I suspect that the people who’s accounts are being closed are unlikely to be able to get a loan elsewhere
More than likely the loan would be defaulted on and go to debt collection agency who would setup a payment plan with the person
Shame I’m not eligible based on the last factor (incomings and outgoings), as it states I might have too many outgoings 
Although I don’t see how this is correct personally given how much I have aside in pots, and my disposable income every month is not far off the £1k mark, but I’m not desperate for a loan and would look at getting one to pay my car off in the future if the opportunity arose naturally… Maybe I have too much coming in rather than out 
In addition, I doubt they would have been eligible for a loan from Monzo to start with.
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You’re not taking into account people’s feelings about their debt. I’m sure it’s pretty obvious that debt is easier to cope with, and repay, if one feels good about doing it. That stands to reason as the opposite of never opening bills. Money isn’t always about the %APR I reckon.
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Peoples feelings about debt is very important. For those who plan their debt, they are in control but for those that aren’t, gaining any semblence of feeling in control can be the difference between handling that debt responsibly and suffering mental anguish.
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Monzo isn’t my friend, but it is my cash cow 
And hardly a silly decision is it, more control over my finances? How is that silly.
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In reality, you’ll only ever know if it’s “silly” as suggested when the whole thing’s paid off and you try and work out if you could have got it cheaper or quicker by doing something else. By which time it’ll be too late. That judgement simply can’t be made now so I wouldn’t worry about it.
As an example, if you’re targeting the figure of £100 extra over two years and manage to pay a little extra off early, for example, so the £100 is never paid then that changes things again. There’s no way that someone who’s not you can ever decide silly or sensible on your behalf.
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I don’t need a loan at the moment, but I am very happy to see I am eligible for the full £15k. Only as recently as when this thread was started nine days ago I was not eligible (with the could not verify your income message). I am self employed (with my business account held elsewhere) and transfer from that into my Monzo account each month. So it certainly looks like the income recognition methods have been improved. Good job.
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Feel free to ping me an email at daniel@monzo.com and I can look into this for you.
Well that didn’t last long 
In 10 days I’ve gone from being offered £13.5k to not being eligible for anything at all.
Not even rolled over into a new month so no changes in my report or anything 
Edit: Turns out it might have just been me making a mistake in filling out the form 
You should’ve applied when they gave you the chance 
Roulette wheel of fate is back in action
Haha I know, but back then I thought that I didn’t need a loan 
and I didn’t expect it to change so drastically so soon either.
However, since then I’ve read some stories from people on here who raise some very good points that it’s not all just about the APR.
So while my car loan has a lower APR I wanted to see just how much different Monzo was and then I could consider taking out a loan with them instead with a plan to pay off chunks rather than splurging my extra cash on crap. Plus I like the whole consolidation part too. That plan has gone out the window now though 
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Did you get a reason why it’s changed?
Email Daniel and see if he will look into it
Just took a look @Ordog (You emailed me a while ago so had your email already).
You declared slightly different information when we asked you the affordability questions (“what’s your residential status”, “what’s your your annual income”, “does anyone rely on you financially”, etc.) which meant that the numbers we use in our affordability calculation changed slightly. I won’t say which answer it was on here, but the number you changed is one we’re aware we’re reasonably conservative on right now and is on our list of things to look into and refine in the future.
If you message in app or wait 7 days and resubmit your questions then you may be eligible again (I can’t say for sure as i’m not sure which set of answers is correct).
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Congrats!
It won’t “look bad”, but we are required to verify your salary (I’ve explained how we do this here) so there’s a chance we’ll continue to use a lower value for a couple of months. Just declare what your income actually is today and don’t worry too much about what’s happening behind the scenes (I know this is easy for me to say).
Sorry, that’s a bit vague, but i can’t really go into more detail than that 
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A piece of advice, not necessarily to you @Ordog but to anyone who blandly thinks ‘consolidation is good’: Trying to borrow your way out of debt is a stupid thing to try to do, you’ll most probably end up with twice the amount of debt. Unless you’re refinancing good debt for a specific reason (cost, better terms allowing penalty-free overpayments) you need to look at why you’re in debt and deal with that behaviour, not just borrow more and more to make your monthly repayment lower.
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Silly question, perhaps, but why ask for a salary figure when you’ll use other sources to determine what it actually is?
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Ahh that’s awesome thanks @TheoGibson for going out of your way to do this 
I wasn’t aware I’d done that and I’m presuming I just made a typo because none of my personal circumstances have changed. I’ll edit my original comment to reference your reply to avoid confusion for anyone else who reads this discussion.
I’ll give it a whirl again in 7 days