When you look at the right circumstances, borrowing can be a helpful option to handle your hard earned money. From unanticipated crisis acquisitions to an undertaking that is big purchasing a property, utilizing the right type of credit and handling it into the right method will allow you to perform some things you should 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 not clear and charges that are unfair 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 is fair and more clear. One which can help you feel much better about borrowing, by designing items that assist you to stay static in control.
Lending additionally assists us build Monzo as a sustainable company: once you borrow cash from Monzo, you’ll pay us interest about what your debt, or charges 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 exactly What dilemmas are we setting down to 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