Pay Revolut Loan Early? Discover Hidden Benefits (2026)

Are you considering paying off your Revolut loan early? Whether you’ve received a windfall, secured a bonus, or simply wish to clear your debt burden sooner, understanding the implications of early repayment is crucial. Many borrowers often wonder whether paying off loans early is beneficial and if so, how to go about it effectively. This comprehensive guide will help you navigate the nuances of early loan repayment, especially in the context of Revolut loans, and provide you with actionable insights to make informed financial decisions.

Understanding Early Loan Repayment

Early loan repayment refers to the process of paying off your loan before the agreed-upon end date. While this can save you money on interest in the long run, it's essential to understand how it works with your specific loan agreement, particularly if you're dealing with a fintech company like Revolut.

Revolut offers personal loans with flexible terms. However, it's important to read the fine print regarding early repayments. Some lenders might charge an early repayment fee to compensate for the lost interest they expected to earn over the loan's life.

Revolut Loan Early Repayment: Key Information

Understanding the specifics of Revolut's loan offerings in 2026 is essential. Here's what you need to know:

Revolut loans typically offer competitive interest rates, ranging from 6.49% to 12%. However, the potential early repayment fee, which can range from 1% to 2% of the outstanding balance, should be factored into your decision-making process.

Steps to Pay Your Revolut Loan Early

Ready to pay off your Revolut loan early? Here's a practical guide to help you through the process:

1. Review Your Loan Agreement: Check for any clauses related to early repayment fees or penalties.
2. Contact Revolut Customer Support: Reach out to confirm your outstanding balance and any applicable fees for early repayment.
3. Calculate Potential Savings: Weigh the early repayment fee against the interest savings. Use a loan calculator if necessary.
4. Prepare Your Finances: Ensure you have the funds available for the repayment, considering the fee and outstanding balance.
5. Make the Payment: Use the Revolut app or online portal to make the repayment. Follow any specific instructions provided by Revolut.
6. Confirm the Closure: After payment, verify with Revolut that your loan account is closed and request a statement for your records.

Tips and Considerations

Here are some expert tips to consider before deciding to pay off your Revolut loan early:

• Understand Your Financial Goals: Ensure that early repayment aligns with your broader financial strategy.
• Emergency Fund: Maintain an emergency fund separate from your loan repayment funds to handle unexpected expenses.
• Credit Score Impact: Consider the impact on your credit score. Paying off a loan can improve your score, but closing an account might affect your credit utilisation ratio.
• Consult a Financial Adviser: If uncertain, consult with a financial adviser to assess your situation, especially considering Esteb and Co's wide network of 83+ lenders who might offer better refinancing options.

Frequently Asked Questions

Here are some common questions regarding early repayment of Revolut loans:

• Can I pay off my Revolut loan early without penalty? While some loans may allow penalty-free early repayment, always check your loan agreement for specific terms.
• How do I know if paying off my loan early is the right choice? Consider your financial goals, potential interest savings, and any early repayment fees involved.
• Will early repayment affect my credit score? It can positively impact your credit score by reducing your overall debt, but it might affect your credit utilisation ratio.
• Is there a minimum period before I can repay my loan early? Check your loan agreement. Some loans might have a lock-in period before allowing early repayment.
• How do I calculate the interest savings from early repayment? Use online loan calculators or consult with a financial adviser for precise calculations, especially if your loan has a variable interest rate.
• What if I want to refinance instead of repaying early? Consider consulting Esteb and Co for refinancing options across their panel of 83+ lenders to potentially secure better terms.