Personal Loans » Personal Loan Lender Reviews » Monevo Personal Loan Review 2022 – Is It Worth It?
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Monevo Personal Loan Review 2023 – Is It Worth It?

Monevo is an internet platform that can easily and quickly connect you to a wide variety of personal loans. How does it work and is it for you?
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

Review & Fact Check: Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Financial Expert, The Smart Investor CEO

Experience

Baruch Mann (Silvermann) is a financial expert and founder of The Smart Investor. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Monevo is a platform that can easily and quickly connect you to a wide variety of personal loans.

Typical APR

2.49% - 35.99% APR

Loan Amount

$500 – $100,000

Term

3 - 144 months

Min score

580

Monevo is a platform that can easily and quickly connect you to a wide variety of personal loans.

Monevo logo svg

Typical APR

2.49% - 35.99% APR

Loan Amount

$500 – $100,000

Term

3 - 144 months

Min score

580

Monevo is an internet platform that can easily and quickly connect you to a wide variety of personal loans. You can use the platform without affecting your credit score, and you can use the platform to explore a variety of different options without ever having to leave their convenient website.

And when you apply for a loan through one of their partners, you can sometimes have the money as soon as the next business day. Not only is this helpful for customers looking for loans, but it can also help companies looking to expand their customer base.

Monevo is active in the comparison market, similar to Credible, Fiona and other websites that help you compare lenders to find the best rate for your personal loan.

  • Wide Range Of Loan Amounts
  • Bad Credit Scores Accepted
  • Won’t Impact Your Credit Score
  • Loans Are Mixed
  • You’ll Receive Emails/Phone Calls

In this Review..

Monevo Loan Pros & Cons

As we know, each lender has its own pros & cons  – here are the relevant things we found for potential borrowers:

Whether you need a large loan for a house project or a small loan for a family birthday party, Monevo has you covered. Just put in your loan amount and go!

Monevo’s network of loan issuers is unique and includes several companies that will accept less than stellar credit. This means you don’t have to let a history of bad credit keep you from your loan dreams.

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Whether your score is good or bad, searching for a loan on Monevo won’t affect it, so request away! After all, there’s no harm in looking.

When your loan results are returned, read each lender’s terms and conditions carefully. You want to make sure you are aware of what you are signing up for.

Well even if you find your perfect loan through Monevo and apply for it, you’ll likely receive emails and calls regarding your loans.

Loan Types Available

Monevo specializes in personal loans, and these can be used for a number of purposes. Some of these purposes include remodeling your home, medical/dental bills, paying off your credit card, or moving and relocation expenses. You can also search for a loan to cover a large purchase you wish to make.

And if you or your child is heading to college, Monevo can connect you with companies that will issue education loans as well. Monevo can also be used to purchase or refinance a car, simply choose the auto loan purpose which best suits your use case when you submit your form.

Another Personal Loan Marketplace?

Monevo is unique because it doesn’t cause a hit to your credit score when you use its services, and it has solutions available for all credit scores, thus returning the power of personal loans in the hands of the people. Their platform is built on cutting-edge technology that is easy and convenient to use for everyone. And the loans you can search for can be for as low as $500 all the way up to $100,000.

To date, Monevo has won numerous awards for its easy-to-use legitimate loan connection services and customers rave about its top-notch safety and security features. To use Monevo you just need an active bank account and a small amount of personal information.  

How Is Monevo Different From Other Comparison Sites?

Monevo is different from other loan comparison sites because of its easy to use form which can be filled out quickly. And results are typically returned in 60 seconds, making your loan search on Monevo much quicker and easier than anywhere else. Searching for a loan on Monevo doesn’t affect your credit score, and unlike comparable sites, Monevo is known for its top-notch encryption services so your information can’t be stolen.

Monevo is also different from most sites because it allows people of all credit types to search for loans. Most sites won’t even allow people with credit scores lower than 500 to look at potential loans.

They are also one of the few loan comparison sites which is highly rated by the Better Business Bureau, and they are completely open and honest with customers about how their loan process works, so you are never kept in the dark.

How Much Does Monevo Cost?

The best part about using Monevo’s services to look for loans is that they are absolutely free. This means you won’t have to pay anything to be connected to companies across the country that may want to give you a loan. Pretty sweet huh?

How to Get Rates on Monevo Website?

Step 1:

The first step to the Monevo loan process is filling out the simple online form. You can do this by clicking “Start My Free Search” on their website.

monevo application process -step 1

Step 2:

Next, fill out the details of the type of loan you are looking for, the amount you need the loan to be, as well as your estimated credit score. You will need to input a small amount of personal details as well.

Step 3: 

After that, just scroll down and input your address and phone number. These are for verification purposes as well as how you will be contacted by companies regarding your loan. You will also need to input your social security number. All information on the Monevo website is encrypted, so you never have to worry about your information being stolen.

Step 4: 

The last step is to input your education, whether or not you own your car, as well as information on if you would like to add a co-borrower or not. Then, just select the boxes which apply to you in the section labeled “Last Step” and then click “Get Your Results” to see your loan options!

Monevo FAQs

With so many loan comparison sites out there; it can be difficult to know which ones are real. But you don’t have to worry because Monevo is 100% legit and has an excellent BBB rating of A+. 

This means that Monevo does its best to resolve all customer complaints in a timely manner. If you are still questioning the legitimacy of Monevo, just take a look at one of the numerous awards it’s won, such as The Queen’s Award for Enterprise in 2017.

Monevo is an extremely versatile platform and therefore there are quite a few times in your life you should consider using it. The notable reason to use Monevo would be to refinance a car you already have or to purchase a new car. 

Monevo could help you find a rate on your loan which is much better than the dealership will offer you. It can even be helpful to see what you may pre qualify for through Monevo first before you head to the dealership so you can know whether you are being offered a good deal or not.

Another reason to use Monevo would be if you want to consolidate your own debt. If you have a lot of medical, dental, school, and credit card debt, you may benefit from combining all these payments into one. This will likely lower your monthly payment, as well as the interest you are accruing from having so many debts.

Of course, these aren’t the only reasons to use Monevo, and any time you need a personal loan for any purchase, it is highly recommended you use their platform before you go to any brick and mortar lender to ensure you are getting the best deal for your credit.

You can search for personal loans using Monevo by completing a free application in under 60 seconds. While you will need to provide some personal details including your contact information, address, Social Security number, and income information, there is no impact on credit scores to check rates and deals.

However, if you decide to proceed with a loan deal, the lender may ask your permission to pull a hard credit check to finalize your rate and create a loan offer. One of the worst personal loan mistakes is to apply again and again in a short amount of time.

Credible has an excellent reputation with numerous positive review comments. However, Monevo is a BBB accredited business. This provides an additional layer of reassurance for consumers, as you can access arbitration services via the Better Business Bureau if you encounter an issue.

Another similarity is that Monevo and Credible offer access to loans up to $100,000. However, while Monevo offers access to personal loans, Credible can also help you to source student loan refinancing, home loans and mortgage refinancing. This may be more appropriate if you are looking for this type of finance, as you are likely to secure a better rate compared to a basic personal loan.

Monevo has an excellent reputation within the lending community. In addition to having an Excellent 4.3 out of 5 rating on Trustpilot, Monevo is a BBB accredited business. This means that Monevo adheres to the strict BBB accreditation criteria.

Additionally, Monevo takes customer privacy seriously. Any information you transmit and data that is stored is all protected with SSL encryption.

The AmOne interest rate range is 3.49% -35.99% , quite similar to Monevo.   Additionally, while AmONE has a good BBB rating, Monevo is BBB accredited, which means the company adheres to the strict BBB guidelines.

Another key difference is that Monevo allows you to select the amount and reason for seeking finance to compare appropriate types of loans. AmONE specializes in different types of finance, which may be more appropriate for some consumers.

Should I Consider Monevo?

When you need to secure a loan for a personal purchase, it can be difficult to know just where you should turn to make sure you are getting the best deal.

Thanks to Monevo, this is no longer a problem, as they have made searching and finding the perfect loan for you easier than ever before. And you don’t need to worry if you have a low credit score, or what you may need the loan for, as Monevo can help everyone.

However, keep in mind to compare the total cost of your loan and use additional marketplaces to make sure you do get the lowest rate available. If you're still not sure, you can always keep comparing lenders or take a look at our best personal loans picks for 2023.

Personal Loans Online Marketplaces

credible logo

bankrate logo

personalloan.com logo

APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
5.40% – 35.99%
4.99% – %35.99
5.99% – 35.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
12-84 months
6-84 months
3-72 months
Loan Amount
$1,000 – $100,000
$1,000 – $100,000
$1,000 – $35,000

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Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.