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Motty Norway

Hjem
Norge
Fredrikstad
Motty Norway

We have been dealing with providing consumer loans and refinancing to private individuals since 1985

31/03/2022

We've found a question about interest rates in our e-mail. And we immediately thought that we would include them in the "Finance in a nutshell" series. 😄

The question is: what is an effective interest rate (effektiv rente) ❓

💬 In Norway, effektiv rente, this is actually the real interest rate. It shows the entire loan amount and its cost, i.e. commission and other bank fees. If the loan amount is high and long-term, the effective interest rate will be lower.
💬 In addition to the effektiv rente, there is also the nominal rente (nominal interest rate), i.e. the amount of the loan itself, without additional costs.

25/03/2022

Are you wondering, is it worth choosing a consumer loan ❓ To apply for this loan, you must be at least 23 years old. The maximum amount you can apply for is NOK 500,000.

We have prepared a route for you 🗺️ that you need to go through to receive this loan. Psss… we can accompany you on it. 🤝

To receive the funds, you need to follow these 4 steps:

1️⃣ Contact one of our advisers who will help you complete the application.
2️⃣ Then send the application to the banks, which will carefully check it and send their offers.
3️⃣ Then compare these offers together with our advisor.
4️⃣ Find an offer that is best for you and sign a contract with the bank.

Our journey ends here (the entire process may take up to 3 days). After passing all these "checkpoints" you will get funds to implement your plans, and we will receive a commission from the bank. Thanks to this, you do not pay us anything. 😉

23/03/2022

You like to receive good news, right? We too! We are happy to announce that we have been approved by Finanstilsynet! 🥳

What does Finanstilsynet do? This institution supervises enterprises and financial markets. 🔍 Its main goal is to ensure financial stability in Norway. Find out more about Finanstilsynet's work and responsibilities here: bit.ly/3oXTRqy

What does it mean ❓ For us, it is primarily a confirmation of the quality and reliability of the services we offer, as well as proof of the professionalism of our financial experts.

Thank you for being with us! ❤️

18/03/2022

For sure, you've heard of amortization before, but do you remember what that word means in banking? Therefore, this time, in our glossary, we will explain what amortisering is. 👇

💬 When you get a loan from a bank, you also need to get a document that is the amortization of the loan. Depreciation can also be referred to as a repayment schedule. The bank presents you with the dates of installments to be paid and their amount.

💬 Banks present the repayment plan in the form of a table that shows what the monthly installments are. It may include, for example, insurance or commission. The main purpose of amortization is to show borrowers how loan repayments will go.

Do you want to know more phrases from Norwegian banking? Check out bit.ly/3FN4pyp here for the rest of our glossary! 📖

14/03/2022

According to research, in the fourth quarter of 2021, the decline in margins on mortgage loans continued. 📉

Households 🏠
Among this group, the demand for mortgage loans decreased slightly. As in the previous quarter, the margin also decreased. On the other hand, the costs of financing and interest on loans increased.

Enterprises 💰
In this case of enterprises, the demand remained at the same level. Here, too, interest rates and financing costs increased slightly.

📌 The article stated that in the first quarter of 2022, banks expect interest rates to rise. The same level of demand for loans is forecasted for both households and enterprises.

Want to read the full text and see the statistics? You can find this information here 👉 bit.ly/3ugktq4

10/03/2022

What do you prefer – changes or permanence in life ❓ The same question can be asked in the context of interest rates on loans in Norway. Which of them will be better – variables or constants ❓

In short:
🥴 Floating interest rate is the dependence of the amount of installments on the current market situation. This means that when interest rates change, the monthly loan amount will also change.
😐 A fixed interest rate is simply keeping the rate at the time of entering into the contract. Here, in turn, there is no risk that the installment will change during the loan repayment.

If you decide to take a loan in Norway, banks can offer you one of these rates. Exactly – which one will be better? It all depends on you and your creditworthiness. 💡

👉 With a floating rate, there is a risk that installments will increase when interest rates are raised, but if the main rate is lowered, the monthly fee will decrease.
👉 However, with a fixed interest rate, the change in interest rates does not matter. You pay the amount that was previously agreed with the bank. Even if interest rates go down.

📣 Remember that a fixed interest rate on a mortgage loan may be periodic. Banks can set its duration, e.g. for 5 years – after this time you can stay with this option or opt for a variable interest rate.

07/03/2022

Statistics Norway (Statistisk sentralbyrå) has published a publication on national credit debt on its website. What is the result of it? 👀 At the end of December, a decline in the growth of domestic credit debt was recorded. The total debt amounted to NOK 6 621 billion. 📉

💬 Total household debt reached NOK 3,994 billion - no significant change compared to the previous month.

💬 Likewise, there were no major changes in the indebtedness of non-financial corporations - here the sum reached NOK 2,003 billion.

💬 At the end of 2021, about 81% of the country's credit debt consisted of loans from banks and mortgage companies. The loans totaled NOK 5,362 billion.

The publication of Statistisk sentralbyrå can be found here: bit.ly/3GmEhdI

28/02/2022

After a looong time, we come back to you with the series "Finances in a nutshell". Some time ago, Mr. Robert asked us an interesting question - when does the income for the previous year count towards the creditworthiness? 🤔

Banks in Norway always carefully analyze the creditworthiness of applicants. On its basis, the maximum loan amount and the monthly installment that they will be able to pay are determined. When analyzing creditworthiness, banks pay attention primarily to:

📌 Current loans.
📌 Living expenses.
📌 Credit history.
📌 Size and sources of income (FROM THE LAST 3 YEARS).

This means that banks also rely on previous tax returns. When is such a thorough analysis carried out? Most often before granting a mortgage. It is a loan for a large amount and is usually taken for many years. That’s why banks carefully examine all the details related to your finances. 🕵️‍♂️

25/02/2022

Recently, Norges Bank published the first survey of inflation and wage expectations this year. 🔍 It is attended by – among others – financial experts, economists, entrepreneurs and households. The survey results are presented quarterly and can be found on the Norwegian Central Bank website – bit.ly/356lbeQ 👀

What are some of the results of this analysis? 🤔

Price increase 📈
All surveyed groups expect an increase in prices. Economists and household representatives estimate that prices will increase by at least 3.2% within the next 12 months.

Wage increase 📈
Again, growth is expected in the next 12 months. Entrepreneurs expect an increase in wages by about 3.9%, while households – by 2.5%.

Do you want to discover other results? You will find them in the link above. ☝️

22/02/2022

The process of applying for a loan in Norway can be difficult, right? 😓 Especially for someone who wants to apply for a loan for the first time. That’s why it is worth contacting a credit advisor to make your life much easier. 📞

How can a credit advisor help you?

👉 Translating Norwegian forms.
👉 In determining your creditworthiness.
👉 In completing the loan application.
👉 Comparison of offers from various banks.

If you are an immigrant, and you are applying for a loan in the country of the fjords, the more the help of an advisor will be the best solution. 👌 A Norwegian banking specialist will explain all the details of the various loans to you. 🔍 And it's free for you.

18/02/2022

Do you remember our credit glossary? 😀 This time we explain what loan insurance (låneforsikring) is all about. 📖

👉 If you decide to take out a loan in Norway, you can also insure it. Insurance consists in paying monthly premiums, and when you lose your job or get seriously ill and are not able to earn money to repay the loan, the bank will pay for the next installments from the insurance.

👉 It all depends on what cases you insure. The most common factors are dismissal from work, diagnosis of a serious illness that prevents work, disability or death of the borrower.

👉 Is it worth insuring your loan? It depends - insurance is associated with higher fees, but if you choose a loan for many years, it is good to use this option. After all, you never know what will happen. When your choice is a smaller loan for a shorter period of time, you do not necessarily have to insure it, because you can pay it back faster.

💡 People under 66 who live in Norway and have permanent employment are eligible for loan insurance. They should also be registered with Folketrygden.

14/02/2022

Today is Valentine's Day ❤️, so there is no better opportunity to compare the two halves of our infographic. What are the differences between a consumer loan and a credit card in Norway?

What are the main features of a consumer loan?
✔️ First, you can borrow from NOK 5 000 to 500 000 and the repayment period can be from 1 to 5 years. This type of loan requires a minimum of formalities, the application process is instant (usually 1-3 business days), and you do not need collateral.
⚠️ Consumer loan can be granted to people who have min. 23 years old, have lived in Norway for at least one year and have a job and personal number (fødselsnummer).

And a credit card?
✔️ The maximum amount that can be borrowed is NOK 100,000. If you pay it back on time, you don't have to pay interest. A credit card works well for smaller expenses and is a good source of cash if you run out of funds before payday.
⚠️ Unfortunately, credit cards usually have higher interest rate than consumer loan, so if you don't pay it on time, you'll pay a lot more. Easy access to the card can also cause you to lose control over your expenses.

Have a great time this Valentine's Day! By the way, which of these halves is better for you?

Adresse

Nygaardsgata 36-38
Fredrikstad
1607

Åpningstider

Mandag	08:00 - 16:00
Tirsdag	08:00 - 16:00
Onsdag	08:00 - 16:00
Torsdag	08:00 - 16:00
Fredag	08:00 - 16:00

Telefon

+4769360666

Nettsted

https://www.motty.no/

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