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Banking

KBC announces mobile personal loans with one-hour approval

Mark Whelan

Mark Whelan

Former Head of Communications & Events

KBC customers will soon be able to apply for personal loans and overdrafts from their mobile phones and receive their money in under an hour. Here’s how the bank’s latest digital innovation will work.

It is just over a year since KBC’s announced its ‘digital-first' strategy for Ireland. Since then, the bank has launched Apple Pay, Google Pay and FitBit Pay and made it possible for new customers to open a current account in five minutes.

Continuing with the trend of offering digital features to customers, the bank has announced that it will soon be possible to apply for a loan or overdraft from a mobile phone, and potentially receive the money in less than 60 minutes.

How much can KBC customers borrow?

New and existing customers will soon be able to apply for loans of between €5,000 and €20,000 and overdrafts of between €300 and €7,000 from their mobile phones.

KBC is committing to providing a credit decision and the loan or overdraft money under an hour.

How does the loan process work?

KBC customers will be able to drawdown loans of up to €20,000 by following five steps:

1. Submit requested application amount

2. Review and update their personal details, as necessary

3. Submit a payslip or bank statement via mobile

4. Accept the terms and conditions

5. Receive funds within an hour

Current accounts are competitive again

After years of stagnation, current accounts are competitive in Ireland once again.

Banks are competing heavily for new customers with the addition of new digital features, such as Apple Pay and Google Pay.

Currently, AIB, KBC and Ulster Bank are the only banks to offer Apple Pay and Google Pay in Ireland, but there could be a wave of new innovations on the horizon, thanks to PSD2 coming into effect in January.

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