Monzo Flex: Everythings you need to know

You’ve been hearing a lot about Monzo Flex lately and wondering what is this. Monzo Flex is Monzo’s new flexible overdraft facility. It lets you borrow money interest free for up to 3 months.

Before you dive in and activate your Flex limit, it’s good to understand exactly how it works and what the pros and cons are. Keep reading to get answers to all your burning questions about Monzo Flex.

What Is Monzo Flex?

Monzo Flex is Monzo’s new credit facility. It will allow you to borrow up to £3,000 and pay it back over 3 to 12 months. If you pay off the total amount within 3 months, then there are no repayment fees. But in 6 or 12 months plan has repayment fees. Monzo flex will charge up to 29% APR on the amount. But interest rates depend on your credit score. Open your Monzo flex account here.

what is monzo

How Does Monzo Flex Work?

So how does Monzo Flex actually work? It’s pretty straightforward.

Monzo will determine your Flex limit based on your income, spending habits, and credit score. Then Monzo will decide your limit from £50 to £3000.

After getting the amount, you can pay back your Flex balance at any time before the due date. Payments are applied directly to your balance, so your limit will replenish as you pay it off.

If you don’t pay the minimum due by the end of the month, Monzo doesn’t charge any late fee. They will give you an extra 7 days to pay the amount.

Still, if you don’t pay the amount then, Monzo will change your plan to the longest-period plan. Like If you have 3 months plan then it will automatically change to 12 months plan.

Is Monzo Flex a Credit Card?

Monzo Flex is not exactly a credit card. But it works like a credit card. Monzo Flex is a mixture of “credit card” and “buy now, pay later” services. Monzo Flex just offers a convenient way to spread payments over time, it is not an actual credit card.

Key differences from credit cards

  • There are no interest charges as long as you pay on time. You can pay in installments without any interest charges. But credit cards typically charge interest if you don’t pay the full balance.
  • It’s not a line of credit. You can only spend what you have available in your Monzo account. Credit cards allow you to spend beyond your limit and carry a balance from month to month.
  • Spending limits are based on your Monzo balance. Your limit can change from week to week. Credit card limits are fixed when you open the account.

Who is eligible for Monzo Flex?

To be eligible for Monzo Flex, there are a few basic requirements you’ll need to meet. Such as Age, UK Resident, Good credit Score and a Smartphone. If you meet these basic eligibility criteria, you’re ready to sign up for Monzo Flex.


You must be at least 18 years old to sign up for Monzo Flex. Monzo is an adult-only bank, so minors cannot open accounts.

UK Resident

Monzo Flex is currently only available to residents of the United Kingdom. You’ll need to provide a UK address and proof of ID to verify your eligibility.

Good Credit

Monzo Flex does not need a credit check to sign up. But they may check your credit history and spending habits based on the Monzo app.


The Monzo Flex account is designed to be managed through the Monzo mobile app. You’ll need an Android or iOS Smartphone to sign up and access your account. Only the mobile app has full access to all the features of Monzo Flex.

Current account

Monzo Flex is currently only available in Monzo’s current account. Who are over 18, earn a regular income, and have had their account for at least 6 months.

After full filling, all the above requirement, you can apply for Monzo flex.

Join the Waitlist

Once invited, tap “Join waitlist” in the Monzo app. This will add you to the queue to access Monzo Flex. The wait time can vary but is usually just a few days. You’ll receive another notification once you’ve reached the top of the list.

Complete the Application

When it’s your turn, Monzo will ask you a few questions about your income and expenses to determine your credit limit. Be prepared to provide details like your salary, rent, and loan payments. The application only takes a couple of minutes to complete.

Now Start Using Your Card

If approved, your virtual Monzo Flex card will appear right away in your Monzo app. Your physical Monzo Flex card will arrive in the mail within 5 business days. Your credit limit, interest rate, and repayment terms will be clearly shown in the Monzo app.

how does monzo flex work

Why did Monzo Flex decline my application?

Well, there is no direct answer to “Why did Monzo Flex decline your application”. Monzo Flex looks at a few key factors before giving you access to the Monzo Flex account. You might find a couple of things that could be relevant to you.

  • Your income and what’s going out of your wallet.
  • Making sure that your income can be confirmed.
  • Your credit history, as reported by the folks at TransUnion and Experian.
  • Checking if you tick all the boxes in our lending criteria checklist.

You can always sign up for the Monzo Flex eligibility checker. It saw you if you are eligible or not for Monzo Flex services. if you are eligible then they will send you a notification.

How to Use Monzo Flex

So you’ve signed up for Monzo Flex, now what? Here’s a quick guide to getting started with this flexible credit option. First, link your Monzo Flex limit to your existing Monzo current account. It allows you to access your credit line directly within the Monzo app.

When you make a purchase, let your Monzo Flex card take the lead. You can use flex for in-store or online transactions through Apple Pay or Google Pay. You can also do transactions by entering the flex card details.

Monzo Flex also allows you to spread the payment over time. Just select a transaction that took place within the past 2 weeks from your current account. You will see the spread option from 3 to 12 months.

Your initial Monzo Flex limit is based on your credit score and Monzo’s assessment of your ability to repay. If your needs change, you can easily adjust your limit up or down through the Monzo app. Increasing your limit will require another soft credit check. Reducing your limit can be done at any time without affecting your credit.

how to use monzo

Where can I use Monzo Flex?

You can use Monzo Flex anywhere that accepts the Mastercard. Since it’s a prepaid debit card, you can use it for purchases and payments both in stores and online. Also, you can use it abroad.

Here are some specific examples of where you can use Monzo Flex:

In-store: You can use your Monzo Flex card to pay in-store with Apple Pay or Google Pay, almost anywhere contactless is accepted. You can also use the physical Flex card to pay in-store.

Online: You can use your Monzo Flex card details to pay for online purchases. Just enter the card details when you checkout.

Abroad: You can use your Monzo Flex card to pay for purchases abroad, in any currency, fee-free. This includes using it to withdraw cash from ATMs.


So now you know everything about Monzo Flex. This new Monzo product offers a fresh take on overdrafts. It gives you more control and flexibility. You get to choose your own limit and pay interest only on what you use. If you need a bit of extra cash from time to time, Monzo Flex could be a great option for you.


Does Monzo Flex improve credit scores?

Monzo Flex can improve your credit score if you use it responsibly. If you make all your Flex repayments on time and in full, it will improve your credit score.

What is the maximum limit of Monzo Flex?

Monzo Flex maximum limit is £3000. This is the highest amount that Monzo Flex will lend you. However, your actual credit limit depends on your credit score and spending habits.

What is the minimum limit of Monzo Flex?

Monzo Flex minimum limit is £50. This is the lowest amount that Monzo Flex will lend you. However, if you use Flex responsibly and make payments on time, you may be able to get a higher credit limit.

Can I use Monzo Flex with no money?

Yes, You can use Monzo Flex with no money in your current account. You only need Monzo Flex credit to use it.

Can I use Monzo Flex abroad?

Yes, you can use Monzo Flex abroad. You can use it to pay for goods and services in any currency, without any fees. You also get the best possible exchange rate, which is Mastercard’s standard rate with nothing added.

What is Monzo Flex interest rate?

Monzo Flex interest rate is up to 29% APR (variable) for 6 or 12 monthly payments. However, your actual interest rate depends on your credit history and spending habits. Also, if you pay in full on your next payment date or in 3 monthly payments, there is no interest charged.