PRE-CONTRACT CREDIT INFORMATION

1. Contact details

Creditor. Monzo Bank Limited

Address. Broadwalk House, 5 Appold Street, London EC2A 2AG

2. Key features of the credit product

The type of credit. Running-account credit agreement

The total amount of credit. £6000

This means the amount of credit to be provided

under the proposed credit agreement or the
credit limit.

How and when credit would be provided. Flex will be visible in your app after we sign the agreement.

You’ll be able to use Flex in two ways:

Flex a transaction up to 2 weeks later

You can start moving transactions from your current account into Flex
straight away. You can do this up to 2 weeks after making the transaction.
Once you’ve moved a transaction, we’ll pay the amount of the
transaction into your current account.
Virtual Flex card
You can use your virtual Flex card to pay for transactions directly with a
retailer. To do this, you’ll need to use your virtual Flex card to pay
wherever contactless is accepted by adding it to your digital wallet. You
can also pay online with the card details.

To use Flex, you’ll need to have enough available credit limit to cover the
full cost of the transaction, not including any interest you might owe.

This information in this section below only applies to using your virtual Flex
card and not if you flex a transaction up to 2 weeks later.
 How does the virtual Flex card work?

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. That’s because
we take the first instalment straight away when the plan is selected. 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 making a payment on the

virtual Flex Card. We’ll send you reminders to do this. If you don’t pick one,
we’ll automatically select the instalment plan which creates the lowest
instalment amount available for the transaction.

The duration of the credit agreement. This agreement will have no fixed duration and will continue until you or we
end it.

Repayments. First Instalment

When you select an instalment plan, or when we automatically create an

instalment plan, we’ll take the first payment straight away. We calculate the
first instalment we take by dividing the transaction amount and any
applicable interest by the number of your chosen instalments, and round
this amount up to the nearest £1 and to at least the minimum instalment of
£3.

Monthly payments

After your first instalment, we’ll take one monthly payment on your chosen
payment date each month, which covers all of your instalment plans.

Each month you’ll need to make at least the minimum payment. This is
calculated by:

dividing each transaction and any applicable interest by 12 and round

this amount up to the nearest £1 and to at least the minimum instalment
of £3; and
totalling this figure for each of your instalment plans.

You can also choose to make overpayments. For example, you might choose
to pay over a shorter period than the maximum available for a transaction.
We’ll first try and collect the overpayment but if we can’t, we’ll try and
collect the minimum payment 7 days after the payment due date.

You can change your payment amount at any time, as long as it’s at least the
minimum payment.

As soon as you make a payment, you’ll free up more of your credit limit
which you can use for other transactions.
Your repayments will pay off what you owe in the
following order.
The total amount you will have to pay.
This means the amount you have borrowed plus
interest and other costs.
Monthly payments
We’ll allocate your payments according to the instalment amount you’ve
selected for each instalment plan.
Catching up on missed payments
If you’re behind on your Flex payments, we’ll allocate any payments towards
your arrears, starting with the oldest arrears first.
Pay off extra
If you aren’t behind on your Flex payments and pay more than the monthly
payment, you may be able to choose how to allocate it in the app. If not,
we’ll allocate it to the instalment plan with the highest interest rate first (and
the next highest, and so on). If all of your instalment plans have the same
rate of interest, we’ll allocate your payment to the oldest instalment plan
first (and then the next oldest and so on).
If you pay more than the monthly payment, this won’t change the amount
you have to pay each month and you’ll still need to make your next monthly
payment. These extra payments will usually be allocated to the end of your
selected plan – this means an extra payment might change the amount of
your final instalment and the number of instalments you have to make on
the plan the payment is allocated to.
Pay off early
We might give you the option of choosing whether the payment is allocated
to the next monthly payment. If we give you that option, we’ll tell you about
it in the app.
Closed Accounts
If your Monzo current account is closed then we will apply any payments to
your next monthly payment.
£219.09 using APR assumptions
This figure assumes that:
you immediately use Flex to make a transaction which is the value of your
entire limit;
you repay the instalment plan over 12 equal monthly instalments;
you don’t use Monzo Flex to create any more instalment plans within that
12 month period;
the interest rate we charge doesn’t change.
3. Costs of the credit
The rates of interest which apply to the credit
agreement.
Annual Percentage Rate of Charge (APR).
This is the total cost expressed as an annual
percentage of the total amount of credit.
The APR is there to help you compare different
offers
Related costs
Costs in the case of late payments.
Consequences of missing payments.
4. Other important legal aspects
Right of withdrawal.
Early repayment.
9.0% (variable)
We might change this interest rate for the reasons set out in your credit
agreement.
From time to time, we might offer you Promotions, such as a reduced rate of
interest or 0% interest on some instalment plans. We’ll tell you about these
in the app.
9.0% APR (variable)
This figure assumes that:
you immediately use Flex to make a transaction which is the value of your
entire limit;
you repay the instalment plan over 12 equal monthly instalments;
you don’t use Flex to create any more instalment plans within that 12
month period;
the interest rate we charge doesn’t change.
There are no charges for late or missed payments. We’ll charge interest on
your Flex balance at the rate above. We don’t charge interest on interest, or
interest on late payments.
However, if you miss payments, we’ll start charging the standard rate of
interest after 7 days. This means you’ll lose the benefit of any Promotions
you have in place.
Missing payments could have severe consequences including:
reporting you to the Credit Reference Agency which may impact your
credit rating and make it more difficult to get credit in the future; and
legal proceedings being taken against you to recover the balance.
You have the right to withdraw from the credit agreement before the end of
14 days, starting on the day after it comes into effect.
You have the right to repay all or part of the credit early at any time with no
fees.
Consultation with a Credit Reference Agency. If we decide not to proceed with your application on the basis of
information from a Credit Reference Agency, we’ll tell you that when we
inform you of our decision and give you the particulars of that agency.

Right to a draft credit agreement. You have the right, on request, to get a copy of the draft credit agreement
free of charge, unless we’re unwilling at the time of the request to proceed
to the conclusion of the credit agreement with you.

The period of time during which the creditor is This information is valid at the time of you viewing it in the app and it may
bound by the pre-contractual information. change later.

5. Additional information in the case of distance marketing of financial services

(a) concerning the creditor

Registration number. Firm registration number 730427

Companies registration number 9446231

The supervisory authority. The Financial Conduct Authority supervises our provision of credit.

(b) concerning the credit agreement

The law taken by the creditor as a basis for the English law
establishment of relations with you before the
conclusion of the credit agreement.

The law applicable to the credit agreement English law governs your credit agreement and any disputes will be subject
and/or the competent court. to the exclusive jurisdiction of the English courts.

Language to be used in connection with the Information and contractual terms will be supplied in English.
credit agreement.

(c) concerning redress

Access to out-of-court complaint and redress If you have a complaint about this service, please contact us through the
mechanism. app.

If you are unable to resolve any complaint you may have after contacting us,
you may apply to have your complaint resolved by the Financial
Ombudsman Service. Write to them at Exchange Tower, London E14 9SR, or
call 0800 023 4567, or send an email to complaint.info@financial-
ombudsman.org.uk.