Wow that’s even worse than I thought to be fair, in regards to assessing income. I get all the credit reference stuff blah blah, but when Monzo as a bank actually has the income data 1st hand, it’s pretty shocking in a way to see that you’re not using it.
Hopefully these improvements make a big change to spin the loan wheel in the future.
Has the loan rate reduced as well? It’s showing as 26.6% Apr representative but it was much lower before the plague hit
It’s definitely a fair point.
While it’s not too hard to look at an individuals transactions and say “yes this is their salary”, it’s surprisingly complicated to highly reliably confirm a customers income in an automated way. Also with covid, unfortunately other pieces of work have taken priority.
@Rat_au_van - yes, the loan interest rates used to be lower pre covid.
When you add in the Plus Credit Tracker into the mix it makes the whole picture a bit confusing too.
My credit score is in the top “Doing Great” section, with the caption: “You’re likely to be accepted for the best deals on the market, lenders will see you as low risk”.
And then two rows later, “we’re sorry we can’t offer you a loan as your credit score is too low”.
Obviously the score is an arbitrary measure, and all the context that comes with that, I just find the positioning of “hey you can see your credit score live in Monzo now, and hey your credit is excellent” to be then conflicted by “sorry your score is too low”… just a bit odd.
This could easily be changed to remove references to credit score in the loan affordability assesssment.
It could just say something like “We’re sorry, we can’t give you a loan right now” or “We can’t offer you a loan based on your current financial data”.
My preferred wording would be something like “Sorry, you don’t meet our lending criteria at the moment” but I expect Monzo wouldn’t like the phrase “lending criteria”.
I’m always surprised by the way monzo ask the same questions all the time… they know my mortgage payments, they know my salary. Even if they can’t work out how to link those at least remember what I answered last time…
I check on a random basis regularly… I never use an overdraft but having credit available and not using it is good for your credit score (which is perverse IMO but I didn’t make the system…).
Yeah that’s the bit that bugs me, I get the context is “Your score is too low [vs our criteria]”, but they miss out the latter part of that sentiment!
But now contextually it reads super weirdly.
I just used the manage my overdraft out of curiosity and when choosing my employment sector I laughed that I can choose porn star but can’t select the government l🤣
Hookers need overdrafts too 
There’s a joke to be made with this 
But apparently not if you work for the government 
They only deal with people who have respectable jobs
I think those selections are ones they don’t really want to loan to, if I recall correctly there’s an arms dealer option an all
@TheoGibson looks like the overdraft page has been updated. Great work!
Understand why limits may have been reduced (Covid, Risk and Liquidity decisions etc).
Will the higher limits be re-instated at some point in the near future?
No problem, the homepage needs a web engineer to change so that will probably be update in the new year once more people are back in the office.
I can’t say for sure but I’d expect the higher limits to be offered again at some point - It’s hard to tell when but i’d hope at some time in 2021. It mainly depends on how this covid thing pans out.
What about my current overdraft limit? £2000? Thanks!
Monzo will reduce my limit?
Why would they?
The current £1,000 maximum refers to new applications - ie. to customers who want to increase their overdraft limit.
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