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Revolut Personal Loans Ireland – How much can I borrow, fees, repayment terms and interest rates

REVOLUT this week rolled out the Revolut Bank Personal Loan to customers in Ireland.

This move follows the successful launch of Revolut Bank in the EEA amid the withdrawal of Ulster Bank and KBC from the Irish market.

FILE PHOTO: Woman holding smartphone with Revolut app in front of Revolut logo shown in this illustration taken February 4, 2020. REUTERS / Dado Ruvic / Illustration / File photo

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FILE PHOTO: Woman holding smartphone with Revolut app in front of Revolut logo shown in this illustration taken February 4, 2020. REUTERS / Dado Ruvic / Illustration / File photoCredit: Reuters
euro and coins - cash

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euro and coins – cashCredit: Getty Images – Getty

Revolut Bank received a full banking license from the European Central Bank, will make it possible to make Deposit Guarantee-backed bank accounts available to all Irish users by the end of the year.

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

HOW MUCH CAN I BORN?

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

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

And currency experts say you can enjoy interest rates starting from as little as 6.45%.

It is also completely free for customers to start making loan applications.

Most read in The Irish Sun

Revolut promises to disclose all costs in advance, with no hidden provisions.

It’s free to start applying for your loan, they say, and we’ll always tell you any upfront costs, with no hidden terms or complicated fine print.

HOW ARE THE ANSWERS?

Customers can choose which day of the month they want to repay their loan.

“Choose which day of the month you want to regularly repay your loan, so you can stay organized and stay on top of your finances,” says Revolut.

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

This also means you can borrow a higher amount.

WHAT IS THE RATE?

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

For example, a customer who borrows €3,500 for 48 months at an annual interest rate of 8.5%, will see a total payable of €4,140.96, with a monthly payment of €86.27.

Customers can apply for a loan instantly without filling out complicated forms, and will receive an answer on their profile within seconds.

EXPAND STUDENT DETECTIVE COMPANY

Revolut Europe CEO, Joe Heneghan, explains that the company is delighted to give Irish customers more competition.

“We are delighted to launch Revolut Bank in Ireland, giving Irish consumers more competition and innovation,” he said.

“With KBC and Ulster Bank about to exit the market, it is clear that a new bank is needed to compete with the old banks in terms of price and service.

“Customers can now apply for their interest on a Revolut Personal loan and we look forward to offering more innovative products this year.”

https://www.thesun.ie/money/8306010/revolut-personal-loans-ireland-how-borrow-fees/ Revolut Personal Loans Ireland – How much can I borrow, fees, repayment terms and interest rates

Fry Electronics Team

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