Loans


(JJ Hassan) #41

Echoing a post further up, it would be great if the loan repayments could be counted as committed spending in my budget!


(Ben ) #43

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.


((╯°□°)╯︵ ┻━┻) #44

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 :crystal_ball:


(Peter Shillito) #45

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 :sob:


#46

Where do you see this?


#47

From the Making Monzo section in the app:


#48

Interesting :face_with_monocle: thanks for that :+1:


#49

The Making Monzo part of the app is pretty janky :neutral_face: 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!


#50

I think we’re overdue an update about loans

It seems only a small proportion of users have access still…


#51

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.


#52

Still no update on loans?

CC @cookywook


(Richard Cook) #53

Hey all, sorry that we’ve left you hanging without an update for a while. Here’s the latest on loans! :moneybag:

  1. 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.

  2. 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?


#54

Great stuff, thanks for the detailed update :+1::+1::+1:


(Simon) #55

HI

Sounds great.
Found loans simple and easy to manage.
Only two things that I would add.

  1. The ability to choose whether you pay of the next month early or the option to pay the last month - making the term shorter.
  2. 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.