Business loans and overdrafts
Achieve your business goals and feel in control.
To be eligible to apply you must be 18+, a sole trader, and have a Monzo Business account. Ts&Cs apply.
Loans for businesses
Eligible sole traders can get a loan up to £25,000. We can only offer you one loan across both your personal and business accounts. We don’t offer loans to limited companies.
Seeing if you’re eligible won’t leave a mark on your credit file. There are no lengthy forms to fill and no charges for paying us back early.
Our Representative APR for loans of more than £10,000 and up to £25,000 is 15.8% APR. For loans up to £10,000 it's 29.5% APR. The loan terms vary depending on the amount you borrow.
For Representative APR 15.8%: If you borrow £15,000 over 60 months, at a simple annual interest rate of 14.75% (fixed), the total amount you'll repay is £21,267.84.
For Representative APR 29.5%: If you borrow £2,000 over 24 months, at a simple annual interest rate of 26.3% (fixed), the total amount you'll repay is £2,588.75.
You need to be 18+ and must have a business account to apply. Ts&Cs apply.
Overdrafts for businesses
Arranged overdrafts can be ideal if you need to borrow a little extra money to tide you over every now and then.
Overdrafts are designed for short term borrowing, and they’ll cost you less if you pay them back quickly. Eligible sole traders could get an overdraft up to £2,000.
How does our overdraft compare?
Our Representative EAR is 39.0% (variable). Monzo does not apply charges for using your overdraft. The interest on your overdraft will be calculated daily on the overdrawn balance and added monthly. We offer three different rates of interest: 19.0%, 29.0%, or 39.0%. Most customers are offered 39.0%.
You need to be 18+ to apply. Ts&Cs apply.
Do you offer loans for Limited companies?
Monzo Bank can't offer business loans to everyone ourselves (yet!) so we've teamed up with FundingXchange and iwoca, to find the right funding for your business goals.
So you know, we earn a commission from them, but that doesn't mean you pay more. You'll pay the same as you would going direct to a lender.
We are offering Limited company loans to some customers at the moment. If you are able to apply for a loan from Monzo, you will be contacted directly.
Our Representative APR for loans between £5,000 and £25,000 is 18.4% APR. The loan repayment terms vary depending on the amount you borrow. 18.4% Representative APR is based on borrowing £8,000 over 12 months, at a simple annual interest rate of 17.1% (fixed). The total amount you'll repay is £8,757.18.