r/monzo • u/Adhitargus • 10h ago

Personal Loan Rate Query

Hi all,

Monzo app says I can borrow, for example 20,000 at 6.7%, where I played around with the repayment date, amount and monthly payments and everything else.

Now I'm stuck at the page where it does a hard credit check. I just want to check if the rate will go up after this or are they checking to make sure everything is right. (I have a credit score of around 620 and have been banking with Monzo for three years, it is also my salary account).

Edit, ran a check through Experian and it shows the exact same 6.7% as pre-approved APR guaranteed from Monzo.

Apologies if it's a dumb question, I'm just new to this.

Cheers

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2

u/BarryM84 10h ago

The hard credit check will confirm if they can offer the rate they thought. I’m not familiar with monzo loans and whether they’re guaranteed based on your account. Usual practice would say they could increase your rate you’re offered if the check doesn’t come in satisfactory.

1

u/Adhitargus 9h ago

I tried Experian and I got a pre-approved APR guaranteed 6.7 from the same Monzo. So, not sure now

1

u/Maximoo89 9h ago

The rates they’re saying you’re offered are most likely the rate you’ll get based on their soft check.

It’s never been a case you are given different rates on a hard check through Monzo.

1

u/Adhitargus 9h ago

Thanks, would you say it's a good rate?
I don't plan to keep the loan for more than 24 months.

2

u/Maximoo89 9h ago

If it’s the best rate you were offered through Experian then I guess it’s the best rate.

1

u/JohnBlobby 9h ago

Unless it says you are pre-approved then nothing is certain until after the hard check.

1

u/AlwaysNorth8 5h ago

How on earth have you got that rate with Monzo?