Loans


(Andy) #162

I got a push notification yesterday and it appears on my personal account in accounts tab by swiping left on the Monzo card

It did take me a few attempts at finding it. No hints or help to guide you to it wasn’t very obvious


#163

:+1: wonder if you have to make a purchase over x amount to qualify?


(Andy) #164

Unsure - it’s only on my personal account which never ever gets used so guessing it’s soft checks getting done in batches


#165

Loans won’t be dependant on a previous purchase. We have Spread The Cost, which is :blush:


(Andy) #166

Is the loans different to spread the cost? I thought they were the same :flushed:


#167

Essentially the same in the back end. But the front end is different.

We started with STC and evolved into loans. I’m not sure what the long term plan is with them both.


#168

Any information/ update on the roll out?


(Peter Shillito) #169

I notice that in account settings there’s a new “Lending promotions” toggle under Notifications. I don’t remember seeing this before…


#170

I deselected mine. I was mildly irritated that it’d arrived pre-ticked :frowning:

(I suppose that might mean that I can now take out a loan but I’d never know? :man_shrugging:)


(Peter Shillito) #171

Yeah. Opt-out rather than opt-in sucks, but it’s pretty standard for banks to be honest. It’s how they make money after all.


(Andy) #172

The loans will be offered if you’re eligible even if the notification isn’t enabled. You just won’t be told you’re eligible


#173

What’s the interest on loans?


(Andy) #174

Unclear if it’s personalised rate but this is what I’m getting. 14.5% APR


#175

Not too bad


(Peter Shillito) #176

Okay so, to check, I could ask for £300 and if I pay back, say, 7 days later, I’d only have to pay 7 days worth of interest? Is interest accrued monthly? I wonder if it’ll work out cheaper than Monzo’s overdraft for smaller amounts :thinking:


(Andy) #177

This is the main t&cs. Noticed a small issue on the last payment amount.


(Peter Shillito) #178

Thank you. So interest is calculated daily, but added to the balance owed monthly. If you wanted to pay it all off immediately, before the first month’s installment, I could pay it all off without interest?

Edit: while I think about this, since the Monzo site has been posting about credit scores and ratings etc lately, I guess this is fairly imminent in launching…


(lewis oconnor) #179

interested in how you apply?


(Andy) #180

I guess you’ll be offered it if you match monzos lending criteria but unsure if everyone is being checked or just certain customers