Monzo Loans

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Credit_Struggle
Credit_Struggle Posts: 82 Forumite
in Loans
Has anyone seen this feature active on there Monzo app?

If so be very careful, I had it and was just playing around to see what rates I could be offered and before I knew it I have £15,000 in my Monzo account.

Lightning quick. I now need to contact Monzo to cancel the loan.

Great rate offered though!
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  • pramsay13
    pramsay13 Posts: 1,956 Forumite
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    I just went on to my Monzo app to see if I could also accidentally be accepted for a £15,000 loan but apparently it is being rolled out so only available to certain people for now.

    What is the rate?
  • Credit_Struggle
    Credit_Struggle Posts: 82 Forumite
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    3.8% doesn’t seem to bad. My partner also says the same that it’s still being rolled out and to wait for updates
  • Credit_Struggle
    Credit_Struggle Posts: 82 Forumite
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    They also do instant repayment / overpayments all very smooth!
  • NewToTheUkAgain
    NewToTheUkAgain Posts: 156 Forumite
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    Good information, I too have the option. What it doesn’t say though is the interest rate you will be accepted for. Where did you see this? It has a slider I guess it’s only showing one rate and that’s the rate your approved for?

    Doesn’t ask much on the application either as far as I can tell, just if your employed, not where though and how much you earn
  • JReacher1
    JReacher1 Posts: 4,652 Forumite
    First Anniversary Name Dropper First Post I've been Money Tipped!
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    They offered me 3.7% on 15k. Must depend on certain things.

    Cheap rate but I get cheaper At HSBC if I need a loan.
  • Credit_Struggle
    Credit_Struggle Posts: 82 Forumite
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    To be honest I’ve only had a credit file for less than a year, so all in all I think on my circumstances that’s an excellent rate and not bad for a new company offering loans
  • NewToTheUkAgain
    NewToTheUkAgain Posts: 156 Forumite
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    Yes I agree the rate isn’t bad. Shows me 3.4%
  • NewToTheUkAgain
    NewToTheUkAgain Posts: 156 Forumite
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    Wonder if they still only search call credit for this
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
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    Credit_Struggle wrote: »
    Has anyone seen this feature active on there Monzo app?

    If so be very careful, I had it and was just playing around to see what rates I could be offered and before I knew it I have £15,000 in my Monzo account.

    Lightning quick. I now need to contact Monzo to cancel the loan.

    Great rate offered though!

    They put £15000 in your account without you e-signing all the pre-contract paperwork that you have to have by law?
  • NewToTheUkAgain
    NewToTheUkAgain Posts: 156 Forumite
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    Must of been pre contract
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