Ad Disclosure: We earn referral fees from advertisers. Learn more
Monevo is a personal loan marketplace headquartered in San Diego, California. It is the largest marketplace and platform for personal loans in Europe. The wide choice of lenders allows Monevo to offer low rates in just minutes.
Loan amounts: $500 to $100,000
APR: 3.49% to 35.99%
Minimum credit score: Nothing
- Type of loan: Fixed Rate Unsecured Personal Loans
- Repayment Terms : 3 months to 7 years
- Direct lender or marketplace: Market
- Completion time : Varies by lender
- Best for: Anyone looking for a loan with good conditions
Advantages and disadvantages of Monevo
- Wide range of loan amounts
- Quick online form
- Monevo’s online form does not negatively affect the consumer’s credit rating
- Transparent and frank about their partners
- Awarded the Sunday Times Tech Track 100 in 2013 for the UK’s fastest growing fintech company and the Queen’s Awards for Enterprise in Innovation in 2017
- Limited to lending partners in their network
- Expect to receive a lot of phone calls and emails from lenders.
- Manual and/or automatic subscription
Monevo loan cost
The cost of the loan, interest rates, penalties and fees are ultimately determined by Monevo’s lending partners. Consumers should contact the lender directly to determine the actual cost of the loan. Due to multiple lenders on the lending platform, Monevo said rates would fall between 3.49% and 35.99% subject to lender credit requirements.
To start with Monevothere is a list of criteria you must meet:
- 18 or older
- Bank account required
- U.S. citizenship or residency
- 450 minimum credit score
To apply for Monevo, you must also have access to the following information:
- Your annual income before taxes
- Your social security numbers
- Your credit score
After fulfilling all the requirements, you can get started with Monevo by following these simple steps:
- Enter your credit score, loan amount and loan purpose.
- Enter your social security number, annual income, etc.
- Read and accept the Monevo terms
- Tap “Get Your Results” to submit your form.
After completing the form, Monevo will find a suitable partner within its network who works for you. If you decide to go through the service, you can be approved within a day and receive your funds within 7 days.
Monevo Reviews and Ratings
Monevo’s BBB rating is A+
Monevo customer reviews are generally positive. It is a Gold Trusted Service Award winner on Feefo. Based on 249 verified reviews of Feefo, it has received a very respectable 4.5 out of 5 stars. cases, people have been matched with lenders but have not found anything that meets their needs.
Is Monevo legit? To remember This…
- Monevo will not affect your credit, however, you should expect your lender to do a credit check eventually, which will temporarily lower your credit score. Remember that using Monevo to connect with lenders will have no effect on your credit score.
- Monevo shares your submitted personal information with its partner lender, but there is no need to worry. If you are concerned about this, however, you should consider going directly to a lender of your choice to apply.
- Monevo is an online personal loan marketplace and does not fund loans. Rather, it exists to help you find and choose a suitable lender, as well as help you compare loans.
- Getting your funds doesn’t take too long. Depending on the lender, this can be as fast as one business day, but sometimes it can take longer. If approved, you can expect to see money in your account within 7 days.
- Repayments with Monevo will be detailed on a repayment schedule by your lender, and any additional fees you may have to pay will be set out in your loan agreement.
- Of course, don’t forget to keep in touch with Monevo and your lender if you have any questions.
- Monevo is based in the UK and has major technology partners around the world.
Monevo is not only one of the biggest personal loan connection services, but also one of the easiest to use. He has received several awards and is in partnership with many lenders. However, being an online marketplace has its drawbacks. Any negative criticism addressed to one of Monevo’s lending partners may also negatively affect Monevo.
But, when it comes to online marketplaces, Monevo is widely regarded as one of the best and is often the first choice. He is praised for providing prompt service while being very friendly.