Reminder fees and interest on overdue payments

If you fail to pay your bill on time, you may have to pay reminder fees and interest on overdue payments. If you receive a paper bill, you will also have to pay an invoice fee.

Fees at Lånekassen

Lånekassen operates with the following fees:

  • Reminder fee - first reminder: NOK 280
  • Reminder fee – second reminder: NOK 490
  • Fee for paper bills: NOK 18 per bill

Any fees that are not paid will be added to your next bill.

The cost of fees is stipulated in Lånekassen’s Regulations and is politically determined.

What is the current rate for interest on overdue payments?

If you are late paying your bill, we will calculate interest on the amount you should have paid. Such interest will be added to the amount with effect from the first day after the due date and will apply until you pay your bill. Interest on overdue payments is charged in addition to the reminder fee.

Interest on overdue payments is determined twice a year by the Norwegian Ministry of Finance. This is in line with Norges Bank's key policy rate, plus an additional 8 percentage points. So if the key policy rate is 1%, our interest on overdue payments will be set at 9%.

Check the government's website to see what the current interest rate on overdue payments is.

This is how much interest on overdue payments will cost you

If your debt amounts to NOK 300,000, your monthly instalment will be NOK 1,640 if the interest rate is 2.477 per cent. In this example 36 øre will be charged per instalment in interest on overdue payments for each day that your payment is delayed. With effect from the due date for your first instalment of 15 August and until your loan is terminated by us on 16 November, you would have to pay a total of NOK 67 in interest on overdue payments when the rate is 8.0%.

However, if your loan is terminated, you would have to start paying interest on overdue payments on your entire debt with effect from the termination date. Therefore, if you have a debt of NOK 300 000, one month of interest on overdue payments would amount to just under NOK 2,000.