Why we’re lending. In just the right circumstances, borrowing can be a way that is useful handle your hard earned money.

Why we’re lending. In just the right circumstances, borrowing can be a way that is useful handle your hard earned money.

Into the right circumstances, borrowing can be a way that is useful handle your cash. From unanticipated crisis acquisitions up to an undertaking that is big purchasing a home, making use of the right type of credit and handling it into the right method will allow you to perform some things for you to do.

But borrowing cash can frequently be a confusing, complicated process. And loan providers frequently don’t do much to create it easier, stinging you with confusing and unfair prices for repaying early, or burying charges in 12-page Ts&Cs filled up with confusing legalese.

We think an approach can be found by us to lending that’s fair and more clear. One which can help you feel much better about borrowing, by designing products which allow you to stay in control.

Lending additionally assists us build Monzo in to a business that is sustainable whenever you borrow cash from Monzo, you’ll pay us interest on which you borrowed from, or costs for making use of your overdraft. This can assist us make income, and develop a bank that’s around for decades in the future.

Exactly exactly What dilemmas are we setting down to re re solve?

These are some of the most painful things we’ve identified about borrowing money, that we’ll be working to improve through our own experiences, user research and feedback from our customers

Trying to get a loan

Obtaining credit could be confusing and time-consuming

The program procedure could be needlessly long and that is complex you’re stuffing in lots of forms online or taking conferences at your neighborhood bank branch, using typically takes considerable time and energy

Just exactly just How much interest you’ll pay and exactly how much borrowing can cost you is not constantly clear – crucial details just like the interest rate and price tend to be concealed among lots of other information, and it will be tough to convert percentages into simply how much you’ll actually pay

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