Interesting, I’ve sometimes wondered why one would be used over the other, this is good to know
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It should be taught in schools 
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Oh dear 
no wonder… I was clicking everything and nothing was working. Time for me to get rest…
Would’ve been cool if Monzo snuck in a sneak peak on that prototype I was trying to click on the account tab and go to Labs 
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Now that would have been sneaky!
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It’s cool to see them following through on the different types of credit product, but it’s the 0% for 1 month that I miss about a credit card when using Monzo!
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Just checked labs and there’s nothing 
This is different from a credit card because you pay for it first out of your monzo account and later you can spread the cost and get that money back into your account in the form of a loan?
I wonder what the minimum amount users can borrow will be - £200?
I wouldn’t use this really because why would I want to be credit checked every time I wanted to spread the cost? Shouldn’t it be convenient, not odious? No instant decision etc. Also most credit cards don’t incur a fee if paid off in the first month. Nothing about paying off the debt early. Plus I thought Monzo were against charging interest rates? Where is the fixed fee for borrowing?
Now I understand this is a potential feature showcased at an open office, but so many problems with it without even getting into the pushing people into debt who have actually paid it off on a debit card.
I guess because this isn’t a credit card - it’s a short term loan
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Pretty cool. Nice to see Monzo venturing out into other areas.
I’d still quite like the cost of credit to be plainly shown. So for example on a loan of £680: ‘this loan will cost you £12, the total cost of credit is £692’.
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Thing is what is the guarantee that you’d get this over say a 0% loan over at Apple?
If it didn’t want multiple checks on your account who would you go for first, Monzo where you have to pay but is your bank so you’d think you’d get some leeway and pass or Apple that is 0% but you don’t wanna pay so would take a chance of passing?
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There is the option to overpay. If you keep clicking through the slides.
Regarding the fixed fee. This is just a demo so a lot could change
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I assume the repayments would be included in committed spending?
I can see this being a really popular feature with the payday loan types.
A lot of rational people won’t understand why anyone would want to use this. If you’ve never taken out a payday loan or held a balance on a catalogue then the purpose will probably escape you… you have better options like using one of your low Apr credit cards or 0% finance etc.
If however you are like me, you probably don’t have any low Apr products to choose from and the two things you are looking for is simplicity and not getting ripped off. This mock up really hits the nail on the head.
One thing I would be concerned about is whether Monzo would actually open this up to those ‘payday loan types’ at APRs that reflect their true risk without the usury added on top, or is it going to be like the overdraft where only the cream of the crop credit ratings can use the product? If the former then great.
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Super idea. With it showing up AFTER making the purchase though, how would you know if you could spread the cost of something? Do you go through a pre-approval for up to a max figure or something?
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I’ve been doing some learnings lately.
A bank can demand payment in full for an overdraft at any time. I’ll check the exact wording when I get back from lunch.
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My brain got so confused reading the sentence “get back from lunch” while I’m about to go to sleep 
.
I then remembered you work nights and must call your break lunch 
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Oh god yeah sorry 
I’m on my break!
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Overdrafts are on demand. This means that although the limit is granted for an agreed period before the next review, technically the lender can demand repayment of the amount outstanding at any time
The more you know.
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