Monevo personal loans review February 2018 |

Monevo personal loan connection service review

Quickly compare direct lenders offering $1,000 to $100,000 loans with APRs as low as 3.09%.

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 can provide you with loan quotes from providers that you might qualify for in the same time you’d spend on Google — with no impact to your credit score. You’ll sacrifice some variety, however, because you’re limited to Monevo’s network of partners.

Product NameMonevo Personal Loans
Min Loan Amount$1,000
Max. Loan Amount$100,000
Min APR From 3.09%
Maximum Loan Term6 years
RequirementsMust have a credit score of 580+, be a legal US resident and be at least 18 years old.
  • Credit score of 580+
  • 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.

Did you know?

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

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

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 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. That speeds up the process quick, but it doesn’t allow room for you to explain any negative points on your credit report.

Compare Monevo to similar providers

Rates last updated February 22nd, 2018
Name Product Minimum Credit Score Max. Loan Amount APR Product Description
Even Financial Personal Loans
From 4.99% (fixed)
Get connected to competitive loan offers instantly from top online consumer lenders.
CompareFirst Personal Loans
From 2.99% (fixed)
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
LendingTree Personal Loan
From (fixed)
Receive up to five loan offers in just minutes through LendingTree's simple online form.
Monevo Personal Loans
From 3.09% (fixed)
Quickly compare direct lenders offering online loans with competitive rates depending on your credit score.
Zippyloan Personal Loans
Varies by lender
From (variable)
Apply with Zippyloan to be considered by over 100 lenders, all offering multiple loan options to suit your needs.
TakeLend Personal Loan Connection Service
All credit types welcome
From (fixed)

Compare up to 4 providers

What does the Internet say about Monevo?

Not much. Monevo gets an A+ rating from the Better Business Bureau (BBB), though it isn’t accredited. It also has no online reviews or consumer complaints, 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.

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.

Am I eligible?

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

  • Have a credit score of 580 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.

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.

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 580 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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