I just moved my loan to Monzo from Sainsbury’s since they had a competitive rate and actually provide online element to it, where as Sainsbury’s doesn’t. Also the big plus, Monzo doesn’t charge you for making additional payments outside of your DD and doesn’t charge for early repayment.
So I was thinking, using the roundup feature, could you automatically allocate this to loan repayments? Say I spent £10.50 at Tesco’s, automatically round up that 50p and use it towards load payments. At first I would think these little repayments wouldn’t do much, but the round up feature gathered around £30 in one month for me, which over a year, is a whole 12% of my loan passively paid off!
I think it would excel demand for their loan service even more.