Loan & Pots

Recently taken a loan out via Monzo but can’t seem to see the functionality to have it paid out from a pot, just checking in to see if I’m missing something obvious?

I suppose I can always try use IFTTT once I know how the repayment looks on my feed.

Unfortunately not possible yet

The monthly repayment is just the word ‘Loan’ in your feed looking back but I haven’t had a loan for a while now so it could have changed.

Shame it doesn’t currently have that option yet then, least it’s not me going mad and missing something. I’ll wait until end of month for its exact wording and then set an IFTTT, failing that it’s not a hardship to manually sort it out, just an annoyance

What are you using in IFTTT to pay from a pot?

I’m not, tried to but it doesn’t want to pick it up with IFTTT

Does the loan come out on the same day each month? Therefore, can’t you just schedule a pot withdrawal the day before which should do it?

I’ve not gone full Monzo yet so transfer money over for bills. However the loan is the same day as payday so they don’t line up properly.

Think I will contact Monzo and get the date moved a couple of days. You can schedule a payment from a pot but I’m not sure it counts in the ‘pay from pot’ figures. So I’m trialling a standing order that pays Monzo from Monzo and added the SO from my bills pot. Will see how well it works.

You can change it in app

Go to manage on your loan

You can only change it once in the app and I think that’s when I first moved it to payday.

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Ah ok. Pity they don’t let you change it once every x months