Digital banking giant Revolut has launched unsecured personal loans in the UK, expanding its services as it competes more directly with established lenders including Barclays, Lloyds, NatWest and HSBC.

The move marks a significant step in Revolut’s effort to become customers’ main banking provider, rather than an app used primarily for payments, spending and subscriptions.

According to Reuters, the loans will initially be available to selected customers, followed by a gradual rollout to Revolut’s 14 million UK customers over the coming months.

Eligible borrowers will be able to apply for loans of £2,000 to £25,000, with advertised interest rates ranging from 6.9% to 29.3%. The rate offered will depend on the applicant and the lender’s assessment.

Revolut says it plans to expand its lending services further, with a credit card launch also in its plans. The company is seeking to increase revenue from each customer and strengthen its position in the competitive UK retail-banking market.

However, unsecured lending brings additional risks, particularly as households face pressure from living costs and borrowing costs. Revolut will need to balance growth with responsible lending and effective credit-risk management.

The launch adds fresh competition to Britain’s personal-loan market and could give consumers another option when comparing borrowing costs. Customers should compare their personalised APR, fees and repayment terms before taking out a loan.