RaboDirect to enter credit market

RaboDirect, Europe’s largest online savings and investment bank, has entered the personal lending market with the launch of the RaboDirect Credit Account.

Rabo say that Ireland’s first “revolving” line of credit account will see borrowers personally controlling a pre-approved extended line of credit online enabling them to draw down as much or as little as they want via their RaboDirect Credit Account effective from March 20.

The introduction of the Credit Account, according to RaboDirect, recognises the reality that the majority of people tend to have lifetime borrowings which they roll over as they pay off the sum.