Over the past 9 months or so, we’ve gradually been offering loans to more and more of our customers. We took our time to make sure we get it right. We did a bunch of user testing and research to understand the most painful things about borrowing money.

And we’ve used that feedback to continuously improve the experience of borrowing with us, so getting a loan could actually help people to solve a problem or reach a goal.

We’ve launched loans to everyone who’s eligible

If you’re eligible, you can now borrow up to £3,000 from Monzo for up to 36 months 💰

Our representative APR is 26.6% on loans up to £3,000. By law, we have to show you the representative rate as that's what we'd reasonably expect to offer at least 51% of people. But we'll always tell you the exact rate you'll pay, and what that means in pounds, before you apply for a loan with us.

We want to fix problems across the industry, like the general lack of transparency, confusing terms and pricing, and business models seemingly designed to catch customers out. Here’s how we’re trying to do things differently.

Know what you’ll pay before you apply

We’ve built systems that check if you can borrow money from us, and how much we can responsibly lend you. Behind the scenes, we match our data with that from credit agencies to see if we can offer you a loan.

So before you apply, you’ll get a personalised interest rate and see what that means in pounds, without leaving a mark on your credit file.

(If you’re interested, here’s our big guide to interest).

Full control, start to finish

We want you to feel in control of your loan the whole way through. We’ve designed our loans so that checking your balance, making extra repayments, and paying off your loan in full is as intuitive as the rest of Monzo.

Here’s what to expect if you borrow from us:

We won’t penalise you to make extra repayments, or pay off your loan early, anytime

Set and change your repayment date to suit your schedule

We’re on your team

Paying off your loan feels pretty good, so we celebrate when you do. And if your circumstances change, or things don’t go to plan, you can chat with us anytime. We have a dedicated team here to support you and make sure you get the help you need.

See what you could borrow

If you want to have a look around, or check if you’re eligible, tap the button below on your phone.

Or just open your app, head to your Account, and tap ‘Loans and overdrafts.’

We’d love to hear your feedback and ideas

If you’ve taken a loan with us, or are thinking about getting one in future, we’d love to hear your thoughts and feedback over on the community forum.