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. Read our full review.
Max. Loan Amount
1.99% to 35.99%
Min. Credit Score
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
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 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.
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.
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.
Monevo car loans
Monevo also connects borrowers with lenders that offer auto loans, including:
- New car loans
- Used car loans
- Lease buyouts
- Loan refinancing
There is no separate process or information about Monevo's car loan options. When you fill out its online form, select one of these as your loan purpose. Like its personal loans, you will be able to see the lenders you prequalify for and continue with a full application after you compare offers.
Monevo business loans
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. Select Business as your loan purpose when you fill out Monevo’s online form to see the lenders you might qualify for
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How Monevo compares to other lenders
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Monevo reviews and complaints
|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.
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
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
How quickly can I get my funds using Monevo?
Some of Monevo’s partners can get your funds to you as fast as the next business day, though it could take a bit longer if you don’t have documentation on hand. You can typically expect to receive your approved funds in your bank account within three to seven days of being approved.
Where is Monevo located?
Monevo is an international company. It operates branches in the US, Australia, China, Poland and the UK, where it’s headquartered.
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