Revolut has announced its ambitions for France over the next two years, including the roll-out of customer credit products at the end of this month.
At a recent in-person press conference in Paris hosted by Antoine Le Nel, vice president of growth at Revolut, Le Nel stated that consumer loans will be available to its 2 million+ French users from the 30th of May.
Revolut have already launched this offering in a number of other markets, including Ireland, Lithuania, and Romania. However, Revolut Loans will be a new feature in France.
The Revolut Loans offering will be available exclusively to French residents with zero opening fees, and thanks to Revolut’s use of open banking, hardcopy paperwork will not be required to submit loan applications. Users will have almost instant feedback on their request.
Loans size will span amounts ranging from €1000 to €50 000, with a duration of 3 to 84 months at effective interest rates ranging from 3.90% to 21.12%.
According to Frandroid, Le Nel told the room of French journalists that they, “want to be the number one bank for our customers […] We are aiming for 100 million customers by 2025.”
While Mortgage payments are not a current offering, Le Nel assured the audience that this was something in the pipeline.