Monevo personal loan review
Monevo is a loan broker that can find you a loan up to £25,000 within minutes.

Monevo is a credit broker (not a direct lender) that connects borrowers with loan providers in as little as one minute, to compare loans.
When you 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.
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 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.
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.
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:
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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