Why we’re lending

(Alex Sherwood) #111

As I’ve already explained, that’s not the reason why I chose to use a Monzo loan. Please don’t patronise me.


I’m not patronising you.

These are your reasons, but you are prolific in the finance sector, and it feels like those reasons are more about coming up with an answer to fit the question, than genuinely what happened - But it’s your reasons, so fair enough - That’s why I asked the question :grinning:

I’m sure you are well aware that it’s pretty easy to take a loan out with many of the major banks (all at a lower interest rate).

Either way, good luck with it!

(Alex Sherwood) #113

If you’re just going to disagree with dismiss any explanation that doesn’t match your own then I don’t know why you’re wasting your time here - you don’t seem to be open to learning anything new.

Edited - to remove the red text & replace with the green text.

( related to Monzo CEO, Investor in Monzo ) #114

come on guys its crimble - we can agree to disagree


Lol, it’s not about disagreeing or agreeing.

I think it’s fair enough to question why someone who is extremely knowledgable of the sector, would chose to pay more through Monzo, than use an alternative method (which are still pretty simple, despite what people make out).

Perhaps I, and others could be missing something.

Now it’s there for people to learn from and reference in future. What a world we live in.

You’ve given your answer, so thank you :grinning:

((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #116

Agreed. It’s about not dismissing others experience and trying to put yourself in their shoes.


I’m with @nickh on this one. I couldn’t understand the ‘spread the cost’ approach as opposed to get the credit and then purchase.

When you make the purchase you have no way of knowing whether you’ll be able to spread the cost? So you’ve made the purchase knowing you have enough capital to cover it so I’m not sure why you would then use this option at extra cost.

I’ve guessed I’m not the target market for this but would others make a purchase on the assumption they’d be able to spread the cost? What if then you don’t get offer?

Send a little dangerous doing it this way around.

(Alex Sherwood) #118

Assuming the loan isn’t already showing as available in the Account Tab (which mine was) then you’re right that no one should be making a purchase while counting on being offered the loan afterwards. My understanding is that in that scenario, Monzo will simply offer you the loan after you’ve made the purchase, on the off-chance that you then decide to spread the cost. Which is harmless since at that point, you can comfortably afford to decline the offer.

(Brexit Day Is Gonna Be Shamayzing.) #119

Real talk homie


I’ve not been offered the loan so I’m not really sure of the workflow :neutral_face:


Just an FYI @alexs, @Rat_au_van and @Christophorus

People can disagree with things, question others if they are willing to answer, and generally look for opinions beyond their own imagination to broaden their horizons.

This forum is full of people from all walks of life and financial situations, so there is always going to be a range of opinions - If I can learn from some, great - If I disagree with some, well that’s my own opinion and shouldn’t affect anyone else.

There is no need to get personal, or bring other conversations from other threads to try and bolster your disagreement with my opinion.

I respect your position, please respect mine :grinning:

( related to Monzo CEO, Investor in Monzo ) #123

I agree , we all have differing life experiences , differing income levels , and differing stages of our lives , we can all learn off each others experiences, sometimes hard learnt lessons, which is what makes this forum such a good source of information - we may not all agree - plainly - but we should be able to see each others viewpoints

(Dave) #124

It seems to me there are two different discussions going on here, but that the opinions on each seem to be getting mixed up.

Some people seem to be talking about taking out the pre-approved loan, and some about spreading the cost of a purchase you have already made if you are given the option to do so after you’ve made the purchase via the option in the transaction details.

On the latter, I tend to agree more with @nickh and @Kumnaa here as you can’t plan to use the loan if you don’t know if you are going to be offered the chance to use it on that particular purchase.

If you were planning to take out a loan for a particular purchase, then you would take out the loan first. If you weren’t planning on taking the loan and then you are offered it for a particular purchase this is encouraging you to take out a loan (yes, I know you have to be pre-approved already).

The other scenario is very different in that you are specifically planning to take out the Monzo loan for a particular reason (such as paying off an overdraft elsewhere).

((☞゚ヮ゚)☞ ☜(゚ヮ゚☜)) #125

FYI, I think you’ve missed the point.


The argument about using a credit card is meh - it’s all software at the end of the day, there is no reason why I should have another card, an account with another (legacy) company, etc just for the off-chance I make a large purchase if Monzo can do it.

If Monzo does this right (it does need a way to arrange the loan in advance though) it will eventually negate the need for a credit card which seems like a good thing to me.

What about credit cards?
(Michael) #127

Excellent point

I have spent a good long time (just over twenty years!!!) with a sometimes rather sorry collection of credit cards, but I never really gave much thought about why I really had one and what purpose it was meant to achieve other than generally allowing me to spend money I did not have and then pay lots of interest

As a result of both bad and good developments I currently do not need to be using them, but worth a ponder at length

Thanks for setting me off thinking about that

(Wojciech Orlowski) #128

dash card … in non-cash transfers, it even saves … depends on who, what, needs, or what he is financing …but from experience I know that we have no influence on the virtual world … these are only particles of matter which, with the right combination, with the speed above the light, transmit information about the transaction to the other half of the globe. , transfer , but when to put in halfway, even the magnet Neodymium osizable dimension. our quantum physics bends, the computervvisits, and the world is sinking in a panic … and I’m holding a physical figure, a security paper called the BANKOT. I KNOW THAT ON A SELECTED PETROL STATION, he will pay the amount due. For, refueled petrol … :grinning: But Monzo Bonzo has me in … even a funny overdraft will not turn up, even after the angle surge … And yet, Saints are … … All right after. holidays :sunglasses:

(Emma (still not the app)) #129

Good point


(Ben ) #130

Just popping back into this thread to ask if there’s any updates about making the APR % rate more prominent, rather than tucked underneath the list of payment schedules.


(Richard Cook) split this topic #131

4 posts were merged into an existing topic: Removed Posts - 16/1/19