That’s brilliant news! Glad to be of some help 
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Interestingly, coming back and looking at loans, I’m now no longer eligibile! Despite no negative change in my circumstances. Really weird.
same here too
Mine was £15,000 but reduced to £5,000 now, I assume it’s Monzo trying to protect itself right now with everything going on with COVID-19.
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I’ve gone from 15k to no loan on offer the only change I can think of is that I’ve moved to a better paid job. i guess the fact my job is newer now is a bigger risk but even so, such big jumps in what I’m offered don’t exactly give confidence in their system.
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That’s a fair point - don’t know when my eligibility changed, but seems like this would be a good reason.
If that is the case, the message could be better at least.
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I think he means it would be nice to have a little confirmation that the issue isnt that hes become less loanable (is that a word?) but that the bank is loaning less at this moment in time.
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Yes exactly what Nathan said - the wording (I’ll check it in a second to make sure I’m not imagining)
But it purely sounded like there’s been a change in my circumstances to impact my credit score and loanability.
If it’s Monzo changing their barrier to entry, that’s one thing, and fine, but aside from my income increasing slightly since Loans came out, there’s no real change in my circumstances.
It looks Monzo’s loan offer lasts for a month. After a month when you press loan button they run a soft check
There’s no soft checks involved [when you push the button to check], they get sent the data once a month in return for sending data to the CRA once a month, this is regardless if you need a loan/overdraft.
The offer could last a month or just a day. Sometimes changes a few times within the same month.
Sorry to be clear as in when you press the button to check it’s not firing over a call to TransUnion to do a quotation search there and then. I’ll edit my reply with brackets.
The offer changes potentially each time you check but I’m sure they have some caching in place for those mashing the button in hope of a different response. They do have a button to say let me know when it changes but that’s never actually worked for me in letting me know.
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My Monzo offers has gone from £15 000 @ 6.1% to £0 and overdraft from £2000 to £1000.
With Starling my £1000 overdraft offer has disappeared entirely.
Pretty clear and not illogical that they’re reducing risk in these uncertain times.
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Even Martin Lewis has warned people if they need a loan and can afford it then to act now as the industry is reigning everything in due to what’s happening
While I accept that Monzo are not going to make their criteria known, I am puzzled by the fact that previously I could and did have a loan, which was fully repaid and yet I can’t now. I don’t need one but my credit records with all three agencies are better than ever.
I know the scores agencies give don’t mean anything to companies, but it’s odd when the scores were high before and have gone even higher, yet whatever Monzo have changed on their criteria I’m now seen as riskier proposition.
Without any prior communication?! I think Starling should inform you in advance about changes… arranged overdraft and loan offer completely different things
Having had a loan and repaid it, and now wanting another could suggest you are reliant on credit, which doesn’t look great. The current situation will mean that most banks are more risk averse than normal
Well afaik the overdraft is actually the more fragile. The terms of most overdrafts allow for them to be repaid on demand(which if that’s where your salary lands can get bad v quick), whereas with a loan they don’t have this unless you default on the loan
We’re talking a long time since the last loan and me looking and I don’t have an adverse credit rating, quite the opposite. If I take Experian’s score as an indicator (as yes I know it means nothing outside of Experian), it’s 999 the maximum it can be.
I only checked because someone mentioned that things had changed, I’m not worried. I have plenty of sources if I ever needed to get a loan. I just was a little surprised.
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Been thinking about this actually. Used to have a 200 limit max but turned it off as it was dinging the utilisation ratio.
I’ve recently been offered a 1000 OD limit with Monzo so was considering taking it to add to my credit mix (AMEX Card is the other thing I’ve had) but I read that it being repayable on demand means it may not actually contribute much positive.