Overdraft APR query


I have a query over APR with Monzo.

I see there are three APR tiers of 19.9%, 29.9% and 39.9%.

I have been offered an overdraft of £1000 with 39.9% APR.

I’ve checked my credit files at all the agencies and can’t understand why I can’t get a lower APR.

Does anyone have any tips and has anyone been offered a lower APR.


Plenty of people have been offered lower APRs but you have to remember Monzo want to make money so it’s in their best interests to offer the higher APR to people.

Try another bank if you want a lower APR, keep checking back with Monzo and wait for the APR offer to drop a bit.

You’re lucky you got an overdraft!

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There are only two ways to get a lower APR, contact Monzo and ask, or change banks. Neither are guaranteed to work, unfortunately.

I think that Monzo are more risk averse at the moment.
The people on 19.9% likely accepted that offer when Monzo were being less risk averse (pre-covid)

Can confirm, I got my overdraft (£3,000 @ 19%) when Monzo first announced £3,000 overdrafts. :slight_smile:

I just got a £15,000 loan (house redevelopment) yesterday from a high street bank with a good APR. Monzo won’t even take a look at giving me one. Monzo are very very cautious in lending. It’s something you just need to live with unfortunately.