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 
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 
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yay thanks for much for the feedback! 
glad it’s been of use to you 
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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 
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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. 
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?
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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Super interesting then. I’m really curious as to their eligibility criteria for these loans.
I’m surprised I’m getting a max of £3k when I have a decent credit score.
From what they have said (its mostly a trade secret I think) its based not just on credit history but also on your usage trends in Monzo. So depending on how you use your Monzo account the amount they are offering will change.
Also credit score is a bit of a shit representation, instead they would look at history, which is a different kettle of fish.
Overall I think they’re very conservative in there lending.
Take £7,500 and you should get a cheaper rate and pay £500 back straight away
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This is a very strange execution that I don’t think is in keeping with Monzo’s brand however much they claim it fits within their values.
Everyone’s rates are tailored according to income by the looks of it, I was offered 6.9% APR (unlike the poster above) on £7k, double the cost of a loan for the same amount I am pre-approved for on Clearscore with Zopa.
However, there was nothing around affordability, nothing about maximum debt ratios or anything else to help people make informed application decisions.
I also find it worrying that you are giving an APR before a soft search, so have to be using salary and postcode information instead?
As a baseline, I believe Monzo should offer services that are at least near parity with the comparison sites. This journey creates a far greater chance of consumer detriment, is far more expensive than the best loans available in the market and provides far less useful information than almost any other loan journey I can think of.
On the plus side, at least there aren’t early repayment charges.
Richard