What is a Refinancing Loan, and which credit facilities can I refinance with Revolut?
Refinancing is a feature that allows you to combine one or more credit products into a new unsecured personal loan. With our refinancing loans, you can easily close your existing credit accounts using funds provided by Revolut. Plus, you have the option to request some extra cash for personal use. It's a convenient way to manage your finances more efficiently.
You have the possibility to refinance a range of credit products, including personal loans, car loans, mortgage loans, credit cards, and overdrafts. To be eligible for refinancing, these credit facilities need to collectively meet the following conditions:
- They must have a lower balance than the maximum amount that Revolut can offer you
- They should be granted by a bank (not by a non-banking financial institution), and reported to the Credit Bureau in Romania
- They should be granted in the local currency (RON)
If you don't have a credit facility that meets the above criteria, you can apply for a personal loan with Revolut instead.