Founded in San Diego, California, Monevo is the world’s largest marketplace and platform for small business loans. Its wide choice of lenders allows it to deliver low rates fast.
Monevo Loan Key Facts
Loan Amounts: $500 to $100,000
APR: 3.49% to 35.99%
Minimum Credit Score: None
- Type of loan: Unsecured personal loan with a fixed rate
- Terms of repayment: 3 months to 7 years
- Market or direct lender: Market
- The turnaround time varies from lender to lender
- Suitable for: Those seeking a loan with favorable terms
Pros & Cons
- A wide range of loan amounts is available
- Online quick form
- Consumers’ credit scores are not adversely affected by Monevo’s online form
- They are transparent and upfront about their partners
- 2017 Queen’s Awards for Enterprise in Innovation and The Sunday Times Tech Track 100 in 2013
- Limited to their network of lending partners
- You can expect to receive many phone calls and emails from lenders.
- Underwriting may be performed manually or automatically
How Much Does Monevo Loan Cost?
Consumers should communicate directly with the lender partners to determine the loan’s actual cost, interest rates, penalties, and fees. The loan cost, interest rates, penalties, and fees are ultimately determined by Monevo’s lender partners. Monevo has advised that rates may fall between 3.49% and 35.99% depending on the lender’s credit requirements due to the many lenders on the loan platform.
How To Qualify For Monevo
There are a few things you need to do to get started with Monevo:
- You have to be 18 or older
- You need a bank account
- Citizenship or residency in the United States is required
- A minimum credit score of 450 is required
It is also necessary that you be able to access the following information to apply for Monevo:
- Pre-tax income
- Social security numbers
- Credit score
You can start with Monevo as soon as you have met all the qualifications. Here are a few steps you can take to get started:
- Put in your credit score, loan amount, and loan purpose.
- You’ll need to enter your social security number, income, etc.
- You have to read and accept Monevo’s terms
- Submit your form by clicking “Get Your Results.”
When you fill out the form, Monevo will find a partner within their network that works for you. If you decide to take advantage of the service, you’ll be approved in a day and get your money within seven days.
Reviews and Ratings
Monevo has an A+ rating with the BBB
According to 249 verified reviews on Feefo, Monevo has a 4.5 out of 5-star rating based on a Gold Trusted Service Award. Most of Monevo’s negative reviews come from people who couldn’t connect with a lender or, in some cases, were matched with lenders but needed help finding something that fit their needs.
Monevo: Is It Legit?
- Although Monevo won’t affect your credit, you should expect your lender to eventually do a credit check, which will temporarily lower your credit score.
- Monevo shares your info with their partnered lender, but don’t worry. You can also apply directly with a lender if you’re worried.
- Rather than fund loans, Monevo is an online marketplace for personal loans that helps you find and compare lenders.
- It doesn’t take long to get your money. It can take as fast as one business day, but sometimes it can take longer. If approved, you should see your money in seven days.
- In your loan agreement, your lender will detail your repayment schedule and any additional fees you might need to pay.
- Keep in touch with Monevo and your lender when you have questions.
- The company is based in the UK and works with major tech companies worldwide.
Monevo isn’t just one of the biggest personal loan connection services out there, but one of the easiest to use too. It’s got a lot of awards and partnered with many lenders. It’s an online marketplace, so it has its drawbacks as well. Any negative reviews directed at Monevo’s lender partners may hurt Monevo, but in the world of online marketplaces, Monevo is often rated as the number one pick. This service is highly praised for offering fast service and also for being extremely user-friendly.