HelpMonzo FlexChoosing an instalment plan

Choosing an instalment plan

With Monzo Flex, you can pay in 3 instalments at 0% interest, or over 6 and 12 instalments at 19% APR representative (variable). There's more about this in our help article about interest rates on Flex

When you choose your instalment plan, we’ll take the first instalment instantly and then monthly on your payment date until you’ve paid it off.

If you flex smaller purchases, the number of instalment plans available will be limited as the minimum instalment amount is £3. This is to help you repay smaller purchases quicker.

Things to keep in mind when using the virtual Flex card

  • You'll need to have enough money in your current account to cover at least the first minimum instalment, for the payment to go through. Thatʼs because we take the first instalment straight away when you choose a plan. We calculate this by assuming the lowest first minimum instalment you could make, which is the transaction cost divided by 12, not including interest.

  • You'll need to select an instalment plan after paying with the virtual Flex card before the end of the next day. Weʼll send you reminders to do this. If you donʼt pick one, we'll automatically select the lowest monthly plan, which is a 12-month instalment plan.

  • If we’ve automatically put you on the lowest monthly plan and we can’t take the first instalment from your current account, we’ll take it from your overdraft. If you don’t have an overdraft with us, we’ll use what’s called an ‘unarranged’ overdraft which is where your balance goes below zero or you go over your arranged overdraft limit. Being in an unarranged overdraft might impact your credit score. There’s more about this in our ‘Unarranged overdrafts’ help article.

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