If you’re in need of a personal loan and want to find the best rates and terms available, look no further than Monevo. As the largest personal loan marketplace in Europe, Monevo has made a name for itself by connecting borrowers with a wide range of lenders, ensuring that you can find the loan that fits your needs. In this review, we’ll take a closer look at its features, pros and cons, qualification criteria, customer reviews, and more.

Monevo Loan Fast Facts
Monevo offers a range of loan amounts from $500 to $100,000, allowing borrowers to find the right loan for their specific financial needs. With APRs ranging from 3.49% to 35.99%, it provides competitive rates for borrowers with varying credit scores. One of the standout features is its flexibility in terms of credit requirements, as there is no minimum credit score necessary to apply with personal loan lenders. This makes Monevo an attractive option for individuals with less-than-perfect credit.

The loan type offered is fixed-rate unsecured personal loans, which means that you won’t have to put up any collateral to secure the loan. This can be a relief for borrowers who may not have valuable assets to use as collateral. Repayment terms range from 3 months to 7 years, providing borrowers with flexibility in choosing a repayment plan that aligns with their financial situation.
It operates as a loan marketplace, connecting borrowers with a network of lenders. This allows borrowers to compare loan offers from multiple lenders, ensuring that they find the best terms available. The turnaround time for loan approval and funding varies by lender, so borrowers should be prepared for potential variations in the process.
Monevo Pros & Cons
Pros
Monevo offers several advantages that make it an appealing choice for borrowers:
- Wide range of loan amounts: Its platform provides access to loans ranging from $500 to $100,000, giving borrowers the ability to choose the loan amount that suits their needs.
- Quick online form: It has a streamlined online form that allows borrowers to submit their loan applications quickly and easily, saving them time and effort.
- No negative impact on credit score: Its online form does not negatively affect the consumer’s credit score, providing peace of mind to borrowers who are concerned about their creditworthiness.
- Transparent and upfront about partners: It is upfront about its lender partners, ensuring that borrowers have clear visibility into the lending institutions they are working with.
- Award-winning recognition: It has received prestigious awards, such as The Sunday Times Tech Track 100 in 2013 for Fastest Growing Financial Technology Business in the UK and The Queen’s Awards for Enterprise in Innovation in 2017, demonstrating its commitment to excellence.
Cons
While Monevo offers many benefits, there are a few potential drawbacks to consider:
- Limited to lending partners in their network: Its loan options are dependent on the lenders in their network. While they work with a wide range of lenders, borrowers may find that their preferred lender is not available through Monevo.
- Expect contact from lenders: After submitting a loan application, borrowers should be prepared to receive phone calls and emails from potential lenders. Some borrowers may find this level of contact overwhelming or intrusive.
- Manual and/or automatic underwriting: It utilizes a combination of manual and automatic underwriting processes. This means that loan applications may require additional manual review, potentially leading to longer processing times compared to fully automated underwriting systems.
Monevo Cost of Loan
It’s important to note that the cost of the loan, including interest rates, penalties, and fees, is ultimately determined by Monevo’s lender partners. Therefore, it’s crucial for consumers to communicate directly with the lender to determine the actual cost of the loan. Given the multiple lenders on its platform, they have advised that rates typically fall between 3.49% and 35.99%, subject to the specific credit requirements of each lender.
Monevo Qualification
To get started, there are specific criteria you need to meet:
- Age 18 years or older: You must be at least 18 years old to be eligible for a loan.
- Bank account required: Having a bank account is a requirement as it will be used for loan disbursement and repayment.
- US citizenship or residency: Its services are available to US citizens and residents.
- 450 minimum credit score: While it doesn’t have a minimum credit score requirement, having a credit score of at least 450 will increase your chances of qualifying for a loan.
In addition to meeting these criteria, you’ll also need to have certain information on hand when applying for a loan, such as your annual income before taxes, social security number, and credit score.
Once you’ve met all the qualifications, you can follow these steps to apply for a loan:
- Enter your credit score, desired loan amount, and loan purpose in the online form.
- Provide your personal information, including your social security number and annual income.
- Read and accept its terms and conditions.
- Press “Get Your Results” to submit your form.
After filling in the form, it will search for a suitable partner within their network that matches your requirements. If you decide to proceed with the service, you can receive loan approval within one day and have the funds deposited into your account within 7 days.
Monevo Reviews and Ratings
When considering any financial service, it’s essential to review customer feedback and ratings. In the case of Monevo, the company has received positive reviews overall. It has achieved an A+ rating from the Better Business Bureau (BBB) and has been recognized as a Gold Trusted Service Award Winner on Feefo, a reputable customer review platform. Based on 249 verified reviews on Feefo, it received an impressive rating of 4.5 out of 5 stars.
While it generally receives positive reviews, it’s important to note that some negative reviews are related to difficulties in getting in contact with a lender or not finding a suitable loan option within its network. However, its commitment to customer satisfaction is evident through its high ratings and recognition.

FAQs
1. How does Monevo ensure the security and privacy of my personal information?
Answer: It takes the security and privacy of your personal information seriously. They employ industry-standard security measures, including data encryption and secure servers, to protect your data from unauthorized access. It also adheres to strict privacy policies and only shares your information with its partnered lenders for the purpose of facilitating your loan application. Rest assured that your data is handled with utmost care and in accordance with applicable laws and regulations. just keep in mind that Monevo is not a direct lender.
2. What sets Monevo apart from other personal loan marketplaces?
Answer: It stands out from other personal loan marketplaces due to its extensive lender network, flexible credit requirements, and user-friendly interface. With a large number of lenders on its platform, it provides borrowers with a wide range of loan options and competitive rates. Additionally, their flexible credit requirements make it possible for individuals with lower credit scores to still be considered for a loan. The intuitive online form and streamlined application process further enhance the overall user experience, making them a top choice for borrowers seeking personal loans.
3. Can I use Monevo to consolidate my existing debts?
Answer: Absolutely! Debt consolidation is one of the common purposes for which borrowers utilize Monevo’s services. By consolidating your debts, you can simplify your financial situation by combining multiple debts into a single loan with potentially better terms. Monevo’s platform allows you to explore loan options specifically tailored for debt consolidation, helping you find a loan that can potentially lower your interest rates and monthly payments, ultimately saving you money and providing a clearer path to becoming debt-free.
4. Are there any fees associated with using Monevo’s services?
Answer: No, Monevo does not charge any fees for using their loan marketplace. Their service is completely free for borrowers. However, it’s important to note that the lenders within Monevo’s network may have their own origination fees or other charges associated with the loans they offer. These fees and charges vary depending on the lender and the specific terms of the loan. It’s recommended to carefully review the loan agreement and associated fees before accepting a loan offer to ensure you have a comprehensive understanding of the costs involved.
5. How long does the loan approval process typically take with Monevo?
Answer: The loan approval process can vary depending on the lender you choose within Monevo’s network. While some lenders may provide near-instantaneous approvals, others may require additional verification or manual underwriting, which can extend the processing time. In general, however, Monevo aims to provide borrowers with a quick and efficient process. Once you submit your loan application through Monevo’s platform, they will connect you with potential lenders who will review your information and determine your eligibility. If approved, you can expect to receive loan approval within one business day, and the funds can be deposited into your account within 7 days, although the exact timeline depends on the lender’s policies and processes.
6. Can I use Monevo’s services if I have a low credit score?
Answer: Yes, Monevo welcomes borrowers with a range of credit scores, including those with low credit scores. While traditional lenders may have strict credit score requirements, Monevo’s platform includes lenders who specialize in working with individuals with less-than-perfect credit. By considering other factors in addition to credit scores, such as income and employment history, these lenders can provide loan options that may be suitable for borrowers with low credit scores. However, it’s important to note that having a low credit score may impact the interest rates and terms offered by lenders. It’s advisable to review the loan offers carefully and compare them to ensure you make an informed decision that aligns with your financial goals.
7. What happens if I can’t find a suitable loan option within Monevo’s network?
Answer: While Monevo’s extensive lender network increases the likelihood of finding a suitable loan option, there may be instances where borrowers cannot find a perfect match. In such cases, Monevo encourages borrowers to explore other lending options outside of their platform. They understand that each borrower’s financial situation is unique, and they are committed to assisting you in finding the best possible solution. Monevo’s customer support team can provide guidance and recommendations to help you navigate alternative lending options and explore avenues that may better meet your specific needs.
8. Can I use Monevo’s services if I live outside of the United States?
Answer: Yes, Monevo’s services are available globally, meaning you can use their platform even if you reside outside of the United States. While Monevo is based in the UK, they have established partnerships with major tech partners worldwide, allowing borrowers from different countries to access their loan marketplace. However, it’s important to note that eligibility criteria, loan terms, and availability may vary depending on your country of residence and the lenders within Monevo’s network. It’s recommended to check the specific details and restrictions for borrowers in your location before proceeding with the application process.
9. What support and assistance does Monevo provide throughout the loan process?
Answer: Monevo is committed to providing support and assistance to borrowers throughout the loan process. Their customer support team is available to address any questions or concerns you may have. Whether you need clarification on loan terms, assistance with the application process, or guidance on selecting the right loan offer, Monevo’s support team is there to help. They can be reached through various channels, including phone, email, and online chat. Monevo encourages borrowers to stay in contact with them and their chosen lenders to ensure a smooth and satisfactory loan experience.
10. How does Monevo ensure transparency in its loan marketplace?
Answer: Transparency is a key principle of Monevo’s operations. They strive to provide borrowers with clear and comprehensive information about their loan partners, loan terms, and associated fees. Monevo discloses its lender network upfront, allowing borrowers to have visibility into the lending institutions they are potentially working with. Additionally, the online loan application form is designed to be transparent and easy to understand, with clear explanations of the information being collected and how it will be used. Monevo aims to empower borrowers to make informed decisions by providing transparent and reliable information throughout the loan process.

Is Monevo Legit? Remember This…
To address some common concerns, it’s essential to understand a few key points about Monevo:
- No credit impact: Applying through Monevo’s platform does not directly affect your credit score. However, lenders may perform a credit check during the loan approval process, which can result in a temporary decrease in your credit score.
- Data privacy: Monevo shares the personal information you submit with their partnered lenders. While this is a standard practice in the lending industry, if you have concerns about data privacy, you may consider applying directly with a lender of your choice.
- Loan facilitator, not a lender: Monevo is an online personal loan marketplace and does not directly fund loans. Instead, its purpose is to assist borrowers in finding a suitable lender and facilitating the loan comparison and application process.
- Funding timeline: The time it takes to receive funds can vary depending on the lender you choose. In some cases, funds can be disbursed as quickly as one business day, while in other cases, it may take longer. It’s important to discuss the specific timeline with your chosen lender.
- Repayment details: Monevo ensures that your repayment schedule and any additional fees will be clearly outlined in your loan agreement. It’s crucial to carefully review these terms before accepting the loan to fully understand your obligations.
- Communication and support: If you have any questions or concerns during the loan process, it’s recommended to stay in contact with Monevo and your lender. They are there to assist you and address any inquiries you may have.
- Global presence: While Monevo is based in the UK, it has established partnerships with major tech partners worldwide. This global presence allows borrowers from different countries to access Monevo’s services and benefit from its extensive lender network.
Conclusion
Monevo stands out as a leading personal loan marketplace, providing borrowers with a convenient platform to connect with multiple lenders and access competitive loan offers. With a wide range of loan amounts, flexible repayment terms, and no minimum credit score requirement, Monevo aims to cater to a diverse range of borrowers. The platform’s user-friendly interface, transparent approach to partner selection, and recognition through awards demonstrate its commitment to customer satisfaction and innovation in the financial technology industry.
While Monevo’s network of lenders may be a limitation for some borrowers, its positive customer reviews and high ratings indicate that it successfully connects many individuals with suitable loan options. By understanding the loan terms, maintaining open communication with both Monevo and the chosen lender, and reviewing all agreements thoroughly, borrowers can make informed decisions and benefit from Monevo’s services.
Whether you’re seeking a personal loan for debt consolidation, home improvement, or other financial needs, Monevo offers a reliable and efficient platform to simplify your search. Explore Monevo’s award-winning loan marketplace and discover the potential to secure a loan with favorable terms and competitive rates.
Monevo
Monevo Review
While Monevo’s network of lenders may be a limitation for some borrowers, its positive customer reviews and high ratings indicate that it successfully connects many individuals with suitable loan options. By understanding the loan terms, maintaining open communication with both Monevo and the chosen lender, and reviewing all agreements thoroughly, borrowers can make informed decisions and benefit from Monevo’s services.