Monevo Review

Sarah BadaniBySarah BadaniJan. 05, 2020

In a Nutshell

Monevo is an online lending marketplace that offers consumers an easy way to maneuver their way through multiple loan offers quickly and efficiently to arrive at great rates. A trusted auto loan search engine, Monevo partners with 30 of the top lenders and banks in the industry to give great rates, repayment terms, and loan options.

pros

  • Completely free service to use
  • Partners with top name brands in the industry
  • Over 250,000 customers each month

cons

  • Not a direct car loan lender
  • Limited to the lenders within the network
  • Some lenders use an automated underwriting process

Monevo Monevo Visit Site
Monevo at a Glance

Loan types: Personal loans, home improvement loans, auto loans, business finance loans, debt consolidation, etc.

Loan amount: Varies based on lender, usually from $500 up to $100,000

Repayment terms: Varies based on lender, usually 90 days to 144 months

APR: Varies based on lender, usually ranges from 3.99%-35.99%

Minimum credit score: Varies based on lender

Best for: Customers with all types of credit scores (from po0r to excellent)

Best for?

Monevo is a car loan provider aggregator site. When used by consumers, it pools lots of different offers into a single easy to access location. So, Monevo really works best for anyone who wants to get multiple offers quickly and efficiently. The smart search engine saves you a lot of time.

Monevo's lender marketplace is also a great option if you don't have the best credit history. This is true for 2 reasons. One reason is that Monevo works with more than 30 different lenders, so you may find a few that are willing to approve you for an auto loan even with less than perfect credit. The second reason is that Monevo has options available for all credit score ranges, so you are already going in with good odds.

Features

Monevo is a free lender marketplace that allows you to shop around for competitive rates on car loans. Fill out one application form and instantly see personalized loan options from several lenders simultaneously via this convenient portal. Monevo partners with some of the biggest names in the financing industry. Companies like LightStream, Best Egg, SoFi, and Marcus by Goldman Sachs are all included in this marketplace, providing you with an outstanding network of lenders that are reliable, trustworthy, and true to their word.

What's more, Monevo is a highly-acclaimed and trusted name in the lender network. The company has won several awards, including some prestigious ones like the Sunday Times 100 Best Small Companies of 2019, Tech Track 100, 1000 Companies to Inspire Britain, National Business Awards UK, FStech Technology Provider of the Year, and Amazon's Growing Business Award.

  • Fast, easy online application form
  • Solutions available for all credit scores
  • Multiple offers at one time
  • Easy comparison tool
  • Works with 30+ top lenders and banks in the industry
  • See personalized loan rates within 60 seconds
  • Only a soft credit pull is done to not affect your credit score
  • Personalized auto loan offers
  • Ability to take out large amounts for your loan

Application Process

One of the biggest benefits of using Monevo is speed. Within seconds, you can receive personalized loan options from multiple lenders. And you get to fill out one application form that is sent out to a variety of lenders. Here’s how it works:

  1. Go to the Monevo website and fill out the short application form. This will include your average credit score (you can answer unknown if you don’t know), the purpose of your loan, and how much money you want to borrow.
  2. Give in a few more details like contact info, date of birth, employment status, annual income, and living status.
  3. Once you’ve entered all your information, Monevo will run the data through its system and check with its partners to see which of them has a relevant offer for you.
  4. Monevo will return your search results in a list format. You can just click on the continue button to see more details about a car loan that appeals to you.

Remember that there is no obligation to accept any of these loans. Monevo is simply connecting you with potential partners that have reasonable offers for you. If you don't like any of the offers' terms, you don't have to take the car loan.

Loan Types and Terms

Monevo is not an actual direct lender. As such, it does not provide you with any car loans or set forth any loan terms. This is dictated solely by the specific lender that you choose to take out an auto loan with. Each lender has their own specifications, terms, and requirements. Via this network, Monevo provides consumers with personal loans, auto loans, debt consolidation, home improvement loans, large purchase or event loans, credit card debt consolidation loans, moving or relocation loans, medical bill loans, business loans, and more.

  • Must be 18 years of age or older
  • Must be a legal US citizen or carrying a resident card
  • Solutions available for all credit scores

Repayment Options

Monevo partners really cover the spectrum when it comes to repayment options. You can get anything from a mere 3-month repayment plan all the way up to 144 months. Remember that the longer it takes to pay back your car loan, the more interest you end up paying out over time. For some people, longer terms with lower monthly payments are more feasible, though, so it's nice to have that as an option.

How Safe Is It?

Monevo uses Secure Socket Layer encryption to keep all the pages of its website safe. It encrypts any information gathered, shared, saved, or transmitted via the site using industry-standard safety technologies. 

Help & Support

Monevo customer support is available to answer questions from potential customers, help with troubleshooting, or to receive feedback from previous users. Contact Monevo customer support via the email listed below, or try their live chat support, which is available Mon-Fri 9am-3pm.

Email: Supportusa@Monevo.com

How Monevo Compares


Monevo
AutoPay
MyAutoLoans
APR
Industry-recognized search engine
Variable
Industry-recognized search engine
Minimum credit score
No minimum credit score specified, varies based on lender
600
550
Loan amounts
$500 to $100,000
Up to $100,000
Up to $120,000
Loan term
Fixed and variable rates, from 3 - 144 months
24-84 months
24 to 72 months
Best for
People looking for reliable and competitive rates on auto loans
People who want competitive rates
Applicants who want to compare options

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Summary

Monevo only offers benefits to anyone looking to find a good auto loan. The service is completely free, so there’s no financial obligation. And Monevo partners with the top lenders in the industry, so you know you are in good hands no matter what. The website is easy to use, clean, and fast. You’ll receive answers within 60 seconds of your application. Monevo partners offer flexible repayment terms ranging from as little as 3 months all the way up to 144 months. And what’s more, Monevo has one of the highest loan amounts out there, $100,000. Check out Monevo’s lender marketplace today and compare multiple car loan quotes instantly.

Physical Address

8910 University Center Lane, Suite 400

San Diego, California 92122 

United States

Sarah BadaniBySarah BadaniOct. 07, 2019
Sarah Badani has extensive research and review experience in the finance industry. With a degree in psychology and education, she brings a level of depth and understanding to her writing along with her own flavor to spice up each topic in a unique and inviting way.
Monevo