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Monevo Personal Loans Review

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Monevo, Inc. is a personal loan marketplace headquartered in San Diego, California. Originally founded in 2009, this company aims to match potential personal loan applicants to those lenders that are most compatible with their parameters.

With over nine accreditations and recognitions, Monevo is a subsidiary of Quint Group, a UK-based financial services institution.
 
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How is Monevo rated?

Breakdown

4.5/5
Flexibility
4.5/5
Interest Rates
4.0/5
Discounts & Fees
4.5/5
Customer Service and Reputation

Overall Rating: 4.2 / 5 (Excellent)

Monevo is an established and well-regarded European personal loan marketplace that has recently begun operations in the United States.

It offers consumers solid assurances about the privacy and security of their personal data, their corporate reputation, its own identity, and the identity of its lending partners.

Although it hasn't operated in America for a long time, it already has a claim to being among the very best marketplaces in its industry.

Monevo Loan Specifics

Loan Specifics - 4.5 / 5

Monevo is a personal loan marketplace, rather than a lender.

Therefore, the specifics about loan terms, decision time frames, disbursements, and other loan features will vary depending on which lending companies Monevo refers its customers to.

Consumers are advised to find out about these and other details from the lending companies themselves.
Loan Minimum
$500.00
Loan Maximum
$100,000
Term Length
12 mo - 12 yrs

Monevo Qualification

Qualifications & Flexibility - 4 / 5

Monevo partners directly with over 30 direct lenders to help you find great loan options. Their platform presents personalized results online, based on a soft credit check, in 60 seconds or less. Some of Monevo's direct lender partners do consider unique factors, such as completion of higher education as a factor when assessing debt to income ratio during their decision-making process as well.
Minimum FICO Score
450
Personal Income Considered
Yes
Verify Bank Account
No
Hard Credit Pull
No

Monevo Cost of Loan

Costs, Interest Rates, Discounts & Fees - 4 / 5

Loan costs, interest rates, penalties, and fees are determined by the lenders Monevo sends its customers to, not Monevo itself.

Although consumers are generally advised to ask the lenders they've been referred to all of those questions directly, Monevo does display the APR range of potential loans on their results page, with further details available on the lender's website.
APR Range
2.49% - 35.99%

Monevo Reputation

Customer Service and Reputation - 4.5 / 5

Monevo has won a number of awards for its business practices in the UK, including The Queen's Awards for Enterprise Innovation.

It doesn't have any presence on Trustpilot and only one review with the BBB, but this is likely due to the fact that the firm has only recently begun operations in America.

The company is the largest personal loan marketplace in Europe, which suggests that a substantial number of people find its services to be useful and reliable.

Though Monevo is a new name in the American market, its reputation appears to be very sound.
Type of Institution
Marketplace
Year Founded
2009
BBB Rating
A+
Number of BBB Positive Reviews
1
Number of BBB Negative Reviews
1
Date Collected
2020-12-01
Headquarters Address
8910 University Center Lane Ste 400, San Diego, CA, 92122
Homepage URL
https://www.monevo.us

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Customer Comments & Reviews

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R
Richard F
2/16/2021
I want to apply but don't feel comfortable stating my ssn # Is there a number to call?

jamesjstolt
7/3/2020
This is a big joke. I entered my information, including bank account info and they bounced be over to 2 lenders that advertise loans regardless of credit. I entered my information again for both of them and immediately got bombarded with e mails and text messages from countless "lenders", none of which were the ones I applied at saying that I've been approved I just have to enter my information again. It's after bank hours on Friday July 3 so I won't be able to get to the bank to change my account number until Monday. Luckily, when I opened my checking account they gave me a savings account too and I was able to electronically transfer most of my money into the savings account. I... Read More

Lukie
11/16/2018
HUGE scam going on here, Michael Christian RANSOM the owner is a convicted fraudster many people out of pocket due to him and his various companies

M
Maggie
5/22/2018
Easy process. Found the lowest rate and received the funds within 2-3 days.

C
Carolyn
12/11/2017
This company doesn't even answer their phones! Makes you wonder if there's ever going to be support once you apply for a loan.

Top Rated
Our Partner
  • Get personalized pre-qualified rates from multiple lenders.
  • 2 Minute Process
  • Loans from $600 - $200,000 
  • Rates from  6.94% - 35.99% APR
  • Loan terms of 1 - 7 years.
  • Rated A+ by the BBB
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