International fintech Revolut offering personal loans: How they top the big banks

UK-based fintech, Revolut, has brought its competitive personal loan offerings across the world to the Australian market. It’s a timely reminder that comparing lenders outside of the big four banks could save you significantly in interest repayments.

Revolut has over 35 million personal users across the globe. In 2019 it expanded its operations to Australia and now boasts nearly 500,000 customers here as well. It allows users to send and request money through its mobile app, and the fintech has also expanded its offerings to include credit and personal loans.

Revolut's foray into the Australian personal loan market marks a shift in the financial landscape, challenging the dominance of the big four banks. With its global success and the introduction of competitive personal loan offerings, Revolut provides a compelling alternative for borrowers seeking favorable terms and lower interest rates.

Unsecured Personal Loan (Excellent Credit)

• 1 to 5 years
• Unsecured
• Fixed Rate

You can apply for this competitive personal loan via the Revolut app or website, pay no ongoing fees, and quickly receive your funds.

Interest rate p.a.

6.99%

Comparison rate* p.a.

6.99%

More details

FeaturedAustralian Credit Licence: 517589 Revolut terms and conditions

All about Revolut personal loans

Revolut offers eligible customers unsecured personal loans between $5,000 and $50,000, with a fixed rate term of 1 to 7 years.

There are no monthly fees, and individual borrowers will pay an interest rate determined by risk-based pricing. This means that your interest rate may be determined by your credit history and score.

Revolut’s unsecured personal loan interest rates start from 6.99% (comparison rate 6.99%), making it one of the most competitive providers on the RateCity database. 

How to apply for a Revolut personal loan

You can apply for a loan by either visiting Revolut's website and requesting a personalised quote or by using the Revolut app. 

Applying via web

Hop on to the Revolut website and provide some basic details, such as the loan amount and loan purpose, as well as personal information like your name and date of birth. You will then be matched with a credit bureau, which will help to provide you with your personalised rate. Keep in mind that this process will not impact your credit score. 

Applying via app

1. Visit Accounts → Select + Add new → Get a loan/Credit Card.
2. Advise how much you want to borrow and your preferred repayment timeline.
3. Fill in a short application form.
4. If your application is approved, sign an agreement and receive your money instantly.

How Revolut compares to the big four banks

Online-based lenders, like Revolut, are able to compete with major institutions by offering lower interest rates and fewer fees. In fact, at the time of writing Revolut’s lowest rate for excellent credit customers is 6.99%, which falls in the top 10% of unsecured personal loans on the RateCity database.

Both the big four banks and Revolut use risk-based pricing to determine the interest rate you may be offered. With this in mind, here is how each provider’s interest rate range compares.

As you can see, the interest rate range on a $25,000 3-year unsecured personal loan differs significantly from Revolut to the big four banks. Only NAB offers a comparable minimum interest rate, however, the maximum you may be offered is still 370 basis points higher.

In terms of your personal loan repayments, Revolut personal loans also come out on top. Despite NAB having the same minimum interest rate in its range, it charges greater application and ongoing fees than Revolut personal loans (which does not charge monthly fees). 

As consumers increasingly seek competitive products and innovative fintech, Revolut's international success and competitive personal loan offerings highlight the importance of exploring alternatives outside of the big four banks.

Compare personal loans

Provider

Real Time Rating™Interest rate p.a.Comparison rate* p.a.Monthly repayment

6.57%

up to 8.48%

7.19%

up to 13.58%

$920

More details

Australian Credit Licence 488228

Fees & charges apply

Australian Credit Licence 488228

Fees & charges apply

Low Rate Personal Loan Unsecured (Excellent Credit)

• 2024 Award Winner
• 1 to 7 years
• Unsecured
• Fixed Rate
• No ongoing fees

7.24%

up to 9.39%

7.24%

up to 10.31%

$930

More details

Australian Credit Licence 286596

Fees & charges apply

Australian Credit Licence 286596

Fees & charges apply

Unsecured Personal Loan (Excellent Credit)

• 3 to 7 years
• Unsecured
• Fixed Rate
• No ongoing fees

6.75%

up to 26.95%

6.75%

up to 26.95%

$923

More details

Australian Credit Licence 411227

Fees & charges apply

Australian Credit Licence 411227

Fees & charges apply

No Fee Personal Loan

• 2024 Award Winner
• Special
• 1 to 7 years
• Unsecured
• Fixed Rate

5.76%

up to 24.03%

6.55%

up to 24.99%

$909

More details

Australian Credit Licence 474726

Fees & charges apply

Australian Credit Licence 474726

Fees & charges apply

Unsecured Personal Loan (Excellent Credit) (Amount > $5000)

• 2024 Award Winner
• 3 to 5 years
• Unsecured
• Fixed Rate
• No ongoing fees

6.57%

up to 8.48%

7.19%

up to 13.58%

$920

More details

Australian Credit Licence 488228

Fees & charges apply

Australian Credit Licence 488228

Fees & charges apply

Low Rate Personal Loan Secured (Excellent Credit)

• 1 to 7 years
• Secured
• Fixed Rate
• No ongoing fees

6.99%

6.99%

$926

More details

Australian Credit Licence 517589

Fees & charges apply

Australian Credit Licence 517589

Fees & charges apply

Unsecured Personal Loan (Excellent Credit)

• 2024 Award Winner
• 1 to 5 years
• Unsecured
• Fixed Rate
• No ongoing fees

6.99%

6.99%

$926

More details

Australian Credit Licence 517589

Fees & charges apply

Australian Credit Licence 517589

Fees & charges apply

Unsecured Personal Loan (Very Good Credit)

• 1 to 3 years
• Unsecured
• Fixed Rate
• No ongoing fees

7.49%

up to 13.95%

8.33%

up to 17.58%

$933

More details

Australian Credit Licence 393845

Fees & charges apply

Australian Credit Licence 393845

Fees & charges apply

Personal Loan (Excellent Credit)

• Via broker
• 1 to 7 years
• Secured
• Fixed Rate

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