Just noticed in the loans section I’m now eligible to borrow up to £25k for an unsecured loan. Also, I’m eligible to increase my overdraft to £2k. Monzo Flex is still only at the original £3k approved level though with no option to increase.
Is this new, I thought maximum borrowing was £15k and £1k for loans and overdrafts respectively before?
We’re always reviewing our lending products and have recently increased the maximum loan amount to £25,000 and the maximum overdraft limit to £2,000 (this is capped to £500 for new to Monzo customers who can apply for an increase later on, if needed).
The maximum limit for Flex is £6,000 - existing Flex customers will be able to request a higher or lower limit soon
Yesterday for the first time I was eligible for a loan for the first time, Eligible for £5000. Today I upped my overdraft from the £1000 limit to £1500, I could have gone up to £2000, that limit change on overdraft decreased my loan offer down to £1500, I lowered my overdraft limit to £1000 again and the loan offer went straight back up to £5000, thats a large decrease in loan offer for a relatively small increase in overdraft limit, seems bizarre to me
The thing that is limited is the maximum monthly repayment, because larger loans are offered over longer terms the monthly repayment isn’t that much higher than the smaller loans. So a small reduction in maximum monthly repayment can have a large impact on maximum loan eligible.
I’m having trouble here recently, about 1 month ago I was cleared for 25k loan, then I came back a few weeks later & was told the maximum I could now receive was 15k & now a few weeks later after shopping around I’m told I’m not eligible due to me not meeting the criteria, due to income & outgoings?
I explained that I only pay myself from my business account (with Monzo) what I need to live on per month and leave the rest in the business so not to be tempted to spend it all needlessly, also I have plenty of savings in a Monzo joint account.
Can anyone help as they won’t provide me any other info which is making me think that this is due to the market conditions?
[Edit; I previously had a small 2k Monzo loan that I repaid early with no problems]