Monevo personal loan connection service review
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Max. Loan Amount
3.99% to 35.99%
Min. Credit Score
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.
- Up front 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
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.
- Mix of manual and automated underwriting by partner lenders. While manual underwriting allows you to explain any negative points on your credit report, automated underwriting doesn’t. If you get matched with a lender that uses automated underwriting, you might find it more difficult to get approved.
Compare Monevo to similar providers
What does the Internet say about Monevo?
As of September 2019, Monevo is accredited with the Better Business Bureau (BBB) and receives an A rating. It only has one online review — positive — and no complaints filed against it. While it doesn’t have a Trustpilot page, it earns 4.6 out of 5 stars on Feefo based on over 250 reviews over the past year.
Monevo has mixed reviews on other forums, with some users praising its speed and others upset they weren’t matched with a lender. 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 the following criteria:
- Minimum credit score of 500
- US resident
- 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 an excellent credit score and a low debt-to-income ratio (DTI).
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.
If you have any questions while filling out the form, reach out to Monevo’s customer service team by calling 619-536-0749 or using the online chat feature on its website.
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.
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.
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 500 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.
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