Customers can borrow anything from $5,000 to $50,000, with term lengths from one to seven years.
Revolut senior credit product manager Steven Pillon said the rate cut makes the product even more competitive and highlighted the lender's smooth application process.
"You can get a personalised quote in under a minute without impacting your credit score," Mr Pillon told Savings.com.au.
"If your application is approved the cash will instantly be available in your Revolut account."
Like with most personal loans, customers will pay different rates depending on the level of risk they represent.
The lowest rate available is now 6.56% p.a (with the same comparison rate*) - all the way to an upper limit of 24.99% p.a (with matching comparison rate*).
This product is available to borrowers with a good credit history and isn't limited to paying Revolut customers.
According to RBA statistics, fixed personal loans funded in September 2024 had an average rate of 10.95% p.a.
Revolut also doesn't charge monthly fees, exit fees or fees for early repayments - although there may be an upfront establishment fee included in the initial quote.
What is Revolut?
Revolut is a subscription-based fintech that offers a few different services.
Customers can make payments, exchange currency, and invest in growth assets like crypto, stocks or commodities through the platform.
It has a lending licence (as you'd hope) and is currently in the process of applying for an Authorised Deposit-taking Institution (ADI) license from APRA.
If you aren't currently a customer, you'll be able to get a personalised quote on the website, but will then need to download the app to continue the application.
By doing so, you'll automatically sign onto the fintech's Standard plan, which doesn't cost anything.
Personal loan rates in Australia
Like savings accounts and home loans, personal loan rates generally follow the RBA cash rate.
When cash rate increases began in May 2022, both fixed and variable personal loan rates started to increase.
Since the latest hike (November 2023), rates on fixed rate personal loans have generally ranged between 10.5% p.a and 11% p.a, while variable rates have fluctuated between 8.50% p.a to about 9% p.a.
A surge in rate cuts on fixed rate home loans, realised throughout August and September, seemingly wasn't reflected in the personal loan market.
In October, CommBank cut both secured and unsecured fixed rate personal loans, but the rest of the big four kept rates steady.
Revolut Unsecured Personal Loan: Eligibility
To be eligible for a Revolut personal loan, customers must be:
An Australian citizen or permanent resident
At least 18 years old.
Have no adverse credit events
Employed, or self employed for at least one year, with a minimum income of $2,000 per month after tax - $26,000 per year.
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The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of December 26, 2024. View disclaimer.
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For home loans, the base criteria include a $400,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.
*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.
Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.
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The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.
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Harrison Astbury
Harry O'Sullivan
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