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.
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.