Apply for a personal loan

You can apply for a personal loan right away. The application process with Revolut is designed to be fast and simple, taking only a few taps to complete.

However, while the application itself is quick, the decision on your loan may take some time as we need to review your information. We work to provide a decision as soon as possible.

You most likely won't be eligible for a loan with us if you have a bad credit history or current overdue debts. We'll run a credit check when you apply.

You must be at least 18 years old, an Australian citizen or a permanent resident, and have a good credit history with no adverse events like late loan payments.
We also require you to be employed (for at least one year if self-employed) and have a minimum monthly post-tax income of $2,000 (approximately $26,000 per year before tax).

Besides these criteria, we assess your ability to afford the loan and ensure it meets our responsible lending obligations. While we consider these factors, other criteria may also be taken into account during your application.

We carry out a credit check to determine your eligibility.

All legitimate lenders, including Revolut, are required to perform a credit check to assess your financial situation and your ability to repay the loan responsibly. This credit check may impact your credit score.

You can apply for a loan in 4 steps:

1. Download the Revolut app and sign up for an account
2. Get your personalised rate: it doesn't cost anything and won't impact your credit score
3. Go to Accounts below your balance, tap Add new, and select Personal loan to complete your online assessment
4. If you're eligible for the loan and you accept our offer, we'll add the money directly to your Revolut account

You can borrow a personal loan with Revolut for amounts ranging from $5,000 up to $50,000. The final amount you can borrow is a personalised offer that depends on several factors, including your individual financial situation, credit history, and ability to comfortably repay the loan. You will see your specific offer during the application process.

Yes, it is possible to have more than one personal loan with Revolut. Whether you're approved for an additional loan depends on a review of your current financial situation, your ability to repay the new loan, and our lending criteria. You can check your eligibility for another loan by applying through the Revolut app.

The documents required to apply for a loan with Revolut can vary depending on your country and individual circumstances. Typically, the application process is streamlined, and we may only need to verify your identity and employment details. In most cases, you will need to provide:

• A valid ID (e.g. a passport or national ID card)
• Proof of address
• Proof of regular income, which may include recent payslips or bank statements

Our app will guide you through the process and let you know exactly which documents are needed to complete your application.

The main difference between a loan and credit is how the money is accessed and repaid.

A loan is a lump sum of money you receive all at once. You repay the full amount, plus interest, over a fixed period of time on a set schedule. Examples include personal loans or mortgages.

Credit is a flexible limit of funds you can borrow from as needed. You only pay interest on the amount you actually use, not the total credit limit. Examples include credit cards or a line of credit.

A personal loan is a fixed amount of money you borrow from a lender to pay for something you need, such as a holiday, car, home renovations, or to consolidate existing debts. You then repay the loan, plus interest, over a set period of time through regular, fixed payments.

What's a secured personal loan?

A secured personal loan requires you to use an asset you own, like a car, as collateral or security for the loan. This reduces the risk for the lender, which can often result in a lower interest rate for you. However, if you are unable to make your repayments, the lender has the right to repossess and sell the asset to cover the outstanding debt.

What's an unsecured personal loan?

An unsecured personal loan does not require you to provide any assets as security. The lender assesses your application based on your credit history, income, and ability to repay the loan. Because there is no collateral, unsecured loans typically have a higher interest rate than secured loans to reflect the increased risk for the lender.

At Revolut, we provide unsecured personal loans. This makes the application process simpler and faster since there's no need to value or verify an asset. It also offers you more flexibility to use the funds for a variety of purposes, from consolidating debt to funding a wedding, without tying up your valuable assets.