An update on Loans


My credit score is at least 950+ and has been for years and yet I’m not eligible for a loan. I’ve had credit cards and loans in the past and paid in full with no late/missed payments.

Not sure why exactly I don’t qualify. I feel like telling us exactly why we don’t qualify would be helpful

Thing is Monzo only use one CRA out of three, the cheapy TransUnion rather than Experian you mention (950+) so wouldn’t know what’s on that report.

However even if they did use that CRA it looks like they are attempting like the majority of lenders and do their own assessment and algorithm in determining what rate and amount your get due to this reply above. The score is meaningless :man_shrugging:

The issue being the Monzo loan score needs a bit of work in putting you into the right box. It’s very lucky dip based on the feedback I’ve seen across the threads in the forum.

@samrobinsonadams are you able to say if it’s being built where Monzo will reveal the factors that are used towards the calculation, would be great to see weighting but understand that may lead to gaming the system.

You have a Monzo loan score of 4 due to your account being relatively new at xmths old.

Just wondering, why is it updated monthly? I know they update accounts weekly :slightly_smiling_face:

The usual rule is you are not allowed to go anywhere near your own account. I know we weren’t when I worked in a bank.

1 Like

Plus Sarbannes-Oxley rules mean that their should be appropriate separation of duties and multiple people involved in certain changes.

1 Like

Monzo loan scoring actually performs extremely well - but that only tells us about credit risk. Whether you get the right decision still depends on other factors like the quality of our data, and the models that estimate how much you can afford. That last one is generally the thing that rules people out who we probably shouldn’t rule out - but we’re working on it :slight_smile:

I think I’m allowed to say that yes, we’re working on this - actually something even more ambitious than that :partying_face:

Our CRA sends us batch data monthly (I don’t know if internally their data changes more often than that)


Hi there, What is eligibility criteria? Since monzo only using transunion , all 3 main Credit reference agencies use different criteria and lender report to different agencies, similar Monzo only report to Transunion.,

From a few posts up

1 Like

Possibly, Monzo loan is in early stages :man_shrugging:
I was eligible for loan from day first but not for overdraft, I ask to check why I can’t have overdraft while I’m eligible for loan , then I was give overdraft but sadly not eligible for loan :confused:

I think that the issue with loans is clearly the new internal criteria is skewed to a certain type of user profile and doesn’t account for the different ways people use Monzo.

I have (and still have) an the £1,000 overdraft which I never dip into. I had a Monzo loan during the testing phase. I made regular overpayments over the months I had it, never missed payments and then I paid it off early. I had the option to take another after and then it was removed.

The app currently states I can’t have a loan because of the way I use the account (incomings and outgoings). I have been wondering whether it is to do with the fact I don’t leave a high balance on my account (generally only leave £100 per week which I draw down throughout it), my direct debits/bill leave on payday and savings are external to Monzo. The fact I have £850 of disposable income a month (after bills) doesn’t seem to register because I either spend or save it externally.

1 Like

Credit decisions on joint accounts is simple for most banks including Nationwide where we used to bank as a customer before going full Monzo not realising you don’t offer them! Honestly before you waste resources on fixyMonzo plus why don’t you focus on the important small things that existing customers actually want - that is a joint account with full functionality… please!

One question… what about loan top ups?
Any plans to add this option? Almost all banks offers this feature.

1 Like

What about allowing for more than one loan? It seems if you have 15k available but only take 1k as a loan, you can’t take another one until 1k is fully repaid.

Whilst, logic would tell us you’d still have a margin of approximately 14k left.


@niamhpower Can’t you use a decent agency like Experian or Equifax? Most use Experian. I have never head of trans union - unless this replaces Call Credit? Trans union sounds so American

1 Like

Is it a good thing to suggest he could commit fraud because he writes the stuff? (

That’s a pretty insulting question, if I’m honest.

I don’t think it is insulting (although could have been phrased in a less accusingly way). Some companies (and industries) have rules in place around this kind of thing. In its most basic form, at some chains cashiers can not serve their own family for example due to potential shrinkage.

1 Like

I don’t see how it was insulting nor accusatory? It was just a question I’d had for a while.

Even when asking an innocent question I do something wrong. I don’t understand this world.


That’s because TransUnion, who are an American credit reporting agency, bought CallCredit, a UK credit reporting agency. Equifax is also American and Experian was established in the US, has a joint US/Irish/UK headquarters but listed on the UK stock exchange.

Equifax/TransUnion and Experian are the 3 largest credit reporting agencies in the US and now UK. CallCredit (now TransUnion) are a legitimate credit agency in the UK and have been for years.

Edited CreditCall to CallCredit.