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Monevo personal loan connection service review

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finder.com’s rating: 4.4 / 5.0

★★★★★

Bottom line: Monevo is an award-winning connection service that works with a wide variety of top lenders. But like any connection service, you may receive marketing emails and calls long after you borrow a loan.

$100,000

Max. Loan Amount

3.49% to 35.99%

APR

None

Min. Credit Score

Details

Product NameMonevo personal loans
Min. Loan Amount$500
Max. Loan Amount$100,000
APR3.49% to 35.99%
Interest Rate TypeFixed
Min. Credit ScoreNone
Late Fee$0
Loan Term3 months to 12 years
Turnaround TimeVaries by lender
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Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Monevo is ideal if you’re looking for fast funding and don’t have time for a lot of research. It takes just a few minutes to fill out its online form. And depending on the lender you’re connected with, you could get your funds as soon as the next business day. Its low credit requirement of 450 also makes it a good option if you’re struggling to find a lender because of your credit score.

But as with all connection services, you’re limited to the partners in its network. And don’t be surprised if you’re fielding phone calls and emails from its network of lenders — even after taking out a loan.

Before getting started, compare Monevo to direct lenders and connection services to be sure you’re going with the best option for your needs.

Best of 2020
Finder experts pick Monevo personal loans as a 2020 best pick for personal loans.

Pros and cons

  • Connecting to a lender won’t impact credit score
  • Wide range of loan amounts
  • Find a lender in as little as 60 seconds
  • Upfront about partners
  • Lenders in network accept bad credit
  • Mix of manual and automated underwriting by partner lenders
  • Limited number of partners in its network
  • Might receive marketing phones calls and emails from partners

Monevo rates, fees and terms

Monevo doesn’t charge any fees to connect you with a lender. Its partners offer rates that run from 3.49% to 35.99%. In some cases, the APR might include an origination fee. Lenders offer a wide range of loan amounts, from $500 to $100,000 with terms of 3 months to 12 years.

Not all lenders will offer the lowest rate or large loan amounts. To qualify for these, you will need a credit score close to 850 and enough room in your income to comfortably afford repayments. You can use our calculator to estimate your monthly payment at different rates and terms.

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How Monevo compares to other lenders

Select your credit range, the loan amount you’re looking for and state to see even more lenders that you may qualify with.

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Monevo personal loans
3.49% to 35.99%
None
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Fiona personal loans
4.99% to 35.99%
Good
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
SoFi personal loans
5.99% to 18.28%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
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Monevo reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 3 out of 5 stars, based on 2 customer reviews
Trustpilot score 2.9 out of 5 stars, based on 3 customer reviews
Customer reviews verified as of 19 October 2020

Monevo doesn’t have many reviews, which isn’t uncommon for a connection service. Details about complaints against the company aren’t available, but the most recent customer review states that they received a high volume of marketing emails.

If you choose to use Monevo, check the lender’s BBB and Trustpilot pages to see how other borrowers rated their experience.

How to qualify

To be connected with one of the lenders in Monevo’s network, you must meet the following criteria:

  • Credit score of at least 450
  • Active bank account
  • US resident

How the online form works

Monevo requires you to submit some basic personal information about yourself, like your Social Security number and contact information. It uses these personal details to narrow down your selection of lenders and find one that will match your financial needs. It should only take a few minutes to fill out the online form and be connected with a lender.

If approved for a loan, your lender should outline your repayment schedule and any fees you might have to pay in your loan agreement. Be sure to keep in touch with your loan provider if you have questions or notice anything wrong with your account.

Fund business expenses through Monevo

If you’re looking to start or expand your business through a personal loan, Monevo may be able to help. While it doesn’t specifically partner with business lenders or banks, some of the lenders in its network allow you to use your loan funds for business-related expenses.

You’ll simply need to select Business as your loan purpose when you fill out Monevo’s online form to see the lenders you might qualify for. You can also read our guide to business loans to learn more about how you can find funding.

What sets it apart

Monevo is one of the few connection services that has received awards for its product. But while it works with quite a few top-name lenders, it functions like most connection services out there. However, the fact that you can potentially be connected with a lender with a credit score as low as 450 is unique — most connection services won’t work with scores lower than 500.

Is Monevo legit?

Yes, Monevo is a legitimate connection service and has won several awards along with other companies owned by its parent company, Quint. 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 third place in the Tech Track 100
  • Al Sector Performance Awards. Winner, Best in Sector for Consumer Finance, 2014

Its site includes an SSL-encryption certificate from GeoTrust, using 256-bit encryption to protect your information. But while Monevo vets partner lenders, there’s only so much it can do to protect your information. Using a connection service means you’ll have your data shared with several companies, each with its own terms and privacy policy.

Rather work with a lender directly or want to check out other marketplaces? Compare your options with our guide to personal loans.

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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