Hey everyone We’ve got some really big news…
Today we’re launching Monzo Flex!
A few of you (ahem) guessed a couple of weeks back that something new might be coming. And you were absolutely right
Monzo Flex lets you spread the cost of purchases over 3 months interest free, or over 6 or 12 months at 19% APR (variable). If approved, you’ll get your own credit limit that you can use to flex, all in your Monzo app.
You told us the problems you face when borrowing money
There are already a few ways to spread the cost of purchases over time. But customers told us none of them quite hit the mark.
Why do you need to reapply every time? Why do some of them only work at a few retailers? And why can’t you have more flexibility in how you pay back?
Lots of questions, and here’s our answer: Monzo Flex.
Use Monzo Flex online and in store, wherever you use Monzo
Use it pretty much anywhere you use Monzo online and in store, to pay for pretty much anything you want, over £30. You’re not limited to a few places to spend. And you can wind back the clock, by choosing to flex transactions you made in the last 2 weeks.
If you’re eligible, we’ll give you a pre-approved credit limit you only apply for once. So no checks at check out. And you can flex as many purchases as you like, as long as the total spend is within your limit.
Want to pay us back early? Sure, there’s no fee for that. If you want more time, you can edit your instalment plan to pay back over a longer period. And we don’t charge extra fees if you pay us back late.
We’re inviting people to get early access to Monzo Flex from today. Tell us you’re interested in the app and we’ll let you know when your invitation is ready. We’ll be inviting more people every week!
Want to know more? Head to our website to learn about Flex.