Loans

(Dominic) #209

The loan to save thing is gob-smacking, cringe-worthy and a flagrant dereliction of duty. I’m flabbergasted, appalled and fearful for my investment.

Maybe the papers were right. Maybe Monzo did seruptiously promote the use of the overdraft facility to buy shares. This is no different, except it’s even more blatant.

On what planet is it acceptable to offer to lend someone money on the pretence it will help them save? The press will destroy them overnight if this ever makes it prime time.

Just wow.

Tom. Tell me you didn’t sign this off?

6 Likes
(Marcel Ruhf) #210

Except they didn’t.

I agree with you with the loans issue (which was acknowledged by the team by discontinuing it), bur that doesn’t make the clickbait headlines true.

3 Likes
((╯°□°)╯︵ ┻━┻) #211

You’ve dropped your thesaurus and loads of random words have fallen out!

I’m kidding, but that is a long list of adjectives :sweat_smile::wink:

(Dominic) #212

You can’t say for sure what actually happened, but I respect your opinion and I also believed Tom’s explanation.

However, this ludicrous idea at best makes me wonder… and at worst makes me aghast that it ever made it passed the Product Owner / SMT.

(Dominic) #213

:joy: I do love a smattering of adjectives!

1 Like
(Marcel Ruhf) #214

Sorry, but I do know what happened. The article in question actually admitted that the basis of the article was a line in the investment prospectus stating that customers would need to have any funds they wish to invest in their account, including their overdraft. Based on that, the headline was over-the-top.

2 Likes
(Dominic) #215

Over the top, for sure. Technically correct, certainly. Intended, most likely not.

Monzo mentioning that overdraft funds could be used to buy shares was a careless blunder that was always going to get pounced on. Whether it’s right or wrong is a difference of opinion. It made people think, and this is only a good thing.

Sadly, I see a clear case of history repeating itself here, but I am relieved it’s been removed.

1 Like
(MikeF) #216

Can we not go round this loop again please? The last thing I need this early in the morning is a rehash of all the old conspiracy theories! :man_facepalming:

8 Likes
#217

Hi @cookywook

Are you on track to hit this goal?

Edit: @cookywook cheeky bump

1 Like
(Johnny Ellwood) #218

My screen has just updated today with ‘Learn about loans and overdrafts’ option with the offer for loans. (Im assuming that bit as i’m not eligible) Looks like they are rolling this out as we speak.

#219

Ah OK thanks for the update :+1:

I already have an overdraft so will wait and see about loans

(Johnny Ellwood) #220


Thats what I see if it helps.

1 Like
(Chris Moag) #221

I would like to see some kind credit building help, like me many years ago was stupid with money and have learnt from my mistakes. Now totally debt free but struggling to rebuild my credit.

1 Like
((╯°□°)╯︵ ┻━┻) #222

What @cookywook said below will help. Taking out a small loan and sticking to your repayments will boost your score :slight_smile:

(Marcus Nailor, Hot Coral Detective) #223

Who wants to play spot the difference? :wink:

On the left, we have 2.39.1 and on the right, we have 2.40.0 :stuck_out_tongue_winking_eye:

7 Likes
(Drew sanders) #224

They are 1 minute apart & you had 1% less battery? :rofl:

11 Likes
(Ex-Starling Guru) #225

Well spotted, indeed. :grin:

2 Likes
(Peter Shillito) #226

Got offered a monzo loan today. I’m not getting one because it’s cheaper to use my 0% credit card, but I appreciate that it’s there.

3 Likes
#227

Any update? @cookywook

3 Likes
Monzo and loans etc
#228

Hi @cookywook :man_dancing:

My final attempt at getting an update

Curious more than anything else - wondering why they’ve not rolled out quicker as it’s a solid revenue earner