Revolut Personal Loan
- Interest Rate (p.a.)
- 6.56% to 24.99%
- Comp. Rate (p.a.)
- 6.56% to 21.79%
- Min Loan Amount
- $5,000
Summary
Get access to funds in seconds and pay no ongoing fees with Revolut. Borrow up to $50,000.
3 things to consider about this loan:
- Unsecured loan: This loan is unsecured which means your rate may naturally be higher than a secured loan.
- Fixed rate: Your rate will remain the same for the life of the loan.
- Application fee: The application fee varies depending on the applicant’s circumstances.
Pros
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There are no monthly or annual fees.
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If you’re approved, you can get the money in seconds.
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You can make extra repayments and repay the loan early with no penalty.
Cons
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The application fee can be up to $499 depending on your circumstances.
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You have to repay monthly. You can’t choose to repay weekly or fortnightly.
Details
Product details
| Product Name | Revolut Unsecured Personal Loan |
| Interest Rate (p.a.) | 6.56% to 24.99% |
| Comp. Rate (p.a.) | 6.56% to 21.79% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $50,000 |
| Loan Security | Unsecured |
How does the Revolut Unsecured Personal Loan work?
With a Revolut Unsecured Personal Loan you could borrow between $5,000 and $50,000 for any personal use, such as debt consolidation, a holiday, home improvements or buying a vehicle.Rates are personalised and start from 6.56%. They depend on two key things: your credit history and score, and your loan term.
There are no monthly or annual fees, late payment fees, or early repayment fees attached to this loan. Interest rates are fixed so your repayments will stay the same over the loan.
Features of this loan
- Unsecured loan: This loan is not backed against security.
- Personalised rate: Your interest rate for this loan will depend on your credit score and the loan term you choose.
- Online application: You can get a quote in seconds and then complete the full application online or on the app.
- Quick access to funds: If you provide all the information needed you can get approved within 1 business day and receive the funds in seconds.
- No ongoing fees: There are no monthly or annual fees to pay with this loan.
- Make extra repayments: You can make extra repayments towards this loan.
- No early repayment fees: If you make enough extra repayments to pay the loan off before your term ends, there are no penalties.
- Monthly repayments: You can only repay this loan in monthly repayments.
Eligibility criteria
To be eligible for this loan you must:
- Be at least 18 years of age or older
- Be an Australian citizen or permanent resident
- Be employed (or self-employed for at least 1 year)
- Receive an income of at least $2,000 a month after tax
- Have a good credit history (no adverse events)
- Have had no bankruptcies in the last 24 months
How to apply
Apply for the Revolut Unsecured Personal Loan on the Revolut website or in the app. Start by getting a quote and then completing the full questionnaire. You'll need to upload the following documents:
- Personal identification, such as a passport or drivers licence
- Bank details, including 90 days of bank statements
- Evidence of citizenship or permanent residence
- For self-employed applicants, the latest notice of assessment and individual tax returns
Revolut aims to respond by the next business day, as long as the applicant has provided all the right information. Funds are available within seconds once approved.
How much does the Revolut Unsecured Personal Loan cost?
There are no ongoing fees to pay with this loan, so the full costs for this loan could be:
- Interest rate: Fixed personalised interest rates from 6.56% to 24.99%.
- Application fee: $0 to $499 (depending on credit risk and loan term).
There are also no fees if you make a late repayment, if you go into arrears, if you make extra repayments or if you repay the loan early.
Your reviews
Rebecca Finder
Senior writer
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