Monevo personal loan connection service review
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finder.com’s rating: 4.4 / 5.0
- Best for borrowers who don't have time to compare lenders themselves.
- Pick something else if you don’t want to field phone calls and emails from its partner network.
Max. Loan Amount
3.49% to 35.99%
Min. Credit Score
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.
Monevo is ideal if you’re looking for fast funding and don’t have time for a lot of research. It takes just 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 loan provider 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.
Prefer to work with a lender directly? Compare personal loan providers below.
How much will this loan cost me?
It depends on the lender, but Monevo’s partners offer rates that run from 3.49% to 35.99%. In some cases, might include an origination fee, which lenders charge when you sign your contract and wrap into the loan balance.
Through Monevo, you can find a loan from $500 to $100,000 with terms of 3 months to 7 years. Use the calculator below to find out how much a loan might cost you at different rates and terms.
Monthly repayments calculatorCalculate how much you could expect to pay each month
|Loan terms (in years)|
How it works
The rate, term and loan amount you get really depends on the lender on top of factors like your credit, income and current debts. Not all lenders will offer the lowest rate or highest loan amounts. And you generally need a credit score close to 850, enough room in your monthly income to comfortably afford repayments to get that 3.49% APR.
What do I need to qualify?
To be connected with one of Monevo’s partners, you must meet the following criteria:
- Credit score of 450+
- US resident
- Bank account
- Age 18 or older
What information do I need to apply?
Have the following information on hand before you get started:
- Estimated credit score
- Contact information
- Annual income before taxes
- Social Security number
Pros and cons
Using Monevo can be helpful if you’re just getting started on your search. But like with other connection services, it won’t show you all of the options out there.
- Filling out its online form won’t impact credit score
- Wide range of loan amounts
- Find a lender in as little as 60 seconds
- Up front about partners
- Award-winning service
- Limited to partners in its network
- Mix of manual and automated underwriting by partner lenders
- Might receive phones calls and emails from partners
See other personal loan options
Is Monevo legit?
Yes, Monevo is a legitimate connection service. In fact, it’s 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 3rd place in the Tech Track 100
- Al Sector Performance Awards. Winner, Best in Sector for Consumer Finance, 2014
Does Monevo get good customer reviews?
|BBB customer reviews||5 out of 5 stars, based on 1 customer reviews|
|Customer reviews verified as of||18 May 2020|
Monevo only has one review on the Better Business Bureau (BBB) and one on Trustpilot, but it gets 4.5 out of 5 stars on Feefo based on over 700 reviews. It has mixed reviews on other forums, with some users praising its speed and others upset they weren’t matched with a lender.
You can 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.
How do I get started?
Before using Monevo’s service, first make sure you meet its basic requirements. If you do, follow these steps to get started:
- Click the green Check my rate button to be redirected to Monevo’s website.
- Enter your loan amount, loan purpose and estimated credit score.
- Enter information about yourself, including your annual income and Social Security number.
- Review Monevo’s terms and click Get your results to submit its online form.
What happens after I fill out the online form?
Monevo will search its network of affiliate lenders to find the best fit for you. You can compare your options and visit the provider website to complete a full application.
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 disbursed within a few days after signing your documents, depending on the provider you go with.
How do repayments work with Monevo?
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.
Rather work with a lender directly? Compare your options with our guide to personal loans.
Frequently asked questions
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