Monzo started in 2015 as an app-based bank with an online-first outlook. They’ve worked alongside customers through the years to build a banking experience that fits everyone. They’ve grown since, and they now serve 5 million customers within the UK and out.
For your personal funding needs, you may like the Monzo personal loan. If you are worried about costs, try out the Monzo personal loan calculator. You’ll get an estimate of your monthly payment instantly, based on your preferred loan terms.
Terms from 1 to 10 years. Representative example: 5 year £10,000 loan with comparison rates from 2.8% to 49.9% APR would cost between £10,728 and £27,321, including fees. The interest can vary between £728 and £17,321.
About Monzo Loans
Monzo Bank loans are loans that you can only get through the Monzo app. You’ll need to download the app and create an account if you haven’t yet.
Get to know the different features of a Monzo loan:
- Limit from £200 up to £15,000
- Term from 2 years to 5 years
- Zero product fees
- Loan quote through soft search
- Instant credit decision (in most cases)
- Same-day funds access within minutes
- Repayment through direct debit
- Option to overpay with zero charges
- Zero penalties on missed or late payments
- Easy loan management through the Monzo app
- 24/7 customer service team on the Monzo app and via phone
For early full loan settlements, you may need to pay up to two months’ interest.
If you still need more information, you can visit Monzo’s website here.
How to apply
The first step in applying for any loan is checking if you qualify. You can apply for a Monzo loan if you:
- Are 18 years old or older
- Are a UK resident
- Have an account on the Monzo app
- Clear Monzo’s minimum requirements on credit history and credit score
If you are good to go, you can apply directly through the Monzo app. Don’t forget to prepare additional personal information like your address history and source of income.
Monzo personal loan calculator
EST Monthly Repayment
24 months
to 60 months
EST Monthly Repayment
£7,000
to £15,000
Ditch hidden fees, confusing terms and waiting around. Achieve your goals and feel in control with a Monzo loan.
Repayment Period
12 months
to 60 months
Loan Amounts
£7,500
to £25,000
Paying off your debt using a Nationwide loan could give you the chance to take control of your finances.
Repayment Period
12 months
to 60 months
Loan Amounts
£7,500
to £15,000
You are eligible if youre 21 or over and live in the UK permanently, you have a regular yearly income of £6,000+, you are able to make your repayments by Direct Debit, and you havent been declared bankrupt, had a CCJ or an IVA within the last 6 years. All credit is subject to status and credit checks.
Repayment Period
12 months
to 96 months
Loan Amounts
£15,000
to £25,000
Make your plans a reality with a personal loan with fixed monthly payments, an instant credit decision, quick access to funds and no arrangement fee.
Repayment Period
24 months
to 60 months
Loan Amounts
£15,000
to £24,999
When it comes to putting your plans into action, its personal. And with a personalised loan just a few clicks away, getting things moving could be simpler than you think. Get your loan rate before you apply without it affecting your credit score.
BestLoanRates.co.uk provides factual information in relation to financial products. While BestLoanRates.co.uk attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and, to the best of our knowledge, is correct at the time of publishing. The information published on BestLoanRates.co.uk is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product, you will be dealing directly with that provider and not with BestLoanRates.co.uk. BestLoanRates.co.uk recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information, please see BestLoanRates.co.uk's Terms of Use.
Minimum and maximum loan periods vary between 1 month and 10 years. APR varies between 2.80% and 71.30% p.a. Total interest repayments vary between £435 and £1,019 over the life of the loan. *APR is based on an unsecured loan of R£15,000 for a term of 3 years. WARNING: This APR is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different APR. These rates can change without further notice. All rates quoted are per annum.
