No your misconstruing what short term is, a loan of 12 or more months isn’t short term.
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I believe the term from America for these loans was / is subprime loans. I just dunno if that’s what we call them over here, or if it’s something different.
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For final clarification, neither company offer payday loans. It’s high interest loans which are something completely different.
That’s my out of this thread now though, as we’re here about loans and not payday loans. Nothing else to discuss 
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Interestingly finio are Oakbrook. But the other appears to be a new connection.
Whatever we want to call them I still think for me, personally, this isn’t a good look for Monzo and definitely not “making money work for everyone” ethos.
Sure, if Monzo didn’t do this people would just go direct or worse. But it still comes across as downright predatory to me.
I’d much rather Monzo worked with Oaknorth to improve their easy access savings rates.
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Finio are Oakbrook not Oaknorth.
Different ends of the spectrum. But totally agree with the rest.
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Haha I read oak and my brain did the rest.
Updated!
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Monzo’s whole MO is that they want to connect users to financial services. Where they can’t connect you to their own, they’re referring you to others.
It’s literally a non starter. It’s not predatory in the slightest.
“Ohhhh Monzo showed me a loan offer but it’s a higher APR than a millionaire would get so I took it because I felt pressured and now my life is ruined somehow”
Behave.
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Coming out with things like this really doesn’t help your argument at all.
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Quick! Flag the post! Someone said something I don’t agree with so I’ll say I was offended by it!
Society is so tiring these days.
- Someone says something mental
- Someone says, “that’s a bit mental”
- “You can’t say that!” How dare you! “Sorry I said I would go but I simply have to come back to respond to this outrage”!
It’s a joke. The amount of garbage that has been spouted in the past couple of posts and presented as the gospel truth is unreal.
And I say that not as a “privileged person” but someone who you were actually referring to who has sought help from stepchange for a chronic financial problem (which is now fixed).
- as started very clearly, these are not pay day loans!!!
- if people get into difficulty, it’s not solely down to being sold financial products in the first place
- These loans will cost lives!!! ARE YOU MAD? In that case, mortgages cost lives too don’t they? Because people who get into financial difficulty can have mortgages too, right? Where do you draw the line?
Just because an interest rate is higher than people might like, doesn’t mean there isn’t a place for those products in the marketplace. Some people (like me) with poor financial track record who are in the rebuilding phase, recognise there is no way anyone would loan you money at low APRs given personal history. Have you looked at your credit card or overdraft APR’s recently? Do you have a problem with those?
Some people need to get a grip and stop complaining about everything and anything.
You can say what you like but equally I have a right to call it out as insanity.
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Let’s leave it there for now.
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