Personal Finance

Monevo Review - An Excellent Place to Begin Your Loan Search

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Looking for a loan? This is a great place to start. Monevo is free to use and can give you options in seconds. We’ll go through the pros and cons in our Monevo Review.

Editor's Note

You can trust the integrity of our balanced, independent financial advice. We may, however, receive compensation from the issuers of some products mentioned in this article. Opinions are the author's alone. This content has not been provided by, reviewed, approved or endorsed by any advertiser, unless otherwise noted below.

Getting a personal loan is easier today than ever before. Long gone are the days of visiting your local bank branch and sitting down with a loan officer. Now, you can simply apply online for the loan you need, often in seconds, and wait for offers to roll in. This not only makes the process fast and easy, but also allows you to compare different lenders and find the rate you want.

Monevo is one of the companies that seek to make personal loans quick and convenient. The online platform connects borrowers with lenders around the country, letting you easily compare multiple loans in one place.

Through Monevo, you’ll be matched with loans of up to $100,000 with interest rates ranging from 2.49% - 35.99% APR; finding this many competitive options could take you hours to do individually. With Monevo, you can do it in about 60 seconds.

So, what makes Monevo different than other lending platforms, and why should you consider this website when you’re ready to borrow?

What Is Monevo?

Founded in 2009 in the UK, but somewhat new to the U.S. scene, Monevo is yet another online loan matching platform. It seeks to connect borrowers who need funds with lenders who offer loans.

The difference between Monevo and all of the other aggregate websites out there is that Monevo works in real-time to get you the most up-to-date and accurate rates possible. This means that rather than getting generic, pre-set loan options (which may or may not match the actual loan offer you’re given in the end), Monevo will use their award-winning technology to communicate with lenders at the moment you submit your request.

They will submit your information and loan request to their lenders through an embedded API on their site. This allows Monevo to provide borrowers with any and all partner lenders who are willing to make an offer, along with up-to-the-minute rates and accurate terms.

Because Monevo works in real-time, borrowers are typically able to compare competitive offers from more lenders. This also allows them to get updated, and often lower, rates than elsewhere.

Monevo Features

Monevo’s platform is easy-to-use and simple to navigate. This makes getting a personal loan faster than ever, while also ensuring that you don’t deal with the runaround that can be found elsewhere: out-of-date rates and baiting offers that magically change when you go to complete the borrowing process.

After submitting a lending request through Monevo’s simple platform, borrowers will be matched with an impressive number of offers.

These offers will automatically be sorted by the lowest APR, allowing you to immediately see the most competitive offer for which you qualify.

From there, you can sort offers according to other specifications. You can browse based on loan terms available, specific lenders who are making an offer, and even the total loan amount when all is said and done.

Once you thoroughly compare your offers and decide which one is right for you, you can click through to complete the process. Monevo will transfer you to your chosen lender’s website, where you will fill out any additional paperwork, give your disbursement preferences, and even link up a bank account for monthly payments.

Monevo Pricing

Monevo is completely free for borrowers to use. You won’t pay a single penny to be matched with multiple loan offers on the site, and you won’t owe anything if and when you choose the loan you want.

Instead, Monevo makes its money from the lenders with whom you’ll match on the site. They will collect a fee from the lender once you choose your loan, complete the application process, and receive your disbursement.

How Do You Use Monevo?

Monevo makes it easy to find a loan online, with most applicants finding that the process takes as little as 60 seconds.

From the homepage, you can simply select your desired loan amount, from as little as $500 all the way up to $100,000. Then, choose the purpose for the loan and your estimated credit score to begin the process.

Monevo will want to know a few personal details about you in the next step. These include your:

  • Name
  • Address (and your monthly payment on that home)
  • Date of birth
  • Email address
  • SSN
  • Vehicle ownership status
  • Highest education level
  • Employment status
  • Pre-tax income

Once you’ve provided all of this information, you will submit your loan request. While you do need to agree that your information will be shared with your chosen lending partner (who may then choose to conduct a hard inquiry), Monevo’s application will not impact your credit. This pre-qualification process only utilizes a soft pull, which will not show up on your credit report as an inquiry.

Monevo Security

Your provided information will be shared with potential lenders, in order to accurately match you with offers for which you qualify. However, Monevo takes your privacy very seriously. Any information transmitted and/or stored is protected with SSL encryption.

Mobile Accessibility

There is no mobile app for Monevo. However, their website is mobile-friendly and will make your application process simple whether you’re visiting from your desktop or a smartphone/tablet.

Customer Service and Support

Have concerns about your personal loan application? You can email Monevo anytime at If you want to speak with a real person, they have phone numbers available online. There are four customer service regions to choose from: UK, USA, Australia, and Poland.

If you have questions or concerns about your specific loan offers, or the loan you choose to move forward with, you’re always able to contact that lender directly. Monevo’s job is just to connect you with those lenders, so they don’t have any role in the process moving forward.

Monevo Pros and Cons

  • Easy and quick application: Monevo’s online application takes about 60 seconds to complete. To get offers from this many lenders individually could take you hours.

  • Real-time offers: The loan results you receive aren’t generic offers; Monevo’s technology actually communicates with lenders in real-time to get you actual offers based on availability. There won’t be any surprises when you go to complete the process.

  • Applications won’t impact your credit score: Monevo’s process uses a “soft pull,” so you won’t hurt your credit score by requesting loan offers.

  • Free to use: It won't cost you a penny to use Monevo, so there’s no risk.

  • Secure personal data: Monevo will share your details with potential lenders, but any personal information is SSL encrypted and protected.

  • Some lenders are excluded: Monevo will display offers from its lenders, and you’ll typically get a significant number to choose from. However, this list won’t include lenders who aren’t part of Monevo’s real-time platform. You may also want to shop around elsewhere, just to be sure you’re getting the best deal.

  • You’ll probably get solicited: When submitting your application, you’ll need to agree to allow your contact information to be shared with third-party lenders. This means that you could get unwanted phone calls or mail solicitations.

  • It’s not the best for all loan purposes: Whether Monevo’s loan offers are right for you depends on what you’re using the loan to cover. While you can technically use this loan for anything, it’s considered a “personal loan” and often comes with a higher interest rate than other loan types. If you’re looking to, say, consolidate student loans, you may get a better rate by applying for that specific loan type through a different lender/lending platform.

Monevo Alternatives

As great as Monevo is, it’s not the only borrower-lender platform around. If you want to get a second opinion, there are a few other great options to choose from. Some of them don’t offer loans as flexible–or with as low of rates–as Monevo, but they’re still great platforms to consider.

  • Prosper: This P2P lending platform connects borrowers needing loans between $2,000 and $40,000 with lenders wanting to loan funds. Rates range from 6.95% and 35.99% APR, with 2.4% to 5% origination fees.
  • LendingClub: Another P2P option, here, you can apply for loans from $1,000 to $40,000, at rates between 6.95% and 35.89% APR. Loan terms are between 36 and 60 months, and there is a 1-3% fee.
  • SoFi: This lending platform is best known for student loan refinancing, but also offers personal loan options. You can apply for loans between $5,000 and $100,000, at rates between 5.74% and 16.49% APR, depending on whether you choose auto-pay and whether you choose a fixed or variable rate. There are no origination fees through SoFi.
  • Fiona: Fiona is very much like Monevo in that it’s not exactly a lender, but more of a lending aggregator. Fiona will scour the internet for the lowest rates for your own personal needs, and they’ll send you to one of their lending partners. Their sign-up form is a bit more in-depth than Monevo’s, but they’re definitely worth checking out. Read our full review on Fiona here.

Is Monevo Right for You?

If you’re looking for a quick loan application that can get you real-time offers in as little as a minute or two, you’ll find what you need with Monevo. The aggregator’s award-winning technology will find you up-to-the-minute offers from real lenders, based on your personal information.

Their pool of lenders is large but doesn’t include everyone, so you may still want to shop around a bit before signing on any dotted lines. However, if you want to get an accurate loan offer for anywhere from $500 to $100,000 (and at rates between 2.49% - 35.99% APR!), the free application through Monevo is an excellent place to start.

As long as you are 18 years old, an American citizen (UK, Australia, and Poland citizens can utilize Monevo’s foreign platforms), have a bank account, and have a credit score of Fair or better, you can apply.

Bottom Line

When searching for a loan, finding the terms and rates that are best for you can be tricky. By finding a loan through Monevo, you’ll not only get free offers in real-time, but you’ll also be able to take advantage of some of the most competitive offers on the market.

Give Monevo a try the next time you need a personal loan, big or small.

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