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Introducing Monzo Flex – a better way to pay later, wherever you use Monzo

September 16, 2021

We’re excited to share some really big news...

Today we’re launching Monzo Flex.

There are already a few ways to spread the cost of purchases over time. But customers told us none of them quite hit the mark.

Why do you need to reapply every time? Why do some of them only work at a few retailers? Why’s it so hard to find out how much credit you’ve been given? And why can’t you have more flexibility in how you pay back?

Lots of questions, and here’s our answer: Monzo Flex.

Get early access

A better way to pay later

Monzo Flex lets you spread the cost of purchases over 3 months interest free, or over 6 or 12 months at 19% APR (variable).

You can use it pretty much anywhere you use Monzo online and in store, to pay for pretty much anything you want, over £30. You’re not limited to a few places to spend. And you can wind back the clock, by choosing to flex transactions you made in the last 2 weeks.

If you’re eligible, we’ll give you a pre-approved credit limit you only apply for once. So no checks at check out. And you can flex as many payments as you like, as long as the total spend is within your limit – giving you confidence that you’ll never overspend.

Want to pay us back early? Sure, there’s no fee for that. If you want more time, you can edit your instalment plan to pay back over a longer period. And we don’t charge extra fees if you pay us back late.

Flex - Plan Selector

Here’s what you’ll get

Monzo Flex in 1,2,3

Once we’ve approved you, using Flex is easy.

  1. Buy something with Monzo.
  2. Tap the transaction and choose to flex it.
  3. Pick your instalment plan. We’ll take the first instalment straight away, and then monthly after that until you’ve paid it all off.
Flex - Making a flex

Use Monzo Flex online and in person, wherever you use Monzo

Headphones, homeware, hotel bookings, hamster medicine. Monzo Flex works for almost anything you’d usually pay for with Monzo. (We do exclude gambling, cash withdrawals and crypto – there’s a full list in the app.)

Flex - in the feed

Change things up or down when you need to

Edit your instalment plans at any time. Pay off a bit extra early, or pay back in full, with no fee.

Flex - pay extra

Shop with total confidence, knowing your credit limit up front

Apply once, up front. If we approve you, you can use Flex as often as you like, as long as you have enough available credit. So you know you’re good to go before you get to the checkout.

Plus, we’re clear up front about what you’ll pay when you use Flex, showing any interest in pounds and pence.

Flex - limit selector

Control of your spending, all in one place

Manage everything in your Monzo app. Your Flex balance sits alongside your current account balance, so it’s easy to see what you’ve spent and when your payments are due.

Flex - in the feed 2

Register now for early access

We’re inviting people to get early access to Monzo Flex from today. Tell us you’re interested in the app and we’ll let you know when your invitation is ready. We’ll be inviting more people every week!

Sign up for early access to Monzo Flex

Get early access

This is just the beginning let us know what you think!

We really hope you enjoy using Flex. As always, we’d love to hear your thoughts and we’ll be in touch in the app to ask for your feedback.

Why leave it there?

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