Banistmo review

Banistmo charges 16.78% on its fixed-rate personal loan. The borrowing term is 24, and the available loan amount is $1,000 to $3,000. Applicants should consider the arrangement fee alongside the stated rate when assessing the total cost.

The funding time is Disbursement within minutes to the payroll account. Money is sent to the payroll account, so the stated speed applies to customers whose payroll is already received by Banistmo rather than to funding from another account.

Eligibility requires payroll received by Banistmo, good credit references and a minimum monthly income stated in the eligibility terms. Applicants must also have worked for the employer for the required period, and the employer must have operated for the required period.

The available personal loan amount is $1,000 to $3,000. The borrowing range is tied to product eligibility, and the loan uses a fixed rate of 16.78% over a term of 24.

The arrangement fee is 3% to 10%, depending on the product and customer segment. It is separate from the 16.78% loan rate, so borrowers should assess both when comparing the cost of the credit.

Free early repayment is unavailable. Borrowers who may finish repaying before the end of the 24 term should account for the absence of a free early repayment option when assessing flexibility.

Banistmo uses a hard credit check for its personal loan and describes the required credit level as good. The stated eligibility also calls for good credit references.

Banistmo S.A is based in Panama, represented by PA, and the named regulator is Superbancos de Panama. The licence details identify the regulator and country but do not set out any deposit protection coverage for the lending products.