Illimity Bank review

Personal loans are priced on a fixed basis, with an APR of 11.56% and terms of 12 to 72. The rate is set for the whole period, so the monthly amount you agree to is the one you keep paying. The loans on offer are personal loans.

There is no separate arrangement charge, as the origination fee is 0 EUR and the percentage fee is 0%. That leaves interest as the main cost, which is worth weighing against the 11.56% quoted at application.

Borrowing runs from €1,500 to €20,000, with terms of 12 to 72. The bank's own worked example shows a personal loan repaid through instalments each month at the 11.56% rate, so you can compare the total repaid against the amount received.

Deposits are covered by EU DGS up to EUR 100,000, and the bank is licensed in Italy by Banca d'Italia under licence 5710. It is a single market operation based in Italy and founded in 2018, so the money sits with a supervised institution.

Only people who already hold an illimity current account can apply, and they must be able to show where their money comes from. The bank asks for identity paperwork and proof of earnings, such as a recent payslip, a pension statement or a tax filing. The credit check is hard, so an application registers on your file.

It works as a broker, so a broker arranges the loan rather than the bank onlending directly. The loans offered are personal loans on a fixed rate, and the 11.56% here sits under the site median of 15.5%.

Support runs on phone and email, so a question goes by phone or email rather than through a live chat window. That suits readers who are happy to pick up the phone, and suits those who prefer to keep a written record of the whole conversation less well.

The worked example on show repays a personal loan through instalments each month, with a fixed nominal rate and an APR of 11.56%, over a term of 12 to 72. The total repaid sits above the €1,500 to €20,000 advanced, and that gap is the figure to weigh against cheaper credit.