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That's not correct. It's about that for over 7.5k to 15k and 19ish % for under 7.5k.
From the guardian article:
"But while payday lenders usually hit customers with interest charges equal to an annual percentage rate (APR) of 1,000%, Monzo is charging a maximum 24% APR on loans up to £7,500. Loans worth between £7,500 and £15,000 are charged as low as 3.7% APR."
jaitch
It doesn't look the most competitive but doesn't look exploitative either.
Certainly not payday lender type stuff.
3.7% APR for £7.5k
vs 2.9% as a headline on MSE