Monzo has introduced a debt consolidation loan service using ClearScore technology, making it the first UK bank to use ClearScore’s automated debt consolidation system.
The service lets Monzo customers combine borrowing into a single loan, while ClearScore’s Clearer System settles existing debts directly with the relevant lenders. This removes the need for customers to contact lenders themselves to confirm balances and arrange repayment.
The launch marks a new step for both companies as banks and fintech groups seek to simplify borrowing and debt management for customers with multiple credit commitments. Monzo said the product gives customers a new way to consolidate borrowing into a single loan, while ClearScore said it…