At the moment, as far as I know, you can’t apply for another loan with monzo when you already have one. You have to pay the full loan down before applying for a new one.
Other providers (nationwide and zopa in my personal experience) offer the option to take a new loan that pays off the old loan and provides extra borrowing (easy online process). This can sometimes be at an improved rate (for whatever reason).
Monzo should implement this:
- to be at least at parity with what else is in the market
- to live up to the ethical lending piece and make it easier for customers to refinance to perhaps a lower rate
- make more money - right now i have a few grand left to pay back. If i saw a new lower rate to take out 10k then i’d prob take it and you’d have me in a new product that would create more interest income than me simply finishing off my 3k loan period