Revolut has started offering unsecured personal loans in the UK, its first credit product since it received a full UK banking licence. Loans run from £2,000 to £25,000 over one to five years, with rates from 6.9% to 29.3% APR, according to reports from Reuters and The Paypers published around 26–27 October.

What was launched

  • The whole application lives in the app: customers search for “Personal Loan” and start right there.
  • The first eligibility check uses a soft credit search, so it does not affect the customer’s credit score.
  • The rollout is staged: a selected group of customers first, then the rest of Revolut’s 14 million UK customers over the coming months.
  • Next on the list, according to the company: a UK credit card and, later, mortgages.

Why it matters for other lenders

Revolut did not invent a new kind of loan. What it changes is distance: the loan is one tap away from the place where people already see their salary and spending. Banks and lenders that still send customers to a separate form, a branch or a PDF compete with that experience now, not with each other.

The cautious rollout is just as telling. Opening credit to a small group, watching how it performs and widening access step by step is how lenders keep risk under control when they enter a new segment.

What lenders can copy

  • A soft check before the full application, so people see whether they qualify without a mark on their credit file.
  • Pre-filled data for existing customers instead of a long form.
  • Limits and rates that change with the customer’s history, not one offer for everyone.
  • A rollout by segment, with decision rules you can change without a release.

In lendhero, these steps are settings rather than projects: the application form, soft and hard bureau checks, segment-based offers and the decision strategy are configured in the admin panel, and a new product can be opened to a test group first.

Sources: Reuters, The Paypers, Retail Banker International, Revolut help centre.

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