Norway ranks 7th when compared in size against other European countries, but ranks among the richest country in terms of Gross Domestic Product per capita. The high Gross Domestic Product (GDP) measure is only one of several positive attributes of the country, as Norway ranks the highest in the index rating of the UN’s Development Programme for Human Development.
Norway is in fact one of four Nordic countries, the others being Denmark, Finland and Sweden, hailed by many economic development experts as role models in terms of equality and economic opportunity. The recognition gives emphasis on the high standards of living enjoyed by Scandinavian citizens due to low income disparity. Mainly because those four countries follow standards of governance known as the Nordic Model, a trait that is unique to the Nordic region.
What is the Nordic Model of Governance
The Nordic Model of governance is one where lawmakers create policies aimed at reducing the gap between the wealthy and the poor in a mixed economic system. Such policies include redistributive taxation that imposes higher taxes on the rich sector and less on the poor, by basing taxation rates on the percentage of income earned. Here, the social system advocates the organization of unions that see to the propriety of minimum wages and redistributed taxes.
The standards of a Nordic Model include providing social benefits like free healthcare, free education, and guaranteed pension funds. All of which contribute in ensuring the health and wellness of the consumers, the producers, the capitalists and most important of all the most basic units of each economic community, the families. In return,
Nordic citizens have a high level of trust and confidence in their respective governments. The effectiveness of the Nordic Model is historically manifested by past democratic processes in which the citizens and the government had worked together in arriving at compromises and in addressing social challenges.
A Brief Overview of Consumer Lending in Norway
Generally, Norwegians fully enjoy the salaries they receive as compensation since they do not have to spend on basic healthcare services and education. That is why banking institutions in Norway have the confidence to extend consumer loans without collateral requirements; or in some cases, personal loans that do not require credit checking or credit history as a significant requirement.
As long as a loan applicant is a citizen or permanent resident of Norway, gainfully employed, and at least 23 years old, an individual is eligible to apply for a no-credit-check loan. However, a borrower’s credit history is still important because lending banks base the loan interest on the inherent potential risks, particularly of those with bad credit or poor track record of repayment.
Interests on no-credit-check loans tend to vary, which makes it necessary for those seeking to obtain this type of loan, to compare bank offers and their rates. Fortunately, there are Norwegain websites like långuiden.no that provide online assistance in helping Norwegians choose the best terms and offers in consumer or personal loans.