Who Can Get a Loan?

We just started our lending services and are a small savings bank. So, we will begin to lend in a limited manner and to a limited group. This is why the criteria may be stricter at the beginning, and we hope to expand the conditions in the near future. But hey, you have to start somewhere! 

The current criteria for the overdraft:

• A CreditInfo rating ranging from A1 to B2.
• A social security number that's at least 36 months old at the time of application, and the applicant must be residing in Iceland when applying for the overdraft.
• The applicant must have been employed for the last three months at the time of application with a minimum monthly income of 325,000 ISK after tax.
• The applicant must be at least 25 years old.
• We also want the applicant to have been using indó, so we look towards their activity: at least 10 debit card transactions per month for the last three months.
• All individuals are subject to credit monitoring by Creditinfo while an active overdraft is in place.

The current criteria for the advanced salary:

• A social security number that is at least 36 months old at the time of application, and the applicant must be residing in Iceland at the time of application.
• The applicant must be at least 25 years old.
• The applicant must have received 150,000 ISK deposited into their checking account with indó every month for the past three months. We will independently assess whether these salary payments have taken place.

The current criteria for Pay & Split:

• Be 25 years old or older.
• Have an Icelandic national ID (kennitala) that is at least three years old.
• Be a resident of Iceland.
• Have a credit rating of A1-B2 (or C1 if you're sharing additional data) according to Creditinfo.
• Be in good standing with other loans you have taken with indó.
• Have been employed for three months
• Have a salary higher than 325,000 ISK after tax