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Monevo Personal Loans

Jessica Cotzin Jessica Cotzin Last update:
Est. APR
3.49-35.99% *
Max loan
$100,000
Term
3-144mo

Monevo’s tagline is that they are the smart way to find a personal loan. The company has won multiple awards, so they are obviously doing something right. The process is simple: you enter your desired loan request, and Monevo searches the top lenders and banks to find a great option for your particular circumstances.

The Loan Highlights

  • Monevo’s platform is straightforward, and the website walks you through each step.
  • Once you have completed the questionnaire, the response time is quite fast. You’ll receive results in just 60 seconds.
  • There is no fee for using the service as a loan-seeker
  • The comparison table for the loan offers makes it easy to compare the terms and rates of different lenders, so you’ll easily be able to find a great option for your needs.

Monevo Loan Types and Terms

Loan Types Personal Loans
Loan Amounts $1,000 to $100,000
Repayment Terms
  • Terms vary by lender
  • Both fixed and variable rates
  • Terms can be from 3 to 144 months.
APR 3.49% to 35.99%*
Minimum Credit Score Any credit level can apply
Lender Type Loan aggregator (not a direct lender)
Good for: Personal loans, range of credit scores, refinancing
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Who Monevo is Good For?

  • Personal loans
  • Range of credit scores
  • Refinancing

Monevo will provide personalized loan options for various ranges of credit scores: There are no minimum scores required to apply for a personal loan with Monevo.

Want to see a wide range of offers: Without having to fill out multiple forms, you can see offers from several different lenders all at once.

Want to access their loan amount quickly: Many of the lenders can deliver the loan funds as early as the next business day.

Monevo Personal Loans: Pros

  • Access to Many Lenders
    When you search for personalized loan options with Monevo, you will have the opportunity to see offers from multiple lenders. You can then choose whichever option you prefer.
  • Offers are Personalized
    The loan options you’ll receive are personalized to you. This means you will receive rate and term options that you may be prequalified for.
  • Larger Loan Amounts
    Monevo has a maximum loan amount of $100,000 which is one of the highest limits for personal loans.
  • The Service is Free
    There is no fee for using the Monevo service. The company makes money by charging the lending partners, not the loan applicants.

Monevo Personal Loans: Cons

  • Monevo is Not a Lender
    Monevo is only a loan aggregator, not a lender. That means that you may be required to provide additional information to your chosen lender after completing the initial search request on the Monevo site.
  • Only Personal Loans
    All of the loan offers that you see are for personal loans. You will not see any options for other types of loans which could be better suited to your financial needs.
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How it Works

Once you fill out the form with Monevo, your provided information will be shared with their lending partners.

This process does not affect your credit score because lenders will only do soft pulls before providing your personal loan offers. You will then have the opportunity to choose from various terms and loan rates for your situation. After you’ve made your choice, simply finish the application process with your selected lender.

When you start the search with Monevo, you’ll need to specify the purpose of your loan search. Options include debt consolidation, vacation, school expenses, auto financing, and more. It is important to remember that all of the loans are personal loans, but the purpose of the loan may affect the interest rates you are offered. Personal loans are not the same thing as student loans or auto loans even if that is the purpose stated in your application.

The Application Process

Monevo uses a simple step-by-step form that makes the entire process quick and easy. You will use an extensive drop-down menu to choose your desired loan amount between $500 and $100,000 and specify your loan’s intended purpose. You will also need to input your estimated credit score and enter personal details such as social security number, address, income, and employment information. Supplying all this information only takes about a minute, and once you have completed the entire form, you will see your personalized loan offers.

The Terms and Requirements

Loan Requirements:

In order to be eligible for loans, you will need to be at least 18 years old. You will also need to be either a United States citizen or have permanent residency.

Loan Terms:

Monevo is only a loan aggregate which means the loan terms will vary depending on the specific lender that you chose. The lowest APR that you will be offered is 3.49% which is quite low in the world of personal loans.

Repayment Terms:

The repayment terms will also vary widely from vendor to vendor. The minimum terms you will be offered on the site is 90 days, and the maximum term you will be offered is 7 years.

Monevo Privacy and Security

Monevo stresses the fact that security is a priority for them. They use SSL encryption on their site to keep your personal data safe. Monevo has a 5-star rating on BBB. The company has been given several awards and the parent company, the Quint Group, is known for being reputable and reliable.

Customer Support

The Monevo website offers chat support directly on their site but lacks an FAQ page. A customer service form available on the website allows you to ask questions, but we found that you will have to wait a while to receive an answer. You can email customer support directly at support@monevo.com. An address for their San Diego office is also provided.

The Final Word

There is a lot to like about Monevo. There is no charge for using their service and the application doesn’t impact your credit score. Simply applying won’t obligate you to continue should you not see a loan option that you want to proceed with. The process is easy and straightforward, and it only takes 60 seconds to get your personalized offers. If you are in the market for a personal loan, there is no reason why you shouldn’t give Monevo a try.

Address

8910 University Center
Lane Suite 400
San Diego
CA 92122

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*APR’s on personal loan offers from the panel of lending partners on Monevo range from 3.49% to 35.99%, with loan durations between 90 days and 144 months. Repayment examples (for illustrative purposes only): a $10,000 loan at 4.89% APR with a term of 3 years would result in 36 monthly payments of $299 (Total repayable: $10,772) and a $10,000 loan at 9.99% APR with a term of 5 years would result in 60 monthly payments of $201.81 (Total repayable : $12,108.60). Each state has specific rules and regulations that govern lending partners. The amount you can borrow, the APR, and repayment term are based on your state’s laws, the lending partner, and your creditworthiness.

Disclaimer
This website is an independent comparison site that aims to help consumers find the most suitable product for their needs. We are able to maintain a free, high-quality service by charging an advertising fee to featured brands whenever a user completes a purchase. These advertising fees might impact the placement of the brands on this page and combined with the conversion rates might impact the scoring as well which are further based on a combination of review findings, user experience and product popularity. For more information please review our how we rate page. We make best effort to present up-to-date information; however, we do not compare or include all service providers in the market.
Jessica Cotzin Jessica Cotzin
Jessica Cotzin is a writer and the Lendstart authority on small businesses and personal loans. She has been writing about personal finance and the loans industry for a number of years, and holds a bachelor’s degree in journalism from Florida Atlantic University.