Revolut Bank launches zero administration, commission-free consumer loans

In the report, the bank states that the loans will not be subject to administration, commissions and other fees, but will result in a breakdown of the annual percentage charge rate for consumer credit. Annual salaries will start at 6.65%, depending on the client’s risk assessment.

When granting loans and credit cards, we do not charge clients hidden fees, we only apply annual salaries, one of the lowest in the market, says Virgilijus Mirks, director of Revolut Bank.

It is true that there is a consumer lender in the local market, which charges lower annual start-up rates.

In providing the service, the bank cooperates with Scorify.

Applications for a consumer loan are accepted in the Revolut mobile application, the process before receiving the money, adama, will take a few minutes, it will be possible to change the loan repayment rate on the day, in part or in full by borrowing free to pay early, and verify your loan at any time.

The service is available only to Lithuanian residents who have a Revolut account and receive income under an employment contract.

Revolut Bank has introduced credit cards, which, if you choose the standard plan, will not be subject to administration or monthly fees, although you will have to pay the courier for the delivery of the card. The credit limit of the card will reach 3,000 Eur.

Financial experts emphasize the need to break down the annual rate of the total price of consumer credit to a non-annual rate when evaluating a lender’s offers. J creditor consumers must publish.

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