Monzo Loans

Credit_Struggle

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!

pramsay13

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

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

They also do instant repayment / overpayments all very smooth!

NewToTheUkAgain

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

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

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

Yes I agree the rate isn’t bad. Shows me 3.4%

NewToTheUkAgain

Wonder if they still only search call credit for this

[Deleted User]

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

Must of been pre contract