Our Monzo loan calculator and review does the hard work

Monzo fans can apply in minutes to borrow between £200 and £25,000 starting from 14.8%.

4.3 ★★★★★ (29 reviews) Write a review
Monzo Bank

Monzo loan calculator

1 - 1 of 1
Name Product Finder score Total Payable Monthly Repayment Representative APR Link
Monzo Bank Personal Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 25.4% p.a. (fixed). Representative APR 25.4% and total payable £13,906.80 in monthly repayments of £386.30.

How do Monzo loans compare against the competition?

1 - 4 of 12
Name Product Finder score Total Payable Monthly Repayment Representative APR Link
Novuna Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 7.4% p.a. (fixed). Representative APR 7.4% and total payable £11,142.00 in monthly repayments of £309.50.
My Community Bank Personal Loan
Check eligibility
View details
Representative example: Borrow £5,000 over 48 months at a rate of 24.9% pa (fixed). Representative APR 27.9% and total payable £7,939.24 in monthly repayments of £165.40.
Fluro (formerly Lending Works) Personal Loan
Check eligibility
View details
Representative example: Assumed borrowing of £7,500.00 over 48 months at 17.9% APR representative. Monthly cost of £214.79. Total amount repayable of £10,309.78. Interest rate of 16.6% p.a.(fixed) and total fees of £150.00. Available for loan amounts between £5,000 - £25,000.
thinkmoney Personal Loan
View details
Representative example: If you borrow £29,100 over 12 years, initially on a fixed rate for 5 years at 8.885% and for the remaining 7 years on the Lender's standard variable rate of 9.285%, you would make 60 monthly payments of £375.53 and 84 monthly payments of £380.29.

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Late repayments can cause you serious money problems. See our debt help guides.

Our verdict

Monzo, the challenger bank, provides loans with fixed monthly repayments, same-day funding, and flexible amounts, all managed conveniently through the Monzo App. However, since it has higher rates than others in the market, it's a good idea to compare before deciding. If you can’t make your repayments, you run the risk of damaging your credit score.
  • Instant decisions
  • Same-day funding facility
  • Flexibility over early repayment
  • Only available to Monzo customers
  • High APR on smaller loans
  • No payment holidays
Representative example: Borrow £10,000.00 over 3 years at a rate of 25.4% p.a. (fixed). Representative APR 25.4% and total payable £13,906.80 in monthly repayments of £386.30.
Monzo Bank Personal Loan
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4.0 ★★★★★
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Maximum loan


Product fee


Early redemption fee


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.

Monzo loan rates at a glance

The Monzo Bank Personal Loan charges 14.8% APR representative on loans between £10,000 and £25,000. Monzo offers the loan with repayment terms between 2 and 5 years, and applicants can apply to borrow from £200 to £25,000.

Quick overview of Monzo Bank personal loans

Loan amounts From £200 to £25,000
Loan terms From 2 months to 5 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.

Loan typeUnsecured Personal Loan
Loan amounts£200.00 to £25,000.00
Loan terms2 Years to 5 Years
Loan rate typeFixed
Product fee0%
Same-day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit

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


  • Flexible loan amounts. You can borrow from as little as £200 or up to £25,000.
  • 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.


  • 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.

Monzo customer reviews

Monzo won the personal loans category in the Finder Customer Satisfaction Awards 2024. Many Monzo loans customers in our survey said the bank was easy to deal with, and an impressive 97% said they’d recommend the brand to a friend.

One respondent said:”They were very helpful, and it was a straightforward process to apply.”

Another said:”Can overpay really easily and instantly reduce monthly payments. Can see progress towards paying off loan and it’s really user friendly.”

Over on reviews platform Trustpilot, Monzo overall has a rating of 4.0 out of 5, based on more than 32,400 reviews (updated May 2024).

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.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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