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. We may change this criteria in the near future.
- 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. We will probably not change this requirement.
- 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.
- Use indó for 6 months
We define "using indó" as at least 10 transactions per month. We will probably never make loans available immediately when people open an account with indó - but we know that 6 months is a long time. In fact, we are starting with 6 months to limit access to loans and to start lending slowly. We hope to be able to change these requirements to shorter terms in the near future.
- 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. We may change this criteria in the near future.
- Previous loans
Your loan history at indó matters. If you have had an indó overdraft or pre-paid salary before and you have paid it back before or on the due date you're eligible have overdraft.
If you didn't pay back previous pre-paid salaries on time or if your overdraft has defaulted you are not eligible for overdraft.
To get advance salary, you need
- Salary with indó
We are so excited to offer 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, 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. We will probably not change this requirement.
- 25 years or older
We want to start with stricter age requirements. Those who are older are more likely to pay off their loans. We may change this criteria in the near future.
- 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. We may change this criteria in the near future.
- Previous loans
Your loan history at indó matters. If you have had an indó overdraft or pre-paid salary before and you have paid it back before or on the due date you're eligible have pre-paid salary.
If you didn't pay back previous pre-paid salaries on time or if your overdraft has defaulted you are not eligible for the pre-paid salary. However, you can be eligible for pre-paid salary even if you have an active overdraft.