Unsecured Personal Loan Target Market Determination

Issuer: Revolut Payments Australia Pty Ltd (Revolut Australia) (ABN 21 634 823 180 AFSL 517589)

Product: Revolut Unsecured Personal Loan

Effective Date: 16 / 11 / 2023

This Target Market Determination (TMD) seeks to offer an understanding of the class of customers for which this product has been designed, the distribution conditions, and how it is reviewed and monitored for ongoing appropriateness.

Product Description

A digital, low-fee unsecured personal loan with a tailored interest rate based on your individual financial situation, which may be used for personal purposes such as (but not limited to) home improvements, holidays, vehicles, weddings and debt consolidation.

Revolut’s unsecured personal loan also offers the flexibility of making additional repayments at no additional cost to assist customers who wish to get ahead on their repayments or pay off their loan early, and the ability for customers to select their own repayment date.

Key Eligibility Criteria

Key eligibility criteria include (but are not limited to):

Must be an individual
Must be 18 years of age or older
Must be an Australian citizen or permanent resident

Target Market and Product Attributes

The key attributes of the Revolut Unsecured Personal Loan are considered to be consistent with the likely objectives, needs and financial situation of the target market, as described below:

Customer Objectives and Needs	Product Attributes
Requires an unsecured loan for personal purposes for a fixed term	No security required Required loan amount and term is confirmed during the application process Not available for the following purposes: Ongoing living expenses Investment purposes or running a business Purchase of shares / digital currency Currency speculation / gambling
Is seeking a fixed interest rate and the certainty of consistent repayment	Interest rate and repayments are fixed (unless additional repayments are made)
Is seeking the option to make additional repayments	Additional repayments can be made at no additional cost
Is comfortable with accessing their account through digital channels	Accounts can only be accessed through the Revolut app or web app

Customer Financial Situation	Product Attributes
Has a stable income and the ability to make the required repayments without substantial hardship	The financial situation of the customer is considered in the application for every loan.
Requires no periodic account keeping fees	No ongoing account keeping fees. An establishment fee may apply.

Distribution Conditions

Revolut Australia applies the following conditions on the distribution of the product so that it is likely to be provided to customers in the target market:

Condition	Reason for Condition
The product can only be distributed by Revolut Australia following completion of an online application through either of the following channels: The Revolut Website The Revolut Personal App	Revolut Australia’s digital distribution model aligns to the target market’s preference to use digital channels.
All applications must capture the standard set of information required to complete a credit assessment, including mandatory verification activities.	The information capture and verification process for all applications enables Revolut Australia to understand the customer’s needs, objectives and financial situation and assess that the loan is not unsuitable.
A variety of marketing and promotional channels may be used, including digital and physical advertisements, social media, in-person advertising, and comparison / affiliate websites, subject to Revolut Australia’s internal approval process and rules (for example, gambling related affiliates are not allowed).	Although these channels may be used to provide information about the product, applications must be completed through the approved digital channels to ensure customers are always provided with a consistent set of information about the product and the plans available to them.

When will the TMD be reviewed?

The TMD will be reviewed on a minimum two year basis unless a particular event or circumstance occurs that might materially change the information contained in this TMD or suggest that it is no longer appropriate.

Periodic Review	Review triggers
The TMD will be reviewed at least every two years from its effective date, and within two years of every subsequent review.	A review of the TMD will be undertaken in the following circumstances, where relevant and applicable to the TMD: Introduction of new products or features. Changes to the existing features or products (including fee changes). Changes to the distribution method. External events such as regulatory change, adverse media coverage. Reporting and monitoring identifies a need for review.

Periodic Review

Review triggers

The TMD will be reviewed at least every two years from its effective date, and within two years of every subsequent review.

A review of the TMD will be undertaken in the following circumstances, where relevant and applicable to the TMD:

Introduction of new products or features.
Changes to the existing features or products (including fee changes).
Changes to the distribution method.
External events such as regulatory change, adverse media coverage.
Reporting and monitoring identifies a need for review.

Reporting and Monitoring

As issuer and distributor of the product, Revolut will collect and analyse the following information to ensure the TMD remains consistent with how the product performs in the market:

Product performance data: Loan approval rates, repayment behaviour and default rates
Customer feedback and Complaints: Customer feedback on product experience, including the volume and category of complaints received.
Feedback from other sources: Feedback from other sources including regulators, funders and other entities within the Revolut Group.
Significant dealings: Revolut becomes aware of a significant dealing of the product that is not consistent with the target market as described in this TMD.

Distributor Reporting

Any external distributors are required to report to Revolut Australia the following information:

The number of complaints about the product, categorised by root cause, on a quarterly basis.
Any significant dealings not consistent with this TMD, as soon as practicable and within 10 business days

The information in this TMD is not financial advice and does not take into account your individual objectives, financial situation or needs. Before acting on the information in this document, you should consider the product’s appropriateness having regard to your personal circumstances.