Loan eligibility Criteria

How is the loan eligibility is calculated?
I can see that I’m eligible for £3000 and the APR is19.5% which quite high for me, I’m looking for a loan amount £7500 where the APR is 3.7%.
How this works please explain.


I don’t think Monzo will give you details. Each lender has their own set of criteria, and given Monzo are still fairly new I’d imagine, as you’ve found, you’ll get better deals each way.

Look at other offers, you’ll find most differ from each other, so this isn’t Monzo being unique, it’s just the way the finance industry works (

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Nobody knows other than a select few inside Monzo. They won’t tell you either.

If that’s what Monzo have quoted you for a loan then that’s all you can get. It is re-evaluated every month so if your credit rating improves then there is a chance the offering will too.

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It’s very odd… I was previously eligible for a loan but now am not… so went into overdraft instead of borrowing a small amount at a fixed interest rate, which to my mind doesn’t really make sense since it’s the same lender.

It does change. Previously, they’d be willing to lend me £1,000 for 12 months, but wouldn’t trust me with £50 overnight.

Now I have an overdraft, they won’t offer me a loan.