Revolut’s new Instalments feature allows customers to repay purchases in structured instalments with a competitive interest rate of 9.5%, significantly lower than its standard credit card APR.
Rob Mooney, Head of Lending at Revolut Ireland, highlighted the uniqueness of the Instalments feature, noting it targets users considering alternatives like 'pay later' solutions or personal loans.
Despite the popularity of buy now, pay later products, regulators warn these options can lead to financial trouble, citing concerns over reliance on short-term credit for budgeting.
Gerry Cross from the Central Bank cautioned that relying on short-term credit could signal potential financial issues, urging consumers to be mindful of their credit choices.
Collection
[
|
...
]