Revolut is making waves in the Australian personal loan market with its unsecured personal loans starting at $396. Offering competitive interest rates as low as 6.99% and a fully online application process, this loan is a convenient option for anyone needing quick financial assistance without the need for collateral.
Here’s a detailed guide on Revolut’s unsecured personal loan, its benefits, application steps, and what you need to consider before applying.
What Is an Unsecured Personal Loan?
An unsecured personal loan doesn’t require any collateral like a house or car. Instead, approval is based on your creditworthiness and financial history.
While this means there’s no need to risk your assets, interest rates can sometimes be higher than those of secured loans. Revolut stands out by offering low interest rates that rival traditional banks, making their loans an attractive choice for many borrowers.
Why Choose Revolut’s Loan?
1. Fast and Simple Application
Revolut’s digital-first approach makes applying for a loan incredibly easy. The entire process happens online via the Revolut app, ensuring that you can apply anytime, anywhere. Once approved, funds are transferred to your account instantly, often within minutes.
This speed is ideal for emergencies, such as unexpected medical expenses or car repairs, or for planned purchases like home upgrades or travel.
2. No Collateral Required
Since the loan is unsecured, you don’t need to provide assets as security. This makes the loan accessible and stress-free, particularly for those who may not own property or high-value assets.
3. Competitive Interest Rates
With interest rates starting as low as 6.99%, Revolut offers better deals than many traditional banks. These rates depend on your credit score and chosen repayment terms, so borrowers with strong credit histories are more likely to secure the lowest rates.
4. Flexible Repayment Terms
Revolut provides repayment terms of up to 5 years, allowing borrowers to choose a plan that fits their budget. A longer repayment term means smaller monthly payments, while a shorter term reduces the total interest paid.
| Feature | Details |
|---|---|
| Loan Amount | Starting at $396 |
| Interest Rate | As low as 6.99% |
| Repayment Period | Flexible, up to 5 years |
| Application Process | Fully online |
How to Apply
Applying for a Revolut unsecured loan is quick and hassle-free. Follow these steps:
Step 1: Download the Revolut App
Get the app from the App Store or Google Play Store.
Step 2: Sign Up or Log In
Create a new account or log into your existing Revolut account.
Step 3: Access the Loan Section
Go to the Personal Loan section under the financial services tab in the app.
Step 4: Select Loan Details
Input the amount you wish to borrow (starting at $396) and select your repayment term.
Step 5: Review Terms and Conditions
Carefully review the interest rate, fees, and repayment schedule before proceeding.
Step 6: Submit Your Application
Once you submit, Revolut will assess your creditworthiness. If approved, the funds will be deposited into your account instantly.
Things to Consider Before Applying
Interest Rates and Fees
Revolut offers competitive rates, but your actual rate depends on your credit score. Check for any additional fees, such as:
- Early repayment penalties
- Processing fees
- Monthly service charges
Always review the terms to understand the total cost of the loan.
Repayment Period
A longer repayment term reduces your monthly payment but increases the total interest paid. Conversely, shorter terms save on interest but require higher monthly payments. Choose a term that balances affordability with overall cost.
Compare Offers
Even with its competitive rates, it’s wise to compare Revolut’s offer with those from other lenders to ensure you’re getting the best deal.
