Introducing Monzo Flex – a better way to pay later 🚀

I wonder if someone noticed it being mentioned on here and did a ninja fix :ninja:

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Upcoming Flex payments are now on the scheduled payments tab with all your other bills. This is on iOS TestFlight atm

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And upcoming payments are showing on JA too. This looks like an oversight. Pressing the amount takes you to the CA payments page

Doesn’t show on my joint account? I’m on Android.

I’m on iOS Testflight

And upcoming payments are showing on JA too

This should be fixed now :blush:

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Thanks for the update

I know this is an oldie but thought I’d also respond - I agree with the point made about Monzo lending criteria. I’d recommend customers with basic accounts consider using open banking and upgrading to Monzo Plus. I had a basic monzo account for a while, a good credit limit and a good disposable income. Despite this, I was unable to access monzo services in a meaningful way until I changed the way I used my accounts.

Not too long ago I started using my monzo account to consolidate some of my debt (using my own money and own plan) using a standing order from my brick and mortar bank. I upgraded to Monzo Plus to use the categorisation features as part of my financial plan and then used open banking to apply these consistently across my accounts. As far as I understand, open banking is used for more than simply keeping your accounts in one place - if also gives companies like Monzo a more accurate picture of your finances - affordability - looking at income/outgoings and disposable income across time information that reference agencies cannot provide. I now use a monzo overdraft as well as flex as it gives you greater purchasing power. The one thing I would say about flex - it’s a fantastic product but that you would need to pay attention to how you use it so to avoid mounting instalments.

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It can be used for that, but only with consent. By default connected accounts are used for budgeting features only. And not used for lending criteria.

Clearscore & credit karma for example offers, an option, to share data for such purposes. Monzo does not as far as I can tell. But one should double check that with Monzo.

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Ah okay, thanks for clarifying. I share my data with Clear Score and Credit Karma, as well as Monzo. I’m not sure what criteria is used but it might just be a combination of my credit score and utilisation of features. Monzo do state that they use open banking to provide a fuller picture of your finances - to prove income. This excerpt below is from Monzo open banking 101

“ Prove your income to get an overdraft

Anytime you ask to borrow money with Monzo, we verify your income to make sure what we offer is affordable. We use a few sources of data to do this, including credit reference agencies and your Monzo transaction history. Sometimes these sources don’t give us enough information, meaning we may have to turn down your application.

But now you can use Open Banking to link to your other bank accounts, which can help us get the information we need to assess overdraft affordability. This means we can approve people who may have previously been turned down.”

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Is the “Change Repayment Date” option for Flex still in the works?

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:soon: :eyes::pray:t3:

It’s still early days with Flex, but :crossed_fingers:t3:

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Don’t start with this, just because you have your flair now :stuck_out_tongue_closed_eyes:

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I just like to fit in :joy:

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I’m not scrolling back through all the posts, so has anyone seen this glitch :eyes: I went in, to pay off something in full.

So this is the payment screen, stating what is left to pay off

If I want to make a part payment I get this, you can see the amount remaining to be paid is reduced.

Then if I want to do the full payment, the amount remaining to be paid is still the full amount that I’ve keyed in. I’d of expected the figure to reduce to £0 and not the amount I’m about to pay off

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I’m guessing by your screenshots you are on Android?

I’ve just tested it on iOS and it’s the same there too (reverts to full amount instead of £0).

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Yeah Android here, odd that it springs back to the original amount if you’re paying it off, but any other amount will reduce it to what it would be :sweat_smile:

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So I’ve experienced a tiny annoyance with Flex. If I pay for with Flex, it assigns a category eg groceries but if I change it to booze the first flex transaction on my feed is still groceries. This messes up my Trends unless I manually change the first Flex payment.

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Installments is spelt incorrectly and it’s not 2 payments of £3?

Instalment is 1 L

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