Revolut Personal Loans Ireland – How Much Can I Borrow, Fees, Repayment Terms & Interest Rates

REVOLUT launched Revolut Bank Personal Loans to customers in Ireland this week.

The move follows Revolut Bank’s successful launch in the EEA amid Ulster Bank and KBC’s exit from the Irish market.

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FILE PHOTO: A woman holds a smartphone with the Revolut app in front of the Revolut logo displayed in this illustration taken February 4, 2020. REUTERS/Dado Ruvic/Illustration/File PhotoCredit: Reuters
euro banknotes and coins - cash money

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euro banknotes and coins – cash moneyCredit: Getty Images – Getty

Revolut Bank has received a full banking license from the European Central Bank which will enable the provision of deposit guarantee backed bank accounts to all Irish users later this year.

Revolut currently has payments business with over 1.7 million customers in Ireland.

HOW MUCH CAN I BORROW?

Revolut bosses say you can borrow “what you need, when you need it”.

Customers will be able to borrow amounts from as little as €1,000, up to €25,000 if you qualify.

And financial experts say you can enjoy interest rates starting at just 6.45%.

It is also completely free for customers to start their loan application.

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Revolut is committed to disclosing all costs up front, with no hidden strings attached.

They said, “It’s free to start your loan application and we’ll always tell you all the costs up front, with no hidden terms or complicated fine print.”

WHAT ARE THE REFUNDS?

Customers have the option of choosing the day of the month on which they wish to repay their loans.

Revolut says: “Pick the day of the month when you want to regularly pay off your loan, so you can get organized and stay on top of your finances.”

And with family loans, Revolut will consider your spouse’s income as well as yours when you apply for the loan.

It also means that you may be able to borrow more money.

WHAT IS THE INTEREST RATE?

Interest rates on Revolut Bank personal loans start at 6.45%.

For example, customers who borrow €3,500 over 48 months with an annual interest rate of 8.5% will see a total amount payable of €4,140.96, with a monthly payment of €86.27.

Customers can apply for a loan instantly without having to fill out complex forms and will receive a response to their application in seconds.

BUSINESS EXPANSION

Revolut Europe CEO Joe Heneghan explained that the company was delighted to offer more competition to Irish customers.

He said: “We are delighted to launch Revolut Bank in Ireland, providing Irish consumers with more competition and innovation.

“With the imminent withdrawal of KBC and Ulster Bank from the market, it is clear that a new bank is needed to compete with traditional banks in terms of price and service.

“Customers can now register their interest in a Revolut personal loan, and we look forward to introducing more innovative products this year.”

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