The pandemic’s health hazards had impacted even Norway, a country regarded as a leading exporter of seafood products and one of the most stable in the world. In mid-March, the government of Norway was constrained to close down many institutions and impose measures to fight the spread of the COVID-19 outbreak The most important of which were the testing and tracing actions undertaken in order to immediately arrest the spread of the virus.
Why Norway Recorded Lower Infection Cases and Mortality Rates
As of September 27, 2020, statistical data shows that Norway performed 1,034,670 tests; had reported 13,741 confirmed active cases and 274 deaths. A senior consultant at the Norwegian Institute of Public Health said that the primary reasons why the country’s mortality rate was substantially lower than other countries in Europe, e.g. France, Spain, Italy, Spain and the UK, was because of the high number of tests that were immediately performed.
However, despite being a country rich in natural resources, which under Norwegian laws are protected through sustainable practices, Norway’s economy was still adversely impacted. Based on a report released by Statista on July 06, 2020, surveys revealed that about 84% of member companies of the Confederation of Norwegian Enterprise (NHO) suffered from transaction cancellations and decline in demands. The country being one of those affected by the significant reduction of demand for oil and fuel consumption.
Statistics Show Resiliency of Norway’s Economy
Nonetheless subsequent statistical reports show that as of June 03, 2020, the number of companies that were reportedly at risk of bankruptcy in April, went down from 19% to 14 percent, while those that experienced liquidity problems scaled down from 23 percent to 19 percent. The percentages indicated that majority of Norwegian companies are steadily gaining grounds to ward recovery.
Still, the Statista report showed that about 19% of those remaining in the red are considering job dismissals.
How Norway’s Flexible Lending Programs Provided Immediate Solutions
Although Norway has the broadest set of social safety net programs, many Norwegians are finding it necessary to obtain personal loans in order to meet certain emergency or urgent expenses.
Fortunately, lending practices in Norway are flexible, as there are banks that offer loans without requiring credit checkings or credit scores, as long as they are of legal age and currently gainfully employed. Basically, loans without credit checking, are known as payday loans, since payments will be automatically deducted from borrowers’ respective salaries.
The only problem encountered by those that look for payday loans are the financial companies who take advantage of payday loan arrangements. Many were forced to “bite the bullet” so to speak due to the urgency of their financial needs. Perhaps because of the shortness of time, some personal loan borrowers were unable to conduct extensive research that could have enabled them to choose from lenders who offered the lowest interest rates under the most comfortable payment terms.
Although payday loans do not require a credit score or credit checking as condition to getting a loan approved, a borrower’s credit history can impact the interest rate that a Norwegian banking institution will impose on the loan.
If you are not from Norway but have taken residence in the country for several years in connection with a permanent employment, read more here before deciding to take out a payday loan.
It’s important for you to know that there are Norwegian websites that will direct you to financial institutions that will allow payday loans to work for people in need of immediate financial solutions. That way, despite the high cost of borrowing, the loan arrangement will continue to serve as an excellent source of future financial solution.