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Revolut's application for a European banking license has been approved by the European Central Bank. Though the product is not expected to change immediately, this paves the way for Revolut to launch the full suite of banking services, including overdraft facilities and personal loans. Moreover, deposits will be protected up to €100,000 under the European Deposit Insurance Scheme (EDIS).
Once operational our banking licence will allow Revolut users access to overdraft facilities and personal loans. This means you’ll no longer have to deal with negative balances, automatic top-ups and the all-annoying ‘insufficient funds’ notification. What's more, the competitive personal loans we plan to offer will help out when your budget can’t cover a bigger purchase, when you want to book that long-overdue holiday, or for anything else that requires a small cash injection before your next payday.
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