Getting an Unsecured Bedriftslån: 6 Mistakes to Avoid

by / ⠀Startup Advice / July 30, 2025
You’re running your own business, and you’re thinking of expansion. Or, your operational costs may be a bit high at the moment, and you’re realizing that you may lack the money you need to keep the business flowing smoothly. Or, perhaps you may be thinking about buying some new equipment to replace the old one. If you’re looking to establish a company, you will also need a larger amount of money. Whatever it is that’s on your mind, when you need money, you don’t have to fund something for your business; the truth is that you will consider taking out a bedriftslån, that is, a business loan. And that can undeniably be a good idea, because you can cover all the expenses that come your way, or capitalize on a new opportunity and possibly finally expand the company the way you have been planning for a long time. As mentioned, though, whatever your reasons for doing this, a business loan can definitely be highly beneficial.

Types of Loans

Now, there are two types of loans that you should consider when aiming to take one out and get the money you need for your business. First off, there is the secured solution, which is favorable when you need rather large amounts of money. It involves lending money while providing collateral to the borrower, which risks your assets in the process. On the other hand, there is the unsecured business loan solution, perfect for when you require smaller amounts. It requires no collateral, and it is, thus, safer for the borrower. The unsecured business loan option is usually the one that most business owners opt for when needing to buy some equipment, fund operational costs, or even finance expansions. The idea of not risking any of your assets by offering them as collateral is certainly appealing to everyone. So, it’s no surprise that you have become interested in this solution as well. And, if you still don’t know much about it, you should go here to learn what you need to know.

Being Careful in the Process of Taking Out a Business Loan

I am quite certain, though, that you understand the benefits of taking out this type of unsecured business loan. Thus, if you understand the benefits, you probably want to get the solution and use it to your advantage. The only thing is, lots of borrowers tend to make certain mistakes in the process of borrowing money this way, and you don’t want to be one of them. After all, making mistakes can only lead to you being quite unhappy with the loan, which is certainly not what you want. So, you have to be quite careful in the process of using this option, and thus ensure that you are getting the best possible one for you and your business.
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What kinds of mistakes am I talking about, though? Well, that is what we are here to find out. Below, I will list some of the most common ones that people tend to make in this process, which should help you get a better idea of them and understand how to avoid them. When you are familiar with the common errors, there is absolutely no doubt that you’ll keep them in mind during your process of taking out an unsecured business loan. And, when you keep them in mind, you are highly likely not to repeat them yourself.

1. Not Having a Clear Plan

Let us, thus, start checking out those mistakes right away. First things first, you should never apply for this type of loan if you don’t have a clear plan for what you want to use the money for. This would be a mistake for several reasons. For starters, if you don’t provide the lender with clear information on why you need the money, you may wind up being rejected for the loan. To avoid that, make sure to create a plan for what you want to use the funds for, as lenders will definitely appreciate having such information. Then, there is another danger that comes with not having a plan. Basically, you may get the money, but without a clear idea of how to spend it, you may end up spending it without achieving anything meaningful for your business. To avoid this, always know in advance what you want to use the money for and apply only when you have identified your goals and plans for the loan.
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2. Ignoring Your Credit Scores

Did you know that your credit scores will affect your eligibility for the loan? And, I am saying “scores” because I am referring to both your business and your personal ones. Chances are that you, on some level, already understand the importance of these scores, but you may still not be quite certain about how they affect your borrowing process, which may lead you to ignore them. This, however, would be a great mistake. For one thing, a good score will increase your chances of getting the loan in the first place. And then, it will also help you secure better borrowing terms in general, and specifically, better interest rates. You should, therefore, take the time to improve these scores if necessary before applying for your loan. Pay off any existing debts, and also check your credit report for errors. Correct any errors, as they can negatively impact your score.

3. Not Researching Different Lenders

It is quite easy for people to find a lender and to apply for this solution for their business immediately. Yet, being more careful than that is of crucial importance. Put simply, you shouldn’t rush into applying with the first lender you come across. Quite on the contrary, you should take the time to research different ones, aiming at ultimately figuring out which one could actually be best for you. How do you do that, though? Well, for one thing, you should check how experienced specific lenders are, because their experience will definitely be an indication of the quality of their work and their loan services in general. Then, remember to check their reputation too, through reading reviews and possibly talking to past borrowers, as that is bound to give you a better idea of what to expect during the cooperation process. The goal here is, of course, to choose a highly trustworthy and reliable lender, because that’s how you’ll ensure that you’re getting the most favorable solution.

4. Failing to Compare Their Offers in Detail

Speaking of getting the most favorable solution, you won’t exactly be able to do that if you don’t compare the offers provided by different lenders in great detail. One great thing you can do is visit forbrukslån.no/bedriftslån or some other comparison sites, and thus easily take a look at all the borrowing terms provided by different lenders. The websites designed to help you compare these offers will make it easy for you to check all of those terms in one place, which will definitely facilitate the entire choosing process.
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Do you, however, know what it is that you should compare in the first place? Well, for starters, there are the interest rates, and comparing them is a must, as they play a huge role in the overall quality of your loan. Additionally, it’s essential to check the minimum and maximum borrowing amounts to ensure the lenders can offer you what you need. And, of course, you should also remember to check all the other fees attached to the borrowing process, so as to understand precisely how much the bedriftslån will cost you.

5. Not Getting the Right Amount

Getting the wrong amount is another crucial mistake to avoid. If you get more than you need, you will be paying unnecessary interest on the loan. If, on the other hand, you get less than you need, you will find yourself unable to achieve those business goals you have in mind.

6. Not Choosing a Good Repayment Period

Similarly, you should be careful to choose a good repayment period. That period will have a direct impact on two things – on how much interest you’ll pay and on the amounts of your monthly installments. Therefore, take the time to choose wisely, going for a period that is short enough for you to pay a reasonable amount of interest, as well as long enough for you not to worry about whether you’ll be able to make the payments month after month.

Conclusion

Taking out a business loan can be a smart, strategic move—but only if you approach it with care. By avoiding common mistakes like skipping your credit check, failing to compare lenders, or borrowing the wrong amount, you can secure the financing your business truly needs. Whether you’re looking to expand, upgrade equipment, or improve operations, an unsecured business loan offers flexibility without risking your assets. With the proper preparation and research, you’ll set your business up for both short-term stability and long-term growth.  

About The Author

Editor in Chief of Under30CEO. I have a passion for helping educate the next generation of leaders. MBA from Graduate School of Business. Former tech startup founder. Regular speaker at entrepreneurship conferences and events.

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