Monevo Review: Prequalify for Personal Loans Without Hurting Your Credit [2019]

This online marketplace for finding personal loans from reputable lenders can help you get the best deal.
11/21/19 | By Robin Kavanagh
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There are countless lenders out there waiting to let you borrow money. Between traditional and online banks, credit unions, and peer-to-peer lenders, shopping around for the best rates and terms can be a tedious, yet vital, process. You want to make sure that a loan is a good option for you before you sign on the dotted line.

Based on this need, online marketplaces for borrowers in the market for a loan have been popping up over the past few years. Monevo is one such tool that has had massive success in Europe and began serving U.S. markets in 2017. With one short application, you can get multiple offers for your lending needs and easily compare loans without having to jump from site to site. Everything is all in one place.

Here is a deeper look into how Monevo works and how you can use it the next time you’re looking for a loan.

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How does Monevo work?

Monevo is an online marketplace for finding personal loans, not a lender. Through the website, you can enter some personal information, how much you want to borrow (loans offered range from $500 to $100,000), and for what purpose. Once you submit this information, it will be evaluated by Monevo’s 30+ lending partners, and you’ll get a list of loan offers you are pre-qualified for. This initial search results in a soft inquiry on your credit reports, so your scores are not impacted when you request offers and rates.

From there, you can compare the pros and cons of each loan, see interest rates and terms, and learn more about the offers you’re interested in. If you decide to take advantage of an offer, you can be sent to a full application with just a click. It’s a seamless transition from prequalification to application, making the process of getting your money even easier.

Monevo was founded in 2009 and has established itself as the largest personal loan marketplace in the European market. It expanded to the U.S. in 2017 and has already gained a foothold as a reputable company for connecting consumers with lenders. To date, Monevo has helped facilitate more than $1 billion in loans and services over 250,000 customers a month.

Which financial products does Monevo allow borrowers to compare?

Monevo offers personal loans, which can be used for a wide variety of purposes. These include debt consolidation, paying medical bills, home improvement projects, student loan refinancing, and even purchasing a car.

How does a loan comparison site like Monevo save borrowers time and money?

When you’re shopping for a loan, having multiple offers to compare in one place is fantastic. You can see the similarities and differences right away, and review the terms of the loans, APR options, and methods of payment. You also get to see how much you can realistically expect to be funded, which can help you make smarter decisions about how to use the loan to manage your finances.

Once you have an idea of how good (or not good) the loan offers are, take some time to think over what you really need and how moving forward with a loan application can help you achieve your goals. You’ll be able to easily see which options are the best for your personal situation and which ones may not work for you.

What Monevo customers are saying

General customer responses seem very positive. Monevo uses an independent customer feedback service, which has so far tracked 266 responses from U.S. customers. Those who have commented give Monevo an average of 4.6 stars out of 5. Recent customer comments include:

  • “It was very good, fast service. A fairly simple process.”
  • “Easy website, quick response, fair APR.”
  • “They matched me with the right lender that would approve me, and now I’m back on track with my finances.”

Negative comments focus mostly on isolated experiences, such as a delay in communication, denial of loans, excess emails, and dissatisfaction with lenders. The Better Business Bureau only shows two customer complaints about Monevo, the details of which are not available.

ConsumersAdvocate.org gives Monevo 3.5 out of 5 stars for customer service and reputation.

FAQs about Monevo

Is Monevo a direct lender?

Monevo is not a direct lender. It is a service that enables you to input your information and what your financial needs are so you can receive pre-qualified personal loan offers from direct lenders. Monevo has partnerships with more than 30 lenders, and if you choose to apply for one or more of the offers you get through the service, your information will be shared with the lender and you can complete a full application. The goal of the service is to show you your lending options quickly, all in one place, and without impacting your credit score.

Is Monevo a reputable company?

Monevo has only been in business in the United States since February 2017, but it has achieved accreditation from the Better Business Bureau and a full 5-star rating. It is a subsidiary of Quint Group, a UK-based financial institution, and has been operating overseas since 2009. ConsumersAdvocate.org gives Monevo a 3.3-star rating out of 5 overall and says it’s one of the best loan marketplaces in the industry. The company works with more than 250,000 customers per month and has helped customers get over $1 billion in loan funding.

Does Monevo hurt your credit?

Monevo performs a soft inquiry to your credit reports so lenders can determine if and/or how much you may qualify for with a loan offer. This type of inquiry doesn’t impact your credit score. Should you move forward with an offer, the lender will perform a hard inquiry that will impact your score for a few months and stay on your reports for up to two years.

How is Monevo's customer service?

Monevo has won multiple awards for customer service in Europe. Customer reviews through Feefo, an independent customer feedback service, rank Monevo at 4.6 out of 5 stars based on 257 reviews.

The final word on Monevo

You really have nothing to lose by giving Monevo a try. The company connects you with reputable lenders, takes a minimal amount of information, and quickly gets you information on the kinds of loans you may be able to get. Your credit score isn’t affected and you’re under no obligation to move forward with a loan offer. All-in-all, this is a great tool to use when you’re researching your personal loan options.

All rates and fees are accurate as of November 20, 2019.

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