To pay additionally into loan, i.e. in excess to what is generally paid off of the loan, a payment request is created on My Pages. There you can also prepare an excess payment agreement to pay additionally into a loan with more than one payment.

Within an hour of creating a payment request, a claim will appear in your online bank. After the claim has been paid, the payment appears in the loan's payment history on My Pages a day later. The claim is optional and is cancelled 3 days after the due date if it is not paid.

In order for an excess payment to be used to reduce the principal of the loan, the standard installment must be paid before the excess payment is created.  If this is not done, the excess payment goes towards paying the unpaid due date first together with accrued interest instead of reducing the principal.

Prepayment of a loan is carried out in the same way, but then a payment request is created. The prepayment value is retrieved automatically and a claim appears in the online bank within an hour.

A traditional   installment should not be paid at the same time as a prepayment claim is established, as the installment is part of the prepayment claim that is established.

Claim for prepayment of a loan in the amount of ISK 10 million or more must be paid on the same day by 16:00, but before 20:30 in case of lower amounts.

Excess payments/prepayments can be seen in the loan's payment history on My Pages the day after the payment is made. If an excess payment/prepayment is made on a weekend, the payment will be credited to the loan on the following business day.