Loans » Personal Loan Lender Reviews » Monevo Personal Loan Review 2021 – Is It Worth It?
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This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Monevo Personal Loan Review 2021 – Is It Worth It?

Monevo is an internet platform that can easily and quickly connect you to a wide variety of personal loans. How does it work and is it for you?

Some products that appear here are from companies from which this website receives compensation. This may impact how and where products appear on this site (including, for example, the order in which they appear). This compensation allows us to maintain a full-time, unbiased editorial staff. Our opinions are our own.

In this Review..

Maybe you’ve heard of Monevo for searching for personal loans, but aren’t sure just what it is and whether or not it’s legit. And it’s important to learn more about a service before you do business with any sort of financial institution which requires you to input personal information.

What is Monevo?

Monevo is an internet platform that can easily and quickly connect you to a wide variety of personal loans. You can use the platform without affecting your credit score, and you can use the platform to explore a variety of different options without ever having to leave their convenient website. And when you apply for a loan through one of their partners, you can sometimes have the money as soon as the next business day. Not only is this helpful for customers looking for loans, but it can also help companies looking to expand their customer base.

Monevo is unique because it doesn’t cause a hit to your credit score when you use its services, and it has solutions available for all credit scores, thus returning the power of personal loans in the hands of the people. Their platform is built on cutting-edge technology that is easy and convenient to use for everyone. And the loans you can search for can be for as low as $500 all the way up to $100,000.

To date, Monevo has won numerous awards for its easy-to-use legitimate loan connection services and customers rave about its top-notch safety and security features. To use Monevo you just need an active bank account and a small amount of personal information.  

Monevo is a platform that can easily and quickly connect you to a wide variety of personal loans.

Typical APR

2.49% - 35.99% APR

Loan Amount

$500 – $100,000

Term

3 - 144 months

Min score

580

Monevo Loan Pros & Cons

As we know, each lender has its own pros & cons  – here are the relevant things we found for potential borrowers:

Pros

Cons

Loan Details

Here are the basic specifications & requirements of Monevo personal loan :

Loan Types Available

Monevo specializes in personal loans, and these can be used for a number of purposes. Some of these purposes include remodeling your home, medical/dental bills, paying off your credit card, or moving and relocation expenses. You can also search for a loan to cover a large purchase you wish to make.

And if you or your child is heading to college, Monevo can connect you with companies that will issue education loans as well. Monevo can also be used to purchase or refinance a car, simply choose the auto loan purpose which best suits your use case when you submit your form.

How Is Monevo Different From Other Comparison Sites?

Monevo is different from other loan comparison sites because of its easy to use form which can be filled out quickly. And results are typically returned in 60 seconds, making your loan search on Monevo much quicker and easier than anywhere else. Searching for a loan on Monevo doesn’t affect your credit score, and unlike comparable sites, Monevo is known for its top-notch encryption services so your information can’t be stolen.

Monevo is also different from most sites because it allows people of all credit types to search for loans. Most sites won’t even allow people with credit scores lower than 500 to look at potential loans.

They are also one of the few loan comparison sites which is highly rated by the Better Business Bureau, and they are completely open and honest with customers about how their loan process works, so you are never kept in the dark.

How Much Does Monevo Cost?

The best part about using Monevo’s services to look for loans is that they are absolutely free. This means you won’t have to pay anything to be connected to companies across the country that may want to give you a loan. Pretty sweet huh?

How Does The Monevo Process Work?

Step 1: The first step to the Monevo loan process is filling out the simple online form. You can do this by clicking “Start My Free Search” on their website.

monevo application process -step 1

Step 2: Next, fill out the details of the type of loan you are looking for, the amount you need the loan to be, as well as your estimated credit score. You will need to input a small amount of personal details as well.

Step 3:  After that, just scroll down and input your address and phone number. These are for verification purposes as well as how you will be contacted by companies regarding your loan. You will also need to input your social security number. All information on the Monevo website is encrypted, so you never have to worry about your information being stolen.

Step 4:  The last step is to input your education, whether or not you own your car, as well as information on if you would like to add a co-borrower or not. Then, just select the boxes which apply to you in the section labeled “Last Step” and then click “Get Your Results” to see your loan options!

Monevo FAQs

Is Monevo Legit?

With so many loan comparison sites out there; it can be difficult to know which ones are real. But you don’t have to worry because Monevo is 100% legit and has an excellent BBB rating of A+. 

This means that Monevo does its best to resolve all customer complaints in a timely manner. If you are still questioning the legitimacy of Monevo, just take a look at one of the numerous awards it’s won, such as The Queen’s Award for Enterprise in 2017.

When Should You Consider Using Monevo?

Monevo is an extremely versatile platform and therefore there are quite a few times in your life you should consider using it. The notable reason to use Monevo would be to refinance a car you already have or to purchase a new car. 

Monevo could help you find a rate on your loan which is much better than the dealership will offer you. It can even be helpful to see what you may pre qualify for through Monevo first before you head to the dealership so you can know whether you are being offered a good deal or not.

Another reason to use Monevo would be if you want to consolidate your own debt. If you have a lot of medical, dental, school, and credit card debt, you may benefit from combining all these payments into one. This will likely lower your monthly payment, as well as the interest you are accruing from having so many debts.

Of course, these aren’t the only reasons to use Monevo, and any time you need a personal loan for any purchase, it is highly recommended you use their platform before you go to any brick and mortar lender to ensure you are getting the best deal for your credit.

Does Monevo affect credit score?

You can search for personal loans using Monevo by completing a free application in under 60 seconds. While you will need to provide some personal details including your contact information, address, Social Security number, and income information, there is no impact on credit scores to check rates and deals. However, if you decide to proceed with a loan deal, the lender may ask your permission to pull a hard credit check to finalize your rate and create a loan offer.

Is Monevo better than Credible?

Both Monevo and Credible have excellent reputations, with numerous positive review comments. However, Monevo is a BBB accredited business. This provides an additional layer of reassurance for consumers, as you can access arbitration services via the Better Business Bureau if you encounter an issue.

Another similarity is that Monevo and Credible offer access to loans up to $100,000. However, while Monevo offers access to personal loans, Credible can also help you to source student loan refinancing, home loans and mortgage refinancing. This may be more appropriate if you are looking for this type of finance, as you are likely to secure a better rate compared to a basic personal loan.

Is Monevo trustworthy?

Monevo has an excellent reputation within the lending community. In addition to having an Excellent 4.4 out of 5 rating on Trustpilot, Monevo is a BBB accredited business. This means that Monevo adheres to the strict BBB accreditation criteria.

Additionally, Monevo takes customer privacy seriously. Any information you transmit and data that is stored is all protected with SSL encryption.

Is AmONE better than Monevo?

Monevo also provides access to loans up to $100,000 from 2.49% APR, which is better than the $50,000 from 3.49% APR, but the actual rate will depend on your circumstances. Additionally, while AmONE has a good BBB rating, Monevo is BBB accredited, which means the company adheres to the strict BBB guidelines.

Another key difference is that Monevo allows you to select the amount and reason for seeking finance to compare appropriate types of loans. AmONE specializes in different types of finance, which may be more appropriate for some consumers.

Bottom Line

When you need to secure a loan for a personal purchase, it can be difficult to know just where you should turn to make sure you are getting the best deal. Thanks to Monevo, this is no longer a problem, as they have made searching and finding the perfect loan for you easier than ever before.

 And you don’t need to worry if you have a low credit score, or what you may need the loan for, as Monevo can help everyone! Start using Monevo for all your loan needs today and find out why they are an award winning service!

Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Credible

APR

2.49%-35.99%

Credit Score

Varies, Based on Lender
On Credible's Secure Website

AmOne

APR

6.78-35.99%

Credit Score

300
On AmOne's Secure Website

OneMain Financial

APR

18.00% – 35.99%

Credit Score

No Minimum
On OneMain's Secure Website
Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

AmOne

6.78-35.99%
300
On AmOne's Secure Website

Credible

2.49%-35.99%
Varies
On Credible's Secure Website

OneMain Financial

18.00% – 35.99%

No Minimum

On OneMain's Secure Website

Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.