Monzo Overdraft & Loans

I’ve asked these questions, I’ll update when I hear back. Tap for full size.

Tldr: it’s a :man_shrugging: need to check with colleagues. And also doesn’t think that Monzos pot of money to loan out doesn’t have any affect on loans/overdrafts being offered.


I chuckled a little at that first reply you got :laughing:

After neatly structuring each question into separate comments the COp just generalised everything you said and gave you an answer to a question you didn’t ask :see_no_evil:


Thats happened so often I’ve stopped being annoyed by it.

I know I’m not the average customer asking the average shit they have to deal with. It’s always awkward when it appears you know more about how Monzo operates than most of the staff.

I have to wonder if they actually think that doing that would ever work and I’ll go yep I’m satisfied with that very obvious copy+paste, and go bye.

I might start being amazed at how fast they managed to type that response. :face_with_hand_over_mouth: :open_mouth:

I’ve had some really off topic copy+paste replies before where it literally has nothing to do with what I’ve asked. I do try to be nice to the chat staff, so its normally a courteous thanks for that.

Probably the best non c+p reply I’ve had to date is the chat person telling how I can get to the chat inside the chat.

So to chat tap on Help then scroll down and Chat with Us


So I’m in the chat now, and you’re giving me instructions on how to get to the chat…

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It is infuriating isn’t it? Not talking about Monzo specifically, but customer service in general in more and more companies these days. I don’t think it is so much to try and satisfy the customer, more that it makes the customer give up, but as long as the agents internal score is concerned, they keep closing cases with good speed.

If I saw one of my employees give a response like that I would (and have done so in the past) have them come and explain themselves to me.

I wonder if McDonald’s style stars next to each COps name will help. You can then identify the new starters from those who have way more experience :thinking: :wink:

I can imagine them getting reward stars for good effort from squad captain and used for promotion. But probably a bit harsh to open with I only want to talk with at least a three starer. :stuck_out_tongue_winking_eye:

Yeah I feel that’s quite common these days, I can’t tell if that’s me turning into an old grumpy git and fed up with peoples half-arssed approach. :joy:

In specifically Monzos case most questions need escalating to the right dept so to be fair to them the first responders probably only have basic knowledge and limited powers to action or access certain info.

I think the key issue has come about from Monzos rapid growth. The first batch of staff knew everything inside out and grew up with the business and that can do Monzo attitude. :unicorn: :rainbow: :hugs:

They then had that shit we need more staff, hire all the people! moment where you then get everyone who just wants a job, where their heart isn’t in it and filling a position of if the answer isn’t on this laminated A4 then escalate. (I know they go through the same training and paid the same). On the whole are trying to be helpful, even when providing no actual help. A lot of businesses that don’t care get those that really couldn’t give two shits.

I really wish they overhauled how the chat works and how the staff interact between themselves and customer to resolve a query. I’ve posted a few times on that, recently in this one. Just nuke the current version and make a better version that does what they need it to do. Not just UI but the whole structure behind it. They spent all that time working out the new version of the app and how to future proof the interface etc. I would have hoped someone went blimey we’ve forgotten we had a chat system and we don’t have branches, maybe we should look at that. They still seem to be unpicking Intercom from their internal system but a year of so later its still a bit of a mess. :man_shrugging:

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Profile Flair…



Ha, nice retort.

My upload failed miserably.

Time to give up…


So update - looks like the credit score check went through today. For a brief second I got a red screen essentially saying that the new credit score data was being processed. Now I’ve gone from absolutely nothing to a £9.5k loan available at 3.7% APR. Strangely though the overdraft %age is still at 39% which i thought indicated your score was a bit terrible but the 3.7% indicates your score is okay?

Can’t wait for the in app credit score - maybe it’ll enlighten us on a few things!

If monzo customer is just trying to get a specific quote for a overdraft or loan, Why can monzo as a lender do a ‘quotation search’ or a ‘soft search’, not a ‘credit search’. This means that while an enquiry will appear on the monzo customers credit report, only you they see it. Momzo can’t, so it won’t have an impact on your credit score.
Many lenders haven’t yet adopted this practice, but i am asking as if i as a monzo customer pressed the overdraft button, DOES MONZO DO A HARD SEARCH OR SOFT,
What criteria do they use as to many hard searches has such a negative effect but soft searching does not.
If not, consider whether the customer really wants to get a quote – if it’s unlikely you’ll get the product, don’t bother.
As for your new overdraft rules and the APR i had and do a bad history but a credit card for bad credit can up your score if you dont go over the limit thats is set at around 250 pounds and dont go above 50% and pay it off in full, so your APR is the same…

So if am right in thinking they dont do any searches as if they did you woild see it on your credit file i habe applied few times turned down look on credit karma and the rest.
No quotation from monzo at all make me wonder if they go off your income and outgoing on your account alone

Monzo aren’t doing any searches at that specific time you check out your offer for a loan/overdraft.

As a bank they have a :handshake: deal with TransUnion and Experian to get a copy of your report each month in return for providing data about your account like balance, overdraft usage and income.

They use this monthly report(s) and a bit of affordability magic to work out if they want to lend at that moment in time.

So you can press the overdraft button as much as you like but every month you might get a yes or no,
Could they not say this within the app to let customers know this.
And surely if no one wants a overdraft or loan monzo can not jist look into someones credit file without the customer asking for a line of credit.
Yes they can report each month a green little tick to say your up to date with payments but thats all they are not allowed to see you while reporting file without prior permission

Yes you can press it to your heart’s content, it’s not doing a soft search each time. Not that it would matter if it did work that way instead, as only yourself would see the soft searches.

You’ll find although it’s based on a copy of the previous month’s report, the lending decision can change during the month.

There’s no way to opt-out of a bank providing monthly data to the CRAs even if you never want a loan or overdraft from them. That’s not just Monzo that’s any bank they all do this.

There’s a button already isn’t there that says they will notify you when you’re eligible?

On the website it suggests the maximum overdraft is £500.

News to me! I’ve got a £1000 one.

Relatedly I’ve come across a few of these types of mistakes on Monzo’s content recently, e.g:

  • Still listing their old company address.
  • Claiming to report to only 1 credit agency (it’s now 2)
  • Something else but brain freeze…

It’s a bit shoddy really, and should only take 5 minutes to fix once it’s been pointed out.

I might take this crusade further and create a new topic to capture them in one place for Monzo to resolve.

The 500 limit is for new people that don’t have an overdraft then it won’t be reduced for you as a customer. What you’re seeing ins’t a mistake, but deliberately correct advertising to new people. It’s the same with loans, you can only get a loan up to £3,000 now, but there will be people with higher loans. Monzo changed their lending amounts.

Do you have the links to the other 2 issues, of Old Company Address & 1 Credit Agency?


Gotchya - makes sense then.

Links to mistakes:

  • Monzo’s old address listed in Community Guidelines.. Not a huge deal but a quick fix nonetheless.

  • Monzo’s Help section (in app) outdated. Flagged in May in this post. Just checked and it’s still out of date. This should show that Monzo report to two agencies. And also ‘Noddle’ no longer exists.

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Yea, they’re both valid … the first one has been discussed here:

I’ll tag @cookywook in again, and hopefully he can get both sorted :grin:


And reported to the Help page folks.

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