What you need to know about lån med inkasso
For those of us who have unpaid debt and bills, it can be difficult to get loans. It’s only fair that banks want to know that the money they lend will be paid back. If you have a history of not paying your bills on time, however, there’s a chance they might not want to give you a loan.
This shouldn’t deter you from looking further, though. Even if you have unpaid bills or debt, it’s usually possible to get a loan granted – and that’s what we’ll show you in this article.
As this process varies slightly from country to country, this article focuses on how it’s done if you are based in Norway. There you’ll have to familiarize yourself with the term lån med inkasso, as that’s what banks call these types of loans.
What is lån med inkasso?
Lån med inkasso is a loan that you may be given, even if you have a case with debt collectors. This situation can occur if you have been unable to pay your bills for a long time.
Is it possible to get lån med inkasso?
The answer to this question is that it depends. Traditional banks often don’t want to give out lån med inkasso, given the high risk of these loans. Luckily, there are specialized banks that offer this type of loan – but these will also often require that you give up collateral for the loan as a security to the bank. If you can’t give them collateral, then the number of banks that accept your loan application will be much lower. If you can give them collateral, however, you’ll increase your chances of getting a yes. Given the different requirements of each bank, we recommend that you send out applications to several of them instead of just one.
Why consider lån med inkasso?
There are many reasons to consider lån med inkasso:
- Paying down a debt collection notice to avoid payment remarks
- Gaining better control of one’s personal finances
- Refinancing expensive loans to get better terms
- Immediate costs like car repairs
- And more
How to get the loan
Applying for lån med inkasso is indeed a little more complicated than getting a regular consumer loan, and it does require you to fill out some more information that the bank needs for their decision of whether to give you the loan – but the overall process is quite straightforward:
- Find a bank that has specialized in giving offers to customers with a history of payment problems (see our recommended providers here)
- Apply to several banks to secure the best terms
- If you get an approved application, choose the one with the lowest interest rate or the lowest monthly payments
Once the bank has done the necessary paperwork, the money will be put into your account, ready to be used. How you use that money is then completely up to you, just like with any loan (although we would advise you to spend it in a way that will help you get out of this difficult financial situation).
Whether or not your loan is granted will depend on how well you meet the bank’s requirements. These vary from bank to bank, but you should usually get the loan if you have:
- A steady job: Do you have a position that you’re certain you will also have next year?
- High enough salary: Most often, the minimum required salary will be 300,000 NOK.
- Available capital in your property: Do you own a large enough portion of your property’s total value to increase the LTV?
If you check these boxes, you have a good chance to get lån med inkasso. Most rejections happen because people don’t have a high enough income, or they don’t have enough available capital in their property that they can put up as collateral.
What to think about before applying to lån med inkasso
Before applying for a loan, there are some things we urge you to think about first. For example:
- Am I able to get rid of the debt collection notice without applying for this type of loan?
- Do other alternatives exist?
The reason we ask you to consider these questions is because if you only owe small amounts, then the best solution might actually be to simply pay down these loans over time (if you can) or borrow money from friends or family. This is because the banks that do offer lån med inkasso usually take a higher interest rate than for normal loans. If you have other alternatives to take up loans, the same holds true.
In the case that you do have financial problems, the ideal thing would be to avoid private loans, unless you can be absolutely sure that you won’t be able to solve these problems without assistance from these loans.
Struggling with unpaid debts can take a large toll on your health, relationships, and work if you allow your debt to keep building up to the point where it’s unmanageable. There always comes a point where you simply can’t pay down the monthly payments if you keep missing your bills.
The good news is that, after reading this article, you will know much more about lån med inkasso, and hence, you will be in a better position to get out of this financial mess. We wish you the best of luck!
Reference Website: Lån med inkasso via Lån For Deg