The evaluation’s automated so the formula doesn’t need to be easily accessible 
The evaluation is automated but it’s up to the user to enter the figure and that’s where the error or confusion could occur. I’d have thought would be in a file somewhere close to the cops staff.
Just checked Barclays (overdraft) and Asda (loan) and they are pretty comprehensive lists.
I don’t expect any information on what they do after the income is entered, that’s between them and their algorithm 
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I have to say I am rather disappointed in your overdraft business model.
Back in 2014 Barclays introduced a “Pay Per Day” overdraft on the back of customer feedback. A survey of personal banking customers showed that very few people actually understood how interest charges and APR is calculated. Barclay saw this as an opportunity to make it easier for customer by introducing a “Pay Per Day” overdraft fee. Instead of paying 16.9% APR, customers would pay just 75p per day for borrowing up to £1000. If what Barclays concluded was actually true, then most customers wouldn’t they are about to see a huge hike in their overdraft fees. Customers who borrowed £100 over the course of the full month would typically pay back around £1.40 in interest fees. However under the new “Easy To Understand” model, customers would pay back £22.50, which would roughly to about 275% APR, simple to that of a pay day loan company.
Firstly this overdraft pricing model does not give customers good value for money compared to APR model offered by the likes of COOP, Smile, Starling, HSBC, First Direct, Nationwide, etc…
Secondly this overdraft pricing model is unfair on customers as one customer can borrow £25, and a different customer can borrow £2500, yet they are both paying the same interest fee.
Thirdly, as to my previous point, there is no incentive for Monzo to give out high overdraft limits as everyone is paying the same fee regardless of the amount borrowed.
Certainly for now, I will not be taking an overdraft with Monzo as there are far more competitive options on the market.
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I think they mention it because it’s something a lot of people worried about and is probably a frequently asked question. I don’t think it’s down to Monzo to educate people on whether credit scores are worth worrying about or not?
You’ve got a good point there, I never thought of it that way! Thankfully I don’t plan on enabling the feature anytime soon.
Monzo’s aware of the points you’ve raised & the fact that some users will be put off the overdrafts as a result.
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I wonder why no one has offered a 5p daily fee, if everyone is paying £1.40 on the APR model… 
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Hold the front page, I have the Monzo income definition, hot off the chat
And it’s a nice, clear, logical definition without loads of inclusions and exclusions.
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So basically salary or wages plus things like working tax credit or child tax credit, and child benefit.
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Yep and JSA, DLA, PIP, Income support which a lot exclude
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Hi
First time post - hi to everyone
Some interesting discussions on here. Looking forward to getting involved.
So - I have looked at the overdraft feature - what is monzos credit score guide to this?
Also, I can’t apply as I get a message saying the credit agency can not locate me? Which agency do they use? Odd as I am on the electoral roll, etc
Finally - is there a way to manually appeal a negative decision? For instance I had bad credit some 4 years ago after a separation. Multiple ccj and default all of which have been paid still show. I have proof of payments for all. My car loan company initially declined me but after providing evidence approved me.
Manual intervention is keyi
I don’t believe 
have ever revealed their scoring criteria and what their risk appetite looks like but they may do one day.
They use call credit this now to score. If you want to check your call credit report you can do so for free via their noddle service. https://www.noddle.co.uk
I’m assuming you can appeal overdraft decisions by using chat or email help@monzo.com
Hey
Thanks for the response. That’s odd as I use call credit to check my own score yet Monzo can’t find me?
Monzo team? Any ideas ?
It has happened a couple of times before, perhaps @Naji could help out here? Or you could ask in app for them to see why they’re saying the credit agency can’t find you.
There is no guide for the criteria to get an overdraft, a lot of different factors are taken into account. If you do get turned down you can ask in app and they’ll give you a reason if they can.
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How could Monzo do identity checks before opening a Current Account but subsequently can’t locate the same user with credit agency 
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Thanks for the info x
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Sure, the simple answer is that our identity checks do not involve credit agencies. We’ve decoupled the two such that your profile with a credit agency has no impact on your ability to open an account with us, only your ability to get credit in the form of Overdrafts or any other lending feature we may offer.
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This makes perfect sense and I think it’s great because this means almost anyone who can fulfil Monzo’s account opening requirements will be accepted to have a current account. 
Thanks for the clarification @Rika
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FWIW, I’ve asked in-app if there’s any way to sort out the record not found issue, they said they’d escalate it, but when I chased it up a week later they just said they’re working on it but there’s no timeline for fixing this.
And why can’t you locate me or my credit file? Monzo is on my Noddle account so how is it that when I try to get an overdraft it states you can’t find me?
Raised this when you launched overdrafts.
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