Monevo Review

Top10.com Staff

In a Nutshell

Monevo is an 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 further FAQs

Monevo Monevo Visit Site

Monevo at a Glance

Loan type

Fixed-rate unsecured personal loans

Loan amount

$500 to $100,000

Repayment terms

3-144 months

APR

3.49% - 35.99%

Minimum credit score
450
Suitable for
Anyone looking for a loan with good terms
Direct lender or marketplace
 Marketplace

Overview

Monevo is an 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 free service usually leads borrowers to the lowest rate option.

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

Suitable 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 favorable 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 right 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 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 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 personal 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. 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 144 months or 12 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. It displays 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 3 territories, along with a live chat option.

Monevo Monevo Visit Site

Summary

Monevo is a reputable loan marketplace that connects directly with 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.

You might also like:

Lending Club vs Prosper  /  Personal Loan After Bankruptcy  /  Online Loans with Cosigner

Physical Address

8910 University Center Lane Suite 400

San Diego, CA

92122

Frequently Asked Questions
Is Monevo legit?
-
+
Monevo is authorized by the Financial Conduct Authority and entered on the Financial Service Register. It has 4 physical offices and has received multiple awards from The Sunday Times and FSTech.
Is Monevo a direct lender?
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+
No, Monevo is a lending marketplace that connects loan-seekers to more than 300 lenders around the world.
What is Monevo?
-
+
Monevo is an online lender's platform that connects loan-seekers with lenders around the globe. It boasts more than 300 partners and an innovative API platform that provides a wide range of loan options in a matter of seconds.
Top10.com's editorial staff is a professional team of editors and writers with dozens of years of experience covering consumer, financial and business products and services.

Monevo customer reviews

Based on 14 reviews

Ease of use

Brand satisfaction

Value for money

Service quality

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Top Reviews

Ana, NY
a year ago

Ease of use

Brand satisfaction

Value for money

Service quality

In comparison to other brands it's great. I like everything about it. Monevo did exceed my expectations this is something that other brands were not able to do.

Gab, PA
10 months ago

Monevo is so reliable and easy to use. It has wonderful customer satisfaction and they are available 24/7.

Renee, AR
a year ago

I like the commitment to good customer service and they really try to help me when I had any problems with anything.

Alice, GA
a year ago

It's a great and easy loan to obtain. I recommend it to friends and family. I love it a lot.

Molly, OH
a year ago

They were insightful, and helpful, and informational, gave an abundance amount of help throughout the whole process from start to finish.

Jessica, MO
a year ago

I have always had issues with this company since day one. Every time I call they put me on hold and I have to always call them back. And then they take my number just Incase we got disconnected again and when we do they never call me back.

Neil, IL
a year ago

There is nothing that I really dislike regarding the brand, overall they do a really nice job.

Gilbert, CA
a year ago

Good service with great customer service. Look forward to working with them. Had what I needed and fees were fair.

Esperanza, FL
9 months ago

It's not a bad it okay I just wouldn't use it because I prefer something else but it's good it's not bad ill use it someday in life and many people as well

Jennifer, TN
9 months ago

They aren't low rate loans and the advertising leads you to believe they can get you qualified no matter the circumstances which isn't true. It's not exactly hard to use their product and the website is built so it is pleasing to the eye.

KP, CA
a year ago

Not user friendly! Tried to teach it to my mom and she wasn't able to catch on. Perhaps making the font larger for all audience types.

Shay, WV
a year ago

It is a good service and was easy enough to use. It is an average loan service and I would recommend it to a friend.

KM, PA
a year ago

I like the fact that the loan was easy to get I don't like the fact of the high interest that is charged and the lack of direction in communication with what you're getting yourself into

Andrea, OR
9 months ago

The whole thing seemed like a big scam. Super high interest rates just to take advantage of people that are already struggling.

14 reviews