Refinansiering På Dagen (Same Day Refinancing) – A Brief Guide

Refinansiering På Dagen (Same Day Refinancing) – A Brief Guide

Refinancing is the process through which a new loan is obtained to help offset an old one. There are several reasons for this and they include a lower interest rate, shorter or longer repayment duration and lower monthly payments. In some financial circles, refinancing and debt consolidation are treated as one and the same. 

However, in actual financial terms, debt consolidation is the process through which a lump sum is taken (borrowed) to pay off several small loans. Refinancing on the other hand is taking out a fresh loan to offset an old one.  Examples of these two concepts are as follows:-

  1. Debt consolidation – Taking out one loan to offset several credit card debts so as to have just one monthly payment. This enables the borrower not to forget any payment and most times get a better deal in terms of interest rate especially. 
  2. Refinancing – Taking out a new mortgage loan to pay off an old one or borrowing money against the equity of a property. 

In this article, we will focus more on refinancing but with a focus on the financial institutions that treat them as the same thing as debt consolidation. We will also pay attention to Refinansiering På Dagen(refinancing on the day)   So stay with us as we give you a brief guide on how to get the best of these services/financial products. 

What is Refinansiering På Dagen? 

This is the process through which you apply for refinancing, and get your approval in the space of one day; after that , the payment may take a couple of days.  This is actually something that’s becoming increasingly popular in Norway and although the process is quite simple, there are a few requirements. 

You can refinance or refi (short form) any of the following loans: –

  1. Mortgage
  2. Student Loans 
  3. Auto Loans 
  4. Small Business Loan 
  5. Credit cards 

Process Of Regular Refinance Versus Refinancing On The Day  

As we stated above, you can refinance your mortgage, student, auto or small business loans and also credit cards. You need to know that refinancing on the day might not apply to all kinds of loans but this depends solely on the bank or financial institution. 

Regular Refinance 

The most common refi that comes to mind when this concept is mentioned is mortgage loan refi so we will use that as an example of the regular process.  The steps for this process include the following:-

  1. Application– In this first step, you look at all the options that you have and choose the one that best suits you.  After that you apply to the lender you chose and submit the same documents that you submitted when you took out the first loan. These include 2 salary payment stubs, 2 bank statements and W-2s (all these most be most recent).  They’ll also look at your credit score, assets, debt(s) and income to determine whether you are credit worthy. 
  2. Lock In Your Preferred Interest Rate – If you get approved, you will be required to either lock your interest rate or float it. 
  3. Lock The Refi Rate – If you decide to lock your interest rate, you have between 15 and 60 days to do so depending on the lender, where you live and the type of loan. 
  4. Float The Interest Rate – You also have the option of floating the rate; this means not locking down the interest rate before getting the credit facility. This however puts you at a risk of getting a higher rate but there’s also the possibility of getting a lower deal. 
  5. Underwriting Process– This is when the lender verifies all the information you sent in to ensure that everything is correct. 
  6. Appraisal – After the lender is done with the underwriting, they come in to appraise the home. You need to prepare for this step just as you would if you were planning to sell the house. Tidy it up and make minor repairs to give it a facelift if necessary. You will also do well to have a list of all the home improvement you have done since you bought the house. 
  7. Close On The New Loan – This is when you go through the closing disclosure which is a document that spells out everything about the loan.  After that you sign the final documents if you are satisfied with the terms and conditions. 

Refinance On The Day 

As you can see, the process for the regular refi is quite tedious and takes time but with the refinansiering på dagen the process is faster and most often digitalized. Note the following requirements before you proceed:- 

  1.  The age limit (lower of course) differs from one lender to another and this is usually between 21 and 25 years. 
  2. You must not have any payment note(s)
  3. Your annual income must be a minimum of NOK200,000
  4. You must have been resident in Norway for no less than 3 years

If you fulfil the above criteria, you can go ahead and fill out the form online. You can find out how the full process of på dagen refinansiering with or check out reputable online financial platforms. 

Factors To Consider Before Taking Out A Refi Loan

Knowing that you are taking out this credit to try and get out of debt faster, it would do you no good to jump into a new agreement unadvisedly. So the following are factors to consider before you go ahead:- 

  1. Your Payment Plans – Make sure that you review all your payment plans to be sure that they would work well with this new credit. 
  2. Interest Rate Of The Old Loan(s) – Check the interest that you are paying on the previous credits. The essence of refinancing is to get a better deal so it doesn’t make sense to jump in blindly and end up with the same interest rates. 
  3. Total Amount You Owe – This is an important factor if you are thinking of debt consolidation. Write out all your debts, including every fee and interest rates and do the calculation to know the exact amount you need. 
  4. Calculate Interest – Using an interest calculator, input the amount you got from step 3, this will enable you know whether a refi is what you really need. 


In this article we have discussed briefly about regular refinancing loans and the option of refinancing on the day. You can deduce from our discussion that some credits are better off refinanced through the regular process. This is because it will give you more time to weigh all the pros and cons and dot your ‘Is’ and cross your ‘Ts’. 

However, there are occasions when refi on the day may actually be your best bet. But for this you have to kind of think fast and hard so as to make the right choice to solve an existing problem without creating another.

Finally, it is very important that you get all the information you can (which is the aim of this piece) and also seek financial advice before making a decision.

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