Monzo loan calculator and review

Monzo, the challenger bank, provides loans with fixed monthly repayments, same-day funding, and flexible amounts, all managed conveniently through the Monzo App.

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Monzo Bank

What is Monzo?

Monzo is one of the leading challenger banks in the UK and now offers personal loans through its popular app. Unlike traditional lenders, Monzo loans are online-only and you’ll need to create a Monzo account and download the app to apply for a loan.

Quick overview of Monzo Bank personal loans

Loan amounts From £200 to £35,000
Loan terms From 3 months to 7 years
Age eligibility 18 years and over
Application fee No application fee
Repayment holiday Repayment holiday not permitted

Key features

Monzo offers unsecured loans, which means you don’t need to use an asset as security against the loan. Instead, you’ll be approved for a loan based on your credit score and ability to pay back the loan amount. You can borrow from £200.00 to £25,000.00, with a loan period of 2 to 5 years.

You’ll receive a fixed interest rate, so your monthly payments will remain the same throughout the loan and you’ll know in advance what it will cost overall. Your rate will vary depending on factors like your credit history and the loan that you apply for. Before it can offer you a loan, Monzo will check your credit history through the credit reference agency Transunion.

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How do Monzo loans compare against the competition?

See today's rates from across the personal loan market.

Compare rates

How do Monzo loans work?

You’ll need to be an existing customer and already have the app. Here’s the typical process for taking out and repaying a Monzo loan:

  1. Go to the “Account” tab in your Monzo app, then tap on “Loans and overdrafts” to begin your application. You’ll need to meet Monzo’s credit score requirements to be eligible for a loan.
  2. Select how much you want to borrow and your loan period, then click “Review Your Loan”.
  3. Once you’ve reviewed your loan terms, tap to apply.
  4. Once you’ve been approved for a loan, you’ll receive your funds on the same day.

Monzo will then take automatic monthly payments from your current account in order to repay the loan. You can track how much you’ve paid, your remaining payments and the cost of the loan using the Monzo app.

Pros and cons

Pros

  • Flexible loan amounts. You can borrow from as little as £200 or up to £35,000.
  • Early repayment option. You can make extra repayments or even pay your loan off early without penalty.
  • Simple online application. If you have a Monzo account, you can apply for a loan within minutes using the app.
  • Fast funding. You can be approved for a loan and receive your funds the same day you apply.
  • Online tracking. You can manage your loan using the Monzo app.

Cons

  • Only available to Monzo customers. You'll need to have an existing Monzo account, or sign up for one, to apply for a loan.
  • Minimum credit rating required. You'll need to have a certain credit score and history to be eligible for a loan. You can check your credit score through Credit Karma using your Monzo app.
  • High APR on smaller loans. Be wary of borrowing small amounts over lengthy periods – this makes for low monthly repayments but a relatively high overall cost.

What is APR?

The Annual Percentage Rate (APR) is a representative figure that’s designed to show you the annual cost of a loan. It can be a handy tool when comparing different loans, but don’t let it distract you from the overall cost. The APR combines both the interest rate and any mandatory fees or charges that you’ll need to pay on the loan.

Lenders such as Monzo must all calculate their APRs in the same way and must provide you with this figure before you agree to anything. However, most people don’t realise that lenders only have to offer the advertised representative APR to 51% of customers who take out the loan. That means you may end up paying more, depending on Monzo’s assessment of your financial circumstances and history.

Am I eligible for a Monzo loan?

You’ll need to meet the following criteria to be eligible for a Monzo personal loan:

  • You must be at least 18 years old.
  • Be a UK resident.
  • Have an existing Monzo account.
  • Meet Monzo’s minimum credit history and credit score requirements.

What do customers say about Monzo?

83% of customers we surveyed in 2026 would recommend Monzo to a friend.

It provides a highly integrated personal loan experience that fits seamlessly into its popular banking app. Customers love the convenience of having their loan connected directly to their current and savings accounts, making repayments effortless to manage.

While the approval process is described as quick and straightforward, user sentiment regarding the interest rates is mixed, depending heavily on the personal APR offered.

AI-generated summary from the text of customer reviews on Finder.

Monzo and Finder Awards

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Our Finder Awards celebrate brands that truly stand out in their field. Monzo was named our 2024 Personal Loans Customer Satisfaction Award winner!

Customer support

For any queries you can message customer support through the Monzo app. Alternatively, you can call Monzo on 0800 802 1281.

Frequently asked questions

Finder.com has selected Accepty Technology Ltd to provide details of credit products and whether you may be eligible to get them. Accepty Technology Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 839295). Accepty is acting as a credit broker, not a lender, and may receive a payment from a credit provider if you take out a credit product.

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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio

Chris's expertise
Chris has written 502 Finder guides across topics including:
  • Loans & credit cards
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