Revolut launches personal loans to challenge high street banks

Summarised from 2 outlets · Updated 26 Oct, 12:01 · Archive

Digital bank Revolut is launching personal loans of £2,000 to £25,000 in the UK.

Revolut announced on Monday that it is launching personal loans in the UK market, offering sums between £2,000 and £25,000 repayable over one to five years. Rates will range from 6.9 to 29.3 per cent APR. The firm said funds will be transferred within minutes following approval, with no fees for early repayment.

Francesca Carlesi, chief executive of Revolut UK, said the product was designed to offer consumers 'transparent and simple' borrowing without the 'unnecessary friction and complex fee structures' of traditional lenders. She said bringing credit into Revolut's ecosystem would help customers use its products 'all in one place'.

The move follows Revolut's receipt of a full UK banking licence earlier this year, which paved the way for the company to enter lending. Carlesi told Reuters the firm plans eventually to enter the UK mortgage market, where Lloyds Banking Group currently holds roughly one-fifth of market share.

How it is being reported

• Revolut launches its first personal loan with rates starting from 6.9%: Here's how it compares with rivalsThe challenger bank has launched its first credit product offering rates that compare well against rivals. Here's what to watch for when deciding whether to sign up.This is Money · 26 Oct, 12:56
• Revolut to take fight to high street banks with UK personal loansRevolut is ramping up its battle with high street banking giants with the launch of personal loans in the UK market. The digital bank said on Monday it would begin offering loans between £2,000 and £25,000, which will be repayable over one to five years. The firm has insisted loans will have “transparent terms” and [...]City AM · 26 Oct, 10:12

In this story: Revolut · Francesca Carlesi · Lloyds Banking Group · Natwest · HSBC · Barclays · Santander · Nationwide

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