3.7%!? That’s really good. Are you still getting this rate? Mine has been fluctuating but no where near that good.
Yep still anything over 7k is at 3.7%
£6950 is at 9.7%
A frustration of mine is that headline rates are not available to a very large portion of consumers.
Are the rates quoted to users based on their prior risk scoring, and therefore an accurate quote? Or has anyone had an interest rate adjustment following a full application? Or maybe somebody from Monzo could confirm the behaviour here 
I would imagine the rates are adjusted to how they score you. I would imagine how you use the account and the amounts of money involved are a factor since they don’t ask any questions about other debt or credit cards.
At least 51% of customers have to be offered the headline rate.
Have Monzo actually said what their headline rates are? As far as I’m aware, its just been loans upto 15k.
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I’m assuming we’re supposed to be able to pick a repayment date on the bottom of the loan calculator screen, but its unresponsive when I tap.
Can anyone else replicate or is this a bug isolated to iOS 13 maybe?
Monzo 2.53
iOS 13 Dev Beta 2
iPhone XS Max
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Hello! Yeah we’re aware of this bug, we’re working on a refactor that should stop this. If you try a few times, sometimes with multi-touch, it should work. Apologies for the inconvenience! 
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I understand Monzo like the MVP approach but I would argue that releasing really buggy code does not meet the minimum standard.
I’d much rather see Monzo put a bit of extra effort into QA and delay things for a few days.
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Hey @danmullen for sure, I totally agree 
This is something that’s crept into an existing feature, and is quite unreliable to reproduce, rest assured we’re working really hard on a fix 
Unfortunately it’s often not quite as simple as being able to turn something off when there’s some issues, as to me I think that’s a worse experience, but we’ll be keeping a close eye on this 
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I am eligible for £1k from 3-12 months.
But when you change the term the Apr fluctuates. from 18.4 to 20.4%
Is this intentional?
Yes
APR will change depending on the amount and length of time
But there is no understandable logic to it. 3 months and 12 months are lower than 6 or 9 months.
It doesn’t really make any sense for Monzo to have variable interest rates, when one of the features of its lending is the ability to overpay with no penalty – surely if you’re allowed to borrow a large amount at a low rate, and you only need a small amount (which would attract a higher rate of interest) why wouldn’t you just take out the big loan and then pay most of it straight back again?
The reason you can’t do this on traditional loans is because you will be charged for overpayments, or pay a month or two penalty interest.
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But would people actually do that ?
Monzo can’t say, why don’t you borrow more and just pay it back as it might encourage irresponsible spending
I’d do that, if I was given the option to borrow up to £7,000 or whatever, at 3%, and by sliding the amount down to £1,000 I saw I was going to be charged 20% or something.
There is a lot made of the “pay back penalty–free” by Monzo, so if it will de facto allow me to borrow any amount on the slider at the low rate (via pay–back), it feels somewhat predatory against the less financially astute (who are unable to work out the loophole) to charge a higher rate of interest – something that, ethically, Monzo is apparently against.
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I believe all UK loans have to give you the ability to overpay without penalty? A few years ago I got a load of money back from First Direct because they’d forgotten to write that in the annual loan statement they sent me (that I never read!)
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Overpayments usually attract some sort of interest penalty though I believe. With my NatWest loan, I’m charged 60 days worth of interest on any overpayments I make.
For Credit Agreements (inlcuding unsecured loans) taken out after 1 February 2011 you are allowed to make overpayments penalty free. I think the only restriction is there is a limit up to £8k per annum.
However I think the lender can stipulate what happens to the repayments of the outstanding loan e.g reduce the term of the loan or the amount of the repayments.
The rules are in s74 and s75A of the Consumer Credit Act 1974 for those that are interested
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