{"id":123597,"date":"2018-07-30T22:28:56","date_gmt":"2018-07-30T21:28:56","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?page_id=123597"},"modified":"2026-01-29T05:44:15","modified_gmt":"2026-01-29T05:44:15","slug":"monevo","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/personal-loans\/monevo","title":{"rendered":"Monevo personal loan review"},"content":{"rendered":"
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Late repayments can cause you serious money problems. See our debt help<\/a> guides.<\/div><\/article>

What is Monevo?<\/h3>

Monevo is a credit broker (not a direct lender) that connects borrowers with loan providers in as little as one minute, to compare loans.<\/p>

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.<\/p>

Monevo works with multiple lenders so you can see quotes without doing hours of tedious research \u2014 with no impact to your credit score. You\u2019ll sacrifice some variety, however, because you\u2019ll be limited to Monevo\u2019s network of partners.<\/p>

What makes Monevo unique?<\/h3>

When you compare rates from different lenders, more often than not you\u2019re comparing lenders\u2019 representative APRs<\/strong>. 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 \u2013 even 20% higher (or more) than the representative APR.<\/p>

The good news is that most lenders now offer a soft search<\/strong> or eligibility checker<\/strong> facility, to find out whether you\u2019d be eligible to take out one of their loans and to get a more accurate idea of the rate you\u2019d receive. The \u201csoft\u201d bit refers to the fact that although these quotes involve checking your credit record, they won\u2019t affect your credit score.<\/p>

Monevo\u2019s free service lets borrowers compare personalised and pre-qualified rates from its lending panel. Filling out Monevo\u2019s online form is simple and won\u2019t impact your credit score, but the rates you\u2019ll then see will be those that you\u2019d see if you used each individual lender\u2019s soft search facility.<\/p>

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\u2019re less likely to be awarded the headline-grabbing, ultra-low rates.<\/p>Monevo is clear about its network of partners. Unlike other lending connection services, it prominently displays its partners on its site. You aren\u2019t 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\u2019d be interested in borrowing from. In other words, it doesn\u2019t provide loans itself. Rather, it helps with the research and comparison part of your loan search.<\/p>

Who\u2019s behind Monevo?<\/h3>

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.<\/p>

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\n \n \n <\/circle>\n <\/path>\n <\/svg>\n <\/span>\n Quint Group awards<\/span>\n <\/h4>\n
\n Monevo and other Quint Group companies have won or were a finalist for several international awards since the group\u2019s founding in 2009. These include:
  • The Queen\u2019s Awards for Enterprise.<\/strong> Winner, Innovation, 2017<\/li>
  • Best Companies.<\/strong> Three-star rating, 2016, 2017<\/li>
  • FStech Awards.<\/strong> Finalist, Online Financial Technology Provider of the Year, 2017<\/li>
  • National Business Awards UK.<\/strong> Finalist, Growth Business of the Year, 2014<\/li>
  • GP Bullhound Northern Tech Awards.<\/strong> Winner, Fastest Growing Company, 2014<\/li>
  • Sunday Times Tech Track 100.<\/strong> Winner, Fastest Growing Financial Technology Business in UK, 2013. Also received 3rd place in the Tech Track 100<\/li>
  • Al Sector Performance Awards.<\/strong> Winner, Best in Sector for Consumer Finance, 2014<\/li><\/ul>\n <\/div>\n <\/div>\n<\/div>\n

    What are the benefits of comparing loans through Monevo?<\/h3>
    • No impact on credit score.<\/strong> You can check personalised loan rates without affecting your credit. If you do decide to proceed with one of the lenders, there\u2019s 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.<\/li>
    • Saves time.<\/strong> Connect to a loan provider that\u2019s right for you in as little as 60 seconds, rather than spending hours \u2014 or days \u2014 on research. After all, nobody likes filling in forms.<\/li>
    • Upfront about partners.<\/strong> Monevo lists its partners on its site \u2014 something many loan connection services bury, if they make that list available at all. If you want to compare another lender that\u2019s not in Monevo\u2019s panel, there\u2019s nothing stopping you going to their site to get a personalised quote which you can weigh up against the deals Monevo has found.<\/li>
    • Award-winning service.<\/strong> Monevo has won several international awards that include \u201cBest Company\u201d from the Best Companies group in both 2016 and 2017.<\/li><\/ul>

      What to watch out for<\/h3>

      When you use a loan connection service, even one as wide-reaching as Monevo, you\u2019re still limiting your options to its network of partners.<\/p>

      Here are other factors to keep in mind before using Monevo:<\/p>

      • You\u2019re not guaranteed to find the right loan for you.<\/strong> Because Monevo doesn\u2019t partner with every personal loan provider, there\u2019s a chance it won\u2019t find a loan that meets your specific needs.<\/li>
      • No phone number.<\/strong> The only way to contact Monevo is by filling out an online form, which can take some time to hear back from.<\/li>
      • Automated underwriting by partner lenders.<\/strong> 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\u2019t allow room for you to explain any negative points on your credit report.<\/li><\/ul>

        I got connected to a loan provider through Monevo. Now what?<\/h3>

        What happens next depends on the lender, though most have quick online applications that only take a few minutes to complete. It\u2019s possible you\u2019ll be asked to provide additional documentation, such as recent bank statements or payslips. You\u2019ll usually undergo a full credit search at this stage.<\/p>

        If you\u2019re 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.<\/p>

        It\u2019s advisable to sign up for a direct debit so you don\u2019t have to worry about remembering to make manual repayments each month.<\/p>

        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 \u2014 you might be able to adjust your repayment terms.<\/p>

        Bottom line<\/h3>

        Monevo could be a handy option if you don\u2019t have time for a lot of research, and your credit history (or potentially the lack of it) means that you often aren\u2019t eligible for lenders\u2019 best rates.<\/p>

        Just remember that you won\u2019t be comparing the full market \u2013 there could be better rates out there.<\/p> \n