Introducing Monzo Flex – a better way to pay later 🚀

[Rat_au_van (Em)]

Be handy for those one off £9000 gas bills

[Will_i (William)]

Too bad the limit is £3k….!

[AlanDoe (Alan)]

First past transaction Flex’d

Financial magic.

[Dandel95 (Daniel)]

A Shame that joint accounts are overlooked for a feature once again.

[AlanDoe (Alan)]

Just for a bit of further clarity regarding Section 75.

When you flex a transaction you’ve made in the past two weeks on your Monzo debit card, you’ll have the same protections that you usually get with Monzo. This means if you’ve got an issue with a payment you’ve flexed, we can try to get the money back by raising what’s called a ‘chargeback’ for you.

When we introduce the virtual Flex card in the coming weeks, you’ll also be covered by Section 75 of the Consumer Credit Act 1974 on eligible purchases you make with your virtual Flex card. We’ll share more information when we launch this feature.

[coffeemadman (Jonathon 🏳️‍🌈)]

@AlanDoe

When we introduce the virtual Flex card in the coming weeks, you’ll also be covered by Section 75 of the Consumer Credit Act 1974 on eligible purchases you make with your virtual Flex card. We’ll share more information when we launch this feature.

Good for the clarity, though now I would argue the tweet I posted above is slightly confusing as it implies S75 protections on Flex now, not just the Flex card.

[TheoGibson]

@coffeemadman

Good for the clarity, though now I would argue the tweet I posted above is slightly confusing as it implies S74 protections on Flex now , not just the Flex card.

What’s S74?

[coffeemadman (Jonathon 🏳️‍🌈)]

Whoops.

I need more coffee.

[Peter_G]

@TheoGibson

What’s S74?

Shh, we don’t talk of S74

[StuartL (Stuart)]

I’m really liking the look of the Flex (icon?), how did you land on this one?

[michaelw90 (Michael)]

Too much Eastenders?

[AlanDoe (Alan)]

@coffeemadman

Good for the clarity, though now I would argue the tweet I posted above is slightly confusing as it implies S75 protections on Flex now , not just the Flex card.

We’ve jumped on that tweet and provided a bit more clarity like above

[davidwalton (Award Winning Hot Coral Analyst)]

@coffeemadman

I need more coffee.

Without it you’re just a madman

[coffeemadman (Jonathon 🏳️‍🌈)]

Apparently S74 concerns current account overdrafts

[TheoGibson]

Sneak peak - Live mapping out of how Flex will work for Joint accounts

[Ordog]

And moments after

[davidwalton (Award Winning Hot Coral Analyst)]

@TheoGibson

Sneak peak - Live mapping out of how Flex will work for Joint accounts

YES!!! GET IN!!!

[tbutz (🏳️‍🌈 Producer of "low value commentary")]

Don’t pander to the joint account zealots, they’ll only want more and more parity and then where would we end up, eh!? EH!?

/s just in case

[TTJJ]

@AdamLittle

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.

Love the sound of this idea. Great alternative to the liked of Klarna and other BNPL.

I’m curious though - you state an APR but that there’s no fee for repaying early. Does this mean that the APR calculated at the start is applied at the start, or would there actually be a reduction in the fee when repaying early considering the loan didn’t last for as long as predicted?

[StuartL (Stuart)]

@TTJJ

or would there actually be a reduction in the fee when repaying early considering the loan didn’t last for as long as predicted?

Looking at the OP it seems like there would be a reduction as it shows there being a savings in interest if you edit the number of instalments