What separates a private loan in Sweden and Norway?

Okay, we must admit that the Norwegians are better than us at skiing, even though they are certainly cheating there in some way. Wouldn’t surprise me if they have small motors on their skis or something similar.

We must content ourselves with being generally better when it comes to most things except finding oil very unfairly. But the question here is if there is anything different if you want to borrow money in Norway or Sweden in the form of private loans.

The Norwegians apparently call their private loans


Consumer loans, which can actually be a little better word to describe it all. In Sweden we usually talk about private loans or blank loans, of course you sometimes see consumer loans which should correspond to consumer loans, but this is not at all common. By having a name of this kind, you actually show a little more what applies. The word blanc loans, for example, doesn’t really say much at all.

If you look at the loan a bit, it seems to be pretty similar, it feels most like that some lenders in Norway lend a little less than the usual USD 350,000 that applies here. We also usually have a maturity that extends to 12 years, while in the neighboring country you can easily find lenders who offer 15 years as maturity.

There also seem to be little differences in how much money you have to earn that you want to borrow. What I found in my surveys it was not uncommon with income requirements of 200,000 Norwegian kronor per year. Something that is clearly more than the requirement that is usually set here in Sweden at USD 10,000 a month, which is “only” is USD 120,000. Then, as always, this is the basic requirement and there is nothing that says you can absolutely borrow if you have USD 10,000 in salary.

Something that is apparently popular in Norway


Among the lenders in the same way as here is to advertise that you get the money quickly. If I’ve been right, their term loan of the day typically means you can get the money on the same day. Something that we Swedes also like is why many lenders have started with Bank ID and other ways of identifying themselves as borrowers in order to avoid having to sign letters.

If there is something that differs a lot then it is interest rates. We have clearly lower interest rates here in our country than those oil drillers. If you look at, for example, Nordea in the two countries, it differs almost 7% in the nominal interest rate, which you can say is quite a lot. We really hope that interest rates in Sweden will not rise quickly to such a level as many would have major problems with this.