Monevo Review

ByTop10.com StaffMar. 10, 2019

In a Nutshell

Monevo is a huge online lending marketplace that gives borrowers access to real-time responses from lenders and loan brokers from around the world. The vast choice of lenders means that Monevo is able to come up with extremely competitive rates and terms within minutes.

pros

  • Transparent loan comparison table
  • Easy step-by-step application process

cons

  • No live chat
  • No further FAQs

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Monevo at a Glance

Loan type

Fixed rate unsecured personal loans

Loan amount

$1,000 to $100,000

Repayment terms

3-96 months

APR

3.34% - 35.99%

Minimum credit score
580
Best for
Anyone looking for a loan with good terms

Overview

Monevo is a huge online lending marketplace with an API that is embedded directly by hundreds of loan companies around the world. This access to real-time responses from lenders and loan brokers enables Monevo to give consumers an accurate and reliable reply in just 2 minutes. The completely free service usually leads borrowers to the lowest rate option, too.

Although the aggregator is relatively new to the USA financial scene, it has been active in the UK since 2009. Monevo shares your details securely with various active lenders without affecting your credit rating.


monevo review


Best For?

Monevo is a solid choice for borrowers with a range of credit score levels—from fair to excellent. It's suitable for people with a minimum credit score of 580. Also, with a top loan amount of $100,000, there’s a good chance that you can find the loan you need.

Loan Features

Monevo uses your information and its large stable of loan providers to find you the lowest APR and best repayment conditions. With the whole of the web to search and the hassle of flipping back and forth between different sites to try to compare loans, you probably wouldn’t find such a good deal on your own.

The simple application form is shared with around many active lenders. You’ll be able to compare all the replies in a clear table so that you can see the terms and requirements side by side, making the task of finding the best loan much more transparent. Monevo users begin receiving loan offers within 2 minutes, saving time filling out multiple applications and waiting to hear back from a number of different loan companies.

Highlights for Monevo:

  • Clear, easy to use website
  • Step-by-step application form
  • Fast response time
  • No fee
  • Transparent loan comparison table

The Application Process

Monevo’s application process is streamlined and very easy to use. Presented as a step-by-step form, you’ll choose the amount you want to borrow and the purpose of your loan from the very extensive drop-down list, as well as picking your approximate credit score from a range of options. Then, you’ll need to share your personal details, social security number, and highest level of education, your address and living arrangements, and some information about your employment and income.

It should only take about 60 seconds to complete the form. Monevo also runs a ‘soft’ credit check on you to verify your identity and see your approximate credit rating. This doesn't affect your credit score the way a ‘hard’ credit check does.

After just 2 minutes, you’ll begin to get responses from loan companies. The loan details of APR rate, repayment term, and estimated monthly repayment amount will be presented in a table that lets you compare your options in a transparent way. If you like the looks of any offer, click through to see the full details and choose whether you want to continue with that company. You’ll close on the loan on the provider’s website.

Monevo requirements:

  • Permanent residency or citizenship of the United States
  • A checking account in your name
  • You must be aged over 18 years old

Loan Terms

Monevo operates a loan marketplace rather than providing the loans themselves, so it doesn’t offer specific terms. The lowest APR on Monevo’s website is 3.34%, a remarkably low offer. Be aware that you need to check the terms and conditions of each loan since they vary widely.

As Monevo reminds users, a preliminary loan offer is not guaranteed. The terms and rates can change even after you get your first responses.

Repayment Terms

Since Monevo is a loan aggregator, the repayment terms vary between different providers. The minimum term is 90 days, but the maximum term is 96 months or 8 years. This isn't the longest repayment option around, but it is certainly well within the average. If you know that you need to spread your payments out further, you might want to look elsewhere.

Privacy & Security

Monevo emphasizes its security levels throughout its website, using the highest level of SSL encryption to protect customer data. American customers might be concerned that Monevo doesn’t have BBB certification, but that’s most likely due to its headquarters being based in the UK. It does display plenty of prestigious awards and endorsements, and the Quint group, which is the parent company, is well-known and reliable.

Help & Support

Monevo offers an easy customer service form and phone support in three territories but does not have a live chat option, an FAQ section, or in-depth explanations on the website. Although the application process is very clearly guided if you have any further questions your only option is to call or to fill out the online contact form.

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Summary

Monevo is a reputable loan marketplace that connects directly with millions of loan providers worldwide to bring the most up to date personal loan offers from various lenders. It is usually successful in returning the lowest loan rate, but the customer service and FAQ guidance still need improvement.

Physical Address

600 B Street, 

Suite 300

San Diego, CA

92101

Monevo