Just got an email from Monzo, saying that I can “cushion” my account with an overdraft.
I don’t think I like this. I know the lending criteria is quite strict, so I followed it through to see and they will offer me £1000 at 19% (Or similar) but I don’t like that this has been pushed on me.
I say this not to brag, but provide some context, I have more in my savings pot (only just) than the amount they’ve offered me. Maybe if I had no money they wouldn’t have emailed me, but I’m not sure if that makes it better or worse.
Also, if they can do this with overdrafts, why isn’t this inbuilt for normal accounts?