As the digital banking boom continues to unleash more tech wizardry to help us get even more from our money, one British company is establishing itself as one of the country’s most successful fintech firms.
On a mission to simplify finance, Revolut is a popular online banking platform that provides a range of smart digital banking services in a handy mobile app. However you save, spend or invest, Revolut believes it’s all you need when it comes to your money.
Launched in 2015, it currently holds accounts for more than 35 million personal users and over 500,000 business users worldwide*, making it a popular choice for those who want banking innovation and convenience while on the go and at the touch of a button.
The financial ‘super app” boasts a multitude of features, from the use of a pre-paid debit card and £200-a-month free cash withdrawals to cryptocurrency exchange, savings, investments and international money transfers in 29 currencies with no additional exchange fees. A free UK current account and free euro IBAN account come as standard, and you can even earn cashback on travel accommodation and enjoy discounted airport lounge access*.
These benefits are, unsurprisingly, attractive to frequent travellers, as not only can the pre-paid card be used overseas, Revolut also automatically applies the most competitive exchange rate in that country at that time for over 150 currencies, making it super-easy to use – and a cheaper option than many other pre-paid cards and bureau de changes. Read more on how to use a Revolut card abroad in our FAQs below.
Upgrade your membership to a Plus, Premium, Metal or Ultra plan and you’ll benefit from even more perks, including more significant savings, priority customer support, bigger free ATM withdrawals, international transfer fee discounts and cashback earnings. Depending on your plan, Revolut also offers overseas medical, winter sports and lost luggage insurance, as well as concierge services, savings perks and mobile phone insurance – a handy extra to have whether you’re managing your money at home or abroad*.
Free cash withdrawals make using a Revolut card abroad or at home easy, too. For standard plans, there’s a Revolut withdrawal limit of £200 each month, or five cash withdrawals per rolling month (whichever you reach first) after which a 2% withdrawal fee is applied. Premium, Metal and Ultra plans offer higher withdrawal limits; Premium allowing up to £400, Metal up to £800 and Ultra up to £2000.
Revolut loans and Revolut credit cards are not currently available to UK residents*. However, they do have a customer base in Ireland, Lithuania, Poland, Romania, Spain, Australia, Germany, France and the United States.
People take out credit in the form of cards and loans for all manner of reasons, from buying a vehicle to making home improvements, or even paying for a well-deserved holiday. If you’re considering your loan options, Creditspring offers a range of alternative, no-interest loan solutions to suit your borrowing needs - even if you have bad credit. You could borrow up to £2400.
As mentioned earlier, Revolut is an online banking app that allows you to front-load a card, so you can use it to spend at home or abroad. However, it doesn’t currently offer an overdraft facility to UK customers.
If you’re wondering, ‘what is an overdraft?’ in the first place, it is an amount of money you can borrow up to if there aren’t enough funds in your current account. This means that if you hit zero, it will allow you to, for example, cover a payment in the short term or draw money until you get your first pay packet after starting a new job. Banks can provide overdrafts that are prearranged (authorised) or unarranged (unauthorised), and both types may come with additional costs and charges, should you use it. Therefore, it is important to first check the terms and conditions of your account before you make any decision about using one.
An overdraft is seen as a debt on your credit report so, if you’re not using it sensibly and regularly go beyond your overdraft limit, it may impact your credit score. By seeing your overdraft and how you use it, lenders can understand if you are a reliable borrower or not.
Here at Creditspring, we provide short term, small loans with no interest of up to £2400. So, whether you want a £600 loan to cover a sudden bill, or £1000 to repair your car, we may be the solution for you. Even if you have bad credit or poor credit history, check your eligibility today to see if we can give you the help you need.
*correct as at November 2023
Revolut charges a fixed interest rate on the amount you borrow, and the total is then divided across the term of your loan to calculate your monthly repayments. Missing payments may incur penalty charges, so always ensure you read the full terms and conditions of any loan you take out to understand all the associated fees.
If you miss a payment, you will be asked to repay the currently overdue interest and penalties, and explain the circumstances that caused you to miss the payment. If you’re granted a grace period for your loan repayments, you will be asked to pay only the interest.
Yes, you can. The Revolut card uses the interbank exchange rate (the rates banks offer each other when exchanging currencies) in more than 150 currencies, making it a cheaper option than many other pre-paid cards and bureau de changes.
Yes! Become a Creditspring member and get on-demand access to loans with no interest when you need it most. Read more about our Step (total loan amount £400), Core (total loan amount £600), Plus (total loan amount £1,000) and Extra (total loan amount £2,400) products.