Monevo operates in the financial services industry as a personal loan marketplace that connects lenders to loan seekers. The company has eight awards to its name and its operations span four countries: the UK, the USA, Australia, and Poland, with its headquarters in Macclesfield, Cheshire.
Ever since the company entered the US market, it has helped thousands of customers by providing more than $1 billion worth of loans. It offers customers personal loans ranging from $500 to $100,000. The internet is filled with favorable Monevo reviews, and our research attests to those claims.
$500 to $100,000
3 months to 7 years
3.49% to 35.99%
MIN. CREDIT SCORE
Depends on lender
1 business day
YEARS IN BUSINESS
Depends on lender
All 50 states, UK, Australia, Poland
“Is Monevo legit?” This is a question many ask after reading all the positive Monevo personal loans reviews online. We’re here to tell you that yes, not only is it legit, but it’s in fact a remarkable platform.
Monevo established itself in the United Kingdom, which is why it provides a more extensive range of services there than it does in the United States, where it only connects borrowers to lenders offering personal loans. Even so, the company can connect you to one of more than 30 lenders in a matter of seconds.
The company provides itself on funding customized lending offers for everyone, regardless of their credit history. Through the platform, you can apply for personalized loans for virtually anything within the minimum and maximum limits of $500 and $100,000.
A Monevo loan is ideal for those who need quick cash to cover personal expenses. It could be to make a payment on rent or to get your car fixed. By using Monevo, you can connect to multiple lenders and choose the offer with the best terms.
APR Range3.49% to 35.99%
Min. Credit ScoreN/AVisit Site
APR Range5.99% to 35.99%
Min. Credit ScoreN/AVisit Site
APR Range170% – 349%
Min. Credit ScoreN/AVisit Site
Monevo offers a wide range of loan terms. Or, more specifically, the lenders that provide loans via Monevo offer terms ranging from three months to seven years. The duration and the interest rate depends on your credit score, the amount you borrow, and your pre-tax income.
It also varies from lender to lender; some may charge higher interest rates for short-term borrowing but lower the interest on long-term loans. At the end of the day, the decision lies with you. You should choose an offer and customize the loan term based on your income and ability to pay the money back.
Loan term customizability is a feature that makes a Monevo personal loan ideal for people looking for flexible payback options. It’s also ideal for those with lower credit scores, as they stand an equal chance of getting a loan offer as long as the potential lender and borrower can come to an understanding on payment terms.
The loan application process with Monevo is incredibly straightforward, which is why you can find so many positive Monevo reviews on the internet. It is also very quick; it can connect you to a lender in less than 60 seconds. Remember that Monevo is not a direct lender but simply a platform that connects verified lenders and borrowers, so approval times can vary according to the provider you choose.
As a borrower, you won’t pay any extra fees for using Monevo’s services. Instead, Monevo has profit-sharing agreements with its lending partners.
As all good personal loan reviews should, we’d like to explain how the system works. Here’s how you can apply for a personal loan via the Monevo loan aggregator.
1. Fill out an application form with your personal details and the requirements of the loan you’d like, including:
2. After you fill out all the necessary details, submit your free loan search and wait for lenders to present their offers.
3. Depending on your credentials, one or more lenders may present you with an offer.
4. You can then select one that suits you best and reach out to that lender.
Here, Monevo loans’ work ends, and it is now up to you and the lender to reach a consensus on the loan terms. If you’re not happy with the final offer, you can always come back to the site and search for more offers.
The platform sorts through offers and presents the ones with the lowest interest rates first. You can then browse through them and further shortlist the options based on other specifications. Once that’s complete, Monevo links you to the lender’s website, where you fill in the relevant details and complete the application process.
To be eligible for a personal loan using Monevo loans, you need to meet the following eligibility requirements:
Your credit score won’t affect your ability to get a loan, but it will affect the conditions of your loan. The better your score, the better the offer you’ll get. Lenders will only conduct a soft credit pull during this phase, which means that you won’t be risking your credit score simply by applying. Keep in mind that you need a credit score of 800+ to qualify for larger loans.
Not only is this a BBB-accredited institution, but Monevo’s BBB rating is A+, the highest possible score. The company’s services are free to use, which is an additional benefit; those looking for small personal loans won’t have to worry about paying additional service charges.
Another important feature worth mentioning in our online loan reviews is the importance the company places on customer security. All information submitted via the website is stored and transmitted using SSL encryption. All the vendors that use Monevo’s platform are also secure, which goes to show that the company takes privacy very seriously.
Though there aren’t many Monevo reviews on the BBB site, the majority of customer reviews found on Feefo indicate an overwhelming sense of customer satisfaction. That comes as no surprise, as Monevo offers great customer support services. You can contact support agents anytime via email or reach out to them via phone.
If you have any concerns about personal loans or the process in general, you can reach out to Monevo and an agent will help you out. Just remember that this company’s job is to connect you to lenders, so agents can’t answer queries about specific loan offers.
Because the company doesn’t have a strict minimum credit requirement, even those with bad credit can apply for a loan via Monevo. Taking all this into account, most personal loans reviews concur that Monevo loans check all the right boxes.
As you’ve read above, almost all Monevo loan reviews concur that this provider offers a great selection of borrowing options to people with low credit scores that may disqualify them from finding financing elsewhere.
While this site doesn’t have its own mobile app and only offers loans for personal use, not business financing, we think its reliability and flexibility far outweigh any negatives. Wondering “what is the best place to get a personal loan?” Look no further than Monevo.
No, a Monevo personal loan is never direct from the company itself. Instead, Monevo functions as a loan aggregator that connects lenders to borrowers via an online platform. The lenders there reach out to potential customers with loan offers after reviewing their application. Once the borrower selects a lender, Monevo no longer has a role to play in the negotiation process.
Using Monevo to compare offers does not affect your credit score. The platform only conducts a soft credit pull on the client, as the credit score isn’t a make-or-break factor in the success of your loan. Even with a bad credit record, you have an equal chance of getting an offer via Monevo loans.
Monevo is one of the best personal loan brokers on the market. It sets its customers up with real-time loan offers from respectable lenders, making it an incredibly efficient service, especially in combination with its easy-to-use interface. However, its limited panel of lenders is a major drawback. In the US, Monevo personal loans are your only option; you can’t find auto, home, or business loans here.
If you want a fair service that can give you decent APR rates even if you have poor credit, then opt for Monevo. The loan aggregator connects you to lenders who may be willing to provide the money you need. You can also reach out to private lenders separately from Monevo, but they may use your bad credit score as an excuse to charge ridiculously high interest rates.
A fair credit score of around 580 and above works wonderfully well for personal loans. However, with Monevo, you can get a loan with a credit score of around 450, or maybe even lower. This willingness to loan money to people with bad credit is perhaps the company’s best feature, as highlighted in our Monevo reviews.