FinTech Revolut debuted its first credit product since becoming a licensed United Kingdom bank, according to a Monday (Oct. 26) press release provided to PYMNTS.

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The company’s unsecured personal loans offering allows users to borrow between 2,000 pounds (about $2,700) and 25,000 pounds (about $33,000), repayable over one to five years, the release said.

“U.K. consumers can face unnecessary friction and complex fee structures when borrowing,” Revolut UK CEO Francesca Carlesi said in the release. “We’ve built a transparent and simple loan process with near-instant funds on approval, no fee for early repayment and competitive rates. Plus, by bringing credit into the Revolut ecosystem, customers can see exactly how their repayments fit alongside their day-to-day budgeting, spending and investing all in one place.”

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The loans will be rolled out in phases over the course of several months, according to the release. The offering is available to a limited number of Revolut’s 14 million customers.

Revolut received its full banking license in the U.K. earlier this year, PYMNTS reported. The company had technically been licensed since July 2024, following a three-year wait, and spent close to two years in a “mobilization phase” that limited its deposits to 50,000 pounds (about $66,700).

Meanwhile, FinTechs face licensing headaches , PYMNTS wrote last week, following the publication of an article by attorneys Bryan Reyhani and Cristofer Kelman of law firm Taft that appeared on Mondaq.

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