Revolut launches its credit offering in Romania

Monday 22 August 2022 15:06 CET | News

Revolut has announced the launch of its credit offering to the Romanian market.

First Romanian customers of Revolut Bank have been invited by the super-app to apply for the unsecured personal loan.

This is the first loan product the super-app is offering to its Romanian customers. Existing Revolut users can apply directly in the app and get up to USD 25,585 in a matter of a few minutes. The credit contract is signed with a qualified electronic signature and the funds are disbursed instantly into the customer account. Customers will be able to change their monthly repayment date, make partial or full repayments directly from the app, and check their credit statement at any point in time.

With over 2 million retail customers, Romania is the fourth European market where Revolut launched the credit product after Poland, Lithuania, Ireland.

The personal loan

The personal loan, the Revolut way, is easy to get, directly from the app with a few simple steps, and transparent in terms of pricing as the only charge that customer needs to pay is interest rate and has no fees – no issuing fees, no fees for early repayment or other hidden fees.

Initially the product is offered exclusively to existing Revolut customers that have credit history and their income can be checked online.

The loan is offered in the local currency, with a fixed interest rate (6.99% - 15.59%) for the entire period of the loan and a maximum tenor of 60 months. The product is available 24/7 in the app and gives customers freedom to access the product only when they need it for the amount they need – without any extra fees when getting a loan or repaying it.

The Romanian market

According to a survey conducted by an independent research institution on behalf of Revolut, Romanians’ appetite for banking and financing products is focusing on fast, accessible, and safe ways of getting access to money. 27% of the respondents would be interested in getting a credit card, 20% a personal loan, and 11% a Buy Now Pay Later (BNPL) product in the next 12 months. At least 58% of the respondents mention as main reasons for using the fintech solutions the cost (less expensive than traditional banks), the speed (57%), the safety of the services (37%), and the diversity of banking operations (22%).

Revolut entered the Romanian market officially in 2018, with payments and fast transfers operations. Since then, it has signed-up over 2 million customers in Romania and the financial super-app became no. 1 option for the fintech adopters, with 78% mentioning Revolut as the most used app for all-things-money.

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Keywords: banks, fintech, super app, neobanks, product launch
Categories: Banking & Fintech
Companies: Revolut
Countries: Romania
This article is part of category

Banking & Fintech


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