An update on Loans

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.

Yeah, I had enquired about how I could change the entered fields after the submission just to see if it altered anything at all. Just in case I suddenly became a pro footballer and i still didn’t get offered a loan. :grinning:

I was told they were meant to be making the information that is used towards calculating your monzo loan score visible to you so you could confirm their understanding is correct. Another :soon: :thinking:

My scores were perfect (went down slightly lately when I opened another account to get the interest rate) and was offered nothing when I last checked. Was curious what they would offer so no loss.

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I think Monzo are heavily weighting balance in your account. They have mentioned activity as a factor previously too.

I use it all the time but only for monthly spend. Although I’m not spending more or less since opening my Monzo account. :man_shrugging:

:unicorn: :mage: pure magic?

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Same here, every other penny is in interest earning accounts.

Edit: Apparently I’m eligible for a loan of up to £15,000 now, I haven’t checked in a while

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Yes very strange - I don’t want a loan but despite having a very strong credit scoring across multiple providers- including Monzo’s rather obscure one - I’m not eligible either! If Monzo wants to make more money from loans I think they need to relook at their acceptance criteria! :rofl:

I went from not offered a loan due to my “income and outgoings” - I don’t bank with Monzo so my balance is zero - to being offered one after entering my salary. It’s now gone back to no loan available.

I don’t want a loan but for anyone that does, it appears Monzo are tinkering with their lending criteria.


Hey Phil :wave:t2:

I’m a backend engineer on our credit decisioning team. For context there are a few things that could have changed your eligibility:

(a) we introduced in-house credit scoring (to replace using credit scores from our credit reference agency) in July - a lot of people will have been made ineligible (or eligible) by this

(b) we get new data from our credit reference agency every month that may change your eligibility

© some of our credit decisioning rules are based on internal data about how you use Monzo: this will change all the time and affect the decision you get

(d) your data may not have changed at all, but you may have been made ineligible because of changes to our rules over the last few months

I’m not sure which of these is likely in your case but if you send me your email, I should be able to take a look into it!


Like how autocorrect has changed the numbering on your 3rd paragraph :wink: