Yeh I’m not fussed just more curiosity 
I need a loan and I don’t now how to apply can someone help me out please
If you are on the new app navigation then press the profile button on the top left. Scroll down until you see loans and overdraft and you’ll see if you are eligible
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How can I apply for loan
Like this
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Can you help me out
Do you have a monzo account? You will need to have one and have been using it for a while and have a reasonable credit history
If you have then follow my earlier instructions
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So anyone else not entitled to an overdraft but allowed a loan of multiple thousands of pounds? How is an overdraft riskier than thousands of pounds instantly? I’m not bothered as I’ll never use an overdraft, but it just seems a bit funny to me.
Opposite way round for me.
Yeah I can borrow 15k at a decent enough interest rate but only allowed a £100 overdraft. That’s a really screwy risk calculation IMO.
Yeah it says I can’t have an overdraft as my credit rating isn’t high enough (I haven’t had that much credit, likely why) but I can borrow 3K instantly. Very strange.
Agreed it seems a bit odd. I suppose that loans can only be taken out with clear repayment plans, whereas overdrafts can be taken out indefinitely, and without having any idea how you’re going to pay the money back. For that reason, loans might be seen as safer?
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Hi all! totally get the feeling of it being a bit weird being eligible for one but not the other - @daniel has given a good explanation previously which should help a bit 
But that’s the opposite of what is happening… they’re being more conservative on overdrafts than loans.
Our loan decisioning is using our internal model for credit risk trained for giving out loans – we are currently doing a lot of work on overdrafts to move it across to our “new platform” and use an internal model for this as well. Once this is complete many people that are not eligible for overdrafts but are eligible for loans should become eligible for overdrafts.
Basically because today overdrafts and loans are decisioned very differently there are a fair few people eligible for loans and not overdrafts (a very small proportion though). We are working to bring overdrafts across to the new platform at which point almost all of these should disappear.
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I’ve recently taken out a Monzo loan and I can see that it shows the total balance (including interest) owed. I don’t really like this feature as I would prefer to see the actual balance owed + any interest charged as of yet, rather than future interest as this can change if I pay extra. I have asked about this in the in-app chat and they said that’s how it is but I just don’t think this is a great feature.
Also, the feature where it shows you how to make monthly repayments smaller makes it seem as though the interest is fixed, and just shows how much smaller monthly repayments would be, not how much you would be saving.
Also, is interest charged monthly, and will this come up on a statement?
Apologies if this has already been asked/answered, but how long after my credit report is updated with Credit Karma does Monzo synchronise this updated score?
I’m shopping for a small loan to consolidate my credit card balances and I’d love to use a Monzo loan. At the moment I’ve not been offered a Monzo loan due to my credit score, however I have recently settled three credit accounts and therefore when my next credit report is generated my score should increase substantially.
Monzo will use their own scoring system so while a change to your credit may be beneficial, it won’t necessarily correlate with any changes an external “score” might show.
I don’t know if they do a periodic reassessment like the credit agencies do so changes may not be coupled to any data update that the CRAs make.
If it’s still the same as when I got a Monzo overdraft, you may need to ask Monzo to run a new credit check.
@RobertGoacher @FlyingDutchman Monzo are taking one report every month automatically from TransUnion to help recalculate your Monzo loan score and potentially give you a better/worse offer. You won’t get any alert to say your offer has changed at the moment. They obv won’t show what their calculation are but they have said they plan to make what factors and info they have on you visible that are used towards the calculation to make sure its correct understanding. They also plan to add in functionality to recollect the answers for employment/current salary/homeowner (you need to go on chat to change these atm). They have no functionality to easily re-run the check, but have stated if its the same report being accessed then its most likely going to be the same result unless they have tweaked their calculation code.
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