Refinance a Personal Loan
Owning multiple personal loans and credit cards is expensive. Take advantage of refinancing and lower your instalments.
Refinancing a personal loan allows you to consolidate your current payments into a new loan and reduce your overall loan costs.
What is a personal loan refinancing?
Refinancing loans involves replacing multiple expensive loans with one new loan at a lower interest rate and lower monthly costs. By refinancing, you can reduce high interest costs, avoid double fees and commissions. This way you save money.
How does refinancing work?
Your previous loans are consolidated and replaced with a new loan at a lower interest rate and costs than before.
Do you need to provide collateral when refinancing loans?
No, there is no need to provide collateral when refinancing a loan. However, if you do, you can get better loan terms and lower interest rates.
Refinancing loans with collateral
If you own a property and at the same time have one or more expensive loans or you are paying off credit cards, it is usually more cost-effective to refinance them with collateral in the property.
A mortgage is one of the cheapest loans you can have. If you can take advantage of the security in the property, you will be able to get a much lower interest rate and therefore
reduce your monthly loan costs significantly.
Refinancing loans without collateral
Refinancing unsecured loans is a type of loan provided by the bank, where you do not have to pledge your home or other assets.
Refinancing loan debt
You can refinance your credit card debt. You can combine both credit card debt and consumer debt and obtain a new loan as part of the refinancing. Refinancing your debt is a smart solution, as the interest rate on credit cards is higher than the interest rate on a refinance loan or consumer loan.
Consumer loans and credit card debt
A
credit card will be the best option if you need to borrow a smaller amount that you can repay in a short period of time.
Choose a
consumer loan if you want to borrow a larger amount and need a longer repayment period.
Good news is: Both options can be refinanced! We help you refinance both loans and credit card debt.
Example
If you take a loan for 100 000 NOK with an interest rate of 10.94% over 5 years, the cost of the loan will be 43 023 NOK. For a bank that offers an interest rate of 8.77%, the cost will only be 34 288 NOK. With a lower interest rate, you can save up to 8 735 NOK. If you merge several small loans into one, you can save much more! This way you gain additional funds or the possibility of a faster repayment.
Motty helps you refinance
We will help you compare loan offers from up to 20 banks in order to get the lowest possible interest rates and fees.
Benefit from a non-binding and free advice and find out how to refinance your loans.