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Monevo Review


  • Competitive interest rates
  • No collateral needed
  • Quick and easy application process


  • No educational resources
  • Not a direct lender

Average Rating: 4

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Monevo first started operating in the UK in 2009, but over the years, it spread to the US, Australia, and Poland.

The platform compares personal loans and powers a marketplace that connects over 100 banks and lenders worldwide to customers who want to take out credit.

Monevo’s platform is for consumers looking for the best loans out there in one fast search.

In this Monevo application process review, we’ll go over:

  • Personal loan eligibility
  • Personal loan stages
  • Monevo reviews
  • Pros and cons

After reading our review, you’ll be better equipped to decide whether Monevo is the right choice for you.

What You Need to Know About Monevo

  • The expected loan amount can be between $500 and $100,000, depending on your needs.
  • Annual Percentage Rate (APR) ranges from 1.99% to 35.99%, including fees.
  • Monthly Payment allows you to pay down a portion of your loan every month, so you stay on top of your finances.
  • Depending on the amount, the loan term can be from one to ten years.
  • There are no fees for using Monevo’s platform. Other costs, such as origination fee, prepayment penalty, late payment penalty, and returned payment fee depending on the loan officer.
  • Monevo provides fixed or variable interests that are determined by the lender and your credit score.
  • Through Monevo, you can choose to get secured or unsecured personal loans and use, for example, your house as collateral.
  • Monevo allows you to set an automatic withdrawal date with the lender of your choice.
  • In cases when arbitration is needed, other companies take care of them instead of Monevo.
  • This company does not charge a prepayment penalty on the loans you take out.
  • It would be wise to get acquainted with the fine print before starting any loan process, as you never know what may be in it.
  • Lenders on Monevo’s platform provide a wide range of personal loan features, such as a mobile app, customer service via phone, no origination fee, etc.
  • Monevo online reviews report that typical approval times can take less than a minute. The platform also provides many preapproval options while you search for loans.
  • After completing the loan application process, the typical funding time is usually one day, but this may vary from lender to lender.

What Are Monevo’s Personal Loan Eligibility Criteria?

There’s no need to worry about Monevo lenders’ credibility. You can confirm that yourself by checking out Monevo BBB reviews and reading what other people have to say about the platform.

To make sure you are eligible for a loan, you have to meet the requirements below:

  • Age: 18 years or older.
  • Citizenship: US, UK, or Australian citizenship.
  • Minimum Credit Score: This varies from lender to lender.
  • Income Threshold: There’s no minimum income threshold.
  • Length of Credit History: There’s no minimum length of credit history.

How to Apply For a Personal Loan with Monevo

As we’ve pointed out earlier, finding a loan through Monevo takes only a minute. The same can’t be said for brick-and-mortar banks and credit unions. The entire process of applying for a loan is described below:

  1. Log into your account at monevo.com
  2. Enter the loan amount you want in the range from $500 to $100,000
  3. Select the loan purpose from the drop-down menu
  4. Select your estimated credit score rangeMonevo Review - application step4
  5. Enter your personal information, such as full name, date of birth, email, and primary phone number, so you can verify who you areMonevo Review - application step5
  6. Enter your address details, including street address, city, state, zip code, type of residency, rent payment/monthly mortgageMonevo Review - application step6
  7. Enter your employment details such as current status, annual pre-tax income, and social security numberMonevo Review - application step7
  8. Enter some additional information such as your highest educational levelMonevo Review - application step8
  9. Review and consent to the company’s privacy policy, credit authorization agreement, and consumer pricing informationMonevo Review - application step9
  10. Submit your request by clicking the “Get Results” button
  11. Get your results in one minute

Monevo Alternatives

Credible and Even Financial are Monevo’s main competitors in this market. They both have straightforward application processes, but unlike Monevo, they have an educational blog where borrowers can ask questions about personal loan offers.

Privacy & Security Policy

When it comes to the protection and privacy of your personal information, Monevo’s got you covered. Lenders only have the right to look at the info you entered in the platform, which Monevo needs to match you with the best secured personal loans.

Your personal data is protected with an SSL certificate and 256-bit encryption. To put this question to rest, we also went over Monevo financial reviews by users and didn’t find any who report having privacy or security issues.

In Conclusion

When applying for an unsecured loan with Monevo, you don’t need to put anything as collateral, which is a huge plus. Whatever your credit score, you’ll be able to apply for personal loans and have many lenders to choose from. Besides, Monevo interest rates are relatively affordable.

The many positive Monevo reviews and the fact that you can choose the lender that best suits you are signs that the platform is an excellent choice for anybody looking to apply for a personal loan.

The high Monevo rating on a number of review sites and services also points to the platform’s usefulness and reliability. If you need a personal loan and value having a stress-free application process, Monevo may be a great fit for you.


Can I refinance my personal loan?

Yes, you can refinance your loan. To do that, you can explore personal loan providers, such as banks, peer-to-peer lenders, or other online direct lenders.

Beware that the point of getting another loan is to lower your interest rate and get rid of your credit faster and not to get further into debt.

What can I use Monevo personal loans for?

If you take a look at Monevo customer reviews, you’ll notice that borrowers have many different reasons for taking out loans.

With Monevo, you can contribute to your college loans to cover any extra costs. Vacations, weddings, or even cosmetic surgeries are other common reasons people apply for a loan through Monevo.

Some people also look for a Monevo personal loan for bad credit, as the variety of lenders on the platform serve customers with any credit history.

Who is Monevo personal loan best for?

As reported by many Monevo personal loan reviews, this service is for anybody who wishes to save time when applying for a loan because traditional loan institutions have a lengthy application process.

But be sure to find the lender with the best possible terms for you. You’ll likely have plenty of options, so there’s no need to rush into a decision.

Can I get a personal loan online?

Yes, you can obtain a personal loan online. Once you decide to look for credit through Monevo, you need to determine what kind of loan you need. There are short-term loans, payday loans, secured personal loans, and unsecured personal loans.

After you choose a loan, you have to make sure the interest rate is affordable, so you’re able to make the monthly payment on time.

What is Monevo’s BBB rating? Is it accredited?

Yes, Monevo is accredited by the Better Business Bureau (BBB). There are many positive Monevo reviews on BBB, and the platform’s overall score is ‘A’.

This means that Monevo abides by values such as integrity, honesty, transparency, and trustworthiness.