Customers can borrow anything from $5,000 to $50,000, with term lengths from one to seven years.

Revolut senior credit product manager Steven Pillon said the rate cut makes the product even more competitive and highlighted the lender's smooth application process.

"You can get a personalised quote in under a minute without impacting your credit score," Mr Pillon told Savings.com.au.

"If your application is approved the cash will instantly be available in your Revolut account."

Like with most personal loans, customers will pay different rates depending on the level of risk they represent.

The lowest rate available is now 6.56% p.a (with the same comparison rate*) - all the way to an upper limit of 24.99% p.a (with matching comparison rate*).

This product is available to borrowers with a good credit history and isn't limited to paying Revolut customers.

According to RBA statistics, fixed personal loans funded in September 2024 had an average rate of 10.95% p.a.

Revolut also doesn't charge monthly fees, exit fees or fees for early repayments - although there may be an upfront establishment fee included in the initial quote.

What is Revolut?

Revolut is a subscription-based fintech that offers a few different services.

Customers can make payments, exchange currency, and invest in growth assets like crypto, stocks or commodities through the platform.

It has a lending licence (as you'd hope) and is currently in the process of applying  for an Authorised Deposit-taking Institution (ADI) license from APRA.

If you aren't currently a customer, you'll be able to get a personalised quote on the website, but will then need to download the app to continue the application.

By doing so, you'll automatically sign onto the fintech's Standard plan, which doesn't cost anything.

Personal loan rates in Australia

Like savings accounts and home loans, personal loan rates generally follow the RBA cash rate.

When cash rate increases began in May 2022, both fixed and variable personal loan rates started to increase.

Since the latest hike (November 2023), rates on fixed rate personal loans have generally ranged between 10.5% p.a and 11% p.a, while variable rates have fluctuated between 8.50% p.a to about 9% p.a. 

A surge in rate cuts on fixed rate home loans, realised throughout August and September, seemingly wasn't reflected in the personal loan market.

In October, CommBank cut both secured and unsecured fixed rate personal loans, but the rest of the big four kept rates steady.

Revolut Unsecured Personal Loan: Eligibility

To be eligible for a Revolut personal loan, customers must be:

  • An Australian citizen or permanent resident
  • At least 18 years old.
  • Have no adverse credit events
  • Employed, or self employed for at least one year, with a minimum income of $2,000 per month after tax - $26,000 per year.

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On the hunt for a personal loan? Below is a selection of the PL products available on the Australian market right now

Rates
Features
Fees
Other
Lender
FixedUnsecuredN/AN/AMore details

Unsecured Personal Loan (Excellent Credit) (5 Years)

    More details
    FixedUnsecuredN/AN/AMore details
    • No ongoing or early exit fees
    • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
    • Get a quick decision. Funds in 24 hours if approved
    • Loan amounts of up to $75,000, and up to $100,000 for home improvement projects and motor vehicles
    Disclosure

    Low Rate Personal Loan Unsecured (Exceptional Credit) ($5k-$100k) (5 Years)

    • No ongoing or early exit fees
    • 1-7 years loan terms. Pay monthly, fortnightly, or weekly
    • Get a quick decision. Funds in 24 hours if approved
    • Loan amounts of up to $75,000, and up to $100,000 for home improvement projects and motor vehicles
    More details
    Disclosure
    Important Information and Comparison Rate Warning

    All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

    The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

    Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of June 15, 2025. View disclaimer.

    Important Information and Comparison Rate Warning

    Picture from Revolut