What is Monevo?
Monevo is a credit broker (rather than a direct lender) that connects borrowers with loan providers in as little as one minute, to compare loans of up to £25,000.
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 works with multiple lenders so you can see quotes without doing hours of 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.
What makes Monevo unique?
When you compare rates from different lenders, more often than not you’re comparing lenders’ representative APRs. The trouble with that, is that lenders are only obliged to give this rate to 51% of their customers. The other 49% will often be offered a loan at a much higher rate – even 20% higher (or more) than the representative APR.
The good news is that most lenders now offer a soft search or eligibility checker facility, to find out whether you’d be eligible to take out one of their loans and to get a more accurate idea of the rate you’d receive. The “soft” bit refers to the fact that although these quotes involve checking your credit record, they won’t affect your credit score.
Monevo’s free service lets borrowers compare personalised and pre-qualified rates from its lending panel. Filling out Monevo’s online form is simple and won’t impact your credit score, but the rates you’ll then see will be those that you’d see if you used each individual lender’s soft search facility.
Like similar services, it can cut down on the time it takes to look for a loan, especially if your credit is less than perfect, and you’re less likely to be awarded the headline-grabbing, ultra-low rates.
Monevo’s panel of lenders
Monevo is clear about its network of partners. Unlike other lending connection services, it prominently displays its partners on its site. You aren’t obligated to borrow from any provider it connects you with.
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.
Who’s behind Monevo?
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.
Quint Group awardsMonevo 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 are the benefits of comparing loans through Monevo?
- No impact on credit score. You can check personalised loan rates without affecting your credit. If you do decide to proceed with one of the lenders, there’s likely to be a full credit check involved at that point, which will be visible on your credit record and may affect your credit score.
- 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. After all, nobody likes filling in forms.
- Upfront about partners. Monevo lists its partners on its site — something many loan connection services bury, if they make that list available at all. If you want to compare another lender that’s not in Monevo’s panel, there’s nothing stopping you going to their site to get a personalised quote which you can weigh up against the deals Monevo has found.
- 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
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. It might speed up the process, but it doesn’t allow room for you to explain any negative points on your credit report.
I got connected to a loan provider through Monevo. Now what?
What happens next depends on the lender, though most have quick online applications that only take a few minutes to complete. It’s possible you’ll be asked to provide additional documentation, such as recent bank statements or payslips. You’ll usually undergo a full credit search at this stage.
If you’re approved for a loan, the lender will make you a formal offer. Carefully read your loan documents before agreeing. Your funds will then likely be dispersed instantly or within one or two working days, depending on the provider you go with.
It’s advisable to sign up for a direct debit so you don’t have to worry about remembering to make manual repayments each month.
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.
Monevo could be a handy option if you don’t have time for a lot of research, and your credit history (or potentially the lack of it) means that you often aren’t eligible for lenders’ best rates.
Just remember that you won’t be comparing the full market – there could be better rates out there.
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