Monzo: Launches short-term loans for 2.5m customers

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Monzo: Launches short-term loans for 2.5m customers

Monzo: Launches short-term loans for 2.5m customers

  • Monzo is dipping its toes into the short-term loans market a year after Wonga’s collapse
  • The challenger bank formally launched loans for its 2.5 million customers
  • Those who qualify will be able to borrow as much as £15,000 for up to 60 months
  • Monzo is charging a maximum 24% APR on loans up to £7,500.
  • Blomfield explained Monzo’s new smaller loans will appeal to customers
  • Monzo recently doubled its value to £2bn after closing a fresh round of investor funding