An update on Loans

Hello! I’m Niamh, and I’m a Mobile Engineer here at Monzo, currently working on our Loans product.

As you’ll have seen, the Monzo app has had a makeover this week, and we thought it would be a shame not to give Loans the same treatment!

Today, we’ve rolled out a re-design of the Loan management screens, so that they feel at home in the new design.

What have we changed?

:iphone: Loan Drawer

  • We’ve simplified what you see in the Loan drawer - now you can quickly see if you’re on track, and your next repayments.
  • You can use the actions under the Loan card to access your payment options, and also to manage your loan

:moneybag:Payment Options

  • We’ve also spruced up the repayment options to make it clearer exactly how each payment will affect your Loan and your schedule

:memo: Manage Loan

  • The manage loan screen is now simplified, with the option to change your repayment date. This is to make room for our next update! :eyes:

What next?

Next week, we’re hoping to be adding the ability to customise your Loans, so you can rename them, and add a custom image, if you wish. We’ll keep you all posted on what version this will be in on both Android and iOS :slight_smile: :soon:

We’d love to hear any feedback or thoughts you may have on what I’ve mentioned, plus any ideas on how we can make Loans even more useful for you :slight_smile:


I don’t have a loan with you, but this looks great from the screenshots! :smiley:


I’m sure I will enjoy flicking through these screens should Monzo ever offer me a loan.


That looks very nice and in-line with ‘new nav’ (although I don’t have a loan so won’t see it)


Looks great, intuitive and easy to use.

Good work @niamhpower and team :tada:


Oh that’s nice, great to see the credit agreement is easier to find now and that the loan amount and interest is so prominent

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Haven’t been offered a loan but what if a change in circumstances i.e. salary that could affect affordability occurred.
How can one input such a change as the app seems to stuck at no loan can be offered.

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Hi @Bash88, we get updated data from the credit reference agency at the end of each month, so if your circumstances change that bring you into the eligible range that will update in the app :slight_smile: hope that helps!

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Sorry but credit agencies don’t report on things like salary. We had to input that manually on the eligibility screen.

Yep they ask you for that once they think you might be eligible

I’m not sure if Monzo uses such services, but there are ways they can look at your income.

Also the new loan design looks awesome, great work :+1: :heart_eyes:

Looks great @niamhpower. Fits in perfectly with the new navigation design! :+1:t3:


The three questions were employment status, homeowner status and salary that were asked initially and once entered did not allow further changes. None of these are on your TransUnion report.

I was told in chat that the ability to resubmit these were being built and currently you had to go on chat for them to manually submit a request to update your data towards generating your monzo loan score.

Just checked my screen and I now get this.

Well it’s better than the Wonga style APR I was previously shown. Would be excellent to know why Monzo think my circumstances have got worse to now not be able to get a loan. :joy:


Hey, ah sorry I totally misread your message! :woman_facepalming:

As someone’s mentioned, you can get in touch via chat to update your salary, and we’re hoping to let you do this in-app soon :soon:


Hey @phildawson,

Your best bet is to head to CreditKarma to get a more detailed report, as they also use TransUnion. Sorry we haven’t been able to provide more information here! :pray:

I’d always suggest taking a look at Experian too (as it allows you a free basic account) only Equifax charge for ongoing access (although there is a free 30 day account).


lol my circumstances haven’t got worse, that was a joke, my report held by TransUnion shows all my correct info. Same details as the last year only with less outstanding mortgage each month, so should be improving!

In terms of scores (which are meaningless) I’m hitting excellent on all three via Clearscore, Credit Karma, and Experian via MSE creditclub (999)

It was a subtle dig at how lucky dip being offered a loan is with Monzo, when you are offered £25,000 without a blink elsewhere.

It’s clear the Monzo loan score code has been modified but somehow is scoring me even less now. :joy:

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Clearscore for Equifax. Money savings expert credit club for Experian.

No need to give money to see your reports. :wink:

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I’d never pay, may affect my score :laughing:

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For what it’s worth, I was previously told “nope”, and despite absolutely nothing changing (other than being asked those 3 questions) I’m now being offered £7,000! Go figure.