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Comparing Consumer Loans in Norway vs the United States
Comparing Consumer Loans in Norway vs the United States

Comparing Consumer Loans in Norway vs the United States

Sometimes you just don’t have quite enough money to buy what you want to buy. Whether you’re looking for a new car or a different place to live, most people can’t afford everything they want to buy on the spot.

This is where banks finally come in to help out the public with their huge coffers ready to lend you the money you need to continue the endless cycle of capitalism. The USA is generally considered the best in the world for money lending, so how do their consumer loans compare to those here in Norway?

The King of Lending?

A lot of modern financial and economic theory has found its basis in the systems the USA adopts, making it the gold standard for any sort of financial comparison. With a decent enough credit rating it is easy for any US citizen to get hold of their mortgage or auto loan, but the ease of acquisition doesn’t mean that they always provide the beste forbrukslån.

Hey Big Lender

As of September 2021, the banks in the USA currently hold $1.6trillion of consumer loans, making it the highest lender on the planet. This is great for the consumers as it shows the liquidity of the economy and the willingness for banks to give out money.

Meanwhile, in Norway, banks have been trying their best to help consumers with solid personal loans. Due to the COVID-19 pandemic, the public’s willingness to borrow has severely dropped.

Saving Vs Borrowing

With people keeping money in their savings and lacking the ability to pay back loans, bank profits dropped significantly over the last couple of years. This is an issue that hasn’t hit the USA with their strong capitalist ideals and very short national lockdowns.

Regulation

The low amount of regulation in the US economy means that there are a lot of big banks offering predatory loans to consumers, which can end up harming consumer and bank alike. Regardless, they continue to push their luck week on week, bringing fear to financial analysts of another impending economic collapse.

Norway, however, is part of the European Economic Area (EEA), meaning that it can take part in the EU single market and its citizens benefit from some limited EU regulation. As a result, their consumer loans are a lot more muted and designed to benefit both the customer and the financial institutions they wish to borrow from.

Ease of Access

This brings a huge amount of stability to the whole system and ensures a level of safety for anyone wanting to borrow money. Unfortunately the downside is that it can make it far more difficult for certain people to borrow money, even if they know they can support the repayments.

This is a system designed to protect the banks as well as to ensure that anyone who is borrowing money can definitely pay it back. It does take away a lot of the choice present in the USA, but it is a good trade-off, ensuring that most people can get hold of an approved loan while protecting the more vulnerable citizens of Norway.

Overpayment

One big way that the Norway beats the USA is with loan overpayment. In the USA it is extremely common to find long-term loans (especially auto loans) which often end up with the consumer paying at least double the worth of the product.

This is a result how easy it is to access financial aid in the USA but it isn’t great for the consumer. Norway, however, has an extremely low rate of overpayment, meaning that your loan is far more cost-effective. This slows the growth of banks, but has also been shown to slow the rate of increasing poverty in a nation – a fine trade if you ask me!

4 Ways to Stay Ahead of Your Business Competition

When you have a business there are plenty of factors to keep on top of to make sure that your business stays successful and profitable. This includes things like finding the best suppliers to increase your profit margins, trying to get your overhead costs as low as possible and keeping your customers interested. One of the biggest threats to any business is your competitors, if one of your competitors is offering cheaper products or better customer service then this can lead to your customers turning to your competitors. We’ve found the 4 best ways to stay ahead of your competition.

1. Should I get to know my competition?

The best way to stay ahead of any competitors that you have is to make sure that you do research on them and know as much as you can about them. This will allow you to identify what their strengths and weaknesses are, then you can improve your own business in the areas they’re strong in and make sure you’re out doing them in the areas that are their weaknesses. By doing this you’re making sure that you stand out compared to your competition.

2. Is it important to know my customers?

It is definitely important to know who your customers are and do as much research as you can on their demographic. Consumers expect a lot from businesses when buying products or services and if they’re not pleased they can easily turn elsewhere. By doing this research you’ll be able to make sure that your customers are happy and you won’t lose them to your competitors. A great way to get this information is to ask your customers to fill out a customer survey so you can act on their feedback.

3. Is marketing important?

Marketing is the best way to keep your current customers and to gain new customers. One of the most successful things to do in a marketing campaign is to run giveaways or offer discounts. Another great thing to do to get your business out there is to get onto websites that find all the best discounts online, for example zone, zone shopping product coupons & deals is a very popular search for people wanting to get the best deal they can, if your business is on there you’re likely to attract more customers.

4. Can my employees affect me staying ahead of my competitors?

Employees are the face of your business. Your employees are the people that will have the most contact with your customers so it’s important that they provide great customer service. To ensure that this happens, you need to be a great employer. If you treat your staff well then they’re more likely to go above and beyond whilst at work, this includes paying them a living wage, offering sick pay and paid holiday and giving them opportunities to advance their career. Any employee benefits you can provide will make them enjoy their jobs more which leads to the best customer service possible.

How Social Media Changed the Face of Advertising

The introduction of social media has completely changed how the world as we know it works. Social media really took off in the early 2000s and since then, it has infiltrated essentially every device on the planet. It is hard to find someone that doesn’t have an active social media account and social media has completely transformed the way in which we communicate around the world. In the past, we were limited in terms of who we could communicate with, but this is no longer the case. The connectivity that we have become accustomed to as a product of the creation of social media has seemed to have an impact on the way that many factors of our lives work.

Something that nobody could have predicted is the way that social media has changed the face of advertising. If you were to look back a couple of decades ago, the way businesses advertised their products was completely different, which is mainly due to the differences that have been made by social media. Here are just some of the ways that social media has changed the face of advertising.

Direct Feedback

A big change that has been made to the world of advertising thanks to social media is the introduction of direct feedback. When you put your advertisements onto social media, people can comment on the advertisements as soon as they are up. In the past, if you were to put an advertisement out to the world, you could only really speculate at the response that it may have got. This made it unclear as to whether or not these advertisements were successful and so you could never really get a solid idea of whether or not you have created something that works.

Thanks to social media, it is much easier and much faster to find out whether or not your latest advertisement attempts have worked, as your audience can give you feedback straight away. This makes running a successful ad campaign much easier, as you can quickly work through anything that isn’t working.

Buying an Audience

In the past, it was somewhat of a waiting game to pick up an audience for any advertisements that you may have put out into the world. Making sure that your advertisements got a lot of attention was based on picking the right location, timing and a number of other factors for your ad. Thanks to the introduction of social media, you can now publish your ad at essentially any time, and you don’t have to worry about it not getting the audience you need thanks to the possibility of buying viewership.

One of the most common media platforms for businesses to advertise on is Youtube. Youtube has millions of users, which makes it the best place to really try and get your brand out there. As a business, you can work with a content creator or have your advertisement put on one of their videos. You can also put your advertisement directly on Youtube using your own channel. If you decide to put your advertisement on your business channel, then you can YouTube Abonnenten kaufen. Having more subscribers on your channel will draw more people to your channel and increase the likelihood of your channel being advertised to other Youtube users.

The Freedom to Explore Mediums

The best part of being able to use social media to advertise your business is the fact that it allows you to explore many different advertisement mediums. You can create videos, you can post polls, the possibilities are truly endless. This means that you can get very creative with the way that you advertise, which can lure in a responsive audience.

The Benefits of Providing Company Cars to your Staff

When it comes to running a business there are hundreds of business decision to make almost every day. The main aim of any business is to make a profit and when you’re running the business there is a lot of pressure to make sure that it is successful. If you make the wrong decisions causing the business to fail it isn’t just your livelihood that is affected but you’ll be responsible for your employees losing their jobs too. This is why managers tend to think any decision they make through very thoroughly; most decisions have both pros and cons so it is up to the manager to call the shots. One business decision many managers or owners don’t think about is providing company cars to their staff. On the surface this seems like an expensive decision to be made that wouldn’t provide enough benefits to be worth the cost, however, studies among companies who have provided their staff with company cars show that there actually are many benefits.

Why should I provide a company car?

A company car is a car that an employer provides to their staff, not just for business related use but for personal use too. This may seem like a bad idea to some employers as they expect employees to have their own cars but we’ve discovered many benefits. The first benefit is that it is seen as a job perk to be provided with a company car, if you’re providing them then it will be more appealing to potential candidates to take up a job with you than with your competitors. If you’re nervous about trusting your employees with a company car because of things like accidents etc then you can check up on this by using websites like https://vinkood.info/.

Is there schemes for providing company cars?

Yes! If you’re providing a car to an employee that is in a permanent role at your company, you can take advantage of the company car scheme. There are several other criteria’s that need to be met including that your employee must be earing at least minimum wage. When you provide a company car through this scheme it is seen as a privilege so it is recorded as a benefit in kind for your employees, this means that your employee will be taxed on this car. How much they get taxed depends on various things like carbon emissions and how old the car is. On top of this there are various rules around tax and fuel consumption so make sure you check these out too when deciding whether to provide company cars.

What are the main benefits?

As well as the car benefitting you by being a great recruitment incentive, there are many more benefits associated with this decision. As the car is rented through the business, your employees have no personal liability associated with it as it is up to the company to deal with any maintenance it requires and MOT obligations. Another benefit is that now a day you usually have much more choice of what car you want, employers will have a pre-approved list of cars that are available and you can choose from that list. This gives your employees the opportunity to minimize how much tax they’ll have to pay by picking an environmentally friendly car. The only big downside to providing a company car is that your employees won’t ever own the car, if any of them were to leave, you would keep the car and so they could find themselves in a difficult position without a car once they’ve left.

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