We’re proud that 92% of loan customers told us they’d choose a loan from Monzo again. We listened to your feedback on loan eligibility and have been working hard to improve how we verify your income among other things.
We paused loans over £3,000 during the last 12 months so we could concentrate on supporting customers already borrowing from us, especially those who were struggling financially. We’ve also rebuilt and improved some of our lending systems.
So what’s changed?
If you’re eligible, we can again offer you between £200 and £15,000, for up to 60 months
If you’re eligible, our representative APR is 7.5% for loans of £7,000-£15,000 and 25.3% for loans up to £7,000. Remember, we’ll tell you the exact interest rate you’ll pay (and what that means in pounds) before you apply, so there’s no surprises.
We’ve also improved the ways we assess your eligibility so that we can offer loans to as many customers as possible while staying responsible and sticking to our lending principles.
If you’re still not eligible we’ve got some clearer explanations as to why that might be (remember we can’t always give you the full detail on why we can’t lend to you).
Explore our loans - if you want to have a look around, or check if you’re eligible.
Got some feedback? Let us know below!