UK-based fintech Revolut announced it will start giving consumer loans in Romania, its second biggest market worldwide. Revolut has over 2 million users in Romania, representing about 10% of its worldwide clients.

Revolut customers can apply for consumer loans directly in the app. The company says it gives loans of up to RON 125,000 (EUR 25,500) in a few minutes. The credit agreement is signed with a qualified electronic signature, and the funds are instantly made available to the customer's account.

"The consumer loan - Revolut style, is easy to obtain, directly from the application, in a few simple steps, and very transparent in terms of costs - the only cost that is charged is the interest. There are no issuance and early repayment fees and no other hidden costs. The loan is currently available to Revolut customers with a credit history whose income can be verified online, but it is a phased process and soon we will be able to add other supported categories,” said Gabriela Simion, general manager of Revolut Romania.

The product is offered only in the local currency RON, with fixed interest throughout the loan period, and a maximum duration of 60 months. The interest rate varies between 6.99% and 15.59%, depending on the customer's credit profile.

Revolut also says it allows its customers to change their monthly repayment date, make partial or full repayments directly from the app, and check their credit report at any time.

"This is just the beginning. In the near future, we plan to add other low-cost credit products that will help millions of Romanians to manage their daily expenses more efficiently," added Gabriela Simion.

Romania is the fourth European market where Revolut Bank launches its consumer loans, after Poland, Lithuania and Ireland.