Loans

Out of interest, does the “Pay off extra” bit of a loan affect the total interest you pay back?

Yep, it reduces it

I have to say I’m really, really impressed with the simplicity and speed in this process!

I noticed I could get up to £15K at 3.7% APR the other day (which jumped up from up to £6K) and thought I’d look into it so I could pay off my other high interest loan, HP and PayPal Credit balance. Used the calculator for £10,500, signed the agreement and got the money there and then. I’ve saved £30 per month and shortened the term of my longest agreement by over a year.

Thank you Monzo - love the efficiency of this process, the competitive rate, how quick the money hit my account so I could put all my debt into one and the repayment options like making extra payments which reduces the monthly repayments… plus, I’d rather put business in Monzo’s direction :grin::joy:

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Top Up loan is missing :frowning:
Add this option please!

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Is there anyway to exclude overpayments from the budget?

At the moment I’m having to manual update the budget to cater for the over payment. It would be easier if I could exclude the over payments.

Thanks

If you scroll down all the way to the bottom on a payment, beyond the list of all your future payments, you can exclude from summary

Your credit agreement lives there as well

They should probably be before the list of 48 payments because it’s not obvious

Nope it’s not there, I know it is on most other items as I used it frequently but for loans it’s not there, or at least on Android it’s not.

It is on iOS :thinking: Unless this is just new on TestFlight (I only took the loan out on Friday) and will be out for all this week

Not sure but it definitely isn’t appearing for me. I know the option as I use it a lot and the fact I can’t is really messing up my budget. Hopefully it will get fixed soon on Android.

Hey - apologies yes the steppers are the + and -

I’m doing some work soon to improve the functionality of these on iOS so it should be more intuitive when typing an amount :pray:

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:heart: yay thanks for much for the feedback! :slight_smile: glad it’s been of use to you :boom:

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Hi,

The Android option to exclude from summary will be in version 3.1.0, which should be released (hopefully) tomorrow or Wednesday :slight_smile:

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Thank Niamh, much appreciated.

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Did anyone have his Monzo loan show up on his Transunion credit report yet? I took one out early July, before loans were made available to “everyone”, but still no mention on my credit report - apart from the hard pull of course.

Just got an email about loans and can also see a banner notification in app.

Can we assume now that loans are launched for all?

I was already able to take/eligible for a loan previous to today so im not too sure if this is just a double down to market them more or that it marks a milestone.

Just checked and it’s gone from no loan back to the £3000 and ridiculous APR. Its inconclusive though as it’s done this a few times

No loan

£3000 and Wonga APR

No loan

£3000 and Wonga APR

No loan

£3000 and Wonga APR

So I’ll keep tabs if it changes back to no loan. :sweat_smile:

I’ve had no email or banner despite pressing the let me know if this changes.

I just got another notification and email abotu Loans too - but the rates haven’t changed since before by the looks - but even so the APR is still incredibily high for these value of loans.

I’m getting a max of £3k, with an APR of 26.8%

Vs what seems to be a typical rate of about 12.5% across the market.

Do the rates get better closer to the £7k limit?

Here you go:

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Oof, a quick look as market rates for a £7k loan - you get an APR of about 3.5%.

Vs Monzo at 12.6%

Seems quite a pricey loan.

Gets a bit more competitive the more you borrow.

Edit: Looks like it is individualised. I can loan 5k at just over 6%

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