Income evidence for overdraft

UK Help
1

I’m seeking to add a small emergency overdraft to my account. However, Monzo tells me it can’t verify the income I’ve stated. I’m not certain how this would happen via Transunion, anyway. Can somebody let me know please how I can prove my income to Monzo; I’d be happy to share a payslip if needed? Thanks

2

You can’t provide evidence in this manner as Monzo can’t override lending decisions.

CRAs report account turnover in the background which allows other banks to see money in money out.

For the best lending outcomes with Monzo, having your salary paid in and using it as your main account will show them a full picture of your income.

Your alternative is to check with your main income bank, or ask friends or family.

2 Likes
3

Thanks for the reply. This makes sense, as I’ve just this week switched to Monzo. Both joint and personal accounts to go ‘full Monzo’. So perhaps after salaries have been paid in for a while decisions may change, I suppose.

1 Like
4

Usually around the 3 months mark you’ll possibly see options within the app. You may have to check a week or so after payday.

1 Like
5

Do these differentiate actual income from random transfers say from friends or even your other accounts?
I am asking as I have recently found out that one of my employers actually uses faster payments not BACS. I would assume that it would be easier to assume a BACS payment is an actual wage/salary payment than FP.
If faster payments count, then CRAs have a very vague picture of my income as my turnover from 8 accounts raises eyebrows.

1 Like
6

At a guess, it’s a turnover of all accounts as a total figure, and then whatever is left end of month.

Moving between accounts is still the same money across all of them and an overall balance.

8

What is left may be £0 because I moved it to a savings or investment account.

I haven’t had issues too.

Just reading that comment above made think may be some institution are over estimating my income given the options I have access to, the limits and almost always being green flagged. I seem to tick the affordability boxes on wrong assumptions.

1 Like
9

Monzo can’t manually accept income evidence like payslips to approve an overdraft. The system relies on account activity reported via CRAs. To improve chances, use Monzo as your main account and have your salary paid in regularly—this gives a full picture of your income. Decisions may change after a few months of salary activity.