The online bank Monzo Bank Ltd has started to offer out loans. The digital banking platform has been integrating these loans into their services to a gradually increasing amount of customers over the past 9 months, carrying out many different tests and research in the pursuit to find out the most painful thing borrowers will face when taking out a loan.
Monzo claim that they have used this feedback as a tool in helping to improve their borrowing experience. Those who are eligible for a loan with Monzo can borrow anything from £200 to £15,000 for a maximum period of 60 months.
As already touched on, Monzo is an online bank that is based in the UK. The company, founded in 2015, was one of the first digital challenger banks developed in the country. The online banking organisation have claimed that they want to help make improvements to problems areas within the industry, including the typical lack of transparency and confusing business models. Monzo loans will clearly state what you’ll be expected to pay back before going through with the loan application.
Monzo claim that they want to “build a bank with everyone, for everyone. Our amazing community suggest features, test the app and give us constant feedback so we can build something everyone loves.” The bank is driven by providing the very best service for their customers, using their feedback to make improvements to the way things are run, and thereby providing the very best version of their services.
In addition to this, Monzo have also developed a way for borrowers to have as much control as possible over the management of their loan. Borrowers will not face penalties for making extra payments or for paying off the loan early. The end-date for complete repayment of the loan can also be adjusted (up to 60 months), and customer support for any and all matters regarding the loan is available 24/7.