We've brought back personal loans up to £15,000! 🎉

So the new algorithm working just as well as the old one, then :+1:

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You should’ve applied when they gave you the chance :wink:

Roulette wheel of fate is back in action :sweat_smile:

Haha I know, but back then I thought that I didn’t need a loan :cry: 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 :sob:

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Did you get a reason why it’s changed?

Email Daniel and see if he will look into it

:disappointed: 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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Just a quick one - I’ve had a pay rise (wooo!) if I put that new number in, does it look bad if it can’t be correlated directly with my salary payments already inbound or known of by Monzo? Or do you “take my word for it”?

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:partying_face: 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 :slight_smile:

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No no, that’s all good. Kinda what I thought too! :grimacing: So appreciate the “confirmation” so to speak :eyes:

Thanks for all your great work & transparency on here @TheoGibson <3

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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 :heart:

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 :slight_smile:

I had a similar issue with salary in the past when applying for a Monzo loan.

I pay additional contributions to my company pension as a salary sacrifice so when I declare my income e.g. I earn £20,000 but only £1,000 is paid to me net then I used to get a message saying Monzo needed more info on my income because the numbers didn’t match; of course they didn’t match that’s because, Monzo, you didn’t ask me what my take home is, you asked me what my salary is and I told the truth.

Looks like that issue is fixed now though.

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TLDR; Reduce the risk of us overestimating what we calculate your salary to be. Some calculation methods also require an input from which to start from and assess confidence against.

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In case anyone cares I am now eligible for £15,000 after not being eligible at all last month.

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This feels like an interesting (and much needed) development

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If you like this, you’ll love what we’ve got planned for the rest of the year :eyes:

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If you tell us @tbutz might share his chocolate hobnobs with you

not a euphemism

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I’m liking what I hear so far :ear:

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I take the ‘good job’ back :roll_eyes:

image

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