Revolut has announced that Romanian customers are able to apply for consumer loans in their local currency.
Users will be able to access loans up to RON 125,000 within a few minutes. The app will also allow customers to edit their monthly repayment plans, make direct payments, and check their credit reports.
Romania is Revolut’s second largest market globally with over 2 million customers, comprising about 10% of their user base.
Gabriela Simion, general manager of Revolut Romania, commented: "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 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.
"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.”
Consumer loans will be offered with a fixed interest rate throughout the loan period, which can go up to 60 months. Depending on the user’s credit profile, interest rates can vary between 6.99% and 15.59%.
This service is already available for users in Lithuania, Poland, and Ireland.
Last week, Revolut attracted over 1.5 million users in 32 countries to its ‘Learn and Earn’ crypto education course.