Revolut Offers UK Personal Loans From £2,000 to £25,000
By Abdelaziz Fathi
AI summary of the source article
Revolut has introduced unsecured personal loans ranging from £2,000 to £25,000 in the UK. The loans carry repayment terms between one and five years and APRs ranging from 6.9% to 29.3% under a phased rollout.
Why it matters
The move gives Revolut a new source of interest income and addresses a commercial challenge facing digital platforms by generating recurring revenue from existing users.
Key facts
- Revolut launched UK personal loans between £2,000 and £25,000 with APRs from 6.9% to 29.3% and terms of one to five years.
- UK CEO Francesca Carlesi stated Revolut aims to keep its UK loan-to-deposit ratio near 6% and eventually securitise much of the loan portfolio.
- The firm indicated that credit cards will follow in the UK, with mortgages planned as a longer-term ambition.
Source excerpt · FinanceFeeds
Revolut has launched unsecured personal loans in the UK, moving into a consumer-credit market dominated by established banks as the fintech seeks to turn its payments platform into a primary banking relationship for its 14 million British customers. The loans range from £2,000 to £25,000, with repayment periods of one to five years and annual percentage rates (APRs) between 6.9% and 29.3%. The pro…