Revolut Launches UK Personal Loans to Challenge Major Banks

Revolut Launches Personal Loans In The UK To Challenge Major Banks

Revolut has launched personal loans in the UK, putting it in direct competition with established banks. Customers can borrow between £2,000 and £25,000 without providing collateral. The launch, announced on 26 October 2026, marks a new step in the digital bank’s push into lending, beyond its existing payments and subscription services. Revolut will roll out the loans to selected customers first, with plans to make them available to more of its 14 million UK customers in the coming months.

October 26, 2026

Revolut enters the UK personal loan market

The loans carry interest rates ranging from 6.9% to 29.3%, depending on the offer made to individual borrowers. As unsecured loans do not require collateral, lenders assess borrowers' creditworthiness and ability to repay before approving applications.

Revolut will compete with NatWest, Lloyds, Barclays, HSBC and Santander's UK business. UK chief executive Francesca Carlesi said the company wants to move beyond being an everyday spending app and become the primary bank for customers.

Founded in 2015, Revolut serves over 80 million customers globally. The company has a private valuation of $115 billion. Despite its scale, the company generates less revenue per customer than established banking rivals and is looking to expand its range of financial products.

Credit checks and lending risks remain in focus

Unlike established banks, Revolut has a shorter history of lending in the UK and less customer repayment data to draw on. It will use credit information from external providers to help assess applicants. The company has not set a target for its UK loan book.

Revolut also plans to transfer much of its lending risk to investors through securitisation, a process in which loans are packaged into securities. Its target is to maintain a loan-to-deposit ratio of around 6%, well below those of many established banks.

Credit cards and mortgages could widen its challenge

Revolut plans to launch a UK credit card soon and eventually enter the country's mortgage market. These products could help it earn more from existing customers and encourage more people to use its accounts as their main banking service.

The move comes as households continue to face high living costs, while a weaker jobs market and rising inflation could make loan repayments harder for some borrowers. Revolut will also need to meet regulatory requirements and assess borrowers carefully. If it gets those decisions wrong, defaults could rise and eat into its lending income.