Revolut has announced the launch of its personal loan offer in the Spanish market. The loan request, for operations between 1,000 and 30,000 euros, can be made directly in the Revolut application. The entire process, from application to disbursement, takes just a few minutes.

The Revolut application will allow customers to manage their loan at any time, changing the monthly payment date of the installments, repaying part or all of the amount borrowed for free, and easily consulting their monthly statements. The interest rate will be adapted to the profile of each user, ranging from an approximate range between 3.49% and 14.49% fixed annual (TIN). The loan does not have any other cost, nor opening expenses nor total or partial cancellation.

To access the loan product, Revolut customers must download the latest version of the app. In a first phase, access to the loan product will be limited to a small group of customers, which will gradually increase as the product is deployed on the market, until it is available to all regular customers of the application. However, all consumers interested in the service can register on the waiting list, and will receive the invitation to apply for their loan as soon as that possibility exists.

The Revolut loan will work like a traditional loan in that the amount requested by the customer is disbursed into the Revolut account instantly upon approval. Next, the client must repay the loan through monthly installments of the same amount, which include both the capital borrowed and the interest. After paying the first installment, the user will be able to choose the most convenient payment day, thus facilitating financial planning.

“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.", explained Eduardo Pérez Toribio, Head of Lending at Revolut for Spain and Portugal.

The launch of consumer loans in Spain comes after a year in which Revolut has grown exponentially in the Spanish market. With a 75% increase in the customer base last year, the company has focused on redoubling its efforts in the country, growing the team to offer more personalized products that respond to the real needs of Spanish users. . Thus, a recent survey carried out by Revolut and Dynata reveals that a third of Spaniards considered that credit products are among the portfolio of essential functionalities that their bank should offer, and 19% of young people between 18 and 34 years of age affirm that although they have tried to request a loan from time to time, they gave up during the process because it was too complex.

According to Eduardo Pérez Toribio, “asking for a loan should be a clear and simple process. As in all Revolut services, when planning our offer of personal loans we have put the customer's needs at the center, striving to offer a different product from those that already exist on the market. Our goal is that our loans are a really useful tool for managing personal finances responsibly".