If I pay off my loan early, can I borrow more?

Hi, I am four months into paying off a Monzo loan and I’ve read that borrowing more will not be possible until I’ve had the loan for six months and not missed any payments.

If I was to pay the rest off now, would I be able to borrow more immediately, or would I still need to wait until it has been six months since I took this one?

You’d be eligible to apply again, yes. We obviously can’t guarantee that you’ll be accepted if you were to apply again, but there is no six-month restriction for taking out new loans.

We’re reviewing the rules around borrowing more to make sure they all still make sense. I don’t have any updates to share at this point but it’s something we’re looking at closely!


Are there plans to allow more borrowing for existing loans?

Say I get approved for £24k for home improvement, I only need £12k so accept that amount. House falls over while being worked on and I need to borrow an additional £5k, is that possible?

It appears there already is? Unless this isn’t rolled out widely yet…

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Well that shows how long ago I last had a loan with Monzo :sweat_smile: Thanks :+1:


I’ve seen the option to borrow more on top of my existing loan, but I get the “we can’t lend you more money right now” screen, and an explanation stating “you need to make repayments for at least six months”, which is why I posted this topic.

Full explanation is:

“We need you to have been making repayments on your current loan for at least six months before we can allow you to borrow more. Once you’ve had your loan for at least six months, feel free to have a look again to see what we can offer you”

Now, my current loan would be fully repaid after the sixth monthly instalment, so from the above language I think it is a bit unclear whether I would be able to pay it off early and borrow more straight away or not. “you need to have been making repayments for at least six months” implies in my mind that six actual months need to have elapsed before I can borrow more. But perhaps that’s not the case?

Doesn’t seem unclear to me, that’s if you want to borrow more on top of an existing loan - if you pay it off, you can apply for a new one right away

They’re basically saying that if you borrow, lets say 10k and you needed an additional 5, they need to see you making repayments on the initial 10k first for 6 months to make sure you’re not a risk to them, to prove you can afford it

You’re talking more about having a new loan, not borrowing more on top of your existing loan if you pay it all off, which is where what @EdSB said makes sense:

Ultimately, if you pay it off, and you attempt to take out a new loan, you could be declined for it based on affordability, but there is no 6 month waiting period at all.