Hey everyone 
I’m Katie, from the Borrowing team, and I’ve got an exciting new launch to share.
Some of the eagle-eyed among you might’ve spotted this pop up a little early last week. What can we say? We were excited. Consider this the official version 
If you’ve got credit cards and loans spread across different places, we’ve got a new way for you to bring them together with a Monzo loan.
You might know this as a debt consolidation loan. The new bit is that we’ve partnered with ClearScore to take care of more of the legwork for you. You’ll be able to see what you currently owe across different lenders, choose which balances you’d like to bring together, and have those lenders paid directly if you’re approved - all within the Monzo app.
Why we built this
Bringing together your existing borrowing should make life simpler. But today’s process can feel like a lot to deal with.
Finding account details and checking balances across different lenders
Contacting lenders and arranging repayments yourself
Worrying that you might spend the new loan before paying off your existing borrowing, leaving you with more debt
That’s why we’ve worked with ClearScore to build a simpler experience - with less admin, fewer manual steps, and your existing lenders repaid automatically as part of the process.
How it works
Check your eligibility for a new loan with Monzo
See whether you’re eligible, your personalised rate, and the maximum amount we could lend you - all without affecting your credit score.
See your borrowing in one place
Through our partnership with ClearScore, we’ll show you eligible loans, credit cards and store cards from your credit report, so you can see what borrowing you could bring together with a new Monzo loan. You can then select the balances you want to include.
Your existing lenders get paid automatically
If you’re approved, the balances you’ve selected get paid off automatically. The money never lands in your account - unless you’ve chosen to borrow more than the existing balances you’re repaying.
Manage your loan in Monzo
From there, you’ll have one monthly loan payment and a fixed end date. You can also overpay or settle your loan early in the app whenever you like, with no early repayment fees.
A few important things to know
Your current lenders might charge you a fee for paying off early and consolidating your debt might mean it takes longer to pay off. It could also cost more in total than you’re paying now.
If you’re approved, your selected balances are usually paid off within a few working days, and we’ll keep you updated in the app as things progress.
You can usually include personal loans, credit cards and store cards. We’ll confirm what’s eligible when you apply.
Right now, you can only bring together balances from other lenders - not existing Monzo borrowing like Flex or personal loans. We’re exploring how we could support this in the future.
To take a look, tap the + button in your Monzo app and look for ‘Get a loan to pay off your borrowing’.
As always, if you’ve got questions or feedback, ask away 
You’ll need a Monzo account to apply for a loan • UK residents aged 18+ • Eligibility criteria and Ts&Cs apply • Missed payments may negatively impact credit scores.
Our representative APR for loans of more than £10,000 and up to £35,000 is 10.2% APR. For loans up to £10,000 it’s 21.8% APR.
