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NORWAY P2P LOAN

NORWAY P2P LOAN

What is a P2P loan in Norway ?

In Norway, a P2P loan is defined as a funding contract between a borrower and a private lender or a financial institution that is not government-backed, providing a sum of money to the borrower that is expected to be repaid over a specified period, along with interest and possibly other fees, under terms and conditions agreed upon by both parties at the outset of the lending agreement.

In Norway, the P2P loan is distinguished by its flexibility in terms of usage, allowing borrowers to allocate the funds for a wide range of personal or business needs, including but not limited to home renovations, education expenses, debt consolidation, or startup capital, without the strict limitations often imposed by more regulated loan types such as mortgages or student loans.

How to be eligible for a P2P loan in Norway as individual and entrepreneur ?

Here’s a clear, structured guide on eligibility for P2P loans in Norway — both for individuals and entrepreneurs:

1. Eligibility for Individuals (Personal P2P Loans)

To qualify for a peer-to-peer loan as an individual borrower in Norway, applicants usually need to meet the following criteria:

  • Age Requirement: Must be at least 18 years old (some platforms set the minimum at 20 or 23 depending on loan size).
  • Residency: Must be a legal resident of Norway with a permanent address.
  • Income: A stable source of income (salary, pension, or other verifiable earnings) is required. Most platforms have minimum annual income thresholds.
  • Creditworthiness: Platforms run a credit check via Experian or Bisnode. Borrowers with no payment defaults (ingen betalingsanmerkninger) and a decent credit score are more likely to be approved.
  • Debt-to-Income Ratio: Total unsecured debt, including the new loan, generally cannot exceed five times gross annual income, in line with Norwegian financial regulations.
  • Bank Account: A valid Norwegian bank account to receive funds and make repayments.

2. Eligibility for Entrepreneurs (Business P2P Loans)

For entrepreneurs and SMEs, P2P lending in Norway provides alternatives to bank loans. Typical eligibility requirements include:

  • Business Registration: The company must be a registered entity in Norway (AS, ENK, or other recognized forms).
  • Operational History: Most platforms require at least 1–2 years of operating history with financial statements. Startups may have limited options unless secured by collateral or guarantees.
  • Financial Health: Evidence of positive cash flow, turnover, and ability to service debt. Many lenders request the latest annual report and tax filings.
  • Credit Rating: A business credit check is conducted. Companies with unpaid taxes, defaults, or ongoing bankruptcies are generally not eligible.
  • Ownership and Identity Verification: Owners/directors must verify identity (KYC) and sometimes provide a personal guarantee.
  • Loan Purpose: Must be for legitimate business use (expansion, working capital, refinancing, equipment purchase, etc.).

Who are the best P2P loan platforms in Norway ?

Here’s a short and clear list of the main P2P lending platforms in Norway, each with a quick description:

1. FundingPartner

  • Focus: SME (business) loans
  • Norway’s leading P2P lending platform. Offers vetted loans to small and medium businesses with investor returns averaging ~9% per year. Provides buyback guarantees, secondary market, and auto-invest tools.

2. PERX

  • Focus: Personal loans between individuals
  • A marketplace for private lending in Norway. Connects borrowers and lenders directly, with small minimum investments (~NOK 1,000).

3. Kameo

  • Focus: Business loans across Scandinavia
  • Operates in Norway, Sweden, and Denmark. Provides loans to SMEs, often secured, with flexible loan structures and opportunities for portfolio diversification.

4. Monio

  • Focus: Debt consolidation loans
  • Specializes in refinancing and consolidating personal debt. Helps borrowers lower costs and allows investors to fund personal loans.

5. Kredd

  • Focus: Consumer and personal loans
  • Another Norway-based platform offering unsecured personal loans funded by private investors. Smaller player in the market.

PERSONAL LOAN WITHOUT COLLATERAL  PAYDAY LOAN   PAY OFF CREDIT CARD   DEBT CONSOLIDATION FOR ENTREPRENEUR   FOR STUDENT   WITH NO JOB  AGAINST PROPERTY   AGAINST CAR   AGREEMENT TEMPLATE  PRIVATE MORTGAGE   WITH BAD CREDIT   WITHOUT CREDIT CHECK  WITHOUT BANK   FOR SENIOR CITIZEN  WITHOUT GUARANTEE   PRIVATE SCHOOL LOAN   FOR STARTUP   FOR FARMER   LOAN SCAM   WITHOUT INTEREST   PRIVATE MICROCREDIT   CASH DONATION   IMMEDIATE LOAN   HALAL P2P LOAN   UNIVERSAL CREDIT  LOW INCOME   SSI RECIPIENT   FOR POOR PEOPLE   FOR DISABLED   FOR LATINO   FOR WOMEN   FOR HOUSEWIFE   WITHOUT DOCUMENT   FOR TRADER  WITHOUT SSN  PIGGYBACK LOAN   FOR MASTER’S DEGREE   FOR TAXI  WITH IBV  FOR DOWN PAYMENT   LIST OF PRIVATE LENDERS  FOR DIVORCE  NO UPFRONT FEE  WORLDWIDE LENDER  UNITED STATES   CANADA   AUSTRALIA  NEW-ZEALAND   UNITED-KINGDOM   ICELAND LOAN WITHOUT INTEREST  INDIA  SOUTH-AFRICA   ICELAND P2P LOAN  CHINA   JAPAN LENDER  PHILIPPINES  MEXICO   IRELAND   ISRAEL  DUBAI   SOUTH KOREA PRIVATE LENDING  PAKISTAN   FRANCE  SWITZERLAND   GERMANY   NETHERLANDS  NORWAY   SWEDEN   DENMARK  FINLAND   LATVIA   GREECE  KENYA   NIGERIA   THAILAND  SPAIN   ITALY   BRAZIL   RUSSIA   ISRAEL  EGYPT   CALIFORNIA  NEW YORK   LOAN TANF-SSI LOAN WITH SRD