Revolut to Take Fight to High Street Banks with UK Personal Loans
The digital bank will start with selected customers and expand to 14 million UK users as it moves deeper into consumer lending.
- Revolut launched personal loans in Britain, marking its first credit product since securing a full banking license and entering direct competition with high-street rivals.
- Following a lengthy wait for approval from regulators, Revolut secured a full banking license five years after its initial application, enabling the firm to expand beyond basic deposit accounts.
- The unsecured loans range between £2,000 and £25,000 with rates between 6.9% and 29.3% APR, with funds typically transferred within minutes through the Revolut app after approval.
- Revolut chief executive Francesca Carlesi noted that consumers face "unnecessary friction and complex fee structures" when borrowing, as the product rolls out in phases over several months to select customers.
- According to reporting in Reuters, Revolut plans to launch a credit card product in the near future and eventually enter the market for mortgages in Britain, expanding its banking services.
12 Articles
12 Articles
Evening Standard
Revolut takes on high street banks with launch of personal loans in UK
The unsecured loans, ranging between £2,000 and £25,000, offer ‘near-instant’ funds after approval.
Revolut to take fight to high street banks with UK personal loans
Revolut 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 [...]
Revolut has started selling unsecured personal loans in the UK, bringing Europe's most valuable fintech company into the lucrative consumer credit market dominated by the UK's biggest banks. This topic will also be discussed at the Portfolio Banking Technology conference on November 10. Register and get details here!
Revolut launches personal loans in UK, taking on major banks
Digital bank Revolut has begun offering unsecured personal loans in Britain, its UK chief executive Francesca Carlesi told Reuters, taking Europe's most valuable startup into a lucrative consumer lending market dominated by the country's biggest banks.
Coverage Details
Bias Distribution
- 63% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
