Arion Bank review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Arion Bank is a direct lender in Iceland whose home loan lends 80% to 85% of the property value and whose Nul personal loan can pay out the same day inside the automatic approval limit. It suits Arion bank customers who want fast money and free early repayment.

Key facts

Best for
Customers of the bank who want a home loan product fee of ISK 0 and a personal loan paid out the same day.
Fixed period
3 years (Source, checked September 26, 2026)
Maximum loan to value
80% to 85% (Source, checked September 26, 2026)
Product fee
ISK 0 (Source, checked September 26, 2026)
Purpose
Purchase, Remortgage, First-time-buyer (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Legal entity
Arion banki hf. (Source, checked September 26, 2026)
Headquarters
Iceland (Source, checked September 26, 2026)
Support channels
Email, Chat, Phone, Help-centre (Source, checked September 26, 2026)
Official website
arionbanki.is

Loans

Loan amount
up to ISK 5,000,000 (Source, checked September 26, 2026)
Term
6 to 60 months (Source, checked September 26, 2026)
Arrangement fee
2.9% origination fee (lantokugjald) on the Nul loan (Source, checked September 26, 2026)
Credit check
Soft prequal (Source, checked September 26, 2026)
Funding time
Instant: paid out immediately if the amount is within the automatic approval limit (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
Yes (Source, checked September 26, 2026)
Eligibility
Anyone can apply for a Nul loan in the Arion app; applying online requires being an Arion bank customer; couples can apply jointly and both parties must be customers (Source, checked September 26, 2026)
Origination fee (%)
2.9% (Source, checked September 26, 2026)
Loan types
Personal, Debt-consolidation, Credit-line, Car, Secured (Source, checked September 26, 2026)
Legal entity
Arion banki hf. (Source, checked September 26, 2026)
Headquarters
Iceland (Source, checked September 26, 2026)
Support channels
Email, Chat, Phone, Help-centre (Source, checked September 26, 2026)
Features
Same-day funding, Credit line

Apps and profiles

Get the app
App Store
Elsewhere
WikidataWikipediaLinkedIn

Pros and cons

Pros

  • The home loan carries a product fee of ISK 0 and free early repayment.
  • same day funding and credit line includes same-day funding, and payout is instant within the automatic approval limit.
  • Credit checks come back as soft prequal, a soft prequalification rather than a full search.
  • personal, debt consolidation and credit line covers personal, debt consolidation, car and secured borrowing from the same lender.

Cons

  • The fixed period is 3 against 10 for the median across mortgage listings, so it sits at the short end.
  • The Nul personal loan charges 2.9% origination fee (lantokugjald) on the Nul loan, which adds to the cost of every borrowing.
  • The home loan is capped at 80% to 85% of the property value, so a smaller deposit buys a smaller loan.
Arion Bank

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Scored 9.2 / 10 by BorrowCue.

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Who it suits

  • Arion bank customers who want the Nul personal loan applied for in the app and paid out the same day.
  • Homebuyers and remortgagers comfortable with a 3 fixed period.
  • Borrowers who want no early repayment charge on the Nul loan.

Who should look elsewhere

  • People who do not already hold an Arion bank account, since applying online for the Nul loan requires being a customer.
  • Borrowers after a long fixed period: Sofkredit offers 0.5 to 20 and Prestalo offers 25, against 3 here.

The company behind it

The lending brand is Arion banki hf., a bank based in Iceland. Support runs on email, chat and phone, so borrowers reach the bank by email, chat, phone or a help centre. The same set of channels covers home loans and personal loans, which keeps help together rather than split between products. A named legal entity also gives someone to hold to if a complaint needs to go further.

How Arion Bank compares

Where Arion Bank is available

Available
Iceland

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does the Nul personal loan cost?+

The Nul loan charges 2.9% origination fee (lantokugjald) on the Nul loan. Borrowing runs 6 to 60, with up to ISK 5,000,000 available. The recorded check is soft prequal, and early repayment carries no charge, so clearing the balance early costs nothing extra.

How quickly is the money paid out?+

Payout is instant inside the automatic approval limit, and same day funding and credit line includes same-day funding. Sums above that limit follow the bank's standard processing rather than landing the same day, and the application itself is handled in the Arion app.

Who can apply for a loan?+

The app takes a Nul application from any customer, though an online application needs an account with the bank first. Couples may borrow together only when each of them banks with Arion. direct lender means the bank assesses and lends to you itself.

How hard is the credit check?+

The check recorded for the Nul loan is soft prequal, a soft prequalification rather than a full credit search. Eligibility is still tied to the bank, since an online application needs an existing Arion bank account.

How long is the Arion home loan fixed for?+

The home loan is fixed for 3, where the median across mortgage listings is 10. Early repayment is free, which suits anyone expecting to move or repay sooner than the lock runs.

How much can I borrow?+

The Nul personal loan supports up to ISK 5,000,000, with terms running 6 to 60. The home loan is sized differently, capped at 80% to 85% of the property value, so a mortgage depends on the property and the deposit rather than on a cash ceiling.

What kinds of loan does Arion offer?+

personal, debt consolidation and credit line covers personal, debt consolidation, car and secured borrowing, and the home loan runs for purchase, remortgage and first time buyer. same day funding and credit line also lists a credit line, so a revolving facility sits alongside the term loans.

Sources

Compiled from 7 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Initial rate, APRC.

Arion Bank

Arion Bank

Customers of the bank who want a home loan product fee of ISK 0 and a personal loan paid out the same day.

9.2/10See alternatives

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