Poll: Would you use Revolut to obtain a loan? πŸ“Š


#1

How likely would you be to use Revolut to obtain a loan if it could be approved in the app in a matter of minutes and cost roughly half as much as typical credit cards?

1 very unlikely - 5 very likely

  • 1
  • 2
  • 3
  • 4
  • 5

0 voters


Finance your purchases
What are the services rendering by other financial institutions that Revolut didn't does?
#2

I think this really depends on a lot of information that isn’t in the survey prompt.

Rates for CC’s vary from 5-25% APR (or lower/higher) so β€œhalf” is a bit vague, and I don’t know what the terms of the loan are (is it intended as short term? long term?).


#3

Hello @ryanbruce,

We plan to send out some more information very soon on what we’re thinking. Would be great to get some more feedback from you then. :r:


#4

I would not take a loan, not because it’s a bad idea but I think that if you don’t have the money you don’t buy things :smiley: but I would give a loan. I think it you would be great if you could lend money for a short amount of time for some interest rate


#5

Depends on the conditions but for me would be great thing!!


#6

Are you guys considering getting a banking license to originate loans or is this more of an agency concept similar to Funding Circle, Zopa, Ratesetter and the likes ?


#7

We’re evaluating all potential options but are leading towards a Peer2Peer agency concept along the lines of Zopa/Ratesetter etc. Aim would be to allow customers to borrow instantly at around 5-10% APR per year and give them full flexibility on how they want to repay.


#8

@AndreasK Are we likely going to get this feature maybe next month?


#9

Hey guys,

We’re excited to announce that we’ll have launched it by the end of the month :tada: :confetti_ball:

Keep your eyes peeled :heart_eyes::r:


#10

@AndreasK the rate of your feature announcements makes me dizzy. :flushed:


#11

Nice feature ! exactly that i need !


#12

Dunno: what’s the difference with crowdfunding?


#13


#14

HI there - the loans will be sourced from individuals via a P2P platform (so in essence a type of crowdfunding). That way we cut out the banks (and their high costs/inefficients) in order to give our users a great opportunity to borrow at speed and at the most affordable rate :slight_smile:


#15

Any updates on this?


#16

Ping @Rishi @AndreasK


#17

Just a little bit more patience, it’s a matter of days :wink:


#19

Hmm, doesn’t this make Revolut into a credit card? In which case terms and conditions of the Consumer Credit Act (or whatever it’s called) would apply? Of course, I’d like that protection with the Revolut card – I wonder how Revolut plan to get around the regulations on this, because I somehow doubt they’ll be offering the full protections of the Act (joint liability with the merchant for purchases, transaction dispute resolution, etc.)…


#20

Somewhere here and in the latest app details, it is discussed as a P2P money lending option. Revolut is not borrowing money itself and it will be a consumer credit with fixed rates, not an overdraft option, I believe.


#21

If you would offer Loans also for other Residence Countries then the UK, i would take a Loan :slight_smile: