Revolut Megathread.

You were in an An Post location paying with a card? Did the agent tell you in advance not to use it or was it declined?

That’s bizarre. Did you get any notification from Revolut?

I don't think it's possible for a vault

You're probably looking for a pocket, where you can set your recurring payments to come from and a regular transfer into the pocket

Likewise, it's a very neat system

Couple of things to watch out for

-Not everything is automatically recognised as a recurring payment, my phone bill for example needed to be manually set to recurring for Revolut to recognise it

-If you do set something as recurring, it isn't necessarily picked up for the pocket straight away. I asked support about this and it basically takes some time for their analytics to recognise it as a bill. There's no fixed time but it seems you need 3-4 payments of the same amount around the same day

-If you add or remove payments from the Pocket, the monthly transfer into it won't be automatically updated. Best fix I've found is to hit the edit button on the monthly amount and it'll say the minimum amount needed every month

-Pockets can only be in one currency, so if you've any payments in Sterling or Dollars they need their own pocket, or just handle them manually

So I thought I'd give folks an overview of getting a loan from Revolut and how it goes

First off, don't get into debt if you can avoid it

Second, the application process is very straightforward, almost terrifyingly so. Everything is done through the app, and you need a Revolut account to get the loan

Once you start the application they'll go and do all the credit checks which are automated it seems. Apparently they weren't a fan of something in my history because they hit me with a 9% APR 😭

For context, I've never been in arrears with any loans or credit cards so not sure what caused that. I just gritted my teeth and moved on, I'm only planning to have the loan for 6 months

I had to upload some documents which was pretty straightforward, again the checks were automated. Then the loan agreement is generated and you go through it, enter your name to say you've read them and the money gets deposited into you account

You can exit the screen at any point and it'll automatically pause the application, which is pretty convenient

Once the money is in your account you can do what you want with it. There was something about how they might ask for proof that you used the loan for what you said it was for, but they haven't asked me for anything yet

The loans screen will now show your loan and how much you owe (yay 🫣)

You can edit the repayment day and it'll automatically adjust the loan. There's also an interest accrued value which increases every day, so you can see how much deeper the hole is getting

The loan payment comes from your Revolut account by default, but there's the option of adding a backup card in case your balance is too low. I don't think you can use another account to repay from by default

There's options to make partial or full repayments. The money for a repayment has to come from your Revolut account

Making a partial repayment will shorten the loan, there's no option to keep the term and reduce payments, or take a payment holiday

As far as I can tell you could instantly pay back the loan as soon as you got it. I had some cash leftover so I just repaid that into the loan

Also the overall wealth screen helpfully shows the loan balance and is a negative number as a result. Good to know...

So overall it was a very simple and convenient way to pile a load of debt onto yourself. However, if you need cash in a hurry and you're still stuck on the credit card waitlist then it's a handy facility to have