How are loans with Monzo reported on credit files? Are they listed as Short Term Loans? They are, after all, quite short term. (I know higher lending values are coming, and therefore must be longer terms too, but I would image the current offering would stay in the interest of making money work for everyone…)
Being heavily involved in lending criteria for a living, I know that a number of mortgage lenders won’t touch a customer if they have used a short term loan in the last 12-24 months as these are normally payday loans (usually conservative ones that also won’t touch a customer if they’ve used an overdraft in the last 6 months).
I am not looking for a loan but it would just be interesting to know this for everyone else considering this if there is such an impact or not.