‘Lend to Friend’ Feature


#1

I am often lending out small amounts of money to friends, family or my girlfriend. Keeping track of their repayments and any debts I usually do through notes on my phone. It would be really helpful if I could handle this within Monzo.

Idea
When you send money to a contact you can mark it as a loan. There is a field to enter any terms. There is a repayment field in which you specify amounts to be repaid and dates to be repaid.
Once they make a repayment it is deducted automatically from the loan amount and you can see a history of their repayments. You can also get a reminder and notification if they have failed to make a payment which was agreed prior.

Other features could include added interest options and automatic repayment options working in a similar way to direct debits where the person receiving the money can agree to pay back a certain amount automatically each month.


(Andre Borie) #2

Will it also include an option to send threatening letters and ruin their credit report if they don’t pay? If so I’m in. :joy:


#4

Haha yes, there can also be a button to hire a local Bailiff. You can then track the progress of the Bailiff on a map like Uber :rofl:


(knows someone who knows Tom quite well) #5

Can we charge usurious interest rates?


(Change Works) #6

50p per day should be enough. :grinning:


#7

This thread cracked me up. My sister is always asking me to Monzo her a loan; so far the payments have all be one sided.


(knows someone who knows Tom quite well) #8

we could have our own peer to peer lending within Monzo…


(Peter) #9

Furiously starts typing code for the API


(Kyle Burnett) #10

This would be good for when you see monthly summaries, any transactions marked under lending and have been repaid could be negated. For example if you lend £100 to 2 friends, you now have 200 additional monthly outgoings, once they pay you back you have 200 additional incoming. This gives a bad view on your monthly summary especially if you lend lots.