Can I borrow £8,000

I wanted to ask if I could get £8000 pounds out of the Monzo account and pay it back later as it is a master card??

It’s MasterCard debit, not credit so you need to have the funds to use upfront

So I wouldn’t be able to transact 8k from the account I would need to put the money into the account in order to take it out?

I would need to put the money into the account in order to take it out?

Unless they’ll give you a loan, then yes. If you want to withdraw £8,000, you’'l need £8,000 to withdraw.

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How would I ask for a loan from them because I’m new to Monzo and I just got the card recently

Go to Account tab in the app and tap ‘Learn about loans.’

Good Luck!


I thought monzo loans capped at £1000 and at a fairly high interest rate too (since they’re designed to be short term).

For something like 8k you’re much better off going on a price comparison site and seeing what rates you can get for a personal loan.

Loans have recently been expanded to higher amounts (max £15,000 I believe) with more competitive APR.

I can now get a £12,000 loan to pay off over 60 months at around 3.7% APR. (Not that I need a £12,000 loan mind).

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3.7% is pretty damned good for that amount.

My account still says ‘we’re rolling out loans gradually’ so still a select few I guess.

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Yeah I think they are still running the “responsible lending” angle - which is good and I agree with.

It looks like there are 4ish categories of loans (for me at least):

  • £200 - 3 to 12 months repayment calendar - 18.7% APR;
  • £1,500 - 12 to 24 months repayment calendar - 14.7% APR;
  • £6,000 - 24 to 60 months repayment calendar - 9.3% APR;
  • £12,000 - 60 months repayment - 3.7% APR

(these aren’t the upper limit of each category but you get the idea).

So it would be cheaper to borrow 12k and immediately pay 6k back than borrow 6k :stuck_out_tongue:

That’s probably true of lots of loan companies but it’s more obvious when laid out like that…


Yes :rofl: but if you needed £6,000 you wouldn’t seek £12,000 credit out (I guess :man_shrugging:t2:

Monzo don’t appear to charge ERCs thought so that would be why it is possible (not sure if other companies do though).

If I needed 6k I’d put it on my tesco credit card at 0% :stuck_out_tongue:

Hey Rianah, we’re a Mastercard debit card, not credit. if you’re eligible for a loan, it should show in your app :grinning:

Whilst we’re here, any news on the progress of rolling loans out to more users :eyes:

3.7% is on the higher side of the rates you can currently get. 2.9% is the current market leader

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You can apply for a loan within the Monzo app - contact support or ask on here if you are unsure how to go about applying