Borrow up to £25,000 with fixed rates, no hidden fees, and full control through the Monzo app
Monzo Bank Personal Loan: Borrow Better with a Smile
Do you need some extra cash but don’t fancy dealing with painfully slow bank processes? Monzo’s Personal Loan is here to save the day. Borrow up to £25,000 and manage everything seamlessly in-app.
Check Your Eligibility
You will remain in the same website.
Do you need some extra cash but don’t fancy dealing with painfully slow bank processes? Monzo’s Personal Loan is here to save the day. Borrow up to £25,000 and manage everything seamlessly in-app.
Check Your Eligibility
You will remain in the same website.
Want to know what makes Monzo’s loans stand out? Here’s why you’ll love it:
Instant Access – Money in minutes, not days.
No Early Repayment Fees – Pay it off whenever.
Flexible Borrowing – Loans from £1,000 to £25,000.
In-App Management – Full control at your fingertips.
Check Your Eligibility
You will remain in the same website.
Advantages and Disadvantages of the Monzo Bank Personal Loan
Pros
- Quick and Easy Application – Apply in minutes directly through the Monzo app.
- Fast Payout – If approved, get the funds the same day.
- No Hidden Fees – What you see is what you get—no sneaky charges.
- Overpayment Flexibility – Repay early without extra costs.
- Full Transparency – Track your balance and repayments in real time.
Cons
- Monzo Account Required – You must be an existing Monzo customer.
- Higher Rates for Smaller Loans – APR varies depending on loan size.
- No Payment Holidays – You’ll need to stick to your schedule.
- Limited Loan Amounts – Maximum borrowing is £25,000.
Representative example:
Borrowing £5,000 over 36 months at a fixed annual interest rate of 19.0% (representative 20.7% APR), results in 35 monthly repayments of £184.00 and a final payment of £137.21, totaling £6,577.21.
All information is based on the latest available data from Monzo’s official website.
FAQ
If you have a Monzo current account and are at least 18 years old, congratulations—you’re eligible to apply! No Monzo account? Well, you’ll need to sign up first before even thinking about borrowing.
Loan amounts range from £1,000 to £25,000, with repayment terms between 12 and 60 months. Whether covering an unexpected expense or planning a big purchase, flexible terms make it easier to manage repayments.
Once approved, the funds are deposited instantly into the Monzo account. No long waits, no endless paperwork—just fast access to the money.
No arrangement fees, no hidden costs, and no penalties for early repayment. Paying off the loan early is allowed and even helps reduce overall interest paid.
A soft credit check is done initially, allowing users to check eligibility without affecting their score. If proceeding with the full application, a hard credit check is performed, which may temporarily impact credit ratings.
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