Loan Agreements with Friends

Hi,

Friends often ask me if they can borrow £50 or whatever and they can pay it back on X date. It would be great if Monzo could have a feature where Monzo to Monzo loans would automatically put the money back in my account when they have it and clear the loan.

Guess there is a lot to think about, consider and discuss but that’s the basic premise.

A friend could apply directly to Monzo for a loan.

I seriously doubt Monzo would want a third party to the loan agreement!

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I think the whole point is that if he’s doing his friend a favour and giving him a loan, he’d love to state a repayment date or set something up for that. The big difference between what would be Monzo loans and a “mates rates” loan is that “mates rates” loans will come to have 0% interest… usually. :wink:

I’m not sure about this - there might be situations where people have £50 in their account but that might be all they have to eat for the week, and if you’re going to then (effectively) have the bank auto-transfer it out of their account then they could be put into a bit of a mess.

I think the best thing here would be to loan to friends who you’re sure or trust will pay you back…

Yes, this is the bit that’s just never going to happen