Monevo Review 2020 | READ BEFORE YOU APPLY | Credit Raters us-lenders
Last updated: 5th Mar 2020

Monevo Review

Monevo is an accredited financial service that connects you with potential lenders. Since it began its operations, Monevo has successfully funded over $1Bn loans. What’s even more appealing about Monevo is that it connects more than 250,000 customers with lenders per month.

Whatever loan financial aid you are looking for, you can rest assured that Monevo will connect you to the right lender. For instance, it can help you to acquire loans for purposes such as, home improvement services, business start-ups, clearing of debts, education, or moving and relocation.

Over the years, Monevo has shown a high affinity for customer service and they can help you meets your financial needs within the shortest time possible. The customer rating on its page is a clear evidence of Monevo’s dedication and consistent desire to serve you.

Here we have a detailed review of the service you can get at Monevo.

Also Check: Bad Credit Loans Review

How much do Monevo loans cost?

 

Since the company has partnered with numerous lenders, the APR is not fixed, it ranges from one lender to the other. The loan durations also differ a little with ranges between 90 – 144 days.

Besides, each state has specific rules that govern their operations. These include the amount of money you can borrow with a specific lender, repayment terms, your creditworthiness, and the APR.

Since we can’t review all the cost of their lenders, we will have a look at 4 of them. You can visit their site to get a full list.

Loan LenderAPR RangeLoan AmountsLoan Terms
SoFi5.99% – 21.11%$7,500 – $40,0006 – 60 months

Payoff

5.99% – 24.99%Typically $5 per $100Rolling credit

Key Features of Monevo Loans

Monevo has one of the smartest and time-saving technology. Once you visit their site, you will only be required to enter simple personal details such as your names and residential location. Within seconds, the system will generate the most suitable lender depending on the provided information. From there you can choose the lender that has the best offer depending on factors such as the APR. Don’t be surprised to get ten pre-offers with your full requested amount.

You will also appreciate the fact that Monevo has no impact on your credit score. The lending partners don’t want to degrade your credit score, so there is no need to worry about such risks.

Advantages

  • Quick and easy service 
  • Free service without hidden charges
  • The process is secure to ensure no data breaches
  • A broad range of lenders to choose from

Disadvantages

  • Some of their lending partners have high APR
  • Available loan products are limited

FAQs

No. Monevo is not a lender but an intermediary to the major online lenders. All Monevo does is to connect you to lenders quickly thus saving you time and other resources that you may have used on your search.

After filing the questionnaire in their system, they will connect you to available lenders in their database who will thereafter provide you with loan options after checking your credit score.

This will depend on a couple of factors like your creditworthiness, the lender you’ve chosen from the site, and the laws governing loan acquisition in your state of residence. However, with all things in place, you can get your loan as early as the next business day.

Yes. They require your social security number so that they can evaluate and provide you with pre-qualified loan offers. The good thing is that you don’t have to proceed with the loan offers you get if you don’t wish to. This does not have an impact on your credit score.

Eligibility Criteria

As an intermediary, Monevo is not involved in the actual transaction between you and the lender. All they do is to connect you with a legal lender that can help you meet your financial needs.

With this in mind, they don’t have strict guidelines that allow you to access their lenders for loan options. All you have to do is just to access their website and submit your application. However, you still must;

  • Be a resident of the United States or be a citizen of the US territorial possessions
  • Be of 18 years and above 
  • Have a social security number

What States Are Eligible For NetCredit Loans?

The website is open for all the states in the US and you can access it from anywhere. However, the loan lenders advertised on the platform are not available in every state.

Some of the lenders are strict and may not offer you a loan if you are not in the states they have stipulated. This you will know after you’ve interacted with them.

Customer Support

Monevo’s number one priority is treating all their customers fairly in the shortest time possible without discriminating against race, gender, or background.

They also put stringent measures for the operation to prevent fraud. While they encourage their customers to review every lender’s terms and conditions before proceeding with any application, they still have strict guidelines when partnering with lenders to protect their customers. The customer care team is always ready to respond to any queries at any time.

Monevo Application Process

Using the platform is not intricate like other loan lenders. After accessing the website, you will be provided with a questionnaire to fill details about your credit history, income, and your ability to repay the loans. The questionnaire is divided into three categories.

This is the first category where you will show the reason why you need the loan. You also indicate how much you need and your estimated credit score.

You will enter personal details such as the name, date of birth, email address, educational background, and phone number.

Since lenders are interested to know how you generate your income, this step allows you to show your employment status, annual pre-tax income, and your social security number. You will then complete the process by giving Monevo consent to send you their special offers by email or call you to discuss your options and for any query.

Monevo Review – Conclusion

Monevo is an ideal platform that helps you to explore the different types of lenders available for you in the market. From there, you will determine the lenders that suit you best depending on your financial situation. Why don’t you try Monevo today?