Little loans

Maybe Monzo should implement a little loans system(say upto 300 maximum) and instead of basing it on your credit score they base it on your monthly income and spending habits. Example
Job earning 1500pm, normal bills 1400pm
And your car breaks down oh no it’s a £200 job but I only have 50 saved.
Oh I can take out say a £150 loan for say 3/6 months where the repayments would be what you would normally save over that time frame normally. But have it act like a credit build too? Dunno just 4am thoughts really

Hey @Bobstar8283. You can get this exact level of loan right now in the app. It appears the APR has gone down, for me anyway (who knows what anyone else gets after the recent post about A/B testing) from what it used to be, making it slightly more competitive

Edit: £200 is lowest amount offered


It’s not available to everyone right now.

I mean little loans as in £10-300 for example @frankysnr

Isn’t this what overdrafts are for? Small short term lending.

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Off topic but your topic title ‘Little Loans’ reminded me of this from Rick and Morty :rofl:

Sadly don’t have access to an overdraft

At all or with Monzo?

At all, the point I was trying to make was it wouldnt require a credit check but sees how responsible you are with your card

I can’t imagine Monzo would want to offer credit without a credit check, somehow. No matter how small.


That’s a shame :frowning_face: I assume you know the reason why and you are hopefully on the right track to fix it?

I agree with @tbutz too. It would be lots of risk for very, very little reward so I’m not sure it will be financially viable for a business. You never know though, let’s see :crossed_fingers:


Never say never.

I don’t think there’s a regulation that forces banks to do a credit check (I may be wrong though!) so it’s entirely possible Monzo may see this (i.e. small loans upto £200 I guess, seeing as that’s their starting point for regular ones) as a niche to fill in their own special way.

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For example HSBC genrally won’t do a credit check for their borrowing, they go off there own internal risk score, which is based on how you use your card, your average income, and how often you go over your limit or if you do at all, atleast that’s how the branch manager made it sound :man_shrugging: