# Revolut Loans



## Komori (24 Mar 2022)

Was just looking today and they were offering loans at 5.98%, this is way below what I am paying AIB, just under 9% I think.
I have a small personal loan of €4000, was considering using a Revolut loan to pay off the AIB loan, up the repayment and cut the time left on it. 

They wanted to link to my AIB account which was basically giving them permission to nose around in it for up to 90 days. I understand they need to asses risk but found it very unusual. 
Put it off for the moment


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## MrEarl (24 Mar 2022)

Komori said:


> They wanted to link to my AIB account which was basically giving them permission to nose around in it for up to 90 days. I understand they need to asses risk but found it very unusual.
> Put it off for the moment



How else would you expect them to assess you for credit ?

A few years ago, a lender would have asked for 12 months bank statements,  to see how you manage your finances, now Revolut just do it electronically.


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## Baby boomer (24 Mar 2022)

Komori said:


> They wanted to link to my AIB account which was basically giving them permission to nose around in it for up to 90 days. I understand they need to asses risk but found it very unusual.


When you say "...link to..." your AIB account, what exactly does that mean?  Do they have read only access, or could they (in theory at least anyway) initiate transactions?  
Do you have to give them password / pin number details?


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## Komori (24 Mar 2022)

Baby boomer said:


> When you say "...link to..." your AIB account, what exactly does that mean?  Do they have read only access, or could they (in theory at least anyway) initiate transactions?
> Do you have to give them password / pin number details?


I presume it’s read only, I stopped the application before the end but I think the next step was to log in to my AIB online banking via the Revolut app so they can access it to check my finances,


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## Baby boomer (24 Mar 2022)

Komori said:


> I presume it’s read only, I stopped the application before the end but I think the next step was to log in to my AIB online banking via the Revolut app so they can access it to check my finances,


Wow!  That's intrusive.  Don't like the sound of that at all.


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## ThatNewGuy (25 Mar 2022)

That is regulated capability which was enabled by PSD2 regulations. They were brought in, among other things, to enable 3rd party service providers link to traditional bank accounts to make payments or share transaction / statement information. 
We'll see more and more "apps" that utilise PSD2 to provide services on top of traditional banking over the coming years.


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## Pinoy adventure (25 Mar 2022)

MrEarl said:


> How else would you expect them to assess you for credit ?
> 
> A few years ago, a lender would have asked for 12 months bank statements,  to see how you manage your finances, now Revolut just do it electronically.



How would they be able too check electronically??


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## MugsGame (25 Mar 2022)

As ThatNewGuy says, all the banks have to provide programmatic access to accounts under PSD2, e.g.





						Allied Irish Bank Developer Portal | API Product Overview
					

API Product Overview    Accounts API Our Accounts API will enable you to access account information, account balances and transactional history on customer accounts.




					developer.aib.ie
				




Each bank has their own API, but most of the APIs use similar frameworks or even an off the shelf solution. There are open banking bureaus that can simplify access so fintechs don't have to integrate to each bank individually.


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## FANTANA (25 Mar 2022)

Komori said:


> Was just looking today and they were offering loans at 5.98%, this is way below what I am paying AIB, just under 9% I think.
> I have a small personal loan of €4000, was considering using a Revolut loan to pay off the AIB loan, up the repayment and cut the time left on it.
> 
> They wanted to link to my AIB account which was basically giving them permission to nose around in it for up to 90 days. I understand they need to asses risk but found it very unusual.
> Put it off for the moment


I did just this on Sunday, Revolut loan into my account instantly and transferred it to my AIB account. Arrived Monday morning and I immediately paid off my AIB loan.


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## peemac (25 Mar 2022)

I can't see any issue. A computer operated by revolut wants to talk to a computer operated by AIB about an account #123456 and give it a score out of 10.

You score 7.56, so computer says yes.

You tick a few boxes and money is transferred.


Welcome to the new anonymous way of banking. Nosey assistants to assistant managers no longer trawl through 6 or 12 months of account statements with pointed questions on anything that is not perfect.

I like it. Don't need it, but definitely like it.


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## Laughahalla (26 Mar 2022)

I don't see this loan option yet in my Revolut app on my phone. Interesting.

Just reading that you need to have open banking set up/linked i.e. the bank you get your salary paid into linked with Revolut.

This is not possible with KBC. Revolut/KBC open banking cannot be set up.

BOI/AIB/PTSB & UB can be


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## dubdub123 (26 Mar 2022)

Anyone know if revolut/kbc link is on the way? Or does it look like its hard luck for KBC account holders.
Might give me a push to open and current account actually..


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## nephster (26 Mar 2022)

Laughahalla said:


> I don't see this loan option yet in my Revolut app on my phone. Interesting.
> 
> Just reading that you need to have open banking set up/linked i.e. the bank you get your salary paid into linked with Revolut.
> 
> ...


I don't have the loan option either - just the tab and the ability to sign up for the waiting list, which has been there for months. I did move to the new Revolut Bank this week and I *do* have open banking set up with my PTSB account, which is my primary account. So I dunno why I don't have the option.
My wife didn't get any notification about moving to Revolut Bank, is still on the the older Revolut Payments, doesn't have open banking set up, and yet was sent an "apply for a loan" notification and can indeed see the sliders etc. to decide on loan amount, repayment period and so on. 
Neither of us actually want to apply at this stage but bizarre I seem to have jumped through all the precondition hoops already but not there for me!


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## FANTANA (26 Mar 2022)

A quick tip if you do apply, when they ask your net income you need to be exact. I was off by one cent and it was declined due to failure to verify income. Once I entered it to the cent it went through.

They will ask you for proof of ppsn so I used a screenshot of my payslip. This was rejected as their software can only read PDFs. Problem is my payslip is password protected so I would use revenue correspondence as proof if I ever do it again.

I usually don’t top up my Revolut until I go to buy something so was worried I would forget to have funds a some stage when the repayment is due. They have an option to link the loan to your bank card so it auto tops up.


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## MugsGame (26 Mar 2022)

Laughahalla said:


> I don't see this loan option yet in my Revolut app on my phone. Interesting.
> 
> Just reading that you need to have open banking set up/linked i.e. the bank you get your salary paid into linked with Revolut.
> 
> ...


You have to opt in to join Revolut Bank (no charge) in the app before you can see the loan functionality. If they haven't offered it to you with a notification in app, they might be doing a phased roll-out.

I doubt it's worth Revolut's while integrating to KBC Ireland since they're exiting the market and smaller than UB (although, like UB, the KBC technology platform is used in multiple markets).


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## Komori (26 Mar 2022)

I only use my Revolut account for messing with crypto, national lottery on rare occasions and even rarer deposits to paddy power. So based on that they would probably reject it straight out


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## bish123 (27 Mar 2022)

FANTANA said:


> They will ask you for proof of ppsn so I used a screenshot of my payslip. This was rejected as their software can only read PDFs. Problem is my payslip is password protected so I would use revenue correspondence as proof if I ever do it again.


Payslips are generally password protected. Its very easy to open and save again without password using 'print as pdf' function. Try Google it - not that difficult.


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## lledlledlled (28 Mar 2022)

Is it possible to use Revolut Banking now as a replacement for a KBC *Joint *Current Account? 
I love the existing Revolut app but one of the disadvantages for me it the lack of Joint/Shared access.


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## Laughahalla (28 Mar 2022)

Check that your employer will facilitate using a non Irish Iban. Just noticed mine does not. Irish Ibans only.


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## peemac (28 Mar 2022)

Laughahalla said:


> Check that your employer will facilitate using a non Irish Iban. Just noticed mine does not. Irish Ibans only.


I had an issue with Airbnb with this. I then temporarily changed my "country of residence" to Lithuania and the iban was accepted. I then changed back to "Ireland".

That may have to be done to get the iban accepted.


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## demoivre (29 Mar 2022)

FANTANA said:


> I did just this on Sunday, Revolut loan into my account instantly and transferred it to my AIB account. Arrived Monday morning and I immediately paid off my AIB loan.


 
You applied for, were approved for and drew down the loan all in one day ?


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## FANTANA (29 Mar 2022)

demoivre said:


> You applied for, were approved for and drew down the loan all in one day ?


Yes the approval is instant, waited a few hours for them to accept my proof of ppsn. Got a notification late on Sunday that it was accepted and when I went in to draw it down it took another ten mins to credit my account. Being a Sunday it took until Monday for the transfer to show up in my AIB account.

Handy to know if you need a quick loan you can do it one day, a Sunday too!

Will keep the thread updated if I run into any issues at some stage.


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## Komori (30 Mar 2022)

demoivre said:


> You applied for, were approved for and drew down the loan all in one day ?


Anytime I get a loan or top up loan from AIB, it is in my account instantly. 
One time I was buying a car and told them I’d take it but must arrange finance. 
Applied on the app while he did my paperwork, two minutes later the money was in my account and I paid him straight away


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## demoivre (31 Mar 2022)

FANTANA said:


> Yes the approval is instant, waited a few hours for them to accept my proof of ppsn. Got a notification late on Sunday that it was accepted and when I went in to draw it down it took another ten mins to credit my account. Being a Sunday it took until Monday for the transfer to show up in my AIB account.
> 
> Handy to know if you need a quick loan you can do it one day, a Sunday too!
> 
> Will keep the thread updated if I run into any issues at some stage.





Komori said:


> Anytime I get a loan or top up loan from AIB, it is in my account instantly.
> One time I was buying a car and told them I’d take it but must arrange finance.
> Applied on the app while he did my paperwork, two minutes later the money was in my account and I paid him straight away



I'm amazed at those turnaround times especially for you Komori! 

My daughter applied to PTSB for a term loan last Friday and has heard nothing back since ! She enquired about the delay and was told the teams were very busy and couldn't give an accurate timeframe for approval which seems very odd to me !!   She's also with Revolut so it might be quicker to go that route.


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## Laughahalla (2 May 2022)

Still not showing the ability to apply for a loan on Revolut but interestingly my wife does.
Could it be an Android / Apple phone thing. She has Apple. I have Android.
Would be interesting to poll that.


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## nephster (2 May 2022)

Laughahalla said:


> Still not showing the ability to apply for a loan on Revolut but interestingly my wife does.
> Could it be an Android / Apple phone thing. She has Apple. I have Android.
> Would be interesting to poll that.


Still not there for me either; but we are both Android, so I think you can discount that theory. I went as far as asking the chatbot about it and it says it is still being rolled out on a phased basis...


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## nephster (4 May 2022)

...and just like that, is now an option for me in the app, following an email offering me a loan for a summer holiday!


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## Henry X (30 May 2022)

All very good if you are being approved but when declined they offer no explanation why despite going through all your bank accounts. Not a great experience just being declined and not understanding what you need to change to be approved in future.


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