diff --git a/packages/desktop-client/src/components/mobile/accounts/AccountTransactions.tsx b/packages/desktop-client/src/components/mobile/accounts/AccountTransactions.tsx
index 1d72fea856e..f7bb2e00b4e 100644
--- a/packages/desktop-client/src/components/mobile/accounts/AccountTransactions.tsx
+++ b/packages/desktop-client/src/components/mobile/accounts/AccountTransactions.tsx
@@ -234,6 +234,7 @@ function TransactionListWithPreviews({
     transactions,
     isLoading,
     reload: reloadTransactions,
+    isLoadingMore,
     loadMore: loadMoreTransactions,
   } = useTransactions({
     query: transactionsQuery,
@@ -267,7 +268,7 @@ function TransactionListWithPreviews({
           tables.includes('category_mapping') ||
           tables.includes('payee_mapping')
         ) {
-          reloadTransactions?.();
+          reloadTransactions();
         }
 
         if (tables.includes('payees') || tables.includes('payee_mapping')) {
@@ -324,6 +325,7 @@ function TransactionListWithPreviews({
       balance={balanceQueries.balance}
       balanceCleared={balanceQueries.cleared}
       balanceUncleared={balanceQueries.uncleared}
+      isLoadingMore={isLoadingMore}
       onLoadMore={loadMoreTransactions}
       searchPlaceholder={`Search ${accountName}`}
       onSearch={onSearch}
diff --git a/packages/desktop-client/src/components/mobile/budget/CategoryTransactions.jsx b/packages/desktop-client/src/components/mobile/budget/CategoryTransactions.jsx
index c03f1676451..aa0df7912c0 100644
--- a/packages/desktop-client/src/components/mobile/budget/CategoryTransactions.jsx
+++ b/packages/desktop-client/src/components/mobile/budget/CategoryTransactions.jsx
@@ -40,6 +40,7 @@ export function CategoryTransactions({ category, month }) {
   const {
     transactions,
     isLoading,
+    isLoadingMore,
     loadMore: loadMoreTransactions,
     reload: reloadTransactions,
   } = useTransactions({
@@ -56,7 +57,7 @@ export function CategoryTransactions({ category, month }) {
           tables.includes('category_mapping') ||
           tables.includes('payee_mapping')
         ) {
-          reloadTransactions?.();
+          reloadTransactions();
         }
 
         if (tables.includes('payees') || tables.includes('payee_mapping')) {
@@ -112,6 +113,7 @@ export function CategoryTransactions({ category, month }) {
         balanceUncleared={balanceUncleared}
         searchPlaceholder={`Search ${category.name}`}
         onSearch={onSearch}
+        isLoadingMore={isLoadingMore}
         onLoadMore={loadMoreTransactions}
         onOpenTransaction={onOpenTransaction}
       />
diff --git a/packages/desktop-client/src/components/mobile/transactions/TransactionList.jsx b/packages/desktop-client/src/components/mobile/transactions/TransactionList.jsx
index a22e236f9af..81f45869c6e 100644
--- a/packages/desktop-client/src/components/mobile/transactions/TransactionList.jsx
+++ b/packages/desktop-client/src/components/mobile/transactions/TransactionList.jsx
@@ -6,10 +6,9 @@ import React, {
   useState,
 } from 'react';
 import { ListBox, Section, Header, Collection } from 'react-aria-components';
+import { useTranslation } from 'react-i18next';
 import { useDispatch } from 'react-redux';
 
-import { t } from 'i18next';
-
 import { setNotificationInset } from 'loot-core/client/actions';
 import { groupById, integerToCurrency } from 'loot-core/shared/util';
 import * as monthUtils from 'loot-core/src/shared/months';
@@ -41,12 +40,32 @@ import { TransactionListItem } from './TransactionListItem';
 
 const NOTIFICATION_BOTTOM_INSET = 75;
 
+function Loading({ style, 'aria-label': ariaLabel }) {
+  return (
+    <View
+      aria-label={ariaLabel || 'Loading...'}
+      style={{
+        backgroundColor: theme.mobilePageBackground,
+        flex: 1,
+        justifyContent: 'center',
+        alignItems: 'center',
+        ...style,
+      }}
+    >
+      <AnimatedLoading width={25} height={25} />
+    </View>
+  );
+}
+
 export function TransactionList({
   isLoading,
   transactions,
   onOpenTransaction,
+  isLoadingMore,
   onLoadMore,
 }) {
+  const { t } = useTranslation();
+
   const sections = useMemo(() => {
     // Group by date. We can assume transactions is ordered
     const sections = [];
@@ -83,29 +102,19 @@ export function TransactionList({
   );
 
   useScrollListener(({ hasScrolledToEnd }) => {
-    if (hasScrolledToEnd('down', 5)) {
+    if (hasScrolledToEnd('down', 100)) {
       onLoadMore?.();
     }
   });
 
   if (isLoading) {
-    return (
-      <View
-        aria-label={t('Loading...')}
-        style={{
-          flex: 1,
-          justifyContent: 'center',
-          alignItems: 'center',
-        }}
-      >
-        <AnimatedLoading width={25} height={25} />
-      </View>
-    );
+    return <Loading aria-label={t('Loading transactions...')} />;
   }
+
   return (
     <>
       <ListBox
-        aria-label="Transaction list"
+        aria-label={t('Transaction list')}
         selectionMode={selectedTransactions.size > 0 ? 'multiple' : 'single'}
         selectedKeys={selectedTransactions}
         dependencies={[selectedTransactions]}
@@ -159,6 +168,17 @@ export function TransactionList({
           </Section>
         )}
       </ListBox>
+
+      {isLoadingMore && (
+        <Loading
+          aria-label={t('Loading more transactions...')}
+          style={{
+            // Same height as transaction list item
+            height: 60,
+          }}
+        />
+      )}
+
       {selectedTransactions.size > 0 && (
         <SelectedTransactionsFloatingActionBar transactions={transactions} />
       )}
diff --git a/packages/desktop-client/src/components/mobile/transactions/TransactionListWithBalances.jsx b/packages/desktop-client/src/components/mobile/transactions/TransactionListWithBalances.jsx
index f884f927ac1..b86c131a901 100644
--- a/packages/desktop-client/src/components/mobile/transactions/TransactionListWithBalances.jsx
+++ b/packages/desktop-client/src/components/mobile/transactions/TransactionListWithBalances.jsx
@@ -65,6 +65,7 @@ export function TransactionListWithBalances({
   balanceUncleared,
   searchPlaceholder = 'Search...',
   onSearch,
+  isLoadingMore,
   onLoadMore,
   onOpenTransaction,
   onRefresh,
@@ -104,6 +105,7 @@ export function TransactionListWithBalances({
         <TransactionList
           isLoading={isLoading}
           transactions={transactions}
+          isLoadingMore={isLoadingMore}
           onLoadMore={onLoadMore}
           onOpenTransaction={onOpenTransaction}
         />
diff --git a/packages/loot-core/src/client/data-hooks/transactions.ts b/packages/loot-core/src/client/data-hooks/transactions.ts
index 60ec93e1f2d..096fe2836ea 100644
--- a/packages/loot-core/src/client/data-hooks/transactions.ts
+++ b/packages/loot-core/src/client/data-hooks/transactions.ts
@@ -1,4 +1,4 @@
-import { useEffect, useRef, useState, useMemo } from 'react';
+import { useEffect, useRef, useState, useMemo, useCallback } from 'react';
 
 import debounce from 'lodash/debounce';
 
@@ -24,10 +24,11 @@ type UseTransactionsProps = {
 
 type UseTransactionsResult = {
   transactions: ReadonlyArray<TransactionEntity>;
-  isLoading?: boolean;
+  isLoading: boolean;
   error?: Error;
-  reload?: () => void;
-  loadMore?: () => void;
+  reload: () => void;
+  loadMore: () => void;
+  isLoadingMore: boolean;
 };
 
 export function useTransactions({
@@ -35,6 +36,7 @@ export function useTransactions({
   options = { pageCount: 50 },
 }: UseTransactionsProps): UseTransactionsResult {
   const [isLoading, setIsLoading] = useState(true);
+  const [isLoadingMore, setIsLoadingMore] = useState(false);
   const [error, setError] = useState<Error | undefined>(undefined);
   const [transactions, setTransactions] = useState<
     ReadonlyArray<TransactionEntity>
@@ -88,12 +90,32 @@ export function useTransactions({
     };
   }, [query]);
 
+  const loadMore = useCallback(async () => {
+    if (!pagedQueryRef.current) {
+      return;
+    }
+
+    setIsLoadingMore(true);
+
+    await pagedQueryRef.current
+      .fetchNext()
+      .catch(setError)
+      .finally(() => {
+        setIsLoadingMore(false);
+      });
+  }, []);
+
+  const reload = useCallback(() => {
+    pagedQueryRef.current?.run();
+  }, []);
+
   return {
     transactions,
     isLoading,
     error,
-    reload: pagedQueryRef.current?.run,
-    loadMore: pagedQueryRef.current?.fetchNext,
+    reload,
+    loadMore,
+    isLoadingMore,
   };
 }
 
diff --git a/upcoming-release-notes/3900.md b/upcoming-release-notes/3900.md
new file mode 100644
index 00000000000..6482218bc0c
--- /dev/null
+++ b/upcoming-release-notes/3900.md
@@ -0,0 +1,6 @@
+---
+category: Enhancements
+authors: [joel-jeremy]
+---
+
+Add loading indicator when loading more transactions in mobile transaction list.