Revolut Personal Loans offer a fast, app-based borrowing experience. Understanding the eligibility criteria and digital application process is key for existing Revolut users.
Basic Eligibility Criteria
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Existing Revolut Customer: You must have an active and verified Revolut account to apply for a personal loan. Loan availability may also depend on your account usage and history.
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Age requirement: You must be at least 18 years old.
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Residency: You must be a legal resident of a country where Revolut offers personal loans (primarily UK and select EEA countries).
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Income and Affordability: You need to demonstrate sufficient regular income to afford the loan repayments. Revolut may assess this using your account activity and information provided during the application.
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Credit History: Revolut will perform a credit check. A good credit history improves your chances of approval and securing a favorable rate, although Revolut may also consider your internal customer data.
Required Information (In-App):
The application is fully digital within the Revolut app. You'll typically need to provide or confirm:
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Loan Purpose: Specify the reason for the loan (e.g., debt consolidation, home improvement, car purchase).
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Employment Details: Information about your employment status, employer, and job title.
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Income Information: Details of your regular income and potentially confirmation of monthly expenses or existing debts.
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Consent for Credit Check: You will need to provide consent for Revolut to perform a credit check with credit reference agencies.
Digital Application Process
Revolut's loan application is designed for speed and convenience within their app:
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In-App Access: Navigate to the 'Credit' or 'Loans' section within the Revolut app to check eligibility and start the application.
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Quick Form Completion: The application form is typically short, leveraging information already held in your Revolut profile. You'll confirm details and provide specifics about the loan request.
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Fast Decision: Revolut uses automated systems and potentially your account data to provide a quick lending decision, often within minutes or hours.
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Instant Funding (if approved): Once approved and the digital agreement is signed within the app, funds are typically credited instantly to your Revolut account.
Loan Terms and Conditions
Key terms associated with Revolut Personal Loans:
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Representative APR: Revolut's representative APR typically starts from around 4.9%. The actual rate offered is personalized based on your profile, credit check, and potentially your Revolut usage history.
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Loan Amounts: Typically borrow between £1,000 and £25,000, subject to eligibility.
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Repayment Terms: Choose repayment periods usually from 1 to 5 years (12 to 60 months).
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Early Repayment: Revolut generally allows early repayment, often without significant penalties, offering good flexibility. Always check the specific terms in your loan agreement.
Who Is This Loan Best For?
Revolut Personal Loans are particularly suitable for:
Existing Revolut users:
The seamless in-app application and management process makes it highly convenient for those already using Revolut for their day-to-day banking. Your existing relationship may also influence eligibility and rates.
Learn more: Benefits of integrated fintech ecosystems
Tech-savvy borrowers:
Individuals comfortable with managing their finances entirely through a mobile app and who value speed and digital convenience will appreciate Revolut's approach.
Learn more: Trends in digital lending
Those needing quick access to funds:
The fast application, decision, and funding process makes Revolut loans suitable for situations where quick access to borrowed funds is important.
Learn more: Comparing fast loan options
Tips for a Successful Application
To enhance your chances of approval for a Revolut Personal Loan:
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Maintain a healthy Revolut account: Regular activity, responsible usage, and potentially holding a paid subscription plan might positively influence Revolut's internal assessment.
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Check your credit score: While Revolut uses its own data, your traditional credit score remains important. Ensure your credit report is accurate before applying.
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Ensure profile information is up-to-date: Make sure your personal and employment details within the Revolut app are current before starting the loan application.
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Be realistic about affordability: Only apply for an amount you can comfortably repay based on your income and expenses. Revolut's affordability checks are designed to prevent over-borrowing.
