• APR RANGE: 3.49%-35.99%
  • REPAYMENT TERMS: Once a month
  • LOAN AMOUNT: $500-$100k
  • FUNDING TIME: 1 day
  • LOAN TERMS: 1-5 years
  • FEES: None

Monevo Reviews, Features & Application Guide

  • APR RANGE: 3.49%-35.99%
  • REPAYMENT TERMS: Once a month
  • LOAN AMOUNT: $500-$100k
  • FUNDING TIME: 1 day
  • LOAN TERMS: 1-5 years
  • FEES: None

Best For

Multiple Personal Loan Comparisons


  • High loan amounts
  • Real-time approvals
  • No callateral needed
  • Quick and easy application process
  • Competitive interest rates


  • No educational resources
  • Only offers personal loans

Founded in 2009, Monevo is an online company that allows for multiple personal loan comparisons in one place. Convenience and quick loan processing are some aspects that have contributed to the outfit’s success.

Applying for personal loans from traditional lenders often involves tedious application processes, not to mention absurd interest rates and terms. Monevo takes the hassle out of that process by doing the legwork for you. The company handles the administration process and displays multiple lending options (with reasonable rates), leaving you the task to get the best option for you.

Unlike some complex Monevo reviews, this legit Monevo review has one goal: to educate you on how Monevo works by highlighting aspects such as:

  • personal loan eligibility requirements
  • personal loan features
  • personal loan stages

Let’s get to it!

What Do You Need to Know About Monevo Personal Loan?

  • With Monevo, the expected loan amount stands between $500 and $100,000.
  • The average Annual Percentage Rate (APR) on Monevo loans ranges between 3.49% and 35.99% depending on the lender.
  • Monevo allows you to negotiate with the lender on a fixed monthly payment fee that you’re comfortable with.
  • Loan term repayment periods vary from one lender to another but the minimum loan term is one year while the maximum is 5 years.
  • There are no hidden fees involved when accessing a Monevo personal loan. That includes fees and penalties (origination fee; prepayment penalty, late payment penalty, returned payment fee) which are determined by the lender.
  • With regards to types of interests, Monevo offers a fixed or variable interest type depending on your credit score rating and lender.
  • With Monevo, you can either obtain unsecured or secured personal loans against your assets such as your home.
  • Thanks to Monevo’s flexible operations, borrowers can arrange an automatic withdrawal date for the repayment fee with the chosen lender.
  • Because Monevo is a BBB accredited business, arbitration services where necessary are handled by the institution on Monevo’s behalf.
  • Monevo is one of the few financial companies that don’t charge a prepayment penalty on loans undertaken.
  • As is the case with any loan application process, it’s advisable to read the lender’s fine print so that you know what you’re getting into. Familiarize yourself with issues such as whether there are any late fees, charges that are incurred upfront, or required if you decide to repay early or overpay, etc.
  • Monevo lenders offer a wide range of personal loans features (mobile app, customer service via phone, no origination fee etc) for your convenience.
  • Monevo allows for borrowers to retrieve multiple preapproval and quotes in real-time. Our Monevo application process review suggests that typical approval time can take under a minute.
  • After finalizing your loan application, the typical funding time from the lender takes as little as one business day.

What Are Monevo Personal Loan Eligibility Criteria?

One thing for certain is that the Monevo lenders credibility is top-notch in case you’re worried about being scammed. You simply need to go over a few Monevo financial reviews and the overall high Monevo rating to ascertain the site’s authenticity. The onus is on the borrower to determine if he or she is in fact eligible to apply for a loan through the platform. Make sure that you meet the following requirements:

  • Years of age: 18 years or older.
  • Citizenship: US citizen (and resident).
  • Minimum Credit score: Varies with the lender
  • Minimum income threshold: There’s no minimum income threshold specified.
  • Minimum length of credit history: No minimum length of credit history specified.
  • Bank account: You’re required to have an active bank account.

How to Apply for a Personal Loan With Monevo?

If you’ve read a few Monevo customer reviews and Monevo loan reviews, you’ve probably established how fast and easy this loan application process is. As stated earlier, application approvals can take as little as 60 seconds. Needless to say, we can’t say the same about conventional banks and credit unions. And the best part is that the initial application process has zero impact on your credit score. Simply follow these quick and easy steps:

  • Step 1. Go to www.monevo.com.
  • Step 2. Enter your desired loan amount on the section provided. Amounts range from $500-$100 000.
  • Step 3. Select the purpose of your loan.
  • Step 4. Enter your personal details such as your name, date of birth, contact information, email address, your highest education level.
  • Step 5. State your vehicle ownership status. Is the car fully paid up?
  • Step 6. Enter your housing details: home address, time at current address, monthly payment on the house, and information on previous homes if you’ve lived at the current address for two years or less.
  • Step 7. Enter your employment details such as your employment status.
  • Step 8. Enter your income details such as annual pre-tax income and then enter your social security number.
  • Step 9. Review and accept the company’s disclosures, credit authorization, and consumer pricing information.
  • Step 10. Submit your request by clicking the “Get Results” button.
  • Step 11. Receive your results in 60 seconds.
Pros Cons
High loan amounts No educational sources
Real-time amounts Offers only personal loans
Competitive interest rates Only lenders on Monevo’s platform are displayed
Quick and easy application process
Customer service via email, phone, chat
No collateral needed

Monevo Alternatives

Even Financial, 5k Funds, and Credible are Monevo’s direct competitors. All of the companies listed offer loan comparison services except they have fantastic online education resources.

Privacy & Security Policy

Be rest assured that Monevo has measures in place to take care of your privacy and security concerns. Only lenders are privy to information that you provide on the site so as to match you with the best possible offer. Your private information that is transmitted or stored on the platform is protected with an SSL-encryption from Geo-Trust. Plus the site uses 256-bit encryption to protect your information. Based on the positive Monevo personal loan reviews, users are happy with the platform where security is concerned.

Wrap Up

Hopefully, this article falls among the more straightforward Monevo reviews. Does it help you put things into perspective regarding the online personal loan application process? The fact that your credit score is in no way affected during the initial loan application process is a huge plus.

Additional credit checks are only done after you’ve chosen a lender. You’re able to streamline the entire process by applying for multiple loans at once. You’ll be matched with the right lender in just under a minute (with competitive Monevo interest rates). All these factors plus the high Monevo rating make it a worthwhile option if you’re looking for a fast and easy way to obtain a personal loan.


Can I refinance my personal loan?

Sure. Refinancing your loan allows you to lower your interest rates. Simply visit new personal loan providers such as banks, peer-to-peer lenders, or other online direct lenders. Just don’t use it as an excuse to accumulate additional unnecessary loans. The whole point of refinancing your loan is to reduce your overall debt status.

What can I use a Monevo personal loan for?

If you go through a few Monevo online reviews, you’ll realize that you can use this personal loan for almost anything you like. Do you want to take a Monevo personal loan for bad credit? With this loan, you can cover almost anything from critical expenses to unplanned emergencies. But since you can obtain a sizable amount of up to $100 000, you can even use the money to make a large purchase such as buying a car.

Can I get a personal loan online?

Yes. Simply visit online reputable loan institutions that’ll get you in touch with a credible loan officer. Decide whether you want to obtain secured personal loans, unsecured personal loans, short-term loans, or payday loans. Whatever loan you decide on, just make sure that you compare the interest rate to determine if you’ll be able to meet your monthly repayment obligations.

Who is a Monevo personal loan best for?

By skimming through a couple of Monevo personal loans reviews, you’ll establish one thing: Monevo loans are suitable for anyone who wants to skip the hassle associated with the personal loan application process of conventional lenders. And of course obtain a personal loan that has reasonable interest rates.

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

The company is indeed BBB accredited. Based on the Monevo BBB reviews, the company has an “A” rating. Note, however, that this accreditation status in no way means that Monevo’s services have been evaluated or endorsed by BBB. It only means that Monevo upholds the values of honesty, trustworthiness, transparency, integrity, and responsiveness when conducting its operations. This also seems to be confirmed by the Monevo reviews we came across.