Announcing the Overdrafts Preview!

[tom]

@terryharman

you don’t really want people in the overdraft long term, and you are going for more of a “heres £500 for 7 days until payday and its going to cost you this much, if you want to borrow long term, here is a selection of credit card / loan providers that are Monzo approved” approach

That’s broadly the way we’re thinking, yes. We’ve got a new Monzo product along these lines that we’ll be rolling out in the next few months. Slightly larger borrowing amounts for a longer term at a cheaper price. Codenamed “Spread the Cost”