Revolut Loans

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Komori

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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
 
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
Click to expand...

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.
 
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.
Click to expand...
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?
 
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?
Click to expand...
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,
 
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,
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Wow! That's intrusive. Don't like the sound of that at all.
 
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.
 
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.
Click to expand...

How would they be able too check electronically??
 
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 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.
 
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
Click to expand...
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.
 
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.
 
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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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..
 
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.

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

BOI/AIB/PTSB & UB can be
Click to expand...
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!
 
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.
 
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.

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

BOI/AIB/PTSB & UB can be
Click to expand...
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).
 
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
 
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.
Click to expand...
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.
 
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.
 
Check that your employer will facilitate using a non Irish Iban. Just noticed mine does not. Irish Ibans only.
 
Laughahalla said:
Check that your employer will facilitate using a non Irish Iban. Just noticed mine does not. Irish Ibans only.
Click to expand...
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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