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Monevo is a personal loan market headquartered in San Diego, California. It is the largest marketplace and platform for personal loans in Europe. The wide choice of lenders allows Monevo to offer low rates within minutes.
Loan amounts: $ 500 to $ 100,000
APR: 3.49% to 35.99%
Minimum credit score: Nothing
- Type of loan: Personal unsecured fixed rate loans
- Repayment Terms : 3 months to 7 years
- Direct lender or marketplace: Marlet
- Completion time : Varies depending on the lender
- Best for: Anyone looking for a loan with good terms
Advantages and disadvantages of Monevo
- Wide range of loan amounts
- Quick online form
- Monevo’s online form does not adversely affect the consumer’s credit rating
- Transparent and candid about their partners
- Awarded by the Sunday Times Tech Track 100 in 2013 for the fastest growing financial technology business in the UK and the Queen’s Awards for Enterprise in Innovation in 2017
- Limited to lending partners in their network
- Expect to receive a lot of phone calls and emails from lenders.
- Manual and / or automatic subscription
Cost of the Monevo loan
The cost of the loan, interest rates, penalties and fees are ultimately determined by Monevo’s lending partners. Consumers should contact the lender directly to determine the true cost of the loan. Due to multiple lenders on the lending platform, Monevo said rates would drop to between 3.49% and 35.99% subject to the lender’s credit requirements.
To start Monevo, there is a list of criteria that you must meet:
- Age 18 or over
- Bank account required
- Citizenship or residence in the United States
- 450 minimum credit score
To apply to Monevo, you must also have access to the following information:
- Your annual income before taxes
- Your social security numbers
- Your credit rating
After you have satisfied all the qualifications, you can get started with Monevo by following these few steps:
- Enter your credit score, the loan amount and the purpose of the loan.
- Enter your social security number, annual income, etc.
- Read and accept the conditions of Monevo
- Press “Get your results” to submit your form.
After completing the form, Monevo will find a suitable partner within its network who will work for you. If you decide to go through the service, you can be approved within one day and receive your funds within 7 days.
Monevo reviews and ratings
Monevo’s BBB rating is A +
Monevo customer reviews are generally positive. This is a Gold Trusted Service Award Winner on Feefo. Based on 249 verified reviews on Feefo, it received a very respectable rating of 4.5 out of 5 stars. Negative reviews from Monevo are usually due to some of them not being able to get in touch with a lender or, in some cases, people have been matched with lenders but have not been able to find anything that meets their needs.
Is Monevo legitimate? Remember This…
- Monevo will not affect your credit, however, you should expect your lender to eventually do a credit check, which will temporarily lower your credit score. Remember that using Monevo to connect with lenders will have no effect on your credit score.
- Monevo shares the personal information you submitted with its partner lender, but there is nothing to worry about. However, if you are concerned about this, you should consider going directly to a lender of your choice to apply.
- Monevo is an online personal loan marketplace and does not fund loans. Rather, it exists to help you find and choose a suitable lender, as well as to help you compare loans.
- Getting your funds doesn’t take too long. Depending on the lender, this can be as quick as a business day, but sometimes it can take longer. If approved, you can expect to see money in your account within 7 days.
- Repayments with Monevo will be itemized on a repayment schedule by your lender, along with any additional fees you may have to pay will be outlined in your loan agreement.
- Of course, don’t forget to stay in touch with Monevo and your lender when you have any questions.
- Monevo is based in the UK and has major technological partners around the globe.
Compare Monevo to the Best Debt Consolidation Reviews of 2021
Monevo is not only one of the greatest personal loan connection services, but also one of the easiest to use. He has received numerous awards and is in partnership with many lenders. However, being an online marketplace has its downsides. Any negative criticism addressed to any of Monevo’s lending partners can also negatively affect Monevo.
But, when it comes to online marketplaces, Monevo is widely regarded as one of the best and is often the first choice. He is appreciated for providing fast service while being very friendly.