Monzo testing ‘Get Paid Early’ salary advance with some users

By Oliver Smith on 27th June 2019

Challenger Banks

Tomorrow’s salary, today.

Monzo testing ‘Get Paid Early’ salary advance with some users
Image source: Monzo.

Finding yourself cash-strapped just a day away from the end of the month is a common feeling, but maybe not for much longer.

Monzo is testing a new feature which offers the option to unlock your salary a day earlier than usual.

The feature was discovered by users on Twitter, and Monzo confirmed it is currently in testing.

At the moment Monzo is offering to unlock salaries, for free, at 4pm the day prior, which is essentially an 8 hour advance assuming your salary is usually paid overnight.

 

While many suspected that Monzo was offering a 0% loan to create the feature, CEO Tom Blomfield weighed in on Twitter to add that Get Paid Early worked “probably not the way you imagine.”

Monzo can see a salary payment is on the way because of the 3 day Bacs cycle, and so we can release it a day early.”

While most of the feedback was overwhelmingly positive, some on Twitter questioned whether the feature might simply lead to them being stuck in another cash crunch the following month, albeit a day earlier.

Monzo declined to comment on when 'Get Paid Early' would be made more widely available, only telling AltFi it is due "in the coming months".

Companies in this Article:

Monzo

People in this Article: