1 loan 0 guesswork

Refinancing allows you to take out a new loan (a refinancing loan) to pay off one or more existing personal loans. This can help you consolidate your debts, potentially request additional funds if you are eligible, and manage your finances with a single loan.

• For existing Revolut loans: Once your refinancing loan is approved, your previous Revolut loan will be automatically closed. The new loan details, including balance and repayment schedule, will appear in your app. Any additional funds you are eligible for will be disbursed to your Revolut account.

• For loans with other banks/lenders: The funds from your new refinancing loan will be transferred to pay off your existing loan. This transfer can be made directly to the external bank account holding your existing loan, or to your current account, based on the details you provide during the application. You will then be responsible for ensuring your external loan account is settled with the transferred funds.

The application process is handled within the Revolut app. For internal refinancing of an existing Revolut loan, you would already be a Revolut account holder.

When you apply for a refinancing loan, we will need to assess your financial situation and creditworthiness. This assessment often involves fetching data from credit bureaus. Such credit checks performed by lenders can be recorded on your credit report and may influence your credit score.

While specific criteria can vary, generally your existing credit facilities should meet the following:

• They must be personal loans
• The loan must be in your name (as a sole or joint borrower)
• The outstanding balance of your existing loan(s) must be within the range that Revolut can offer for refinancing (you typically cannot partially refinance a credit commitment)