21 Likes
ooo…looks good
Help us test longer plans for Monzo Flex 
Hey everyone,
We’ve been a bit quiet lately, but we’ve been working on some great new Flex features that we’re excited to start sharing with you…
Before I get into the new feature, Flex is a credit product so there’s a few things I need to cover:
- Not everyone will be eligible for Flex. We will run a soft credit search to assess if you’re eligible, and a hard search if you open Flex.
- As a minimum, you’ll have to be over 18 and a UK resident. The representative APR for Flex is 29%. Ts&Cs apply.
- If you miss a payment this may negatively impact your credit score.
The first new feature we’re testing is longer plans. We’ve heard that lots of customers would like longer to pay for bigger purchases, so we’re adding a new option to pay over 24 monthly payments. So you’ll be able to choose between paying in full on your next monthly payment date, or in 3, 6, 12 or 24 monthly payments. Here’s what you need to know:
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You’ll be able to pay over up to 24 monthly payments for new purchases made after you have the new feature. You won’t be able to move existing Flex purchases to 24 months.
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We’re also reducing the minimum instalment you must pay towards each purchase every month, from £3 to £2.
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If you’re in the default plan trial and you’ve set your default to ‘Minimum Monthly Payment’, new purchases will automatically move to 24 monthly payments. You can review your default in the app any time.
You know the drill by now. If you want to help us test the new feature, fill out this form by 1pm Monday 21 August. We’ll aim to activate the feature on your account in the next couple of weeks, and we’ll let you know when we’ve done it by sending you an email.
P.s. I’ll be sharing an update on the default plan trial in the next couple of weeks.
If eligible, Monzo Flex is interest free every time you pay in full on your next monthly payment date or over 3 monthly payments. You can also pay over 6, 12 or 24 monthly payments at 29% APR representative (variable). You have to be 18+ years olds to apply. Ts&Cs apply.
Missed payments negatively impact credit scores and you may lose the interest-free rate on existing plans.
Representative example: 29% APR representative (variable). £1200 credit limit. 29% yearly interest (variable).
31 Likes
Amazing work.
Without scrolling too far back from launch, why do we have a minimum £3/2 due?
Is that for simplicity for monzo accounting or app design or?
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I’ll sign up to a 24 0% trial, just let me know when…
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Black Friday inbound 
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Would be nice, maybe a Christmas special offer? 
They did last year
That was only 6 months x2 if I remember rightly.
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Yea. But still a Christmas special offer 
If there’s a Christmas offer of 24 months at 0% interest, I might have to gift myself a new computer
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Has APR went up for Flex, mine is 19% from what I can see?
They have to show the APR that at least 51% of people would get*, due to your situation you get a more favourable APR compared to some others. 
* I think
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To answer the question though, it has gone up recently for new applicants. By how much, depends when you joined.
A brief history of the flex rate
- September 2021: 19% (not representative)
- April 2022: 19% representative
- November 2022: 24% representative
- sometime between May and August 2023: 29% representative (there’s a big gap on web archive)
Monzo need to start updating their adverts when they change the rate though. Saw one on Google the other day advertising it as 19% APR. That’s misleading.
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I think sub-£1 installments look really odd. So for 24 month plan, with £3 min 24 month plan would need to be a purchase of at least £58 or some such, with £2 min it is somewhat £38. Those who are on tight budget it does mean that one can flex an unexpected bill increase into more smooth chunks.
But if one tried to flex a £10 thing over 24 months it will quickly turn into 0.50 monthly payments which just looks really awkward. I guess it would be different if the UX is inverted. Instead of listing all purchases list the buckets of months, tapping each reveals the breakdown of each purchase repayment… But that has all the problems that current UX otherwise presents neatly and straightforward.
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My Flex shows APR is 9%.
For about 15 years my Barclaycard was unbeatable at 6%, but with all the rate hikes, that now stands at 11.3%, so my Flex card is now my lowest APR. Not that I ever want to be subject to it (been there, done that, never again), but it’s good to know it’s not astronomically high if it’s ever needed.
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I’d love my payments to be in amount order. An option to choose would be good.
did you start at 9% or did Monzo update it as you kept using it?
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Good question. I just looked up the welcome email when I joined Flex last year and it quotes 19% - not sure if it’s just the same for everyone on the email though or if the email is personalised. I never checked the app for the APR till now.
This is great news! Signed up to test.