Digital bank Revolut recently revealed that it has expanded its financial services in Germany by offering personal loans.
As noted in the update from Revolut, existing clients may now apply for loans, which can range anywhere between €1,000 and €50,000 via the platform’s Fintech app with only a few clicks.
The full process, including a credit check based on salary payments, is reportedly handled quickly and without incurring any extra charges.
The new offer targets those consumers requiring financing to take care of personal expenses like securing housing, travel-related costs, or major purchases like paying for a new automobile.
As reported by local sources, repayment is completed in equal monthly instalments with interest rates established based on a client’s creditworthiness.
In addition to these services, Revolut supports flexible loan terms from 12 to 96 months.
Christoph Kuban, Head of Lending Germany at Revolut, stated:
“Even in this case, we have placed the needs of the customers at the center of our offer and brought a credit product onto the market, which distinguishes itself through easy handling and full control for the users from the competition.”
As covered recently Revolut, the global financial super app with more than 30 million customers worldwide, has launched its services in New Zealand, “delivering Kiwis a first of its kind digital money experience.”
For the first time ever, New Zealand residents will “get access to Revolut’s seamless, safe and secure money app that enables them to affordably hold, send and spend in multiple currencies locally and when travelling, as well as save, track and manage all of their finances in one digital location.”
More than 26,000 Kiwis have already “registered their interest in joining the Revolut platform by signing up to the waitlist over a 12-month test period.”
Revolut’s launch marks a momentous milestone “for financial services technology in New Zealand.”
Disrupting the financial sector
According to a recent survey by Consumer NZ, almost 40% of Kiwi consumers “don’t trust their banks which is unsurprising considering that collectively the sector recorded profits after tax of $1.5 billion since the March 2023 quarter yet have continued to under index when it comes to their digital offerings.”
The continually high bank profits is “demonstrative of the lack of competition available to consumers in New Zealand, and so by penetrating the financial services market in the country, Revolut hopes to both increase consumer choice and drive market competition.”