Monevo Personal Loans Review

Branding itself as “the smart way to find a loan,” Monevo is an online marketplace that specializes in matching borrowers with personal loans that meet their needs. Monevo maintains partnerships with more than 30 lenders, which include both traditional and nontraditional financial institutions.

Monevo highlights its ability to generate accurate, customized loan quotes in just 60 seconds. As of August 2020, the company offers loans with annual percentage rates (APRs) as low as 3.49%. It all sounds great on the surface, but what do reviewers and actual borrowers really think of Monevo? We’ll break it down for you in this comprehensive guide.

What Is Monevo?

Monevo is an online loan marketplace. This means that it does not actually extend or administer loans itself. It simply matches borrowers with various lenders offering access to capital. The service is free for users, as Monevo earns money by collecting modest commissions from partner financial institutions when a customer uses the site to source and finalize a loan.

Here’s a snapshot of some key Monevo facts and statistics, as of August 2020:

The company was founded in the United Kingdom in 2009 and has fairly recently branched out to the U.S. market.

How Does Monevo Work?

The key to Monevo’s process is that it allows you to collect personalized loan quotes in about a minute without affecting your credit score. This is because Monevo only performs what is known as a “soft pull” of your credit data. When a credit inquiry involves a “soft pull,” your score does not go down the way it does when a “hard pull” is used.

Monevo’s “soft pull” allows the company to gather the critical information it needs to pass along to its partner lenders. Your loan request is submitted to and administered by Monevo, not the financial institution making the loan. Monevo passes the details of your request along, and lenders respond with loan offers based on the information Monevo provides.

Monevo works with a relatively large number of lenders, with a healthy and robust set of options available for eligible consumers at all tiers. This creates a highly competitive environment that benefits consumers, as lenders have a strong incentive to forward the very best offers they can muster in a bid to win your business.

Monevo’s Loan Types and Terms

Consumers can use Monevo to source the following types of loans:

Here’s a breakdown of what Monevo’s partner lenders are offering, as of August 2020:

It’s fast and easy to fill out Monevo’s basic form. You will need to submit the following information:

  1. Personal information: including your name, date of birth, and contact information. Monevo will also ask about your education level, whether you own a car, and if your car is fully paid off.
  2. Details about your housing situation: do you rent or own? Where do you live? How much do you spend per month on housing? Monevo will also ask about your recent residential history, and you may be asked for more information if you have lived at your current address for less than two years.
  3. Employment information: mainly focused on how long you have worked for your current employer and how much money you make per year before taxes.

Eligibility Standards

Monevo offers loan solutions to consumers of all profiles. It features flexible borrower requirements, and you are free to use the Monevo service no matter what type of credit history or credit score you may currently have. However, keep in mind that borrowers with lower credit scores will invariably get quotes with higher APRs.

As of November 2020, the only firm requirements are as follows:

Pros and Cons of Monevo

As with all online loan marketplaces, Monevo shines in some regards and shows room for improvement in others. Here are some of the advantages customers and reviewers cited time and again:

However, you should also keep these downsides and disadvantages in mind:

On the whole, Monevo generated a lot more positive coverage than negative coverage and its advantages seem to significantly outweigh its drawbacks.

What Are People Saying about Monevo?

Monevo has been accredited by the Better Business Bureau (BBB) since 2018. As of August 2020, the company has a stellar A+ rating on the BBB network with only three publicly available customer complaints.

The United Kingdom-based parent company that runs Monevo’s U.S. operations also boasts an excellent Trustpilot profile. As of August 2020, the company had an aggregate user rating of 4.5 out of 5, with 78% of user reviews awarding Monevo a perfect score and an amazing 89% giving Monevo a score of 4 out of 5 or better.

The Bottom Line

Monevo has a trustworthy track record and tens of thousands of satisfied customers. It has been in business for more than a decade and specializes in serving an inclusive client base with some of the most competitive loan offers on the market.

Our take: If you’re looking for a more general type of loan, such as a personal loan, auto loan, or home improvement loan, Monevo has a lot of appeal and you would do well to compare its offers against those from other marketplaces and loan aggregators. However, if you need a particular type of loan, like a debt consolidation loan or student loan refinancing offer, you may have better luck shopping for offers with specialized providers.