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Monevo Review

Everyone knows that you need to shop around before you settle on a personal loan offer or loan provider.

But there is nothing more frustrating than starting the intensive loan application process and finding out that the actual rate you qualify for is different than what was advertised.

Out-of-date loan options are a common problem when shopping around for a loan. It can leave borrowers feeling misled and confused.

Loan applications can also result in a hard credit check that impacts your credit score. Luckily, there is a company out there that wants to help you avoid this.

Monevo is an online loan marketplace or loan aggregator that uses award-winning technology to not only match you with great direct lenders, but also give you real-time offers that reflect what you’ll actually get.

Table of Contents:

  • What is Monevo?
  • How Monevo Works
  • Loan Details
  • Getting Started
  • Customer Support
  • Security
  • Pros and Cons

What is Monevo?

Founded in 2009 in the UK established by the international finch company Quint Group, Monevo Inc is a lender aggregator that allows you to fill out one application and browse loan offers.

In 2017, they moved to the United States market and set up headquarters in San Diego, CA.

Monevo operates in four countries: the UK, the United States, Australia, and Poland.

Monevo’s goal is to help simplify the personal loan shopping process. They are partnered with over 30 lenders, including:

  • SoFi
  • One Main
  • Earnest
  • Prosper
  • Avant
  • Marcus by Goldman Sachs

…and more

You only need to fill your personal details in one application, which prevents you from applying individually for loans and taking multiple hard credit hits.

The best part is that it only takes about 60 seconds to complete their application. This saves you countless hours of individual applications and rate comparison.

The main differentiator for Monevo is that they are able to give you the most accurate rates because of their constant communication with the personal loan lenders underwriters

Their award-winning technology allows them to communicate with each lender to get you the most exact rates possible.

This means that you are receiving rates in real-time, so you don’t have to worry about being blindsided by drastically different rates when you formally apply.

Compare Rates with Monevo

How Monevo Works

It’s important to understand that Monevo is not a lender. They are a loan marketplace, and their job is to act as a matchmaker between borrowers and lenders.

Therefore, any loan that you find through Monevo like student loan refinancing or debt consolidation of high-interest credit cards will require an additional formal application outside of Monevo.

Monevo’s lending network consists of companies that agree to share some of the profit they make through the marketplace with Monevo.

Through affiliate marketing, lenders are given access to Monevo’s user information, which allows them to compete with other lenders. This is similar to other loan marketplaces, such as LendingTree.

Borrowers are asked to submit basic contact information like your date of birth, education level, and phone number through a lending request so that Monevo can compare loan offers and present them with the best options.

The results are automatically sorted by the lowest APR, but borrowers can filter the results based on the loan amount, loan term, individual lenders, and more.

These basic loan offers are based on a soft pull that Monevo does to verify your identity and confirm your credit score. It will not negatively affect your credit score.

If you choose to move forward with any of the loan offers, this will require a hard inquiry by the lender, which will impact your score.

Monevo Personal Loan Details


Because Monevo is paid by their lending partners, it is completely free for borrowers to use.

In other words, Monevo doesn’t set origination fees and no late monthly payment schedules.

This is a great sign, and it means that there is virtually no reason not to give them a shot.


As far as loans go, Monevo allows borrowers to search for offers ranging from $1,000 to high loan amounts of $100,000.


APRs generally range from 1.99% to 35.99%, and repayment terms can be from anywhere from three months to 12 years. This is a wider range than most marketplaces offer.

Again, it’s important to understand that Monevo is the marketplace, and all loan details are ultimately determined by the individual lender.

Signing Up

Signing up with Monevo is as basic as it gets, but you need to initially qualify for a personal loan before you get started.

Monevo personal loans are open to anyone who is at least 18 years of age, an American citizen, and has a bank account.

UK, Australian, and Polish citizens have a separate site that they can go through.

Once you make sure that you meet all the requirements, you can head to the homepage to fill out the lending request.

First, they will ask you to state your desired loan amount, loan purpose, and estimated credit score. The purpose of your loan may affect your APR slightly. This is because personal loans are unsecured loans, which means you don’t have to put anything up for collateral to close on a loan, resulting in a higher interest rate.

Next, they will ask you to provide a series of personal information questions to match you with a lender. This includes information such as:

  • Name
  • Address
  • Monthly housing payment (rent or mortgage)
  • Date of birth
  • Email
  • Social Security number
  • Vehicle ownership status
  • Level of education
  • Employment status
  • Household income before taxes

Once you provide this information, Monevo will check with their lending partners behind the scenes to see what loan offers they can get you. This will include running a soft check on your credit and checking your debt-to-income ratio as well.

Ideally, your DTI should be below 45% for your household.

Monevo will return with all of your loan offers sorted by APR. You also have the option to sort and filter the loan offers based on a variety of criteria listed on the dashboard. At this point, you are able to review and compare loan offers at your discretion.

Once you decide on a specific loan, you will be redirected to complete a formal application through the lender’s site. Depending on the lender, you may need to provide additional documentation such as a government-issued ID, bank statements, or pay stubs.

The lender will perform a hard credit inquiry and finalize your loan after you submit your formal application, making sure you meet the minimum credit score requirements. From there, the lender will transfer the funds into your bank account, which can take as little as next business day.

After the loan has closed, Monevo’s role in the personal loan process is complete. All future correspondence regarding your loan will go through the lender directly.

Compare Rates with Monevo

Customer Support

Even though you are ultimately going to be dealing with the lender, Monevo’s team can still help you out.

You can access Monevo’s customer support team through email ([email protected]) or phone (numbers available by country on their website.)

Unfortunately, Monevo does not have an FAQ page to assist with common inquiries. In all, their customer service offerings are pretty bare bones.

As a reminder, Monevo simply connects you with potential lenders. If you would like to learn more about APRs, terms, or loan amounts, you should contact the lender directly.


Sharing sensitive info online needs to be done carefully. You never know who might have access to your personal data. Fortunately, Monevo takes your privacy very seriously.

All information is stored on secure servers, and all transmissions are protected with 256-bit SSL encryptions. They even have an SSL-encryption certificate from GeoTrust, a reputable data security company.

Any information you provide is shared only with potential lenders. This helps them provide you with the most accurate loan estimates out there. Unfortunately, it also means they can use it to add you to any and all sales efforts.

Beyond data security, Monevo actively tries to protect its users from being scammed. They have a built-in “scam alert” to let users know when they think a potential lender is being shady. This can help you choose a lender that will treat you fairly even if you are a first-time borrower.

Pros and Cons

Because Monevo is a loan marketplace and not an actual lender, it can seem like a no-brainer to use their services. They are a BBB accredited organization earning an A and generally receive positive customer reviews. But are there any reasons why using Monevo might not be a good idea? Let’s weigh the pros and cons to find out.


  • Quick application: Clocking in at 60 seconds, Monevo’s application completion time is among the fastest out there. That time is used to check rates with lending partners so that you are spared from having to fill out individual applications. Overall, that is an enormous plus in the loan shopping process.
  • Accurate rates: Moveno’s biggest strength is that they are one of the only loan marketplaces able to provide real-time loan offers to their users. Because of the technology they use to communicate with underwriters, Monevo is able to give you the most accurate pre-qualifying loan rate out there.
  • Wide loan amount range: Monevo allows you to search for loans that range from $1,000 to $100,000. You can also set loan terms from three months to 12 years. This gives you an incredible amount of options when it comes to how much you would like and how long you would like to pay it back.


  • Does not represent every lender: Even though Monevo has an impressive lender network, it does not represent every loan offer out there. You will still want to shop around and check with local credit unions to ensure you have checked all your options.
  • Lender solicitation: When you submit a lending request through Monevo, your information is shared with all of their lending partners. While this is necessary for getting pre-qualified loan offers, it also means that lenders now have your personal information and can harass you for business. This is unfortunately true with most loan marketplaces, so keep this in mind as you go into the loan process.
  • Best for personal loans: Monevo is best used to search for personal loan offers. Because Monevo assumes that you are looking for a personal loan, the APRs are set at a much higher rate than for other types of loans. If you’re looking to consolidate student loans, buy a house, or take out any other specific loan, you’re better off looking for loans through another platform.

Is a Monevo Personal Loan For You?

As a personal loan marketplace, Monevo is best used for those seeking – you guessed it – a personal loan. It is not ideal for those seeking a loan for higher education, a home, or anything that would fall outside of the personal loan spectrum.

In case you aren’t familiar, a personal loan can be used for things like home improvement, debt consolidation, vacation funding, and a variety of other things.

If you are looking for a personal loan offer that is quick and accurate, Monevo is a great tool. There is no harm in using Monevo to help you shop for a personal loan, so it’s worth a shot to check all of your options.

Monevo Personal Loans