UK-based fintech company Revolut plans to launch consumer loans in Romania, where the super-app has more than two million users.
The company said it will allow customers to apply for consumer loans of up to RON125,000 (€25,500) through the app.
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Following the signing of the credit agreement with a qualified electronic signature, the funds would be made available instantly to the customer’s account.
Revolut Romania general manager Gabriela Simion was cited by romania-insider.com as saying: “The consumer loan – Revolut style, is easy to obtain, directly from the application, in a few simple steps, and very transparent in terms of costs – the only cost that is charged is the interest.
“There are no issuance and early repayment 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 phased process and soon we will be able to add other supported categories.”
Planned to be offered only in the local currency, the product will have fixed interest rates throughout the loan period. It would have a maximum duration of 60 months.
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By GlobalDataThe interest rate, however, would vary based on the customer’s credit profile and will range between 6.99% and 15.59%.
Furthermore, Revolut will allow for monthly repayment date for customers and make partial or full repayments directly from the app, which also allows customers to check their credit report at any time.
Simion added: “This is just the beginning. In the near future, we plan to add other low-cost credit products that will help millions of Romanians to manage their daily expenses more efficiently.”
In Europe, Revolut Bank has already launched consumer loans in Poland, Lithuania and Ireland.
