Into the right circumstances, borrowing can be a helpful option to handle your cash. From unforeseen crisis acquisitions to a big undertaking like purchasing a home, making use of the right type of credit and managing it into the right method makes it possible to perform some things for you to do.
But borrowing cash can frequently be a confusing, complicated procedure. And loan providers frequently don’t do much to produce it easier, stinging you with not clear and charges that are unfair repaying early, or burying costs 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 products which assist you to stay static in control.
Lending additionally assists us build Monzo into a business that is sustainable once you borrow funds from Monzo, you’ll pay us interest about what you borrowed from, or costs for making use of your overdraft. This can assist us make income, and create a bank that is around for decades to come. Continue reading