A pre-approved credit option is a functionality that would be great when we have current accounts.
This credit would be in the form of instantly available instalment loans and not a credit card.
We would know in advance that we qualify but only take up the offer if we need it.
Wouldn’t that require a hard credit check on all of us?
This will normally happen when any current account is applied for which comes with an overdraft.
If we select to say we wish to be considered for a possible pre-agreed credit line then a credit check probable, but if we don’t say tick a box in settings to say we want to be considered for one there would be no need for a credit check
You might be able to get around the credit check issue (which potentially harms your credit rating) if Monzo did a soft credit check instead.
Even if there was a setting to opt in / out of hard checks, there’s a risk that an unanticipated check would impact your credit score when you need it to be good. So I think it’s best if hard checks have to be approved by users, at the time when Monzo needs to run them (if this is the method that they use to determine creditworthiness, of course 
).
But since Monzo wants to keep it’s balance sheet small (3:45 
), for now at least, I’m not sure that they will offer loans & instead, I expect they’ll enable users to apply for loans from other providers, through their marketplace.
Turns out Monzo will be trialing loans soon 
Turns out Monzo is trialling loans now. Had an email offering a loan to spread the cost of a recent £200 theatre tickets purchase over 3 months (subject to credit check, at 10% A.P.R)
Can you share a screenshot of the email? I think we’d all be curious to see what it looks like as it’s the first any of us have heard of it.
This is the bulk of it.
It’s good that they are now letting you know that this is available however it might be worth having an option within the app to either turn this off or have a button in each purchase over a certain amount to maybe apply for a loan?
Maybe a dedicated screen saying whether you are pre-approved, how much for, and then choose a transaction from that screen.
But I wonder if it will be that you need to have made the purchase first, or whether it will be an actual loan. I wouldn’t want to spend thinking I can spread the cost only to find the button not on that purchase for some reason.