I have been with Monzo for years and my wages have always gone in, I was allowed to get the max loan prior to this new change however now I am no longer allowed a loan.
All I get is this and what looks like nothing else has been checked.
I don’t want/need one but seems silly I was allowed but now I not and no other checks made and nothing has changed in my circumstances.
Who knows how the Monzo policies have changed 
It’s showing the only one that you can click to find out more.
They haven’t checked the rest because you’ve failed at the first hurdle.
So I just got myself a loan from Monzo, 4.7% - used it to pay off my HSBC loan (basically switching suppliers) and I have to say I am so far loving the Monzo loan
The interest rate is a smidge higher, works out to be I pay an extra £100 over the next 2 years but:
The freedom the app gives in managing my loan has won me over big time.
Well nothing has changed apart from me paying my off credit card which was only £150.
Sadly no one knows why you don’t qualify for Monzo lending in regards to their policies, apart from Monzo.
Yeah I know, just silly I could have and now I can not and tbh I have more then enough money in my account to cover it as well as what I earn.
So if I get this right, you’re opting to pay a higher rate of interest? Where in good financial management does that make sense.
Equally comparing to HSBC Could make revolut look like a good option.
With Lloyds, for example, you would have cleared that loan immediately through the online banking
If it works for you, that’s great. But taking out a loan that’s going to cost you more does not make any sense.
Not really, if the Monzo loan gives me greater power over my finances, repayments etc.and the ability to budget better then that makes it a better loan in my opinion.
If the Apr difference was 2, 3, + % higher then yes it might not make sense. But it isn’t, it’s a smidge higher and the freedom I get in return, the control over my finances is worth more than being tied into a “slightly” cheaper but inflexible loan.
If it works for you that’s ok.
Though if you were paying 3.3% at HSBC and 4.7% at Monzo - you do realise that’s a 40%+ difference in the interest rate… - and HSBC also let you make overpayments…
It is, but it’s also £100 across two years. Just over £4 a month for ease of managing is clearly something he feels worth paying.
I noticed something was brewing a few weeks ago when my almost constant block on a loan at the ‘cannot confirm income’ stage (which I’d been stuck on for about a year, even after a complaint) offered me a £3k loan at a ridiculous 26%.
I took it (wrongly) to be because I re-signed up to Monzo Plus and that somehow unlocked loans for me. Instead, it looks like its because loans were being relaunched and must have done some backend improvements.
Today its dropped to the 7.5% and up to the max £15,000. Shame it’s not offering me the good 4.7% but at least it’s an improvement from a month ago.
Well done Monzo for moving forwards!
I’d also add that with other lenders there’s often a late payment fee or some other hidden fee. Late payment fees are usually £12 at most high street banks, so not an insignificant amount. (I searched for HSBC online but couldn’t find if they do this or not).
So APR also doesn’t always tell the full story. 
Ya see, I do not put my entire salary into Monzo either (mostly because I have a mortgage and things with my old bank), but for 4 years now Monzo has recieved a steady stream of funds for day to day spending and I’ve had access to apply for a loan for some time.
So you don’t need your salary with Monzo, just need some activity!
I understand people’s arguments and true you can make an overpayment with HSBC, but you have to set it up as a bank transfer and it doesn’t do anything to your repayments, plus you can’t see what the settlement figure is without ringing them up and waiting for an hour.
Today with the Monzo loan I was able to see how the repayments change if I paid off different amounts.
Monzo:
HSBC:
Like I said, for me having the freedom to completely manage my loan is worth a small increase in APR.
This is great news. I have a pretty good credit rating but I was always told it was not good enough for Monzo.
Now I’m offered up to 15k. Great to have the option!
Wait until you go down the rabbit hole of trying to figure out how much to pay to round the balance 
That’s like my ocd that, everything has to be rounded
