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