{"id":248908,"date":"2019-10-01T17:23:44","date_gmt":"2019-10-01T16:23:44","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?page_id=248908"},"modified":"2026-04-20T13:34:35","modified_gmt":"2026-04-20T12:34:35","slug":"monzo","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/personal-loans\/monzo","title":{"rendered":"Monzo loan calculator and review"},"content":{"rendered":"

What is Monzo?<\/h3>

Monzo<\/a> 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\u2019ll need to create a Monzo account and download the app to apply for a loan. <\/p>

Key features<\/h3>

Monzo offers unsecured loans, which means you don\u2019t need to use an asset as security against the loan. Instead, you\u2019ll be approved for a loan based on your credit score<\/a> and ability to pay back the loan amount. You can borrow from \u00a3200.00 to \u00a325,000.00, with a loan period of 2 to 5 years.<\/p>

You\u2019ll receive a fixed interest rate, so your monthly payments will remain the same throughout the loan and you\u2019ll 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<\/a>.<\/p>

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How do Monzo loans compare against the competition?<\/p>\n

See today's rates from across the personal loan market.<\/p>\n <\/div>\n\n <\/div>\n\n

\n Compare rates<\/a>\n <\/div>\n<\/div>\n\n

How do Monzo loans work?<\/h3>

You\u2019ll need to be an existing customer and already have the app. Here\u2019s the typical process for taking out and repaying a Monzo loan:<\/p>

  1. Go to the \u201cAccount\u201d tab in your Monzo app, then tap on \u201cLoans and overdrafts\u201d to begin your application. You\u2019ll need to meet Monzo\u2019s credit score requirements to be eligible for a loan.<\/li>
  2. Select how much you want to borrow and your loan period, then click \u201cReview Your Loan\u201d.<\/li>
  3. Once you\u2019ve reviewed your loan terms, tap to apply.<\/li>
  4. Once you\u2019ve been approved for a loan, you\u2019ll receive your funds on the same day.<\/li><\/ol>

    Monzo will then take automatic monthly payments from your current account in order to repay the loan. You can track how much you\u2019ve paid, your remaining payments and the cost of the loan using the Monzo app.<\/p><\/div><\/div><\/div>

    Pros and cons<\/h3>
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    Pros<\/h4>\n