Revolut has announced that it will soon be offering loans to its Irish customers.
The waiting list was opened on February 1 for those wishing to avail of the inbound service, while the option of credit cards will also follow later this year.
Depending on their existing loan services available in other countries, Revolut can offer personal loans from €2,000 to €30,000 repayable over 1 to 5 years.
Customers will also benefit from the best interest rates on the e-banking service market, starting at 6.45%.
By way of example, it is stated that if you borrow €3,500 over a period of 48 months with an annual interest rate of 8.5%, the total amount to be paid is €4,140.96.
Your monthly repayments would be as low as €86.27, but customers are warned that they will be subject to a credit check before being approved.
More generally, after selecting the desired amount and the conditions that suit you, you will be asked to complete a short questionnaire to obtain a personalized offer.
The company says it will only take a few minutes and won’t affect your credit score.
You can also choose the day of the month you want to regularly pay off your loan, so you can stay organized and on top of your finances.
Then, if your loan is approved, the rate you accepted will be “exactly the rate you will get”.
Whether you’re an existing Revolut customer or a new one, you’ll be able to apply for the new personal loans instantly and the company promises ‘response within seconds’.
It’s free to start any loan application, and they promise to tell you all the usually “hidden” costs upfront, with no secret terms or complicated fine print.