Refinansiering by Getting a Loan with a Payment Remark

Do you have a payment remark? If so, you are rightfully concerned about being approved for a loan.

Nevertheless, there are special banks in Norway that lend money to individuals with one or more payment remarks as long as they provide security in real estate.

There are other requirements for borrowers to meet, such as being old enough, able to service debt, and living at a Norwegian address over the previous three years.

If you intend to refinansiere with a payment remark, you will find the information below helpful.

What is a payment remark?

A payment remark is received when an invoice, bill, or another form of debt hasn’t been paid on time. It usually remains in the register of individuals for a period of four years and has a negative impact on his/her credit rating, which increases the difficulties of getting a loan.

The most effective method of avoiding such remarks is by making sure your bills are paid timely.

Regarding loans, individuals are advised to request an extension if they are unable to pay the debt off on time. The consequences of having a payment remark are the most obvious when applying for a loan, as they are visible to lenders when conducting a credit assessment.

In most cases, these applications are rejected. Such rejection also applies to other types of services containing a credit element, including mobile subscriptions, purchases paid off in installments, etc.

Payment remarks can only be deleted by settling the debt that caused them. In such a case, the creditor is required to notify all credit bureaus that the debt has been settled.

Individuals are recommended to check the status of their remarks with the credit bureaus in order to ensure the creditor did its job.

Although these are automatically deleted after four years, there is no point in waiting so long. Keep in mind that the creditor can go through new legal steps to register a new one.

The easiest way to understand the meaning of a loan with a payment remark is by comparing it to a consumer loan. The latter can be used for financing different types of purchases without the need to provide collateral.

Consequently, the interest rates are higher compared to mortgages and auto loans. Click here for a definition of collateral.

Conversely, the latter is given to individuals with payment remarks as long as they offer their home or another leisure property as collateral. Not all banks are willing to offer such loans. Individuals usually consider this solution when wishing to pay off their debts and even delete their payment remarks.

Another reason why people consider this option is the opportunity to refinance a couple of small loans into one with the aim of reducing the overall interest rate or the monthly installment amount.

In general, these loans are mainly used by individuals who look for a way to get out of an impossible financial situation.


Borrowers interested in refinancing when having a payment remark are supposed to meet certain requirements in the course of application.

For instance, you must have lived in Norway for a minimum of three years and must have a property to use as collateral.

There are certain age requirements to meet as well, depending on the bank, ranging between eighteen and twenty-five years.

Additionally, your income should be high enough to ensure you pay the installments down the road.

The initial step to take is applying for such a loan in several banks that offer it. The information provided in the application should be correct the first time when you submit the application. Usually, borrowers get approval within 24 hours.

The earlier you apply during the day, the greater the chance to get fast approval. Borrowers are advised to apply before 12 am on weekdays, as most banks are closed over the weekend.

While normal mortgage rates can be as low as two percent, this isn’t the case with the new loan you will take out, which is at least 5%. This link,, explains how to calculate mortgage interest. Individuals who don’t have property are provided with two alternatives.

The first one is to refinance with a guarantor, while the second one is to pay your debt down by negotiating a repayment plan with your lender.

The option of refinancing with a guarantor isn’t as simple as it sounds, as only a handful of banks are willing to accept this solution. Additionally, both the borrower and the guarantor should get to know the risks that the latter is going to assume.


There are a few benefits of getting a loan with a payment remark, such as using it to pay your invoices that are long overdue and deleting the remark.

As a result, it will be easier for you to take advantage of refinancing, which will help you to settle smaller debts. Most importantly, you will experience peace of mind by taking the necessary steps to resolve your debt problems.

What to consider before refinancing?

Individuals should consider several things prior to refinancing to ensure success. For instance, you need to take your credit score and debt servicing ratio into account.

Your application can be denied if your credit rating is low or your debt ratio is high. You aren’t supposed to be considered too risky by lenders, as they won’t approve your application.

In addition, the cost of refinancing has to be taken into account in order for borrowers to understand all related costs. These expenses include the closing costs, the cost of a home appraiser, and potential penalties.

Once you get a better idea of the total costs of refinancing, you will determine whether this option is worthwhile.

Another aspect to consider is the current interest rate. The main reason behind refinancing is taking advantage of more favorable interest rates.

Even by getting a lower rate by one percent, you would still save a decent amount of money every month. It’s crucial to refinance at the right moment to lock in the good rates before they go up.

Restart loans are a form of refinancing used to repay existing debts. Individuals can get approved for such loans even when having payment remarks, debt collection claims, or significant debt.

Since these are secured by real estate, interest rates are substantially lower. Traditional banks don’t usually offer this option.

A final note

Remember to apply to several banks to compare multiple offers.

Don’t give up on hope, as you’ll most likely get approval!

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