Monevo personal loan connection service review
Quickly compare lenders offering $500 to $100,000.
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Monevo works with multiple lenders so you can see quotes without doing any tedious research — with no impact to your credit score. You’ll sacrifice some variety, however, because you’ll be limited to Monevo’s network of partners.
Max. Loan Amount
3.99% to 35.99%
Min. Credit Score
Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.
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.
First, am I eligible?
To connect with one of Monevo’s partners, you must meet the following criteria:
- Minimum credit score of 450
- Bank account
- 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).
What makes Monevo unique?
Monevo is a free service that could connect you with personal 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 are the benefits of getting a loan through Monevo?
From its wide range of loan amounts to its transparency about the partners it works with, here are a few perks of using Monevo:
- No impact on credit score. You can check your loan rates without affecting your credit.
- Wide range of loan amounts. Monevo’s network of lenders offer personal loans as low as $500 all the way up to $100,000.
- 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. Depending on the lender you’re connected with, you may be able to get your funds as soon as the next business day.
- 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.
What to watch out for
Consider these potential drawbacks before finding a personal loan provider through Monevo:
- Limited to partners in its network. 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.
- Might receive phones calls and emails from partners. Like with most connection services, don’t be surprised if you’re fielding emails and phone calls from lenders in Monevo’s network — even after you’ve taken out a loan.
Compare Monevo to similar providers
What do customers say about Monevo?
As of November 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 560 reviews.
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.
How do I start the process?
Before using Monevo’s service, first make sure you meet its basic requirements. If you do, follow these steps to get started:
What information do I need to fill out its online form?
Have the following information on hand before you get started:
- Credit score
- Contact information
- Annual pre-tax income
- Social Security number
What happens after I fill out its online form?
Monevo runs your details by its lending partners to find providers you might qualify with. Review your offers by comparing APRs, monthly repayments and loan amounts to find a loan that meets your needs.
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 disbursed within a few days after signing your documents, depending on the provider you go with.
How do repayments work with Monevo?
Since Monevo is just a connection service, you don’t make repayments to Monevo, but the lender you’re connected with. How repayments work will vary depending on the provider you end up with. 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.
More about Monevo
Monevo is a division of Quint Group — formerly Quintessential Finance — an international 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.
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
Rather work with a lender directly? Compare your options with our guide to personal loans.
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