Consumer loan

Do you need a short-term loan? You can get a Consumer Loan of up to ISK 5 million for a maximum loan period of 5 years. The loan is non-indexed with equal repayments and a credit rating is used to determine the applicable interest rate. If the loan amount exceeds ISK 2 million, the applicant must undergo a credit appraisal.

Consumer Loans in the Arion App

You don’t need to be a customer of Arion Bank to be able to get a loan. Anyone can apply for a Consumer Loan using the Arion App and loans ranging from ISK 100,000 to ISK 2 million are available. The maximum loan amount in the App is based on a self-service limit and the loan is paid out immediately if approved. The process is entirely automated and takes less than a minute. The customer uses electronic ID to identify themselves.

  • Minimum and maximum loan periods are 6 months and 60 months respectively
  • 2.9% borrowing fee
  • Borrowing fee on loans in excess of ISK 2 million is 1.9% plus ISK 9,995 administration fee
  • Loans bear the Bank’s premium rates plus an interest premium (determined by credit rating)

Get App for iOS  Get App for Android

Refinancing with Consumer Loans

Arion Bank offers customers the opportunity to refinance existing loans at our best available interest rates.

If you have older loans with high interest rates, it might be good idea to refinance the loans at better interest rates.


Good to know

  • Borrowing fee of 2.9% on loans from ISK 100,000 to ISK 2 million
  • Borrowing fee of 1.9% on loans over ISK 2 million plus administration fee of ISK 9,995
  • The cost of a credit appraisal as per the Bank’s list of rates and charges
  • Loans within the applicant’s self-service limit are paid out immediately
  • Minimum loan period is 6 months
  • Maximum loan period is 60 months
  • You apply for a loan digitally, meaning you can apply for a loan at any time
  • Identification is with electronic ID
  • Loans bear the Bank’s premium rates plus an interest premium (determined by credit rating)
  • If the loan amount requires a credit appraisal, this is done digitally on Arion Bank’s website and is calculated immediately
  • Existing loans can be paid off with Consumer Loans if you apply on Arion Bank’s website
  • If you apply for a Consumer Loan with a spouse, married couples and registered co-habitants are credit appraised together and both people need to be customers of Arion Bank
  • You can pay down Consumer Loans in Arion Online Banking at no cost
  • Arion Bank can help you refinance and pay off older loans for an administration fee of ISK 9,995
  • In order to be able to apply for a short-term loan (overdraft, credit card and consumer loan), the applicant must be resident in Iceland, have had an Icelandic ID number for at least three years and have had a bank account for at least 18 months.