Interest rate on loans increases with age

Money Interest rate LånekassenMoney.Photo: Jon Olav Nesvold / NTB scanpix

The higher the age, the higher the interest rate, shows a review of interest reports made by Dagens Næringsliv.

 

The newspaper has gone through 3,700 interest rate reports since 2015. The average interest rate rises around 0.1 percentage point for every tenth year.

People over 40 years have a 0.2 percentage point higher rate than people in the 20’s. Those over 70 have 0.6 percentage points higher.

Younger lenders, however submit reports more often: Only 69 people over 70 years have submitted to DN’s interest rate check portal in the last two years.

“The banks know the pain threshold for the different age groups. Young people shop around,” says college lecturer Dag Jørgen Hveem at BI Norwegian Business School.

Who believes many seniors think it’s unpleasant to haggle.

– You do not need to threaten to change banks, but it’s important to be active. Often it is sufficient to imply that you are keeping track, he says.

 

©  NTB Scanpix / Norway Today

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