Monevo personal loans review June 2019 |

Monevo personal loan connection service review

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  • Clicking Go to site will take you to your Online Application on the product issuer's website. You do not need to be an existing customer of this provider to apply.
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  • Conditional approval will typically happen within 1 business day after submitting your application. In many cases, you will have your funds within a week.
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Quickly compare lenders offering $1,000 to $100,000’s rating: 3.8 / 5.0


When you to need to borrow funds for an important expense, you might be tempted by the first lender that comes up in a quick search. But you could be better off using a connecting service like Monevo.

Monevo works with multiple lenders so you can see quotes without doing any tedious research — with no impact to your credit score. You’ll sacrifice some variety, however, because you’ll be limited to Monevo’s network of partners.

Product NameMonevo Personal Loans
Min. Loan Amount$1,000
Max. Loan Amount$100,000
APR3.99% to 35.99%
Interest Rate TypeFixed
Minimum Loan Term0.25 years
Maximum Loan Term12 years
RequirementsCredit score of 550+, legal US resident and ages 18+.
Go to Monevo's website
  • Credit score of 550+
  • US resident
  • Age 18 or older

What makes Monevo unique?

Monevo is a free service that could connect borrowers with loan providers in as little as one minute. Filling out its online form is simple and viewing offers won’t impact your credit. You aren’t obligated to borrow from a provider you’re connected with. Like similar services, it can cut down on the time it takes to look for a loan, especially if your credit is less than ideal.

Monevo really stands out for its transparency when it comes to its network of partners. Unlike other lending connection services, it prominently displays its partners on its site.

What is Monevo?

As a loan connection service, Monevo uses the personal information you provide to find a loan provider you’d be interested in borrowing from. In other words, it doesn’t provide loans itself. Rather, it helps with the research and comparison part of your loan search.

Monevo is a division of the international company Quint Group (formerly Quintessential Finance), a fintech company that provides several lending and credit-related services. It began operations in the US in 2012, with offices in New York and California.

What are the benefits of getting a loan through Monevo?

  • No impact on credit score. You can check your loan rates without affecting your credit.
  • Saves time. Connect to a loan provider that’s right for you in as little as 60 seconds, rather than spending hours — or days — on research.
  • Upfront about partners. Monevo displays its partners on its site — something many loan connection services bury, if they make that list available at all.
  • Award-winning service. Monevo has won several international awards that include “Best Company” from the Best Companies group in both 2016 and 2017.

Quint Group awards

Monevo and other Quint Group companies have won or were a finalist for several international awards since the group’s founding in 2009. These include:
  • The Queen’s Awards for Enterprise. Winner, Innovation, 2017
  • Best Companies. Three-star rating, 2016, 2017
  • FStech Awards. Finalist, Online Financial Technology Provider of the Year, 2017
  • National Business Awards UK. Finalist, Growth Business of the Year, 2014
  • GP Bullhound Northern Tech Awards. Winner, Fastest Growing Company, 2014
  • Sunday Times Tech Track 100. Winner, Fastest Growing Financial Technology Business in UK, 2013. Also received 3rd place in the Tech Track 100
  • Al Sector Performance Awards. Winner, Best in Sector for Consumer Finance, 2014
Go to Monevo's site

What to watch out for

When you use a loan connection service, even one as wide-reaching as Monevo, you’re still limiting your options to its network of partners.

Here are other factors to keep in mind before using Monevo:

  • You’re not guaranteed to find the right loan for you. Because Monevo doesn’t partner with every personal loan provider, there’s a chance it won’t find a loan that meets your specific needs.
  • No phone number. The only way to contact Monevo is through live chat or by filling out an online form, which can take some time to hear back from.
  • Automated underwriting by partner lenders. A main customer complaint about Monevo is that its partners tend to use an automated underwriting system. It might speed up the process, but it doesn’t allow room for you to explain any negative points on your credit report.

Compare Monevo to similar providers

Updated June 16th, 2019
Name Product Filter Values Minimum Credit Score Max. Loan Amount APR
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
5.99% to 16.24%
No fees. Multiple member perks such as community events and career coaching.
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
Good to excellent credit
5.34% to 35.99%
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
7.98 to 35.99%
This service looks beyond your credit score to get you a competitive-rate personal loan.
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
Check eligibility in minutes and get a personalized quote without affecting your credit score.
640 FICO®
5.99% to 29.99%
A prime lender with multiple repayment methods.

Compare up to 4 providers

What does the Internet say about Monevo?

As of October 2018, Monevo gets an A- rating from the Better Business Bureau (BBB) and is BBB-accredited. It only has one online review — positive — and no complaints filed against it, which might account for the high rating. It also doesn’t have a Trustpilot page — odd for an award-winning company that’s been around for several years. Its gets a 3.7/5 rating on Feefo based on over 200 reviews.

It got some mixed reviews on other forums, with some users praising its speed and others upset that they weren’t matched with loan providers. You’ll also find complaints from users who connected with providers but still didn’t ultimately find a loan that fit their specific needs. If they did, these loans had higher interest rates and fees than the customer would’ve preferred.

The one BBB reviewer called the service “quick and easy” and said they’d gotten reasonable monthly payments.

Am I eligible?

To connect with one of Monevo’s partners, you must meet minimum eligibility:

  • Have a credit score of 550 or higher.
  • Be a legal US resident.
  • Be at least 18 years old.

Keep in mind that providers typically have tighter application requirements. To qualify for the lowest interest rates, you’ll typically need to be employed, have a good credit score and a low debt-to-income ratio (DTI).

Did you know?

Monevo is an international company. It operates branches in the US, Australia, China, Poland and the UK, where it’s headquartered.

How do I start the process?

Before using Monevo’s service, first make sure that you meet its basic requirements. Then begin the process of connecting with a lender online by clicking the green Go to site button on this page.

Monevo runs your details by its lending partners to find a provider that you might qualify for. Review your offers by comparing APR, monthly repayments and loan amounts to find a loan that meets your needs.

Go to Monevo's site

I got connected to a loan provider through Monevo. Now what?

If you like one of the offers you see, click on the link Monevo provides to get started on your application. What happens next depends on your provider, though most have quick online applications that only take a few minutes to complete.

If you’re approved, you might be asked to provide additional documentation, such as government-issued ID, recent bank statements and pay stubs.

Carefully read your loan documents before signing them. Your funds will likely be dispersed within a few days after signing your documents, depending on the provider you go with.

Once the money is in your bank account, it’s time to start thinking about your repayment options. If you can, sign up for autopay so you don’t have to worry about remembering to make manual repayments each month. Some providers even offer a discount on interest if you opt for autopay.

Be sure to keep in touch with your loan provider if you have questions or notice anything wrong with your account. Also get in touch with customer service as soon as possible if anything about your financial situation changes — you might be able to adjust your repayment terms.

Bottom line

Monevo could be an option if you’re looking for fast funding and don’t have time for a lot of research. Its low credit requirement of 550 also makes it a good option for people struggling to find a loan provider because of their credit score.

If you’d rather spend a little time comparing options yourself, look into other personal loan options and connection services.

Frequently asked questions

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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