Banco Atlantida Nicaragua review

The bank's personal loans carry an annual rate of 22%. The site median for comparable loans is 12%, so the cost sits well above the typical level on the site. A disbursement commission of 2% disbursement commission is added when the loan is released.

A disbursement commission of 2% disbursement commission is charged when the loan is released, on top of the interest at 22%. Early repayment is free, so settling the balance sooner does not bring an extra charge. Plan for the commission as a cost on top of the rate, not instead of it.

Applicants must be Nicaraguan citizens or residents with a national ID or residency card, proof of income, and an INSS pay slip for salaried applicants, alongside a public utility bill, bank statements and an account opened at the bank. A guarantor may also apply, which widens who can qualify.

Funding works as Disbursement direct to the customer's account, so the money arrives as a credit rather than as cash or a cheque. Applicants need the account open with the bank before that credit can land, which makes the existing account relationship part of the practical application route.

The lending covers personal, guarantor and secured, so personal, guarantor, secured, debt consolidation and car borrowing sit in one place. Purpose is listed as purchase, which points the book at purchase-led borrowing alongside the housing loans.

The housing loan runs a fixed period of 25 years, so the rate holds for a long stretch of the term. The initial rate of 22% is the number to weigh against the personal loan rate of 22% before choosing between the two.

Support runs on phone, email and help centre, so borrowers can call, write by email, use the help centre or start a chat. Because the bank lends as a direct lender (direct lender), questions about an application go to the lender itself rather than through a broker.

The bank is based in Nicaragua: NI, and it was founded in 2019. Its lending is aimed at Nicaraguan citizens and residents, so the identity documents, pay slip and account it asks for are local ones. Borrowers in other markets would need to check eligibility before starting an application.