In the export, the Flex transactions have text in the “notes and tags” field. When I used Flex the first time, it has this on the two transactions
Returned from Flex
1 of 3 instalments
Understood, all fine and dandy. But I’ve just made my first monthly payment and it says the retailer. Where I was expecting it to say 2 of 3 instalments.
Does that mean if I have multiple payments combined, they’ll be separated by the retailer? So I’d see a payment per line but maybe in the app it’s all one? Or would the tag write all the merchants?
Sorry about the bad screenshot but is there a way to add a button where the blue box is with an option that says something like “pay installment early”
Sometimes I get paid 4 days before my flex payment is due and because I can’t pay from pots I just want to pay it off early
I saw the “early access” banner on the Monzo website. Clicked through, got taken to the app, tapped through the screens - and was told I wasn’t eligible for Flex because I didn’t meet the lending criteria…
… But I already have Flex!
Now, this was me being silly, but I wonder if stopping people like me from doing that / a better message (“you already have Flex”) might be better.
(I’m also wondering if I would really be ineligible for Flex or whether it’s what it says when someone tries to sign up again - I suppose both could be true because there’s a recent hard search for Flex on my credit history).
The above seems to mention ‘pay extra’ rather than pay the installment early. I tried the ‘pay extra’ feature today and I’m personally not keen on it taking the extra payment off the end installment. If i was to split a transaction over 12 months I wouldn’t see the benefit of paying the extra for 12 months. For me it removes the incentive to pay off extra as there’s no instant reward.
I’d personally like there to be two options:
‘Pay extra’ where it reduces the monthly payment equally over the remaining term. Though there could be three options of; reduce next installment, reduce monthly payments equally over remaining term, or reduce last payment.
‘Pay installment early’ where it pays off the next installment without affecting the remaining schedule of the other payments.
Just wondering if there are any plans to do something like the above?
I wholeheartedly agree with you here, i’ve raised this as feedback too, it’s the only thing except my ridiculously low limit that I don’t like about Flex, and those 2 reasons mean I won’t use it! Monzo would probably make a fair bit of money out of me if they rethought the pay early process.
I like both of your proposed options, but my preference would be to reduce all remaining payments equally, unfortunately i can’t see them making that so I’d be happier than i am now if it came off the next instalment rather than the last.
It really is enough of gear grinder for me that I won’t use it. I’ve paid off my flexed transactions and will just sit there unused now, i’ll stick to Tymit for now but keep an eye on this topic for any changes
Reducing all future scheduled payments equally has a bit more complexity involved - I hope we have it one day and have seen it requested a few times - but it’s lower on the list than paying your next scheduled payment early.
We want to do most things suggested in this thread - and it’s really useful to know that what your requesting is mostly on our list already It’s just that things take time to build and we can’t build everything at once. The toughest decision when building a new product is deciding what to prioritise and which things (that we really want to build) we’re not going to do yet.
I finally got my invite and now I’m dithering about whether to apply. I have a lot of credit that I don’t use already, would having more damage my credit score?
Utilisation is the thing that impacts your score, so if you’re not using any then it wont make any difference. Other than the initial hard search when you apply of course.
From my post earlier: