Question 1

What can I use my loan for?

Accepted Answer

Loans can be used for a range of things (as long as they're for personal use), such as:

- Buying a vehicle
- Making home improvements
- Holidays
- Refinancing or consolidating your debt

During the application process, you'll be asked to declare what purpose you intend to use the funds for.

You can't use the loan for business purposes, investments, or gambling.

Question 2

What does the interest rate depend on?

Accepted Answer

The actual interest rate you'll receive depends on 2 key factors:
 
- Your credit score and credit history
- The loan term you choose

It only takes a minute to get your quote, and finding out your rate won't impact your credit score. All we require is your basic personal details so we can match your details with the credit bureau.

Get a quote online or in-app.

Question 3

What is a 'comparison rate'?

Accepted Answer

Sometimes you'll see us refer to a comparison rate. Some lenders have fees that increase the true cost of a loan. The comparison rate is a version of the interest rate that factors in fees and charges, which you can use to more accurately compare Revolut Australia with other lenders. Lenders are usually required to list a comparison rate next to the interest rate in advertisements.

Question 4

Are there any loan fees?

Accepted Answer

Revolut’s unsecured personal loan has no ongoing monthly fees, and no early repayment fee.

However you may be charged an upfront establishment fee for processing a new loan application. The establishment fee will only be charged once your loan is funded, and will be added to your total loan amount, so that you won’t have to pay any fees out of your own pocket.

We'll make it clear upfront whether establishment fees apply when you get a quote with us. Getting a quote only takes a minute and won't impact your credit score.

Question 5

How much can I borrow, and what loan terms are available?

Accepted Answer

Revolut Australia offers personal loans from $5,000 to $50,000. You can request a loan amount in $250 increments, e.g. $5,000, $5,250, $5,500, and so on. We'll round to the nearest $250 based on what you enter.

We offer personal loans over a term of 1 to 7 years. A shorter loan term means less interest will be charged for the duration of the loan, and a longer term will result in a lower monthly repayment amount. Note that the loan term you choose will change the interest rate of your loan.

Get a quote to find out your personalised rate – it only takes a minute, and doesn't impact your credit score.

Question 6

What information is needed to apply for a loan?

Accepted Answer

To find out your personalised rate, you only need to provide a few basic details, including:
- The amount you'd like to borrow, and the purpose of your loan
- Your personal details, including your name, date of birth, and address, so we can match you with the credit bureau to provide you with your personalised rate 
- We'll also verify your phone number – you'll need this to continue with your application

In order to proceed with an application for a personal loan, you'll need to download the Revolut app and complete the identity verification  process (quick tip: have your identity document handy, e.g. passport or driver's licence, as this will speed up the process). If you're already a Revolut customer, you can skip this step and proceed directly with your application.

To complete the loan application, we'll ask you a few questions, including:
- What's your family situation?
- What's your residential status?
- What's your employment and income?
- What are your monthly expenses and liabilities?

You may also need to provide:
- Supporting documents to show that you're an Australian citizen or permanent resident (e.g. Australia passport, green medicare card, VISA grant notice)
- Bank statement information with details about your income, expenses, and liabilities from the last 90 days, and payslips upon request
- For self-employed applicants, the latest notice of assessment and individual tax returns

All this information will help us properly assess your loan application and make sure the loan is suitable for you.

Question 7

How long will the application / assessment take?

Accepted Answer

Step 1: Get a quote in a minute. 
We only need your basic personal information to provide you with your personalised rate, and estimated repayment amount. It takes a minute and doesn't impact your credit score.

Step 2: Complete the application in minutes
If you're eligible and would like to proceed, you’ll then need to download and open the Revolut app to complete your application. This will involve filling out a short questionnaire and then submitting it for assessment, including providing proof of citizenship / permanent residency, 90 days of bank statements, and other supporting documents.

Step 3: Our team will aim to get back to you in 1 business day.
We aim to process applications as fast as possible, and most applicants will hear back from us by the next business day. The time it takes for us to assess your application will depend on how accurately you complete the application, whether you've submitted the required documents, and if you've responded to our follow-up questions.

Step 4: Once your application is approved, you'll be notified by email, push notification, and in-app. Once you accept the loan agreement, you’ll receive your funds into your Revolut personal account instantly.

Question 8

Do you carry out credit checks? Does it impact my credit score?

Accepted Answer

Getting a quote to find out your personalised rate won't impact your credit score.

We'll record an enquiry on your credit file with the credit reporting body, Illion Data Registries Pty Ltd, only when you've completed a full credit application within our app and provided your consent.

Question 9

Do I need to download the Revolut app to get a loan?

Accepted Answer

If you're not an existing Revolut customer, you can get a personalised quote online without needing to download the Revolut app.

After this, if you'd like to continue to apply for a Revolut loan, you'll need to download and log in to the Revolut app in order to complete your application.

Downloading the Revolut app will allow you to progress your application in the app securely, and have 24/7 access to in-app chat support. Once approved, you'll receive your funds instantly into your Revolut personal account. You can also manage your loan within the app, including checking your balance, downloading statements, and making repayments.

If you're an existing Revolut customer, you'll need to apply for a loan within the Revolut app.

Question 10

Do I need to pay for a Revolut plan to get a personal loan?

Accepted Answer

No, you do not. You will be automatically assigned the Standard plan when you sign up as a Revolut customer, which has no monthly fees. This is so we can deposit the funds into your Revolut Personal Account if your loan is approved. Revolut offers other products and services, which you will also be able to access as part of the Standard plan (if you choose to do so).

Question 11

What could my loan look like?

Accepted Answer

Here's an example of a Revolut Loan for borrowers with an excellent credit history:

Suppose you borrow $10,000 for 36 months with an annual fixed interest rate of 6.99% p.a. (comparison rate 6.99% p.a.*).

With $0 upfront costs, no monthly fees, and no early repayment/ exit fees, your estimated monthly repayments will be $309.

The total estimated repayment amount will be $11,124 (including total interest cost) over the life of the loan.

You can get your personalised rate and estimated repayment amount in a minute, and it won't impact your credit score.

Loans That Fit the Bill

Borrow up to $50,000

Fixed rates, with no surprise fees

Why choose Revolut?

Get a quote with no credit score impact

Access your cash instantly

Repay flexibly, with no surprise charges

Your data is protected

Get a loan in 3 steps

Am I eligible?

Discover your personalised rate

$5,000 to $50,000

Loan amount

1-7 years

Loan term

$0

monthly fees

6.99%*-19.29%** comparison rate p.a.

Personalised fixed rate

Still have a few questions?

What can I use my loan for?

What does the interest rate depend on?

What is a 'comparison rate'?

Are there any loan fees?

How much can I borrow, and what loan terms are available?

What information is needed to apply for a loan?

How long will the application / assessment take?

Do you carry out credit checks? Does it impact my credit score?

Do I need to download the Revolut app to get a loan?

Do I need to pay for a Revolut plan to get a personal loan?

What could my loan look like?

Receive your rate today

Loans that keep you in the loop

Standard

Premium

Metal