The Making Monzo part of the app is pretty janky At least on the latest Android beta. The cards overlap the top tabs. Back button just exits the entire Making Monzo section, the images are annoyingly big and there’s no header. I know it’s just a section for feature updates but it’s pretty bland and not very exciting.
I like that they’re giving updates through it now though!
I have a £650 loan and it’s all run smoothly. Made a couple of extra payments they all worked well. It’s basic and simple process but I think that was the intention as it makes it easy to understand- so all good.
Hey all, sorry that we’ve left you hanging without an update for a while. Here’s the latest on loans!
We want to take away the guess work for you about if and how much you’re eligible for. Our goal this quarter is to go through our userbase and make everyone a personal offer if we can, and let you know if you’re not eligible.
We are working on offering bigger loans up to £7K this quarter. Since loan offers are personal and subject to affordability - we’ll build a way for you to check what you’re eligible for at any time.
If you’ve taken out a loan from Monzo, we’d love to hear your feedback below. Or, if you’ve considered a loan but didn’t end up taking it out, we’d love to know why. And what are the key things you look in lenders?
Took out a loan £650 and no problems, apart from finding it hard to work out how to apply had to contact support and they then told me to swipe right from the account screen.
I would recommend making it easier to find the loan area to save people contacting support.
Apart from that nice and simple
Would be interested in taking out a larger loan when available max was £1000
Just been offered a loan at 20.6% APR to reach my pot goal sooner… not sure what to make of this, it doesn’t seem very friendly, and on the face of it I’m not sure a ‘loan to save’ offers any value other than than a cynical approach to make your money work for Monzo.
Yeah - this is really bad. I get Monzo need to make money but the attraction is they don’t fling you banking products willy nilly to make them money like everyone else. Monzo are going to lose all their appeal if they do stuff like this - please stop it.
If they want to make 20% on interest they may as well offer a credit card instead of these high interest micro loans.
I worry that in Monzo quest to be a real bank, they start to behave like a legacy bank and then lose the trust of their customers. I remember when a new startup had a moto of ‘do no evil’ then made it big and that moto seemed to go out the window.
I have a number of pots for things with a specific end date in mind, but it’s conceivable that I won’t achieve them all, or that the eventual cost might be higher than expected, in which case I might get a Monzo loan for the short term to bridge the gap.
I have no objection to them highlighting the option here, I’m under no obligation to take out the loan after all (and it appears dismissable anyway).
I’m not one to take the moral high ground, and I generally prefer the responsibility to be with the person, not the company… But… I hate this.
With people seemingly looking to “gamify” things in their life, I can see a lot of people looking to “complete” their Pot Goal by taking out a loan (at a bad APR rate).
I just don’t think it’s needed? Not for a Pot Goal surely?
This is where a short term loan can come in useful - But that implies your Pots (and associated goals) are for specific purposes where you actually NEED the money - Rather than using Pots to ring fence a rainy day fund, or simply removing the money from your main account.
But even still… I just don’t like the idea that people will end up taking a loan out to “complete” their Pot Goal quicker…
If people need the money, the loan option is there for all to see without it being an advert within your Pot.