A consumer loan is a loan without collateral. This means that the bank does not take security in your assets if the loan is not paid down as agreed. The price for this freedom is a higher interest rate than other loans. You should therefore prioritise repaying the consumer loan quickly. The faster the loan is repaid, the cheaper it is. We also recommend that you only use consumer loans for entirely necessary expenses. The term ‘small loan’ is often used for consumer loans up to NOK 50 000. If you have several small loans or credit card debt, you can save a lot by consolidating and refinancing the debt into one consumer loan. This will give you a much better overview.