Monzo Bank

Monzo personal loans

Monzo devotees could apply in minutes to borrow from Loan amounts between £200 and £25,000 starting from 14.8%.

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Monzo loan calculator

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Name Product Ratings Finder rating Customer rating Total Payable Monthly Repayment Representative APR Link
Monzo Bank Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 27.9% p.a. (fixed). Representative APR 27.9% and total payable £14,286.96 in monthly repayments of £396.86.
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How do Monzo loans compare against the competition?

1 - 13 of 13
Name Product Ratings Finder rating Customer rating Total Payable Monthly Repayment Representative APR Link
Novuna Personal Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
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
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
Check eligibility
View details
Representative example: Borrow £5,000 over 36 months at a rate of 26.2% pa (fixed). Representative APR 24.6% and total payable £7,014.45 in monthly repayments of £194.85.
Fluro (formerly Lending Works) Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
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.
Lendwise
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
thinkmoney Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
Tesco Bank Clubcard Personal Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.9% p.a. (fixed). Representative APR 5.9% and total payable £10,910.52 in monthly repayments of £303.07.
Tesco Bank Personal Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.3% p.a. (fixed). Representative APR 6.3% and total payable £10,972.08 in monthly repayments of £304.78.
Zopa Personal Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
View details
Representative example: Borrow £1,500.00 over 3 years at a rate of 22.9% p.a. (fixed). Representative APR 22.9% and total payable £2,028.60 in monthly repayments of £56.35.
Barclays Existing Current Account Loan
Finder score
★★★★★
User survey
★★★★★
★★★★★
Expert analysis
★★★★★
User rating
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 9.9% p.a. (fixed). Representative APR 9.9% and total payable £11,527.92 in monthly repayments of £320.22.
Lloyds Bank Existing Customer Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.4% p.a. (fixed). Representative APR 6.4% and total payable £10,987.56 in monthly repayments of £305.21.
Vanquis Bank Personal Loan
Vanquis Bank Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 22.3% p.a. (fixed). Representative APR 22.3% and total payable £13,433.76 in monthly repayments of £373.16.
Monzo Bank Personal Loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 27.9% p.a. (fixed). Representative APR 27.9% and total payable £14,286.96 in monthly repayments of £396.86.
Plend personal loan
Finder score
★★★★★
★★★★★
Expert analysis
Not yet rated
View details
Representative example: Borrow £5,000 over 36 months at an interest of 22.51% p.a. (fixed), you will repay 36 monthly payments of £192.27. Interest Payable £1,921.72. Total Repayable £6,921.72. 24.99% APR Representative.
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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.

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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

Representative APR 14.8%
Loan terms From 2 months to 5 years
Loan amounts From £200 to £25,000
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 up to £15,000, 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

Pros

  • 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.

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.

Monzo customer reviews

Monzo has received positive reviews from customers, according to review platform Trustpilot. It currently has a rating of 4.3 out of 5, based on more than 27,000 reviews (updated June 2023).

Monzo was also the winner of Finder’s 2021 customer satisfaction awards for banking. For the 2022 awards, Monzo maintained high ratings with a score of 5 stars out of 5 and 84% of Monzo customers also said they would recommend the brand to a friend.

Customer support

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

What credit score do I need to get a Monzo loan?

Monzo typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that Monzo considers. However, if you don't have a high credit score, you're very unlikely to get approved for a Monzo loan.

A "Good" or "Excellent" credit rating would require a score of 881 or higher if you're referring to Experian's scale, 531 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.

Do Monzo loans give an instant decision?

Yes, Monzo offers instant decisions online in most cases. (Occasionally, more information may be required.) First, you can use the soft-search eligibility checker to find out your chances of getting approved. (This won't affect your credit score.) Then, if you opt to go ahead and apply, you'll get an instant answer. Monzo can also offer same-day funding of your loan.

Can I get a second Monzo loan?

Monzo doesn't allow you to run multiple loans at the same time.

Can I make overpayments on a Monzo loan?

Yes, you can make overpayments without incurring any penalty fee. However, Monzo can continue to charge interest for up to 2 months on any sums overpaid. So, although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.

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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