I think most people here are well aware of that fact. I think people who dont visit the forums wont be.
A lot of people going for payday loans don’t have access to a better way of funding.
I’m not sure why I have to defend my dissertation to you though?
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You don’t, its not about you.
Monzo can do what they like, i just wish they would be a bit more honest about it. But I wouldn’t expect them to be at this point, there a bank like any other.
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Even the AA, applying as a non member, at todays rate you can get a 12 month loan at 13.9 percent, £89.36 a month, total cost: £1,072.20.
If customers aren’t too fussed about shopping around, I guess paying 30 odd quid more than you have to over 12 months, then it doesn’t really matter.
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I’m curious why you use them then, you have been highly critical of everything they do
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Or if customers don’t qualify for that and other lower cost lending options
Fair point well presented.
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I didn’t used to be. Then they started charging mainly poorer people £1 to deposit cash. And things point in the same direction, overly harsh to poorer people who might use their service.
To be fair, I’ve also praised them as well recently. There savings options are relatively decent.
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The only benefit would be the soft check vs hard check (and possible refusal).
As I said before, if you can get better, go for it, everytime.
If you can’t then Monzo could be better then a payday loan.
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Theres the old “if you dont like it then use another bank” again. Were all want the same thing which is to make monzo the best.
Id love to see monzo try to launching products that are market leading 
Is very much coming across appley where theyre getting people to buy into the monzo ecosystem and profiting off people in doing so by keeping everything under the one roof.
Again not saying they shouldnt, by all means in the same way monzo plus will have its market they should launch whatever there is a want for.
Personally I just miss monzo launching products that I could find personally useful 
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That’s disingenuous to aim that at me. No bank is the market leader at every product and you definitely should shop around, especially for lending products. This is no different no matter where you bank.
Monzo seems to be aiming for the middle ground at the moment which I agree doesn’t benefit everyone, but nothing they offer is exceptionally poor.
Key for me is all of these products are new to Monzo. I’d love for them to be refined and improved as time goes on to be better, more tailored offerings, but Monzos iteration track record isn’t exactly the best!
I’m willing to sit tight and see and use whoever else I need to in the meantime.
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Its not aimed at you individually.
More so a response to that general comment that comes up every time someone mentions negative feedback… cash deposits, monzo plus, now loans.
I agree they wont be market leading in everything but id expect them to be above average at least and they havent been that.
I’ll give the same feedback to this as i have all the rest, i believe there will be some that will use this but for me the rates arent there for me to ever consider it as an option unfortunately.
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Just to add I’m pretty sure Tom said something about looking into this area of loaning (As @anon99402360 has said “Wonga et al”) so it’s not a mystery to me to see this sort of stuff.
Found one of the articles from Nov 2018: https://www.google.com/amp/s/www.telegraph.co.uk/technology/2018/11/26/banking-app-monzo-explores-expansion-high-cost-loan-products/amp/
Under what circumstance where you offered a loan as it appears only the VIP Monzo customers get all the goodies , such as loans, plus accounts , credit cards, business accounts.
I would be interested in knowing a bit more about your circumstances
I wouldn’t say I’m a VIP customer and I have access to a loan. I just asked to be considered months ago and was randomly chosen. Same with other people.
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Fortunately there isn’t such a thing as a VIP Monzo customer. Taking your list in reverse, there are literally only 100 business accounts out there at the moment for super early testing. And Monzo doesn’t offer credit cards (so you can be as VIP as you want and it won’t help 
). Plus accounts are being trialled, so it’s a case of sign up in the app and cross your fingers 
. And I have to say I’ve lost the plot on what’s happening with loans (not in the market for one)!
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It was random I believe. I activated the overdraft feature and the same day was offered a loan… (The timing was incredible as I was in Dubai and hadn’t realised it’s £11 a beer out there.)
But it’s not like I have an unbelievable credit rating or anything, think I just got lucky.
Edit: So to clarify I’m just a regular user, without Monzo Plus etc. etc.
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They are being really cautious and are assessing each person individually to see if they can offer them a loan.
I wouldn’t hold your breath though because it isn’t clear what their lending criteria is. EG
Which is fair enough but they did say they’d offer customers either a loan or let them know if they’re not eligible
At present it seems the majority have neither
I asked in app chat since I was one of those who were declined and I was transferred to someone on the lending team.
They said, and I quote:
So I guess their plans are on hold for the time being 