Revolut has announced that it will be offering loans to its Irish customers in the near future.
The waitlist opened on February 1 for those wishing to avail of the incoming service while the option of credit cards will also be following later this year.
According to their existing loan services available in other countries, Revolut can offer personal loans from €2,000 to €30,000 to be paid back over 1 to 5 years.
Customers will also enjoy the e-banking service’s market-leading interest rates starting from 6.45%.
As an example, it said if you borrow €3,500 over a 48 month period with an annual interest rate of 8.5%, the total amount payable is €4,140.96.
Your monthly repayments would be as low as €86.27, but customers are warned that they’ll be subject to a credit check before being approved.
More generally, once you’ve selected the amount you require and terms that suit you, you’ll be asked to fill out a short questionnaire to get a personalised offer.
The company says this will take as little as a few minutes and won’t affect your credit score.
You can also choose which day of the month you want to regularly repay your loan on, so you can stay organised and on top of your finances.
Then, if your loan is approved, the rate you’ve agreed to will be “exactly the rate you'll get.”
Regardless of whether you are an existing Revolut customer or a new customer, you will be able to apply for the new personal loans instantly and the company is promising an "answer within seconds."
It’s free to start any loan application and they promise to tell you all of the usually "hidden" costs upfront, with no secret terms or complicated small print.
