Question 1

Are there limits on the loan amount?

Accepted Answer

The minimum loan amount is ISK 250,000. The maximum amount depends on your credit rating and ability to pay, but will never exceed ISK 2,450,000. The maximum loan period is 5 years and the minimum is 12 months.

Question 2

Can I request changes to the loan?

Accepted Answer

Changes cannot be made once the loan is up and running. You can, however, always pay extra towards it or pay it off in full with no prepayment fee.

Question 3

How do the repayments work?

Accepted Answer

A loan for you has equal instalments. Your payment slip appears each month in the online bank and in the app. If you take out the loan after the 21st of the month, your first payment will be due just over a month later. We recommend registering the loan for direct debit to reduce the monthly payment slip fee.

Question 4

What does it cost to apply?

Accepted Answer

The loan origination fee is 2.9% of the loan amount. Data gathering costs ISK 4.100 per application, whether or not the loan is granted.

Question 5

What interest rate applies?

Accepted Answer

The interest rate is non-indexed and variable, based on your credit rating.

Question 6

Who can apply?

Accepted Answer

You can apply if you are 18 or older and meet our requirements for ability to pay and credit rating, which we assess automatically. You can have a maximum of two of these loans at a time, and their combined total must stay below the maximum amount of ISK 2,450,000.

Personal loan

Frequently asked questions