Echoing a post further up, it would be great if the loan repayments could be counted as committed spending in my budget!
Well Monzo aren’t trying to be a long term, high value loan provider - I think thats my key take away from this.
While yes, they do have a high APR if you compare to a £8k + loan at 2.8%, you generally can’t find a loan for £200 - £1000, between 3 and 12 months for similar rates.
Credit Card deals, yes, but generally I can see few providers of loans of <£1000 on the market.
I’m sure I read somewhere that Monzo are planning on increasing the loan amount to £7k soon? and that’s before it has been rolled out to everyone.
I would assume that their goal is to offer a full range of loans through various providers, in their marketplace vision of the future
Oh wow. I swiped to the side to see if the loans thing was there and my app crashed and logged me out entirely and lost a bunch of settings
Where do you see this?
Interesting thanks for that
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 think we’re overdue an update about loans
It seems only a small proportion of users have access still…
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?
Great stuff, thanks for the detailed update
Found loans simple and easy to manage.
Only two things that I would add.
- The ability to choose whether you pay of the next month early or the option to pay the last month - making the term shorter.
- The ability to exclude a loan payment from the monthly budget summary (this currently can’t be done)
Otherwise it’s great. Love how easy it is to see interest reduced etc.