Monevo Review

Monevo Overview

“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 prides itself on funding customized lending offers for everyone. Through the platform, you can apply for various personalized loans 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.

Loan Terms

Monevo offers a wide range of loan terms. Or, more specifically, the lenders that provide loans via Monevo offer terms ranging from 12 to 144 months. The duration and the APR 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 APR for short-term borrowing but lower APR 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.

Loan Search Process

The loan search 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 fees for using Monevo’s services. Instead, Monevo is compensated directly by its lending partners.

As all good personal loan reviews should, we’d like to explain how the system works. Here’s how you can search for a personal loan via the Monevo loan search tool.

1. Fill out an application form with your personal details and the requirements of the loan you’d like, including:

• The loan amount
• Purpose
• Estimated credit score
• Name and date of birth
• Contact information
• Employment details
• Social Security number
• Highest education level
• Pre-tax income
• Vehicle ownership status
• Homeownership status or mortgage payment information

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’s 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 Monevo's site and search for more offers.

The platform sorts through offers and presents the ones with the lowest APR 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.

Eligibility Criteria

To be eligible for a personal loan using Monevo loans, you need to meet the following eligibility requirements:

• Must be a citizen or resident of the USA
• Must be at least 18 years of age or older
• Must have a bank account

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 searching for a loan. Keep in mind that you need a credit score of 800+ to qualify for larger loans.

Monevo Features

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 on its website.

Because the company doesn’t have a strict minimum credit requirement, even those with bad credit can use Monevo to search for loan offers. Taking all this into account, most personal loans reviews concur that Monevo loans check all the right boxes.

Pros

• Easy and quick loan search process – In emergencies, having to wait for a response from the bank while it carries out extensive credit checks is agonizing. At a time like this, Monevo can help connect you to lenders quickly, which is a significant plus.
• Real-time response – You don’t get loan proposals based on general information or past offers made to people with a profile similar to yours. Instead, the platform communicates with lenders, who review your application and present a real, personalized offer. In our lender reviews, we think it is important to mention that with Monevo, you don’t have to worry about dealing with dodgy providers, as Monevo only works with reputable companies.
• No impact on credit scores – While most lending websites run hard credit checks on customers applying for loans, Monevo only does a soft credit pull. The process does not affect your credit score, making it even more appealing to use. It is a feature that earns praise in almost all Monevo loan reviews.
• Security guaranteed – Your privacy is as essential to Monevo as it is to you. The platform goes to extensive lengths to guarantee the protection of your personal information. The company only contacts trusted lenders, and all data is transferred back and forth using an SSL encryption, which drastically reduces the chances of it falling into the wrong hands.
• Easy-to-use interface – Sorting through your offers can be a headache on other platforms, but not on Monevo. The site automatically sorts all offers in terms of APR, starting from the lowest APR first. You can also add in other specifications like lenders and loan terms to sort through offers even more easily, which is a feature worth mentioning in online lender reviews.
• Wide range of loan values – There are very few platforms that offer personal loans of up to $100,000. Monevo is an exception to this rule. No matter what you need the loan for, there’s likely to be a lender in Monevo’s network willing to make you an offer, even for large amounts.
• Free to use – The biggest advantage is that there are no hidden service charges with Monevo. You can use the platform free of cost.

Cons

• Restricted network – The more extensive the network, the better the chances of the borrower finding a suitable lender. The lack of options is one of the most prevalent negative comments in Monevo reviews.
• Unwanted phone calls and emails – Once your information gets shared with lending agencies, you could be on the receiving end of unwanted phone calls and text messages. You may even have to block quite a few numbers, which could become an issue the next time you apply for a personal loan via Monevo.
• Limited options – If you want a car loan, a student loan, or a business loan, Monevo is not the platform for you. It provides only personal loans.

Summary

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.