As a responsible lender, we don't want to put you at risk of taking on debt you can't afford.
Please don't be disheartened. We regularly review Monese users account behaviour, on a month to month basis, so if your circumstances improve, you can become eligible in the future. Once that happens, you will receive a notification through the Monese app.
So what can you do to improve?
To this end, you need to be aware that when we assess eligibility, we look at a range of affordability and creditworthiness criteria. These include:
The amount of card spends on your Monese account. We suggest you use your Monese account as much as possible as that would give us a better understanding of your affordability. Limited transactions can hinder your chances.
No missed payments for any other Monese products.
Your level of debt and debt-to-income ratio.
If you're making payments to a debt management plan provider or debt collector.
Your employment status and income.
Signs of financial stress (such as returned bill payments).
Your credit score and credit history (such as whether you have recently defaulted on a loan and have an active country court judgement). Please note, SteadyPay only performs soft credit checks which does not impact your credit score.
A good place to start is to access your credit report, so you can see what information is held on you by credit reference agencies. We also recommend checking out the free tools provided by Step Change on managing debt.