Loan terms
Because we are just a tiny savings bank, we need to start slowly and cautiously lending to limit access and minimize risk. Even though you might not get a loan from indó today, it doesn't mean you'll never be able to get a loan from indó. We will regularly reassess the loan conditions.
As it stands, you need to meet these criteria to get overdraft
- 25 years or older
We want to start with stricter age requirements. Those who are older are more likely to pay off their loans.
- Residency in Iceland
We want to start by having requirements for residency in Iceland. Those who are residents in Iceland are more likely to pay off their Icelandic loans than those who are resident abroad.
- Credit score by Creditinfo
We require a credit category of B2 or greater by Creditinfo. We know these are strict requirements and we will revisit this criteria requirement on a regular basis.
- Employed
To get an overdraft, you need to have an income. When you apply for an overdraft with indó, we ask for your consent to obtain confirmation from the Tax Authorities that you are employed, earning at least 250,000 ISK. before tax.
- Use indó for 3 months
We define "using indó" as at least 10 card transactions per month for at least 3 months.
- Age of the ID number 36 months or older
Those who have had an Icelandic ID number for this time are more likely to have put down roots here and are therefore more likely to pay off their loans than those who have newly arrived in the country.
- Previous loans
Your loan history at indó matters. If you have previously received a loan from indó, you must not have defaulted on it or failed to make payments on the due date in order to be eligible for an overdraft.
To get advance salary, you need
- Salary with indó
We are so excited to offer interest-free loans for indóans. To get an advance, you need to have had your salary with indó for the last 3 months, at least 150,000 ISK. That’s because we feel secure in offering a small, interest-free loan if we know that it will be paid back within a few days. By connecting the loan to the salary, we automatically get the money back and indóans do not have to take expensive payday loans if they need money for the last grocery cart at the end of the month.
- Residency in Iceland
We want to start by having requirements for residency in Iceland.
- 25 years or older
We want to start with stricter age requirements. Those who are older are more likely to pay off their loans.
- Age of the ID number 36 months or older
Those who have had an Icelandic ID number for this time are more likely to have put down roots here and are therefore more likely to pay off their loans than those who have newly arrived in the country.
- Previous loans
Your loan history at indó matters. If you have previously received a loan from indó, you must not have defaulted on it or failed to make payments on the due date in order to be eligible for pre-paid salary.
- 25 years or older
We want to start with stricter age requirements. Those who are older are more likely to pay off their loans.
- Residency in Iceland
We want to start by having requirements for residency in Iceland. Those who are residents in Iceland are more likely to pay off their Icelandic loans than those who are resident abroad.
- Credit score by Creditinfo
A1-B2 and B3-C1 if you share additional data on your pages with Creditinfo.
- To have an income
To get an Pay & Split, you need to have an income. When you apply for an Pay & Split with indó, we ask for your consent to obtain confirmation from the Tax Authorities that you are employed, earning at least 325,000 ISK. after taxes.
- Use indó
How you use indó affects whether you can get a loan. For example, you need to have used your indó card at least 10 times per month for 3 months.
- Age of the ID number 36 months or older
Those who have had an Icelandic ID number for this time are more likely to have put down roots here and are therefore more likely to pay off their loans than those who have newly arrived in the country.
- Previous loans
Your loan history at indó matters. If you have had an indó Pay & Split, overdraft or pre-paid salary before and you have paid it back before or on the due date you're eligible have Pay & Split.