Monevo 2023 Review
Since 2008, Monevo Inc. (a division of Quint Group) has helped consumers find personal loans through their online loan marketplace in the UK. Starting in 2017, Monevo expanded their award-winning loan comparison services to borrowers in the United States.
To search for a personal loan through Monevo, you can simply visit their site and fill out a free application, which can take as little as 60 seconds. This step by step form allows you to choose the loan amount, term, and the purpose of your loan from a drop-down list. It will also ask for some details regarding your annual income, employment, credit scores, education, personal information, residence, and Social Security number. There is no impact on your credit score to check your personal loan rates.
Monevo's award winning technology then forwards this information to their lending partners (who may or may not require this data for a loan) to see if they have any real-time loan offers that fit your needs. These lenders will run a soft credit check to see your credit score and verify your identity. This process only takes a matter of seconds and does not affect your credit score.
ARE YOU IN NEED OF A PERSONAL LOAN?
Instead of directly providing a loan, Monevo provides an online network that connects borrowers with top lenders.
The loans offered through Monevo's partners have the following:
- Loan amounts of $500 to $100,000
- Repayment terms of 12 months to 144 months
- APRs range between 2.49% to 35.99%*
In general, the better your credit score is, the lower your interest rate will be.
Official Website: Monevo.us Address: Monevo Inc 8910 University Center Lane, Suite 400 San Diego, CA 92122 United States
- 100% free and no obligation service: Monevo offers a completely free service, and there is no credit score impact when you submit your details to see your personalized search results (only a soft pull of credit is involved).
- Industry accreditations: Monevo is a multi-award-winning personal loan matching service that has multiple trusted accreditations, including the OLA (Online Lenders Alliance) seal and an A+ from the BBB (accredited by the BBB since 3/6/2018).
- Fast approval: Be connected with a lender in minutes.
- Receive your funds quickly: Borrowers can receive funds as soon as the next business day.
- Simple search process: Monevo is able to present personalized real time loan offers online in 60 seconds for a wide range of credit scores (Monevo's minimum FICO score is only 500).
- You can compare your offers through a transparent loan comparison table. Monevo presents your potential interest rates, loan amounts, loan terms, and more in an easy to understand comparison table.
- Secure website: Monevo uses SSL encryption to protect your sensitive, personal data.
- Realtime chat support: Monevo provides quality customer support to their users through online chat functionality (available from 9am - 3pm PST). They also offer telephone and email support.
- Positively reviewed service: As of June 12th, 2022, Monevo has a customer experience rating of 4.8 of 5 stars based on 3147 verified user reviews from the online comparison site Feefo, as well as a 4.3 out of 5 ("Excellent") rating on Trustpilot over 44 customer reviews.
- Monevo is a relatively new service to the US market (compared to their competitors in the marketplace like LendingTree or LoansUnder36). However, their UK lending marketplace services (established through the international fintech company Quint Group) are well respected and have been established since 2009.
- There is no phone number to contact Monevo directly. Interested consumers must fill out a form online or contact Monevo through live chat (available from 9am - 3pm PST).
- You may receive phone calls and emails from Monevo's partner network.
How Does Monevo Work?
Monevo operates a personal loan marketplace. That means that it does not offer personal loans directly. Instead, it takes the details you provide and helps match you to lenders that work with borrowers like you.
When you go to Monevo’s website, you’ll provide some information, such as how much you want to borrow, why you want a loan, an estimate of your credit score, and your employment situation.
Monevo loans reviews that information and sends it to some of its partner lenders that focus on the kind of loan that you need.
For example, if you need a large personal loan, Monevo will match you with lenders that offer large loans rather than referring you to lenders that have low loan maximums.
You’ll get multiple loan offers from different lenders. When you receive the offers, you can review the details and choose the one that is best for you. There is no obligation to follow through with these offers, but if you choose to, you simply have to click the link provided.
The loan is finalized on the loan provider's website (which may require additional documentation) and your funds are provided via direct deposit as soon as the next business day.
Keep in mind that a preliminary loan offer from Monevo's network does not guarantee that is exactly what you will get when you follow through, since the loan details may change once the lender does a full check of your credit report and application.
Monevo only offers a single type of loan: unsecured personal loans. However, that doesn’t mean that the lender is limited. Personal loans are highly flexible loans that you can use for almost any reason. Monevo’s application even calls out a few examples of why you might apply for a loan, including:
- Auto loan
- Auto refinance
- Debt consolidation
- Emergency expense
- Home improvement
- Large purchase
Because Monevo has a wide network of lenders, you should be able to find a loan that will fit almost any need. Lenders offer a variety of loan amounts and repayment terms.
How to Qualify for a Monevo Personal Loan?
Qualifying for a personal loan from Monevo is just like qualifying for a loan from any other lender. However, Monevo makes it even easier than many lenders because of the way that it operates.
Because Monevo is a loan marketplace, it can look at your financial situation and refer you to the lenders that are most likely to approve you. That makes it a good choice for borrowers with both excellent credit and poor credit.
Monevo recommends a minimum FICO score of 450. However, your odds of approval will be better with a higher credit score. Better credit also typically means a lower cost loan.
Other factors in your ability to get a loan include your income and current levels of debt. The more you make and the less debt you already have, the better.
How to Apply for a Monevo Personal Loan?
Applying for a Monevo loan is easy. The website includes a one-page application that asks for some details, such as:
- How much you want to borrow
- Why you need a loan
- Your personal information
- Your address
- Your employment status and income
Based on the info you provide, Monevo will find a list of lenders that lend to customers like you. You’ll get quotes from these lenders, all without impacting your credit score.
Once you get quotes from lenders, you can choose the offer that is best for your needs. Once you select your desired lender, Monevo will direct you to that lender’s website to complete the application process. You may need to provide some additional details and documentation directly to the lender.
Terms & Requirements
Monevo isn’t a direct lender, so it doesn’t publish a strict list of requirements to qualify for a personal loan. However, it does recommend a minimum credit score of 450. Each lender Monevo works with will have its own requirements.
Repayment terms will also vary across the lenders Monevo works with, but some offer terms as short as 12 months and some as long as 144 months.
- Loan amounts range from $500 up to $100,000.
- Repayment terms range from .
- Interest rates are fixed.
- APRs range between 2.49% to 35.99%*.
- Your specific loan details like pricing, amount, terms, and interest rates depend on your individual lender.
For Whom is Monevo Good?
Monevo works with many different lenders and makes it easy to compare loan offers. That means it’s great for most borrowers who want to shop around.
Some people who will benefit the most from working with Monevo include:
- Consumers looking for personal loans with good terms
- Borrowers with all types of credit from poor to excellent
- Consumers looking for high loan amounts up to $100,000
Monevo Personal Loan Alternatives
Monevo is just one option for people in search of a personal loan. It’s a good idea to shop around and try to find the best deal.
Some alternatives to Monevo include:
Monevo is an accredited online marketplace that connects borrowers to lenders worldwide. Monevo's lending partners offer loan amounts up to $100,000 and rates from 2.49% APR.
Consumers can compare multiple no-obligation personalized loan offers in 60 seconds with Monevo's innovative loan search technology.
Monevo disclaimer: APR on personal loan offers from the panel of lending partners on Monevo originated through Google or Bing advertisements ranging from 2.49% to 35.99%, with loan durations between 90 days and 144 months. Repayment examples (for illustrative purposes only): a $10,000 loan at 4.89% APR with a term of 3 years would result in 36 monthly payments of $299 (Total repayable: $10,772) and a $10,000 loan at 9.99% APR with a term of 5 years would result in 60 monthly payments of $201.81 (Total repayable : $12,108.60). Each state has specific rules and regulations that govern lending partners. The amount you can borrow, the APR, and repayment term are based on your state’s laws, the lending partner, and your creditworthiness.
Frequently Asked Questions
What is Monevo?
Monevo is a loan comparison network that connects borrowers in need of a personal loan with lenders.
Will using Monevo to compare loan rates affect my credit?
Looking at your loan offers will not affect your credit since it doesn't require a hard credit check. However, if you decide to apply with one of Monevo's loan providers, they may authorize a hard credit check (which can temporarily affect your credit) once you have submitted your full loan application.
How does Monevo compare to other loan comparison marketplaces?
Monevo's streamlined application process can be completed in as little as 60 seconds. Monevo's no-obligation services can connect you to a multitude of lenders who offer varying interest rates (starting from 3.99% APR) and loan amounts as high as $100,000.
Is Monevo's website safe?
Monevo's website includes an SSL-encryption certificate from GeoTrust and uses 256-bit encryption to protect your information.
However, since Monevo connects you with lenders in their network, they will share some of your personal information with their trusted partners.
How do I know if I qualify for Monevo?
Individuals who are eligible to qualify for a loan through Monevo's partners must be a US citizen or permanent resident and be at least 18 years of age. You can do a simple search online with basic personal and financial information to see your personalized offers.
How can I contact Monevo?
You can contact Monevo through their contact form online at www.monevo.us/contact.
Is Monevo a legit company?
Yes, Monevo is a legit company that has been offering loans in the United States for more than five years.
Is Monevo a lender?
Monevo does not offer loans to consumers. Instead, it operates as a loan marketplace, connecting borrowers with lenders that work with people that fit their credit and financial profile.
Reviews for Monevo
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4.6 out of 5 stars(9 Reviews)
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|Credit Score Required||500|
|Minimum Loan Amount||$500|
|Max Loan Amount||$100,000|
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