to take out a consumer loan. The advantage of a consumer loan compared to credit card debt is that a consumer loan has a repayment plan. And remember that it is when a consumer loan runs over an extended period that interest costs become really large. For example, if you borrow $ 100,000 at a nominal interest rate of 16% you have to repay almost $ 110,000 with one year’s repayment period. If you choose to pay down over 5 years, this amount grows to almost $150,000.

The disadvantage of consumer loans is that it is a type of loan with high interest rates, and the type of loan has been met with much criticism because it has become easier to obtain this type of loan, and because a large number of Norwegians without sufficient knowledge of the product have borrowed too much and come into a demanding economic spiral where they are unable to repay. Here you can apply for consumer loans


Who fits the different options for then?

money loans

Credit cards are for those who are in control of your finances and who know that you can pay the entire bill when it is due.

A consumer loan is suitable for those who do not have, for example, a home or other assets to pledge, and who have the finances to live with the high cost of borrowing.

What do I recommend? Regardless of whether you choose to use one or both loan types, my basic approach is: Don’t put yourself in a situation where you are spending money you do not have – or know that you will not get.

Financing Credit Card Operation – Financing Operation

Whatever you dream of financing, a credit card can be possible. Here you get discounts on many things while having a free period. For example, you can finance credit card surgery, whether it is dieting, facelift, breast augmentation or something else entirely.

In fact, you can completely decide for yourself what you spend your money on, and you do not need to specify the purpose anywhere.


Funding of card operation

credit card operation

Cosmetic surgery has become very common today. Many want to change something about themselves for the look, while others have medical reasons. No matter which operation you dream of, you can finance the operation with a credit card. Here you can pay with money you do not have yet.

You get a pay-free period, which can be for example 30 or 45 days depending on the company. In practice, that means you only pay the bill after this period. So the money will be in your account during that period and you will pay no interest on this ‘loan’. You just have to remember to have the money on account when the period is over – otherwise you will get debt and have to pay interest.


You can find the list of credit card providers through the menu

credit card providers through the menu

This is how you can finance credit card operation without paying interest. Here you will find lots of listings of some of the best and cheapest cards on the market. You can look for companies that have the best discounts, bonus schemes, CashBack or similar. Or you can look for cards that give you the longest pay-free period, the highest amount possible or the lowest interest rate. With our help you can easily get an overview of your possibilities and compare the different companies. This way you can save both time and money when you have to finance credit card operation.


The clinic is an alternative

credit loan

Of course, there are other alternatives than this. For example, you can take out a consumer loan with the amount you need. Then, of course, you have to pay interest, and so this is often a more expensive solution. In addition, you must apply for each loan, while a credit card gives you the freedom to spend the money, as you please and whenever you want.

You can also choose to speak to the clinic that performs the operation. Many offer a payment solution where you do not have to pay the full amount at once. You may be able to split the payment and pay off over a longer period. Or you can take some of the payment before the operation, and some after. If you’re lucky, you won’t have to pay interest at all.

Talk to your clinic and ask what your options are. You can always have a non-committal talk, so it doesn’t hurt to ask. You just have to keep in mind, of course, that the clinic chooses for themselves if they will help you with a payment solution.


5 tips before your surgery

5 tips before your surgery

Although we do not know which operation you dream of, we will try to give you some useful tips. How to get a safer, easier and cheaper way to your cosmetic surgery.

  1. Find out if it’s worth it. And this applies not only in relation to money, but also in relation to the risk you take. An operation is never without risks or side effects, so you need to be sure of your decision.
  2. Carefully study the process so that you do not have any doubts. Uncertainty is unpleasant, and you can avoid it by searching online and talking with your doctor before you begin.
  3. Check other people’s reviews and experiences at the clinic before choosing. You will not risk choosing a clinic, which does a poor job. It can have consequences for your health.
  4. Compare the price at different clinics. This should not be the only deciding factor, but you should always get more than one offer.
  5. Set a budget for the financing so you are sure you can afford it.

The long-term installment loan is so popular.

If you are interested in a long-term installment loan, you can usually expect a loan term of 12 to 120 months at the banks. However, it always depends on the amount of the loan how long the loan term is. Those interested in credit are very happy to choose a long-term installment loan so that the burden is as low as possible each month. The demand for loans with a longer term is constantly increasing and so the loan is enjoying great popularity. German credit prospects prefer to choose a longer term, even though they know exactly that they will then have to pay significantly higher borrowing costs. It must therefore be mentioned at this point that the interest on the long-term installment loan is significantly higher.

Saving costs with a credit comparison

Saving costs with a credit comparison

In the meantime there is a large number of offers on the Internet and these are normally difficult to overview. However, there are credit comparison portals for consumers, which makes the comparison significantly easier. The individual lenders differ significantly in terms of loan costs, so a lot of money can be saved by comparing a long-term installment loan. So if you really want to save money, get several offers and then decide on the most interesting.

If you want to save even more money, you must ideally choose the term of the loan. It must be determined that a smaller loan amount does not necessarily have to be repaid with the longest possible term, for example 84 months. Many banks work with interest rates that are dependent on creditworthiness, so the interest rate is much more expensive over a long term, as if the loan was only repaid over a term of 24 or 36 months. The longer the term of a loan, the higher the risk of default. The banks have recognized the risk of default and are taking action to increase interest rates.

Does a long-term installment loan make sense?

Does a long-term installment loan make sense?

Anyone interested in a consumer loan should keep the term of the loan as short as possible. The whole thing looks different when it comes to real estate and construction finance. Since the loan amount is often very high here, the loan would not be affordable without a long term. With a mortgage, the term is 120 months and even longer. It depends on how long the term is and how high the interest is when the contract is concluded. A longer fixed interest rate can be chosen if the interest rates are low. This means that a prospect can secure the low interest rates for as long as possible.

Credit card with no annual fee and establishment costs

With great market competition and ever-improving terms offered to credit card customers, many people now have cards available with no annual fee or establishment costs. If, for example, you have to use the card as a security buffer in the event of unforeseen expenses or similar, then this is a very good solution for you.


Overview: Best credit card with no annual fee

Overview: Best credit card with no annual fee

In addition to those who want to use a credit card only as collateral in hand, it is also a good option for others. Today, most cards have several discount agreements or other benefits such as free travel insurance to the card, so if you are going out traveling it will often be worthwhile to use the card on the trip.

In the overview you see here you will find hand-picked card companies that offer cards without an annual fee. Use the overview to find the card companies that best suit your use and at the same time give you the lowest effective interest rate on the credit you use.

What is the best card will almost change from customer to customer. Everyone uses cards differently and has different needs.

Therefore, when you want to find the best card with no annual fee then sit down and set a budget and see which credit card gives you the most back in terms of discounts on goods, services and other goods and at the same time has the lowest effective interest rate.


Pitfalls you should know about

credit cards

Although it can actually save you big sums, there are also several pitfalls to be aware of. Credit is, in principle, often money you do not have and you should exercise caution when dealing with money you do not have. There can be unforeseen things that prevent you from paying used credit at maturity and when you do not get paid at maturity, credit card debt has a fairly high effective interest rate.

Especially if you have multiple credit cards it is easy to just use too much, and if you start paying one card with another then you quickly end up in a vicious circle which can be difficult to break out of. It often does not take that much money before you start and struggle and then it is important to keep your tongue straight in the mouth and rather communicate with the card company about a solution rather than end up in the aforementioned vicious circle.

Good Reasons To Get A Credit Card

Many people are skeptical about using credit cards and don’t quite see why you might want to get one. Of course, it is wise to be obscure when using credit cards, but as long as you are in control of the finances you can get a lot of benefits by using this instead of a regular credit card. With this list, we want to show that credit cards in no way have to be anything negative, it can actually give you great benefits – as long as you have control over your use.


1. Travel insurance

Travel insurance

Travel insurance is included with most credit cards. This usually applies if at least 50% of the trip is paid by card. If you have paid the trip with the card, then both you and your travel companion are covered – and you do not have to buy extra insurance through the travel company. Remember that the terms on the different cards are slightly different, so read carefully the ones that apply to your card.


2. A money reserve

With a credit card you always have money in hand. If something unexpected happens and money is needed quickly, credit cards can be the solution. You can then buy what you need and later you can choose to pay the full amount at once or pay the minimum amount over time.


3. Free to use

credit loan

There are many credit cards on the market, before deciding which credit card to apply for you should familiarize yourself well with the terms. Several of the credit cards on the market today are completely free of charge. This means that it costs nothing and neither get, have or use the card. Here you can read more about Visa Credits which is a completely free credit card.


4. Security

When you pay with a credit card, you get extra security as a result of section 54b of the Financial Contracts Act. This means that if there are defects / faults / the store has gone bankrupt, you can claim the money back from the credit if you do not get them back from the store. Read the full text of the law here.


5. Cancellation insurance

loan insurance

Also, cancellation insurance is very common on most credit cards. Like travel insurance, this usually applies if at least 50% of the travel is paid with the card. Cancellation insurance covers you if, for example, you become acutely ill before going out and traveling and the like. Keep in mind that the terms of the different insurances vary slightly from one another, so read carefully the ones that apply to your card.


6. Universal

A credit card can be used virtually worldwide, at all ATMs and ATMs. Remember that there may be a regional lock on your card, which must be opened before you leave.


7. Two cards

Two credit cards

Having a card in hand is always an advantage. What happens if you are traveling and your utility card is stolen or the chip stops working? Then it is wise to have an extra card so that you do not sit without money. Remember that if your bank card or credit card is stolen or you lose it, then you must call the bank in question and get it blocked as soon as you notice it is gone. This way, you can avoid card fraud.


8. Clearly

With the use of credit cards you can easily keep track of your own finances. You will be sent a monthly invoice every month that makes it easy to see what your money is going to in a busy day.

With this, we hope you have a better understanding that even though you have complete control over your finances and dislike buying things on credit, the proper use of a credit card can both pay off and even be safer.