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Located in San Diego, California, Monevo is the largest personal loan marketplace and platform in Europe, offering low rates in minutes with a wide range of lenders.

Monevo Loans

An overview of Monevo

Borrowing Amounts: $500 to $100,000
Interest rate: 3.49% to 35.99%
Credit Score Minimum: None

  • Unsecured personal loans with fixed rates
  • 3 to 7-year repayment terms
  • Marketplace
  • Lender turn-around time varies

Pros and Cons

pros and conss

Pros

  • A wide range of loans
  • Online form
  • Credit scores are not negatively affected by their online form
  • Partners who are transparent and upfront
  • The Sunday Times Tech Track 100 in 2013 for the fastest-growing financial technology company in the UK, and The Queen’s Awards for Enterprise in Innovation in 2017.

Cons

  • They only lend from their network of partners
  • Lenders will call and email you a lot.
  • Underwriting by hand or by machine

How Much Does It Cost?

Monevo’s lending partners determine the actual loan cost, interest rates, penalties, and fees. Consumers should contact the lender directly to determine the actual cost. In light of the multiple lenders available, Monevo has informed consumers that rates will range from 3.49% to 35.99%.

How To Qualify

Monevo requires the following criteria to get started:

  • Over 18 years old
  • Need a bank account
  • Residency in the US
  • A credit score of 450

They require the following information as well:

  • Before-tax income
  • Social security numbers
  • Credit score

You can get started after meeting all the qualifications:

  • Enter your credit score, loan amount, and purpose.
  • Put in your social security number, income, etc.
  • Accept the terms
  • Submit your form by clicking “Get Your Results.”

With Monevo Loans, you fill out the form, and they’ll find a partner within their network who works for you. If you decide to go ahead, you’ll be approved in 1 day and get your money in 7 days.

Reviews and ratings

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Monevo has an A+ rating with the Better Business Bureau.

In general, their customer reviews are positive. Its Gold Trusted Service Award is based on 249 verified Feefo reviews. Usually, Monevo’s negative reviews come from people who weren’t able to connect with a lender or, in some cases, who were matched with lenders, but couldn’t find the right lender. 

Is Monevo Legit? This is What We Know

  • Using Monevo Loans to connect with lenders will not affect your credit score, but your lender will eventually perform a credit check, which will temporarily lower your credit score.
  • You will be sharing your personal information with their partnered lender, but this is not a big deal. If you are concerned, you should consider applying directly to the lender of your choice.
  • In contrast to other online loan marketplaces, Monevo does not fund loans. Instead, it helps you find and compare lenders.
  • A lender may approve your application within one business day, but sometimes it may take longer. If approved, you should see your funds within seven days.
  • Your loan agreement will outline any additional fees you might need to pay, as well as the repayment schedule with monevo.us.
  • Keep in touch with Monevo and your lender if you have any questions.
  • Founded in the UK, they have major tech partners around the world.
Monevo Review
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Monevo Summary

The Monevo service is not only one of the largest personal loan connection services out there but also one of the easiest to use as well. Despite the fact that it has received many awards and has been partnered with numerous lenders, being an online marketplace does come with its drawbacks. Negative reviews directed at Monevo’s lender partners may also negatively impact Monevo as well.

However, when it comes to online marketplaces, Monevo is widely regarded as one of the best and often considered the number one pick as it offers quick service and is also very user-friendly, which makes it one of your best choices.

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