# Monzo loans make no sense **URL:** \ **Category:** Monzo Chat\ **Created:** [15 January 2025 14:09 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736 "2025-01-15T14:09:56Z")\ **Posts on this page:** 15\ **Page:** 1
**Author:** ![tbutz](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/tbutz/32/95851_2.png) [@tbutz](https://community.monzo.com/u/tbutz)\ **Post date:** [15 January 2025 14:09 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/1 "2025-01-15T14:09:56Z")
Yesterday I received 3 prompts from Monzo asking me to “See if you’re eligible” for a loan; a regular application notification, an in-app message (dismissable), and an email. Okay, quite fortuitous I think, if a bit full-on; I’m considering getting a new car, and I’d prefer the option to overpay or pay off early (which usually is not an option with car HP). I give it a go. Input my details. Go through all the rigmarole, and suggest an amount of £15K to see how that compares. I am offered a loan of: **£200**. Yes, TWO HUNDRED. POUNDS. What in the name of Anthea Turner’s white glove is this nonsense? It’s taken me a day to calm down enough to post on here about it. Monzo, please make this make sense. I beg you. ---
**Author:** ![tbutz](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/tbutz/32/95851_2.png) [@tbutz](https://community.monzo.com/u/tbutz)\ **Post date:** [15 January 2025 14:15 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/4 "2025-01-15T14:15:23Z")
BUT I’M GOOD FOR IT! I’ll definitely pay it back. Honest. ---
**Author:** ![Urpert](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/urpert/32/111346_2.png) [@Urpert](https://community.monzo.com/u/Urpert)\ **Post date:** [15 January 2025 14:30 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/5 "2025-01-15T14:30:33Z")
Zopa are particularly bad at pushing this in your face. They are at least offering me sensible amounts though 😂 ---
**Author:** ![coffeemadman](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/coffeemadman/32/125134_2.png) [@coffeemadman](https://community.monzo.com/u/coffeemadman)\ **Post date:** [15 January 2025 14:36 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/6 "2025-01-15T14:36:52Z")
Okay sorry but I’m with the OP here. £200 isn’t an amount one looks for a loan for unless in a very tight place and that’s usually not a good place to be going into debt. ---
**Author:** ![Orinoco](https://avatars.discourse-cdn.com/v4/letter/o/c67d28/32.png) [@Orinoco](https://community.monzo.com/u/Orinoco)\ **Post date:** [15 January 2025 14:40 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/7 "2025-01-15T14:40:03Z")
It would probably make more sense to just say you’re ineligible if the result is less than £1,000 at least. ---
**Author:** ![Carlo1460](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/carlo1460/32/122202_2.png) [@Carlo1460](https://community.monzo.com/u/Carlo1460)\ **Post date:** [15 January 2025 15:05 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/9 "2025-01-15T15:05:16Z")
What was the APR on this? ---
**Author:** ![tbutz](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/tbutz/32/95851_2.png) [@tbutz](https://community.monzo.com/u/tbutz)\ **Post date:** [15 January 2025 15:08 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/10 "2025-01-15T15:08:41Z")
![2025-01-15 15.07.42](https://global.discourse-cdn.com/monzo/original/3X/9/7/9707409ebfb4f916123a6eec16ccdf6dc6551c2a.png) 14.7% APR ---
**Author:** ![betalogic](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/betalogic/32/121595_2.png) [@betalogic](https://community.monzo.com/u/betalogic)\ **Post date:** [15 January 2025 15:14 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/11 "2025-01-15T15:14:02Z")
> [@tbutz](#): > > suggest an amount of £15K to see how that compares. > > I am offered a loan of: **£200**. I just ran through the flow to find out, suggested £200 and got told I can borrow up to £15,000 😅 But yes, regards the rather vocal approach at sending notifications about it yesterday, I also thought the same thing > [@BenC](#): > > It doesn’t sit right. At least set a minimum of £1k. Only thing I can think is they know their demographic being younger, students etc, and that demographic might seek loans for the lower figures sometimes - better to have it through your bank than a loan shark if you need it. ---
**Author:** ![anon90289270](https://avatars.discourse-cdn.com/v4/letter/a/e95f7d/32.png) [@anon90289270](https://community.monzo.com/u/anon90289270)\ **Post date:** [15 January 2025 15:22 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/13 "2025-01-15T15:22:00Z")
Does everyone have Lending Promotions turned off? Mine is off and no-ones asking me. Trying to have a look (just for science) and can’t find out where to apply… Edit: found Loans in ‘Explore’. Never even noticed the Explore tab before. Really must pay attention. ---
**Author:** ![betalogic](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/betalogic/32/121595_2.png) [@betalogic](https://community.monzo.com/u/betalogic)\ **Post date:** [15 January 2025 15:24 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/14 "2025-01-15T15:24:04Z")
Some could say you should _explore_ more ![image](https://global.discourse-cdn.com/monzo/original/3X/5/4/54450b3c28b9c3ebcab25bf4b6d17b71838c838f.jpeg) ---
**Author:** ![Jamzieth](https://avatars.discourse-cdn.com/v4/letter/j/22d042/32.png) [@Jamzieth](https://community.monzo.com/u/Jamzieth)\ **Post date:** [15 January 2025 15:43 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/16 "2025-01-15T15:43:18Z")
What annoys me, is the super generic emails when they could quite easily tailor it. Email: Hi you could get a loan of £10K - £25K at 9.2% Me: Could be interested App: Maximum £15K at 11+% Me: Not a chance And now that I’ve shown interest the app keeps bothering me to continue my saved quote etc. ---
**Author:** ![betalogic](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/betalogic/32/121595_2.png) [@betalogic](https://community.monzo.com/u/betalogic)\ **Post date:** [15 January 2025 15:43 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/17 "2025-01-15T15:43:57Z")
Yeah I was about to say its no different to flex and credit is becoming more and more accesible for people as soon as they hit 18 (Klarna etc), I feel like there’s only a small portion of people who never dabble in credit or loans at some point in their life. So its better to offer it and also educate people on how to use credit/loans etc effectively and when you should be using them (ie. not taking out a £200 loan so you go out during freshers week). ---
**Author:** ![Revels](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/revels/32/120556_2.png) [@Revels](https://community.monzo.com/u/Revels)\ **Post date:** [15 January 2025 16:28 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/18 "2025-01-15T16:28:40Z")
Have you considered getting 75 loans? ---
**Author:** ![kennydude](https://dub1.discourse-cdn.com/monzo/user_avatar/community.monzo.com/kennydude/32/4894_2.png) [@kennydude](https://community.monzo.com/u/kennydude)\ **Post date:** [15 January 2025 17:20 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/19 "2025-01-15T17:20:46Z")
In another dimension they’ve given you a small loan of a million dollars. Just the thing ![IMG_4149](https://global.discourse-cdn.com/monzo/original/3X/a/e/ae53cc27f362d75e5f27e7fabfc38c0477b53bbc.jpeg) ---
**Author:** ![system](https://global.discourse-cdn.com/monzo/original/3X/a/e/aedf2f7852aef6ffcd99f29eac49128cfbd2ecc3.svg) [@system](https://community.monzo.com/u/system)\ **Post date:** [14 July 2025 17:21 UTC](https://community.monzo.com/t/monzo-loans-make-no-sense/173736/20 "2025-07-14T17:21:03Z")
Closed on 14 July 2025 17:21 UTC This topic was automatically closed 180 days after the last reply. New replies are no longer allowed.