Which is fair enough but @cookywook said this back in Feb
It would help to ‘take the guess work out’ if customers knew where we stood…
Yeah I remember, which is why I was confused as to why I was refused. Like I mentioned, I have a really good credit score and I manage my finances very well.
What I quoted above is from this morning, so it is the most recent information I (we) have 
Edit: They ran a manual eligibility check on my by the way (or so they said) and couldn’t make me any offer at all.
Yeah I’ve asked for an update in app and they don’t have much to offer apart for the generic reply that you got…
I wouldn’t take what they said as you won’t get a loan offer just yet…
What’s surprises me is Loans will be a revenue earner so not sure what the delay on a wider offering for customers is
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Surely people who earn much more than they spend won’t exactly be the usual target market for a high interest, short term loan though. I’d presume they’re more likely to be savvy and use credit cards/savings etc.
I’d be interested to know what the loan take up rate is among those who have been offered one.
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Just got around to uploading photos of my last 3 payslips. Will be interesting to see if I get a loan offer popping up in the coming days.
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Did you get asked to do this in app?
Yep, through the chat window.
Absolutely. Tom said he wanted to reinvent payday loans, so this seems like a push in that direction.
Payday loans are absolutely vital for the poorest in our society, if you’ve got nothing saved and your boiler or car breaks, being able to borrow £100-200 for a week or two until payday is absolutely crucial.
Most criticism of payday loans comes from middle-class people who have never needed or used them, it’s just another form of elitism; “I can get better loan rates than that, therefore this product shouldn’t exist!”
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I don’t see it that way, i’m just very cautious that they tend to look like free money to a lot of people that they can just grab when needed when it can a lot of time just put them in a worse position.
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Ahhh nice, I guess you were one of the lucky selected few that get to test this for them. Enjoy! 
This is very true. However, if Monzo build their lending models correctly they shouldn’t be offering loans to anyone who would default on them or to people who would end up in a worse position due to the loan.
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I would like to see longer payback terms from Monzo. If these are mainly aimed at those on lower income, i wonder if the max 12 months may be long enough?
It appears that they’re working from the top down. i.e. those with the most disposable income first.
Not sure how that will set them on the correct path since these high earners are unlikely to need a small loan, but I guess we will see. Eventually…
Yeah that’s what got me, i do ok… but im not sure what id need a £1k loan at 20% for. They could obviously see i was paying my bills on time.
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I got a Monzo loan a couple of months ago.
I got it because I wasn’t paying off my credit card, as it was interest free, after I bought an iPad Pro last November. I knew I would pay it back if Monzo just took it on payday and I can’t re-spend it like with a credit card.
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While I love the loans, the APR of 20.4% is much higher than what I normally get from Lloyd’s or Barclaycard. Is there no way to negotiate it down? Otherwise is like going backwards.
What percentage rate would Lloyds give you to borrow a grand for 6 months?
Barclaycard offer me £4k for 12 months for £75 which I think is below 4% APR.
So yes Monzo rates are pretty steep, though I suspect you only get offered such rates by other banks if you are seen as a sure bet.
14.9% APR latest time I needed it, not exactly for that amount
nor that length.
Unless I am blind, that is a credit card purchase, not a loan. I know Barclaycard allows you to convert it to a loan but it still is a credit card purchase. If we go down that track then I can borrow elsewhere for 0% for 30 months.
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