Monevo Review - Personal Loans
Application & Approval Process
Customer Support & Benefits
Monevo started out in the UK in 2009 and is owned by a financial technology company called Quint Group. It’s one of Europe’s biggest lending marketplaces and has offices around the world. In the USA, its offices are based in San Diego. It is a loan marketplace with 40+ personal loan providers, meaning it is a reputable and reliable site to use when searching for suitable personal loans.
If this is your first time requesting a personal loan and you are unsure of what rates you can expect to pay, Monevo is a good place to start your search. Simply enter some personal information and the search engine will filter a panel of lenders to determine which ones you’d be eligible to use for taking out a personal loan. Before you apply, you can compare rates and fees between lenders. Personal loans are the only product available, for example, they don’t compare savings or insurance loans.
- Offers loans from a wide range of lenders
- Caters to people with low credit scores
- Getting a quote doesn’t affect your credit score
- Completely free to use
- Doesn’t offer loans, only compares loan rates
- Not every loan provider is on the site
- Even if you have a poor credit rating, you may be able to find a lender on Monevo since they work with many loan providers.
- Loans can have a fixed interest rate or be variable, depending on which company you borrow from and the purpose of your loan.
- Loans can be taken over a vast range of terms, from as little as 3 months up to 12 years with some providers.
- A wide range of loan amounts are available, with lending values ranging from $500 up to $100,000.
- Only requires a “soft-pull” credit check whilst checking out potential lenders, so your credit rating isn’t affected by the process.
- Best for people with a low credit score and those who want to get a good overview of the personal loan market before committing to a full loan application.
Application & Approval Process
As previously mentioned, Monevo is a loan shopping service, meaning you can use it find and compare different financial companies to get the best deal possible. You’ll apply for your loan through one of the available lenders and then complete the loan agreement with them directly.
When you click onto the Monevo website, you will need to input some details regarding the loan you require. The initial questions ask for the loan value, the loan purpose, and an estimate of your credit score.
The next step of the process is to type in more personal information which will ensure that Monevo shows you loan providers that are relevant to your location, circumstances, financial history, and work history. This is so that lenders can be confident you’re going to be able to meet your payments.
After you provide all the required information, you will be shown a selection of loans where you have met the pre-qualified criteria. To get your pre-qualified loan options, a soft pull credit check is done, and this won’t show on your credit file or harm your current score. At this stage, you can assess your options and choose a lender. You will then be re-directed to their official website to complete the full application.
Getting your loan approved is the job of the lender rather than Monevo. Each loan company will be a little different; some will have a fully online process whilst others may still want loan paperwork signed and returned through the post.
The process of getting a loan approved is similar across lenders. You may be asked to confirm your financial and employment information, give details of any assets, as well as agree to a hard-pull credit search, which reduces your credit score. When everything is complete, you’ll have a rate and monthly payment amount confirmed.
The agreement papers you sign confirms the loan between you and the company you found on Monevo. A lot of loan financial institutions will accept an electronic signature to speed up the process, but you may still be asked to sign some real paperwork.
You can normally expect to receive your funding the next working day and your payments will be made directly to the lender.
Rates & Fees
There are plenty of rates available at Monevo. The lowest APR you’ll find on the site is 1.99% and the highest is 35.99%. The rate you receive will depend on:
- Your credit score
- The amount you borrow
- How long you will pay the loan over
- Your financial situation
Every lender will have different criteria, and you may also get a discounted rate if you pay using AutoPay.
Monevo offers a completely free service; there are no charges for using the website to find a loan. However, loan providers may charge origination fees, which you will be notified about before agreeing to a hard credit check.
External websites say that the shortest loan term available at Monevo is just 90 days, whilst the longest possible loan term is 144 months (12 years). There’s a lot of options but remember that the interest you pay will be higher when you borrow over a longer period.
If you foresee yourself wishing to make extra payments, pause payments in the future, or settle your loan earlier than the agreed time period, discuss it with your direct lender to ensure they allow these actions. Monevo doesn’t have any control over these rules about your personal loan.
Customer Support & Benefits
Monevo doesn’t have a phone number listed, their service is fully operational online. There is an email address that you can send queries to, but it doesn’t give a timeframe for when you will receive a reply.
For any questions related to a loan, you need to contact the lender directly. You’ll also find a chat function which is visible in the bottom right corner of every page on the website. It’s not available 24/7 and no specific opening hours are noted, but you can submit a question at any time and wait for a reply by email.
The FAQs section on the website doesn’t have a lot of information as the main focus of the questions is related to how the website works. You won’t find any guides about the technical aspects of loans or general financial education.
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