There are several reasons why one may be refused to borrow money. The most common is that it is in a difficult financial situation, has incurred credit history or just victims of a personal bankruptcy.
Stable income or living in Norway for at least two years usually makes it easier to borrow money in a bank.
Payment notes are often reasons why it can be difficult to get a loan.
Other factors that may come into play are that if you are a small business or have recently started a business it can be difficult to demonstrate a stable income. Even people who have just moved to Norway may have found it difficult to get a loan because the banks and credit are difficult to get enough information on.
Both of these examples are often a major risk for the bank to lend money.
There is always a need for lenders to manage risk. It does not mean that you as the borrower fail, but rather that there is too little information to base your decision on borrowing money.
Loans for people with bad credit
Today, there are a number of lenders on the market who specialize in just such cases. It is not only used in traditional credit assessment methods. These lenders may also have slightly higher interest rates to offset the increased risk. This means that even if the customer, for example payment default, he can be allowed to borrow money.
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