According to an analysis carried out by Revolut, a third of Spaniards consider the possibility of obtaining credit from their banks essential. That is why, today, they have announced the launch of a new proposal. These are personal loans, and already many users of the Spanish market They can access loans for operations of between 1,000 and 30,000 euros from the Revolut app.
The loans presented by Revolut will work like any more traditional one. Thus, the amount requested by the client will be available between the account balance, as soon as it has been approved. Subsequently, the user must return the amount through monthly installments, the amount of which he must configure. Although the interest rate will depend on each user profile, we know that it will range between 3.49% and 14.49% fixed per year.
The implementation of loans in Revolut for the Spanish market is a surprise, but one that was already seen coming. Since last year, the platform has seen a 75% increase in its customer base in Spain, so the most natural thing was to see a greater care in the region by the company. In fact, in 2022 they released their credits in the European country. Now, Revolut hopes to hit the target of the real needs of the Spanish, and help them move forward financially.
Revolut is responding to the needs of our more than 1,400,000 customers in Spain with an innovative and flexible product that is at the forefront of financial innovation.
This is one more step in our mission to build a global financial superapp where our users can find all the services they need at their disposal to make Revolut their main account.
Eduardo Pérez Toribio, head of loan at Revolut for Spain and Portugal
Features Revolut loans
In its press release, Revolut reveals what they are the main features of your new personal loans. They are the following:
- Amount: from €1,000 to €30,000
- Term: from 3 to 96 months
- purpose: Include, among others, home improvements, vacations, vehicles, studies or personal expenses.
- Type of interest: Individual rate for each client, the TIN will range between 3.49% and 14.49% fixed per year.
- 100% management through the application: all of the process is done within the Revolut app itself (contracting, accessing the loan documents, changing the payment date, making early repayments without interest, etc.) with a fluid user experience, without friction, flexible and adaptable to the specific needs of each client.
- No hidden fees: There are no expenses for opening the loan, nor for the total or partial early repayment.
How to request your first loan in Revolut from Spain
Revolut has managed to integrate this feature into its mobile app, so the process is very simple. From the app, you can make the request, and according to the company comments. “From application to disbursement, it takes just a few minutes.” Thus, in a very short time you will have the money necessary for your needs.
Also, With the app you can manage everything related to your loans. From changing the monthly payment date of each installment, to consulting your monthly statements quickly. Everything is well integrated.
Of course, if you want to access Revolut’s borrowing feature, you’ll need to update the app to its latest version first. However, even then you may still not see the option available, and this is because the company is testing access to the loan product on a small percentage of the population. However, they claim that This amount will increase progressively until it reaches all customers..
If you want to sign up for the waiting list, Revolut leaves you the option. A) Yes, you will receive a notification as soon as the possibility exists to access it and start testing this new product.