Revolut Bank launches the interest-only consumer credit in Romania

Revolut, the global financial super-app with over 20 million customers worldwide, has today announced the launch of its credit offering to the Romanian market. First Romanian customers of Revolut Bank have been invited by the super-app to apply for the unsecured personal loan.

This is the first loan product the super-app is offering to its Romanian customers. Existing Revolut users can apply directly in the app and get up to RON 125,000 in a matter of a few minutes. The credit contract is signed with a qualified electronic signature and the funds are disbursed instantly into the customer account. Customers will be able to change their monthly repayment date, make partial or full repayments directly from the app and check their credit statement at any point in time.

Gabriela Simion, General Manager for the Revolut Branch in Romania, commented:

The personal loan, the Revolut way, is easy to get, directly from the app with a few simple steps, and very transparent in terms of pricing –  the only charge that customer needs to pay is interest rate and has no fees – no issuing fees, no fees for early repayment or other hidden fees. Initially the product is offered exclusively to existing Revolut customers that have credit history and their income can be checked online. It is a phased evolutive process and we are planning to diversify the range of categories accepted soon.

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The loan is offered in the local currency RON, with a fixed interest rate for the entire period of the loan and a maximum tenor of 60 months. As with all Revolut services, we think about the customers first and strive to provide them with a completely different personal finance management experience. Our product is available 24/7 in the app and gives customers freedom to access the product only when they need it for the amount they need – without any hassle or extra fees when getting a loan or repaying it. This is only the beginning and we are planning to add new low cost products that are meant to help millions of Romanians to better manage their day to day finances.”

Consumer credit

• consumer credit up to RON 125,000
• interest rate between 6.99% – 15.59 %, based on customer profile
• repayment period up to 60 months
• loan approval and management – 100% online
• money available immediately after positive credit decision, possibility to apply anytime and from anywhere

With over 2 million retail customers, Romania is the fourth European market where Revolut launched the credit product after Poland, Lithuania, Ireland.

According to a survey conducted by an independent research institution on behalf of Revolut, Romanians’ appetite for banking and financing products is focusing on fast, accessible and safe ways of getting access to money. 27% of the respondents would be interested in getting a credit card, 20% a personal loan and 11% a Buy Now Pay Later (BNPL) product in the next 12 months. At least 58% of the respondents mention as main reasons for using the fintech solutions the cost (less expensive than traditional banks), the speed (57%), the safety of the services (37%) and the diversity of banking operations (22%).
Revolut entered the Romanian market officially in 2018, with payments and fast transfers operations. Since then, it has signed-up over 2 million customers in Romania and the financial super-app became no. 1 option for the fintech adopters, with 78% mentioning Revolut as the most used app for all-things-money.

Revolut received its European banking license in late 2018 from the Bank of Lithuania and the European Central Bank (ECB). Since then, the company has been working to operationalize the bank from the ground up and actually is present in 30 markets in EEA and has 15+ million customers (retail and business), including Romania.