An Update on Overdrafts

Monzo Chat News & Updates
23

Mine hasn’t changed since I originally got an overdraft :frowning:

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24

Fingers crossed that they give me the £10k overdraft I am hoping for (at 50p a day) but I have a feeling my limit is going to be low :slightly_frowning_face:

25

The max right now is £1000

26

Ah, for the days when a random person’s opinion of how one looked was part of the criteria to approve a loan!

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27

Has yours changed since originally being offered an overdraft? I didn’t think Monzo were increasing limits as of yet?

28

Still waiting… :pensive:

29

To be honest I’m not 100% sure but I think so :stuck_out_tongue:

One of the team’s mentioned to me that the limit is being reevaluated based on soft checks on your credit report - the same sorts of changes that you’ll see in your ClearScore reports.

30

I only have a monkey, I’ve not used it yet.

31

careful, they bite

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32

I haven’t been offered an overdraft :slightly_frowning_face:

So I have decided to create a new pot: Overdraft. Put some money into it and every time I take money out pay myself 50p a day until I put the money back. That way creating myself an even bigger overdraft facility to borrow against in future.

It’s a bit of admin though and has a large cost upfront.

13 Likes
33

That’s an amazing idea :clap:t2:

34

I’m not entirely sure if trust the opinion of a BS employee. I’ve met a few, and I don’t usually care much for their attitude.

35

Could probably build something against the API to track what you’re doing and remind you to pay back the pot / how much

36

I like that idea, a little app on my phone (I want to learn app development so good project) to keep a record.

It does only work though if I can get some starting capital though.

37

The way I’d approach it would be to run the service somewhere and interact with the user through feed items inserted directly into Monzo :slight_smile:

38

I’ve got a few ideas that use that (using pots). I’m just waiting for the V2 API’s to be made public :angry:.

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39

Will we have the ability to make transactions then? Everything looks read only right now so anything I build has to advise rather than do things

40

Yeah, I think they’re allowing write access to pots at least. Not so sure about other transactions.

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41

Makes sense, thanks for sharing. I should get more active on slack

42

That’s a clever idea to try and avoid overdrafts in the future. Going to give it a go. Thanks for that idea

1 Like