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About Uppspretta

Uppspretta; the only person to person lending website operating in Iceland was launched 1 October 2009. Uppspretta facilitates Icelanders to apply for microloans up to 3m ISK and links potential lenders up with borrowers. People are able to lend and borrow money to and from each other, sidestepping the banks.

The process is simple. Borrowers start with filling out the loan application by specifying the loan amount, the loan length and maximum interest rate they are willing to pay. Only then can the auction begin, where lenders can make bids as low as 2.500 ISK. 

Users can choose from revealing their true identity or to be anonymous. However, please keep in mind that it adds credibility to reveal your true identity.  In addition, lenders can request further information from borrowers by interacting via our online chat.

Uppspretta is also on Facebook where borrowers can post a notification on their Facebook status which directs people to their loan application on Uppspretta. Users can also email friends that they are applying for microloan and ask for their assistance.