Borrowing more
If you currently have a Monzo loan, you can see whether you're eligible to borrow more in the app:
Tap the Home icon in the menu bar
Swipe to your Loan
Tap Borrow More
You’ll only be eligible to borrow more if you’ve had your loan for at least six months, and you haven’t missed any recent repayments.
How borrowing more works
If you’re eligible and you decide to borrow more, we'll set up a new loan for what you’ve got left to pay, plus the extra amount you want to borrow. You’ll have one monthly repayment on the day of the month you choose.
Your new loan could have a different interest rate to your current loan
Your new interest rate could be higher. Before you take out the loan, we’ll show you what your current interest rate is and what the new one will be so that you’re fully in the know. You'll also be able to choose how long your new loan runs for.
Remember that borrowing more can mean you pay more interest and cost you more overall.
