Monevo Review

Monevo ID Card

Loan type: Fixed rate unsecured personal loans

Loan amount: $1,000 to $100,000

Repayment Terms: 3 to 72 months

Top Pros: Transparent comparison table

Top Con: No live chat

Best for: Anyone

Visit Monevo​

Monevo at a Glance

Monevo is a huge online lending marketplace with an API that is embedded directly by hundreds of loan companies around the world. This access to real-time responses from lenders and loan brokers enables Monevo to give consumers an accurate and reliable reply in just two minutes. The completely free service usually leads borrowers to the lowest rate option, too.

Although the aggregator is relatively new to the USA financial scene, it has been active in the UK since 2009. Monevo shares your details securely with 50 active lenders without affecting your credit rating.

Best for Whom?

Anyone looking for a loan.

Monevo serves all levels of credit score, from poor to excellent, and with a top loan amount of $100,000, there’s a good chance that you can find the loan you need.

Loan Features

Monevo uses your information and its large stable of loan providers to find you the lowest APR rate and best repayment conditions. With the whole of the web to search and the hassle of flipping back and forth between different sites to try to compare loans, you probably wouldn’t find such a good deal on your own.

The simple application form is shared with around 50 active lenders. You’ll be able to compare all the replies in a clear table so that you can see the terms and requirements side by side, making the task of finding the best loan much more transparent. Monevo users begin receiving loan offers within two minutes, saving time filling out multiple applications and waiting to hear back from a number of different loan companies.

Unlike some loan brokers, Monevo is open for use by borrowers with low and poor credit as well as those with excellent ratings, although the loan terms and APR rate do change depending on your credit level.

Highlights for Monevo:

  • Clear, easy to use website

  • Step-by-step application form

  • 50 active lenders at any given time

  • Fast response time

  • No fee

  • Transparent loan comparison table

The application Process

Monevo’s application process is streamlined and very easy to use. Presented as a step by step form, you’ll choose the amount you want to borrow and the purpose of your loan from the very extensive drop-down list, as well as picking your approximate credit score from a range of options. Then, you’ll need to share your personal details, social security number, and highest level of education, your address and living arrangements, and some information about your employment and income.

It should only take about 60 seconds to complete the form, which Monevo will then share with around 50 active lenders. Monevo also runs a ‘soft’ credit check on you to verify your identity and see your approximate credit rating. This doesn't’t affect your credit score the way a ‘hard’ credit check does.

After just 2 minutes, you’ll begin to get responses from loan companies. The loan details of APR rate, repayment term, and estimated monthly repayment amount will be presented in a table that lets you compare your options in a transparent way. If you like the looks of any offer, click through to see the full details and choose whether you want to continue with that company. You’ll close on the loan on the provider’s website.

Monevo requirements:

  • Permanent residency or citizenship of the United States

  • A checking account in your name

  • You must be aged over 18 years old

Loan Terms

Monevo operates a loan marketplace rather than providing the loans themselves, so it doesn’t offer specific terms. The lowest APR rate on Monevo’s website is 2.29%, a remarkably low offer. Borrowers should be aware that they need to check the terms and conditions of each loan since they vary widely.

As Monevo reminds users, a preliminary loan offer is not guaranteed. The terms and rates can change even after you get your first responses, so if you find a great rate for the amount you need, you should secure it quickly with the loan provider before anything changes.

Repayment Terms

Since Monevo is a loan aggregator, the repayment terms vary between different providers. The minimum term is 90 days, but the maximum term is 72 months or six years. This isn't the longest repayment option around, but it is certainly well within the average. If you know that you need to spread your payments out further, you might want to look elsewhere.

How Safe is It?

Monevo emphasizes its security levels throughout its website, using the highest level of SSL encryption to protect customer data. American customers might be concerned that Monevo doesn’t have BBB certification, but that’s most likely due to its headquarters being based in the UK. It does display plenty of prestigious awards and endorsements, and the Quint group, which is the parent company, is well-known and reliable.

Help & Support

Monevo offers an easy customer service form and phone support in three territories but does not have a live chat option, an FAQ section, or in-depth explanations on the website. Although the application process is very clearly guided if you have any further questions your only option is to call or to fill out the online contact form.

Deep Dive into Pros and Cons

Pros

Cons

Transparent loan comparison table

No live chat

Easy step by step application process

 

Open to all credit scores

No further FAQs

Fast service with 50 lenders

 

The most up-to-date lender information

 

High security

 

After looking into Monevo, we found many positives to its platform and very few negatives:

  • The main drawback is that there is no live chat, only email, and telephone support. If you get confused, the customer care procedure is not as clear as it could be.

  • Although the application process is well explained, there are no FAQs or further information pages which borrowers can consult to understand the process better.

Monevo is a valuable loan aggregator with these particular advantages:

  • Eases complexity of comparing loan options. By condensing all the different loan information into one table showing the APR rate, repayment term, and monthly repayment fees, Monevo makes loan offers more clear.

  • The application process is easy and straightforward and should take only 60 seconds to complete.

  • Even if you have a low credit score, you can still use Monevo’s platform to find the best loan offer for your situation.

  • By sharing your details with around 50 lenders, Monevo saves you time otherwise spent on entering the same information again on another site and returns responses in just two minutes. Some of its lenders can even approve your application and send you money the same day.

  • Because it’s directly connected to the lender company, the information is the most up to date.

  • Monevo uses advanced encryption and new technology to protect your data and keep you secure online.

Summary

Monevo is a reputable loan marketplace that connects directly with millions of loan providers worldwide to bring the most up to date personal loan offers from up to 50 lenders. Also, open to borrowers with poor credit scores, Monevo saves time and confusion for consumers trying to compare loans. It is usually successful in returning the lowest loan rate, but the customer service and FAQ guidance still need improvement.

Physical Address

600 B Street, 

Suite 300

San Diego, CA

92101

Visit Monevo

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