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 indó loan:

• Creditinfo rating: From A1 to A3.

• National ID (kennitala): Must be at least 36 months old as of the application date, and the applicant must be a resident of Iceland when applying for the overdraft.

• Employment and income: The applicant must have been employed for the past three months prior to the application date, with a minimum monthly income of 170,000 ISK after tax.

• Age: The applicant must be at least 21 years old.

• indó activity: We also want the applicant to have been actively using indó, so we look at account activity: at least 10 transactions per month for the past three months—though we do take it into account if activity happens to be lower for 1–2 months during that period.

• Credit monitoring: All individuals are placed under credit monitoring with Creditinfo for the duration of the loan agreement.

  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 The Last Grocery Basket:

• 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.