Monzo (loans): verified facts and rating
Licensed since: 2017 Checked 2026-10-30
Score breakdown
86% backed by facts · How we rank
Monzo (loans) against the market
The dot is the company, the line is the median of all companies in this ranking.
Published rate, % of country reference86%333%333% · median 99.5%
Maximum amount, % of country reference86%143%100% · median 100%
Longest term84 mo120 mo84 mo · median 90 mo
Monzo (loans) strengths and weaknesses
Pros
- Licence confirmed by the official list or a stated licence number
- Publishes how to complain
- No arrangement fee in the standard terms
- Terms state that early repayment is free
Cons
- Published rate above the country reference
- Online application is not open to new customers
All facts
| Fact | Value | Source | Checked |
|---|---|---|---|
| Licensed since | 2017 our banking licence restrictions have been lifted! Monzo is now a fully authorised, unrestricted bank. (5 April 2017) | monzo.com | 2026-10-30 |
| Licensed by the regulator | Yes MONZO BANK LIMITED, FRN 730427, list of PRA-regulated banks, October 2026 | bankofengland.co.uk | 2026-10-30 |
| Published rate, % of country reference | 333% Our representative APR for loans of more than £10,000 and up to £35,000 is 10.0% APR. For loans up to £10,000 it's 23.0% APR. Example: £4,800 over 36 months, 20.9% fixed, 23.0% APR representative, correct as at 30/10/2026 · APR 23.0% · index 100 = 6.9% (median at launch) | monzo.com | 2026-10-30 |
| Free early repayment | Yes Make your repayments early or pay extra whenever you want, with no fees. | monzo.com | 2026-10-30 |
| No arrangement fee | Yes Fair - no fees | monzo.com | 2026-10-30 |
| Fees or terms published | Not verified | — | |
| Complaints procedure | Yes How to make a complaint | monzo.com | 2026-10-30 |
| Online application for new customers | No Monzo Current Account required (existing clients only; application in the app) | monzo.com | 2026-10-30 |
| Support hours a week | Not verified | — | |
| Maximum amount, % of country reference | 100% Calculator range £200 to £35,000 · max 35000 GBP · index 100 = 35000 GBP (median at launch) | monzo.com | 2026-10-30 |
| Longest term | 84 mo Calculator range 12 to 84 months | monzo.com | 2026-10-30 |