NORWAY PRIVATE LOAN
In Norway, a private loan is a credit facility provided to a private Norwegian person or a Norwegian corporate entity by non-banking institutions using alternative financing solutions to meet their financial needs.
In Norway, private borrowing is mainly dedicated to Norwegian consumers to satisfy their daily financing needs are they may face obstacles when applying for a loan facility to classical lenders such as Norwegian banks.
In Norway, several solutions are existing to obtain funds from private lenders avoiding the banks through either specific peer-to-peer (p2p) platforms or through informal contacts and also close relatives and friends.
In Norway as well, a Norwegian borrower shall be selective when taking the road of private loans as not all private lenders are well intentioned and it can sometimes lead to scam and fraud particularly if the terms and conditions appear to be too good to be true.