Elfin Market

I recently discovered Elfin Market, a very new P2P lender. Great offers, I liked what I saw and applied.

(If anyone has any reservations about this type of financial product then perhaps create a separate thread).

I was accepted for a reasonable amount, decided to compete my application. Filled in my DD details only to be told that I can’t pay via Monzo because of some.sort of credit scoring guff.

Why will they lend me money but not allow me to pay it back thru my main account?

I’ve also got a Starling account that I don’t really use but I gave up and went home so have no idea if they would have accepted those details.

So, I got a reply to my query…

Still can’t get my head round the fact that their checks allow me to have their money but not pay it back.

Hi Glen,

We are required to run checks on all new bank accounts to comply with anti-fraud regulations. Unfortunately, at this time, Monzo bank accounts are not supported by our automated checks. This is actually because Monzo does not report to most credit reference agencies in the UK.

If you’d like to use this account for Elfin Purse withdrawals and direct debits, please send us a recent full pdf Monzo bank statement showing your name, address and transactions, and we’ll complete our checks manually. You can find such statements on your Monzo app.

Thanks in advance and sorry for the inconvenience.

Kind regards,

Monzo report to 2 out of the 3 big agencies…

It may be something acceptance@monzo.com can help you with if it’s actually just their system hasn’t been updated to recognise the monzo sortcode.

Sounds simple to me. Looks like it uses Equifax to check the nominated account exists, and is held by the same person etc. Monzo doesn’t report to that credit reference agency, so the lender is unable to complete its Know Your Customer due diligence.

Sending a pdf is just the manual workaround. Hardly onerous.

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What an odd name. Don’t think I’ve ever seen a financial product (Elfin Purse) named after something you’d likely come across in a DnD session.

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Well, to a layman like me it’s the only financial product I’ve used that makes the application process so ‘onerous’.

I read it as Effin Market at first :laughing:

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