Applying for a personal loan is quick and convenient
Borrowing at isePankur takes only a couple of minutes:
- Fill in the loan application, where you have to specify the loan amount, maximum interest rate and loan length.
- Investors will make bids within the terms you set.
- The system will automatically choose the bids with the lowest interest rates and combine them into one loan. As the investors have already digitally signed their offers, a separate signing is not necessary.
- The loan will be paid to your isePankur account.
- Monthly fixed payments have to be made to your isePankur account.
8 most frequent questions regarding borrowing at isePankur:
How long does getting a loan take?
When filling the loan application you will also specify the period during which the loan application will be active. All isePankur investors are able to make bids to your loan during that period. We recommend setting the period to minimum one week so more investors could be able to see and make bids to your application.
Does the auction finish automatically when 100% is fulfilled?
The auction does not end automatically when 100% of the requested amount is fulfilled. Regardless of the number of bids the auction will end at the specified time. If the auction is 100% fulfilled, investors must outbid each-other in order to invest in your loan. You may be able to get the loan with much better terms than initially applied for due to such competition between investors. However on the loan application you may also specify that the auction should end when 100% is fulfilled.
What happens in case I was not funded the whole amount?
There can be various reasons why you were not funded the whole amount. Your terms could have been unacceptable for the investors or your application period too short. Maybe you have problems with your credit history? One way or the other we recommend you to make another loan application, taking account the possible reasons why you were not granted a loan in the first instance. It is reasonable to increase the maximum interest rate and lengthen the loan application period.
Do I have to personally accept the investors’ bids?
isePankur’s system automatically ensures that only the bids matching your criteria are accepted. After the auction ends the system automatically selects the best bids based on the interest rate and chooses the cheapest bids. During the auction you do not have to do anything else besides answer the investors’ questions.
Do I have to sign the loan agreement with all of the investors?
As a borrower you have to sign the loan agreement only once, when filling the loan application. The digitally signed loan application is considered as one side of the loan agreement whilst the other side is the investor’s digitally signed loan bid.
How is the loan paid out?
The loan amount is paid to your isePankur account immediately after a successful end to the loan auction. You can make a payment to your Estonian bank account from your isePankur account. Payments can only be made to bank accounts in your name.
How are the loan repayments handled?
The loan repayments are made according to a fixed monthly loan schedule. The repayments must be made to your isePankur account by the loan payment date. The payments are then automatically transferred to your investors’ bank accounts.
Can I repay the loan early?
Yes, you can end your loan agreement prematurely.