To make comparing even easier we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyTo make comparing even easier we came up with the Finder Score. Speed, features and flexibility across 60+ lenders are all weighted and scaled to produce a score out of 10. The higher the score the better the lender – simple.
Read the full methodologyPlease 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.
Maximum loan
£25,000
Product fee
N/A
Early redemption fee
£0
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.
| Loan amount not specified | |
| Loan terms | From year to years |
|---|---|
| Age eligibility | Age eligibility not specified |
| Application fee | No application fee |
| Repayment holiday | Repayment holiday not permitted |
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.
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:
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.
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.
You’ll need to meet the following criteria to be eligible for a Monzo personal loan:
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).
For any queries you can message customer support through the Monzo app. Alternatively, you can call Monzo on 0800 802 1281.
typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that considers. However, if you don't have a high credit score, you're very unlikely to get approved for a 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.
Yes, offers instant decisions online in most cases. (Occasionally, more information may be required.)
doesn't allow you to run multiple loans at the same time. However, does allow you to effectively "top up" your loan, by closing your current loan and starting a new, larger loan (you can call on 0344 375 5500 for details). There's no penalty for repaying ahead of time, but bear in mind that overpayments may be subject to up to 2 month's of interest beyond the date on which you overpay. Don't forget, each application for credit will be considered on its own merit.
Yes, you can make overpayments without incurring any penalty fee. However, 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.
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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