Revolut has unveiled today the launch of its refinancing credit facility. The initial clients have already been invited to explore the personal loan refinance offer. Credit services are provided by Revolut Bank, licensed in Lithuania and under the ECB, operating across the European Economic Area.
Revolut celebrates reaching the milestone of 1.3 billion lei in approved credits and introduces a new offer following the launch of consumer credit in the local market in August 2022. With this refinancing feature, Revolut aims to help clients manage their monthly budget more effectively by consolidating existing credits into a single facility.
“Customers can opt for refinancing one or more credits granted in lei by other banks in Romania or by Revolut. Both personal loans and credit cards, as well as overdraft facilities can be refinanced. In addition, customers have the option to request an additional amount of money. As in the case of the consumer credit, the maximum amount granted is 200,000 lei”, said Cristian Voinea, Senior Product Manager Credits at Revolut.
The request for refinancing is made directly from the application, in a simple flow, without red tape and hassle. Information on credit facilities eligible for refinancing is automatically extracted from official sources and presented to the client in order to select the loans he wants to refinance, giving him the opportunity to see, in real time, the potential impact of refinancing on the total monthly payment.
Gabriela Simion, General Manager for the Revolut Branch in Romania, commented: “Our goal is to become a global financial application that provides clients, in one place, with everything they need to manage their personal budget. In Romania, this ambition is translated through the ecosystem of financial and lifestyle products and services, in only a few taps, with relevant benefits and transparent costs.
The next step in our strategy is to become the primary bank account of the Romanian people, and the launch of the personal needs loan with refinancing brings us closer to achieving this goal. We are happy to be the first market where we launch this product and keen to bring a popular banking approach, which is appreciated by millions of customers locally”.