We’ve launched loans to everyone who’s eligible

Over the past 9 months or so, we’ve gradually been offering loans to more and more of our customers. We took our time because we wanted to make sure we get it right. We did a bunch of user testing and research to understand the most painful things about borrowing money.

And we’ve used that feedback to continuously improve the experience of borrowing with us, so getting a loan could actually help people to solve a problem or reach a goal.

We’ve launched loans to everyone who’s eligible

If you’re eligible, you can now borrow between £200 and £15,000 from Monzo for up to 60 months :moneybag:

We offer rates from 3.7% APR representative on loans of £7,500 to £15,000, to 20.4% APR representative on loans up to £7,500 (we’ll tell you the exact rate you’ll pay before you apply, though).

We want to fix problems across the industry, like the general lack of transparency, confusing terms and pricing, and business models seemingly designed to catch customers out. Here’s how we’re trying to do things differently.

Know what you’ll pay before you apply

We’ve built systems that check if you can borrow money from us, and how much we can responsibly lend. Behind the scenes, we match our data with that from credit agencies to see if we can offer you a loan. So before you apply, you’ll get a personalised interest rate and see what that means in pounds, without leaving a mark on your credit file.

(If you’re interested, here’s our big guide to interest).

Full control, start to finish

We want you to feel in control of your loan the whole way through. We’ve designed our loans so that checking your balance, making extra repayments, and paying off your loan in full is as intuitive as the rest of Monzo.

Here’s what to expect if you borrow from us:

  • We won’t penalise you to make extra repayments, or pay off your loan early, anytime
  • Set and change your repayment date to suit your schedule
  • Talk to us 24/7 - chat and phone support to help along the way, if you need it

We’re on your team

Paying off your loan feels pretty good, so we celebrate when you do. And if your circumstances change, or things don’t go to plan, you can chat with us anytime. We have a dedicated team here to support you and make sure you get the help you need.

See what you could borrow

If you want to have a look around, or check if you’re eligible, tap the link below on your phone.

Explore our loans

Or just open your app, head to your Account, and tap ‘Loans and overdrafts.’

We’d love to hear your feedback and ideas.

mod note: here’s a post from our Lending Product Manager Amy, where she answers many of the questions posted in this thread. Thanks!


I’ll ask the question that seems to pop up a lot…

I was offered a loan initially (as well as the full £1000 overdraft which is still available if I wish), but the offer for the loan has since disappeared (as it has for other people I know).

Not sure if this has anything to do with also having a Joint Account?

But it would appear from people I know, and reading this forum, that the “eligibility” seems incredibly bizarre.

Can you explain a little more how you evaluate customers?


Great work on getting loans rolled out to everyone :clap:

3.7% between £7,500 and £15,000 is really competitive!


Is this now available on joint accounts? We have two saleries coming in and savings but we don’t yet qualify for a lone or overdraft?

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I don’t want/need one but my account still says “We’re offering loans gradually”


If you tap it, the next screen seems to have changed.

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What happened to spread the cost? This has disappeared from my loan section

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Maybe my phone/app needs a bit of time as nothing has changed :thinking:


Great news that this is being rolled out. In terms of eligibility, does this only look at your personal account and not your joint account?

2 points:

  1. If this is a formal launch… why was this thread created in the making monzo section? :thinking:
  2. Has or will the issue of the entry points to loans be reassessed? last time I checked this was present 2/3 times within account and was the first thing seen on that screen.

Point 2 is a key one for me as I dont want to feel nagged into taking a loan everytime i go to look at my pots but would like it to be present incase i needed it in a more relevant location

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It still says ‘we’re rolling loans out gradually’ in the app for me?

You also created a separate topic about lending yesterday and there are still unanswered questions in there too. Could you take a look at mine below and come back to me please:

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Same, however if I tap that I now get this screen, which I think is new.


I used to have loans and spread the cost available. Now all gone :man_shrugging:

I have a similar screen but no mention of credit score, just something about my “circumstances”. I don’t really use this account but my credit history is excellent so I’d be interested to know a bit more about the lending criteria. Like @Ordog, I am eligible for a £1,000 overdraft, which I haven’t taken.

I’m not in the market for a loan so no biggie :smiley:

Incidentally, great to see Monzo offering competitive loans at a much better APR than the 20.4% originally offered across the board :clap:t2:


Yeah I’ve had my offer disappear. It now has a message saying that it’s to due to my income/spending … but the only things that have changed in the meantime are that I’ve had a pay rise and my “spending” is shovelling money into savings.


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I have the same message - Although my personal account is dormant and everything is in my joint account (so if they don’t look at that, it’ll explain it).

I’m also not going to keep money in my Monzo account when I can earn a few more pennies elsewhere :man_shrugging:


Yeah mine also says nothing about my credit score ; just that it’s based on my circumstances?

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My main account balance is always very low because that’s my fun money for pub/takeaway. Everything else gets squirrelled away in pots and other accounts.

If Monzo are just looking at the ins and outs of main balances for lending eligibility, then that’s a bit daft.


I’ve also checked my Stepdad’s account with him and his message is based on his incomings/outgoings, they can’t offer him a loan at the moment. Suggests with that it’s nothing to do with his credit score (Which is excellent) and more on the actual usage of the account.

All of our spending and money is on the joint account, so unable to apply even if I wanted to as monzo seemingly has no idea about this money or transactions. Is there any good reason for this or just the usual of JA users being second class Monzo citizens? Both our salaries are paid into the joint account too.