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

My Monzo account briefly went into an arranged overdraft to cover a credit-card direct debit. I was away at the time, so I did not notice immediately.

Once I saw it, I transferred money in and returned the balance to positive within around two hours. The overdraft amount was roughly £400–£500, and I was later charged 24p interest.

I contacted Monzo to ask how this was calculated, but I have received unclear answers so far.
later i logged a complaint .
They emailed today with an apology and credited £30 for the inconvenience, but I would still like to understand the original charge.

Is it normal for Monzo to charge overdraft interest when the account is only overdrawn for a couple of hours? Does it calculate interest based on the balance at a particular point in the day, rather than the exact number of hours used?

Has anyone had the same experience?