Monevo’s an online lending marketplace with hundreds of loan companies. So, it enables people to easily compare custom offers from multiple lenders in one place. For this reason, if you’re one of the millions of Americans struggling with debt, then Monevo could be a fast way to find great rates on consolidation loans.
Let’s take a closer look at Monevo in order to help you decide if it’s right for you.
Pros and Cons Monevo
- Marketplace with 30+ top lenders and banks
- Get personalized loan offers in 60 seconds
- High maximum loan amount of $500,000
- Not a direct lender
- Lender solicitation is likely
What Does Monevo Offer?
In a nutshell, Monevo allows you to compare loan offers up to $500,000 from multiple lenders in one convenient place. Since you’re a homeowner, you probably know that finding a loan can be a laborious process. So, Monevo is a time-saving resource for finding multiple offers.
Not only is Monevo’s process convenient, but it’s also a valuable tool for finding great rates and the best repayment terms for your situation. Because Monevo leverages thousands of real-time data points and an AI-driven algorithm, the company has optimized the process. As a result, Monevo quickly finds custom offers tailored to your needs.
In addition to debt consolidation loans, you can use Monevo to find other loans, including:
- Personal loans
- Home improvement loans
- Auto loans
- Student loan refinance
- Business loans
It’s also worth noting that Monevo doesn’t impact your credit score. Since Monevo only uses a soft credit check, finding quotes won’t lower your credit score. However, if you proceed with an offer, the lender may run a full credit check.
What To Expect on the Site
On Monevo’s website, you only need to provide a few details in order to get custom quotes:
- Loan amount
- Loan purpose
- Estimated credit score
- Contact information
After you submit your responses, Monevo then searches its marketplace for lenders with great offers for your situation. At this point, your information is shared with those lenders and you can see custom offers. Generally, this process can be completed in as fast as 60 seconds.
You can then use the website to see multiple personalized offers from various lenders in one place. So, you can conveniently compare your offers in one place. Monevo provides an easy-to-understand table that displays the different APRs and estimated monthly payments.
Of course, there’s no obligation to proceed with an offer. But if you do want to select one, you only need to click on it and verify that you want to continue the process with the lender. Then, Monevo redirects you to the lender’s website where you can ultimately close on the loan.
Using Monevo’s marketplace to see what loans you qualify for is completely free. If you chose to move forward with an offer, then the lender may have fees. Additionally, because APRs and monthly payment amounts will vary from loan to loan and lender to lender, there’s no set pricing you can expect to pay for a loan found on Monevo.
The Bottom Line
While Monevo isn’t a loan provider itself, it’s a useful tool for finding lenders and offers tailored to your needs. After telling Monevo a bit about your situation, the site finds custom offers with great rates in 60 seconds. Then, you can easily compare those offers side by side.
So, if you’re looking for a debt consolidation loan, Monevo is worth exploring as you consider top debt consolidation providers.