Feature coming soon from today’s open office can be seen here. I think it’s cool that you can do this post-purchase.
Monzo Loans in TestFlight V 2.13?
Smoothing of annual payments into monthly amounts
FCA retail bank review highlights potential issues with overdraft charges
Any details about what the interest would be?
I believe this feature was Beta/Alpha tested a while back.
This is brilliant to see - an alternative way to pay for large purchases other than credit card
Wow what a great feature! Well done Monzo! I love how quick and simple it is compared to a short term loan with other providers ️
Hopefully will provide a nice revenue stream!
Does this mean that if you repay the ‘loan’ in full, on time, they won’t report to credit agencies?
I’d be worried about lots of small loans being placed on my file - don’t think this looks good?
I didn’t realise that website was an actual app but I clicked through the terms and conditions and looks like the interest is looking to be at 15% APR
Ngl it’s quite a nice slick way to prototype app screens I hope Monzo do more of these
Not 100% sure how this will work, but I think the copy here isn’t final
I thought I’d got to the end but I missed that! Thanks
My credit card is over 30% Apr so this is a no brainier for me. And another revenue stream for Monzo which is another plus
30%!? Can you not get rid?
What’s the difference between this and the overdraft?
My credit rating is trash. I’m working on it
I’ve been there
Its a short term loan
I.e. needs to be repaid
I clicked on View SECCI and it came up with 10% so I guess it’s not fixed yet.
Probably explains the little words “WIP” on some of the screens which I presume stands for “Work in Progress”
So technically an overdraft is a long term loan that doesn’t need to be paid back?
Interesting! How many purchases did you select to spread the cost? I selected 2 purchases
‘A bank overdraft is a limit on borrowing on a bank current account. With an overdraft the amount of borrowing may vary on a daily basis. A bank loan is a fixed amount for a fixed term with regular fixed repayments. The interest on a loan tends to be lower than an overdraft.’
Ikea and Apple, you have to select them, its just how the basic demo works, it doesn’t let you venture away from the set slides unfortunately.
Just appears to be images with areas chosen to hyperlink to the next image, simple but cool!
Create an option to log payments as loans and automatically claim it back after a custom amount of time