Why we’re lending

Real talk homie

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

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Just an FYI @alexs, @Rat_au_van and @anon4562461

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:

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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

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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).

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FYI, I think you’ve missed the point.

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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.

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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

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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:

Good point

:eyes:

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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.

Thanks

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

Does anyone know the best way of increasing my chances of getting offered a loan by Monzo?
Is it wise to start depositing most of my salary and using my personal account rather than joint?
I know my credit score is very good with Equifax but I believe Monzo use Experian which was lower for some odd reason unknown to me.

I asked Monzo this and spoke to a specialist.

They’re being really cautious with the roll out and are only offering loans to people with a high ratio of income to spending.

Personally I’d just wait until they’ve worked through everything and have completed their “make everyone an offer” campaign :slight_smile:

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EXACTLY my reason - getting away from HSBC and their terrible customer service! Looking for a new bank with new ideas and can actually communicate changes to my account instead of leaving me guessing…!

How has Monzo worked out for you since your comment last year, @connorianreilly? :slight_smile:

:wave:

Still got a £100 overdraft limit. This hasn’t chance since the first offering - despite having roughly 50 times this in my Monzo account as emergency savings…

It doesn’t bother me, I’ve used Monzo as my full account Feb-16 and would never look back :slight_smile:

These are next on the list to be reviewed. You have been warned :speak_no_evil:

where’s the option, i have not been offered an overdraft?:pensive:

Monzo uses TransUnion (Credit Karma)

Click your profile picture (top left) and then underneath all your pots is the lending section :slight_smile: