I have a feeling, with proper bankers in charge now, Monzo will get the lending out pretty sharpish.
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Loans is still a work in progress.
But i’d be very interested to see if you’re eligible for an overdraft - we’ve done a lot of work in the last 2/ 3 months behind the scenes to improve our overdraft decisioning!
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Nope.
I have a Monzo overdraft. Anecdotally, I’ve been told (and this is a while back now) if I asked for a manual review I’d probably end up with a higher limit and better APR. But it’s just there for emergencies and while they’d be nice, I’m not sure that I care enough to hunt for the chat button and cause a fuss. The one time I was mildly miffed (and this is on topic) was when my credit card DD bounced because my transfer from my savings account came in a few minutes after the second attempt at taking a DD. I spoke to COps who shrugged and told me to go away (I’d asked them to take the DD again manually). I ended up paying interest fees that month. I wasn’t happy.
(I’ve also go through the loan flow from time to time. I don’t want one but the different results are a bit like playing roulette).
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I do have an overdraft, of £2k, so must have had that for some time - I think long before the fee structure changed - but again there as an emergency. (So speaking more anecdotally about ability to get an overdraft)
Like Pollmaster_G, I do play with the Loans button from time to time, up until last month it’s always said “my credit score is too low”, and now it’s my income info that’s lacking.
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Sorry.
@BritishLibrary and @Peter_G - for now loans is still very conservative. Give it a few months 
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Or the feedback & ideas thread.
Currently being beaten by iPad app 
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Also, maybe for richness in the data for this poll - I’m currently “Full Monzo”, but maybe have 1/3rd of my monthly spending on my AMEX - largely for reasons of S75, or timing of the spend to fit better.
With a Monzo Credit Card, I’d be FullFullMonzo
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As I say, I’m not in the market for a loan. I suppose it’s relevant to this chat because it gives the impression that Monzo is inconsistent in its lending - therefore I’d be a bit nervous about being turned down for a credit card (not a thought I have with other financial providers).
That said, if you did offer a credit card, it’d be great to see whether you’re eligible or not up front. Then just get a card with a few taps if you are.
That’s generally been the case for me. Except for a few pre-corona months where it offered me various amounts at various APRs.
I know this has been discussed before, but the phrasing around income is - from a customer perspective - really off. I have my salary paid in - and have literally just typed in my salary info - and yet it says there’s not enough information. That feels wrong and frustrating.
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Exactly the same here, I don’t need a loan, but I do need to Press All The Buttons Until I’m Told I Can Have One.
It gives me the impression that I’d be just as unsuccessful with any Monzo credit product, and unless there’s a way to get a Credit Card without a hard search to confirm eligibility, I’d be put off actually applying, based on prior attempts in app
Yep. Same with Credit Score in the same loans screen; even more so when you can now see you credit score in App. Apparently I am both “Doing Great, I’m likely to be accepted for the best deals on the market, and will be seen as low risk”. yet (up until a couple of Months ago), my credit score was “too low” to get a loan.
I can’t remember the exact wording, but it definitely spoke more to my creditworthiness rather than that + Monzo’s conservative lending criteria. Just very jarring to get both messages from the app at the same time.
Going slightly off the topic of Credit Cards now, but willing volunteer here for the beta trial if there is one
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I tried to be clear I was referring to cards that give no rewards and was for day to day spending rather than large purchases for protection.
The context being a Monzo credit card with no perks and 40% APR.
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That’s the figure I picked indicatively for the poll to see if folk would sign up at that rate. It’s basically the same as the figure that most banks have strangely all settled on for overdraft APRs.
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For me it all comes down to Section 75 and the fact that you’re spending someone else’s money so it’s always in their interest to help you.
Last year, after a lengthy investigation with the airline / travel provider, they tried to offer me a credit voucher for a flight I wasn’t able to take due to COVID. Even worse, the voucher had an expiry date.
Luckily I had bought it with a credit card, and after 10 minutes on a call with the agent, the money was back in my balance.
Having been on the inside of customer support dealing with flight cancellations and airlines going bust, this just doesn’t happen with buying on a debit card. The processes and protections just aren’t there to the same standard, and you’re often looking at lengthy timescales and tons of evidence provided.
I’d only ever book flights on a credit card, and that’s why I’d always keep one, which as it stands right now is AMEX.
I’d take a Monzo credit card for the overall UX for sure, but I’d hope for a lower APR than 40%, personally.
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If monzo do enter the credit card market I would like to think that they would come with an innovative product that addresses the challenges of revolving credit from a consumer perspective.
It’s too easy to get lost in credit, focusing on a monthly demand, being able to make minimal payments that maximize profits for the card company; having lost sight of what you spent your money on ,.
Personally I use AMEX and pay in full each month, but for others it can be a trap that is difficult to escape from.
I think https://tymit.com/ are on the right lines here and would like to see monzo do something similar.Its a Klarna style product, 3 months 0%, or pay interest over a longer period…
Anything but a bog standard credit card. There has to be a tangible differentiator.
Although I don’t think it would be for me, I do think it would appeal to many and would help prople to use credit wisely.
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Isn’t that just a gateway to the type of problems you mention in your second paragraph?
For me a simple credit card with Monzo spending tracking would be more likely to foster responsible use of credit
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If I’m honest, based on their current account offering, I would rather Monzo perfect the current credit card experience and then look at adding new things.
Amex do a fairly good job at their app and customer service but let’s improve that visually, add instant notifications etc, and then look at new ways to do things.
I only say this as I don’t want some things to get left at the side that people expect from a credit card experience in order to pursue ‘new’ things.
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I don’t think so.
The visibility of what you have spent your money on, what you have repaid on each borrowing and how much you have left to pay in £’s and installments is a world away from revolving credit where the only insight you have into your spending ais a monthly balance.
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That’s a reasonable argument and approach. It’s what I would reccomend if monzo’s ambition is to offer a bog standard credit card with bells and whistles… 
I’m just hoping for more in the way of socially responsible lending…or borrowing as Monzo.like to call it…
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How different is Tymit to PayPal credit? I haven’t tried the former but I have tried the latter. I found it confusing to have different items on different 0% terms.
I don’t find standard credit cards confusing at all.
I’m not familiar with Paypal credit so cannot really comment.
I’m not sure that’s the case for everyone. Certainly T’s&C’s can be overly complex. Whilst this may not be a problem for you and I, there are many who don’t read or cannot interpret 15-20 pages of often dense information.