Digital bank Revolut takes on the high street banks as it launches UK personal loans with rates from 6.9%
Revolut's unsecured personal loans, ranging from £2,000 to £25,000, carry rates from 6.9% to 29.3% APR, with funds reaching approved customers within minutes.
The unsecured loans run from £2,000 to £25,000 over one to five years, at rates of up to 29.3% APR, with cash arriving within minutes of approval. Only a select group can apply for now, and a phased rollout to its 14 million UK customers will take several months. It is the firm's first credit product since winning a full banking licence. UK chief executive Francesca Carlesi wants Revolut to become 'the primary bank of choice'.
A credit card is coming soon, and Revolut eventually plans to move into mortgages.
Carlesi promised there will be no fee for repaying loans early.
Revolut's private valuation of $115 billion is bigger than Barclays and NatWest.
