Revolut is stepping up its challenge to the UK’s high street banks with the introduction of a personal loan product.
The fintech giant, which finally secured its full UK banking license earlier this year, is offering customers unsecured personal loans of between £2000 and £25,000, repayable over one to five years with APRs of 6.9% to 29.3%. Currently available to a small number of the firm’s 14 million UK users, the product will be rolled out in phases over several months.
Francesca Carlesi, UK CEO, Revolut, says: “UK consumers can face unnecessary friction and complex fee structures when borrowing. We’ve built a transparent and simple loan process with near-instant funds on approval, no fee for early repayment and competitive rates.”
Revolut landed its full banking licence in March, four years on from the firm’s initial application. It is reported to be planning to follow the personal loans with a credit card and, eventually, mortgages.