Question 1

Are there any limits on the amount of the loan?

Accepted Answer

The minimum amount of the loan is ISK 250.000. The maximum amount of the loan depends on the credit score and customer‘s ability to pay, but never exceeds ISK 2 million. The maximum loan period is 3 years and the minimum loan period is 12 months.

Question 2

How are loan repayments arranged?

Accepted Answer

An in-app loan has equal installments. A payment slip is displayed monthly in online bank and the app. If a loan is taken out after the 21st of the month, the first payment of the loan is just over a month later. Customers are encouraged to register the loan in direct payment to reduce the monthly banknote fee.

Question 3

What are the interest rates on the loan?

Accepted Answer

The interest rates of the loan is variable depending on each individual‘s credit score. The interest rates are non-indexed.

Question 4

Who can apply for the loan?

Accepted Answer

Individuals who have reached the age of 18, as well as having the ability to pay and a good credit score.

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