You can apply for an overdraft in the Monzo app. Approval is subject to eligibility and our lending criteria.

When you open a Monzo account, we carry out a soft credit check to help us decide whether we can offer you an overdraft.

This appears on your credit report as a quotation search or administration review. Other lenders can't see it, and it won't affect your credit score or your ability to apply for credit.

If you're eligible, you can turn your overdraft on during sign-up or apply for one later in the app.

You can choose an overdraft limit within the amount we're able to offer you.

Available limits range from €500 to €2,000, subject to eligibility. You can increase, decrease, or switch off your overdraft at any time in the app.

Using your overdraft costs:

We collect overdraft fees and interest on the first day of each month. We’ll apply the interest at midnight UTC on the day the payment settles.

You'll see accrued interest in a feed item at the top of your Home tab before it's charged.