Pay Off Revolut Loan Early? Here's How to Save Big

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You've taken out a loan with Revolut, and perhaps due to a change in circumstances, you're now considering paying it off early. This is a common scenario, whether you've received a windfall, tightened your budget, or simply want to be debt-free sooner. However, paying off a loan early can have its pros and cons, and understanding these is crucial to making an informed decision.

Understanding Early Loan Repayment

When you decide to pay off your Revolut loan ahead of schedule, you're essentially closing your loan account before the end of the agreed term. This process, known as early repayment, can save you from accruing additional interest over time. However, it’s important to be aware of any fees or penalties that might apply, as well as the potential impact on your financial plans.

Current Market Rates and Requirements

As of 2026, interest rates for personal loans in Australia range from 6.49% to 12%, depending on your credit score, the loan amount, and the term. Revolut, like many lenders, offers competitive rates but also considers other factors such as your income stability and credit history.

Here are some key points to consider:

• Interest Rates: Revolut's rates may vary, so it's crucial to check your loan agreement for the specific rate.
• Early Repayment Fees: Some loans may incur a fee if you choose to repay early. Check your loan terms to understand potential costs.
• Eligibility for Early Repayment: Not all loans allow early repayment. Ensure your loan agreement specifies this option.

Loan Feature	Details	Considerations
Interest Rate	6.49% - 12%	Varies based on credit score
Early Repayment Fees	May apply	Check loan agreement
Eligibility	Depends on loan terms	Verify with Revolut

Steps to Pay Off Your Revolut Loan Early

Paying off your loan early involves a few straightforward steps. Here’s how you can do it:

1. Review Your Loan Agreement: Start by carefully reading the terms of your loan. Look for any clauses related to early repayment and associated fees.
2. Contact Revolut: Reach out to Revolut’s customer service to confirm the exact payoff amount and any additional fees.
3. Calculate the Financial Impact: Consider how much you’ll save in interest versus any fees incurred. Use online calculators if needed.
4. Arrange Funds: Ensure you have the necessary funds available to cover the payoff amount and any fees.
5. Make the Payment: Follow Revolut’s instructions to make your final payment. Keep records of all transactions for your records.
6. Confirm Loan Closure: Request a confirmation letter from Revolut that your loan has been fully paid and closed.

Tips and Considerations

Here are some expert tips and considerations to keep in mind when deciding to pay off your loan early:

• Evaluate Your Financial Situation: Before paying off your loan, consider your overall financial health and whether those funds might be better used elsewhere, such as an emergency fund or investment.
• Impact on Credit Score: Paying off a loan early can temporarily affect your credit score. Ensure this aligns with your financial goals.
• Negotiate Fees: If fees apply, consider negotiating with Revolut for a reduction or waiver, especially if you have a good repayment history.
• Consult a Financial Advisor: If unsure, seek advice from a financial advisor or mortgage broker like Esteb and Co, who can offer insights from their extensive lender panel.

Frequently Asked Questions

Here are some common questions about paying off a Revolut loan early:

• Can I pay off my Revolut loan early without a penalty? It depends on your loan agreement. Some loans may have an early repayment fee.
• How will paying off my loan early affect my credit score? Paying off a loan early may temporarily lower your credit score due to changes in your credit utilisation ratio.
• What should I do if I don't have the full amount to pay off the loan? Consider making extra payments when possible, or consult a financial advisor for strategies to manage your debt.
• Is it better to pay off the loan early or invest the money? This depends on your financial goals and the interest rates of potential investments compared to your loan rate.
• Will Revolut offer a discount on the remaining balance if I pay early? Occasionally, lenders may offer discounts on the remaining balance. Check with Revolut for any available offers.
• How do I find out the exact amount needed to pay off my loan early? Contact Revolut directly for a payoff quote, which includes any remaining interest and fees.
• Can Esteb and Co assist with refinancing options? Yes, Esteb and Co can help explore refinancing options through their access to 83+ lenders, potentially offering better terms.

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