Within the right circumstances, borrowing can be a helpful option to handle your hard earned money. From unanticipated crisis acquisitions to a big undertaking like purchasing a residence, utilizing the right type of credit and handling it in the right means will allow you to do the things for you to do.
But borrowing cash can frequently be a confusing, complicated procedure. And loan providers frequently don’t do much to create it easier, stinging you with uncertain and charges that are unfair repaying early, or burying costs in 12-page Ts&Cs full of confusing legalese.
We think we could find an approach to lending that’s fair and more clear. One which makes it possible to feel much better about borrowing, by designing items that assist you to stay static in control.
Lending additionally allows us to build Monzo as a business that is sustainable whenever you borrow funds from Monzo, you’ll pay us interest about what you borrowed from, or costs for making use of your overdraft. This may assist us make income, and create a bank that is around for decades in the future.
Exactly just just What issues are we setting off to re re solve?
Through our personal experiences, individual research and feedback from our clients, they are probably the most painful things we’ve identified about borrowing money, that we’ll be working to improve:
Obtaining a loan
Trying to get credit may be confusing and time-consuming
The application form process could be needlessly long and that is complex you’re filling in lots of forms online or using conferences at your neighborhood bank branch, using typically takes lots of time and energy
Just How much interest you’ll pay and exactly how much borrowing will cost you is not constantly clear – crucial details just like the rate of interest and price tend to be concealed among loads of other information, and it will be hard to translate percentages into exactly how much you’ll actually pay