British neobank Monzo launches Monzo Flex, „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). „Pick your instalment plan. We’ll take the first instalment straight away, and then monthly after that until you’ve paid it all off,” the company says.

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. (The company excludes gambling, cash withdrawals and crypto – there’s a full list in the app.) 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,” Monzo explains. 

If you want to pay us back early 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.”

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.

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.

Control of your spending, all in one place

You can 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.