Loans (old thread)

[nanos]

@valerio

Chapuys:

Plus I thought Monzo were against charging interest rates? Where is the fixed fee for borrowing?

HughWells:

I totally agree that %'s aren’t very helpful so that will probably be something that is changed

I’m not speaking on behalf of Monzo for this but I don’t personally recall us being against charging interest rates. We are definitely against fees and charges that are not transparent or necessary. Our overdraft feature uses a daily fee express in £ after we put it to the community to decide.

Might need to reconsider your overdraft fees soon, anyway, if the FCA gets its way:

BBC News - Crackdown on high-interest lending announced by FCA

I’ve just read on BBC news that the FCA is considering a ban on fixed fees for overdrafts as ‘this can lead to relatively high charges for a small unarranged overdraft’. Isn’t this what Monzo offers? A fixed fee no matter the amount? How does this fit in with Monzo’s ethical banking stance? Crackdown on high-interest lending announced by FCA - http://www.bbc.co.uk/news/business-44307663