British fintech Revolut has announced that it will start providing consumer loans in Romania, its second largest market worldwide. Revolut has over 2 million users in Romania, which is around 10% of its global customers.
Revolut customers can apply for consumer loans directly in the app. The company claims that it provides loans of up to RON 125,000 (EUR 25,500) within minutes. The credit agreement is signed with a qualified electronic signature, and the funds are instantly made available in the customer’s account.
“The consumer loan – Revolut style, is easy to get, directly from the app, in a few simple steps, and very transparent in terms of costs – the only cost that is charged is interest. There is no no origination and prepayment fees and no other hidden costs The loan is currently available to Revolut customers with a credit history whose income can be verified online, but it is a step-by-step process and we may add more supported categories soon,” said Gabriela SimonCEO of Revolut Romania.
The product is offered only in the local currency RON, with fixed interest for the entire term of the loan and a maximum term of 60 months. The interest rate varies between 6.99% and 15.59%, depending on the customer’s credit profile.
Revolut also says it allows customers to change their monthly repayment date, make partial or full repayments directly from the app, and check their credit report at any time.
“This is just the beginning. In the near future, we plan to add other low-cost credit products that will help millions of Romanians manage their daily expenses more efficiently,” added Gabriela Simion.
Romania is the fourth European market where Revolut Bank is launching its consumer loans, after Poland, Lithuania and Ireland.
(Photo source: the company)