The online loan marketplace called Monevo was founded and lunched in 2016. Monevo currently operates in the UK, United States and Australia. Its aim is to help connect clients to direct lending partners based on each person’s individual data without them having to spend time comparing lending partners on their own. Monevo provides a wide range of loan options but the focus of our review will be auto loans. Here is what you need to know in case you are looking for one.
Monevo at a Glance
Editorial Score 4.2
Online Experience 4.5
The official website offers enough info to be helpful.
Loan Types 5
It offers the possibility to pick from a very wide range of loans.
Eligibility 4.5
The eligibility requirements for its loans are more flexible than with other platforms.
Client Support 3
You can contact the company via e-mail or by written correspondence to the adress listed on Monevo website.
Repayment Flexibility 4
The repayment terms depend on each lender present in Monevo’s portfolio but usually they are flexible.
Who is it suitable for?
Monevo is a suitable online loan marketplace for those people who wish to find access to personal credit, buy a new or used car or to refinance an auto loan, apart from many other possibilities. Also, if you don’t have the necessary time to manually look at multiple lending partners and make comparisons, Monevo is one of your best bets to do this for you. Besides, this platform has a very quick and easy online loan request is completely free to use, and has a relatively large network of lending partners to pick from.
Features
One of the most important features of Monevo is its user-friendly and intuitive website which comes with a lot of information on its services. Plus, the way that this platform handles your loan requests is that it sorts the lenders from the ones with the lowest APR to the ones with the highest APR. You can also set your own specifications and sort that list even more according to your needs and preference.
Monevo will not impact your credit score at all when you rquest a loan. Besides this, it is a completely free of charge platform that won’t request any fees from you. However, keep in mind that you might have to pay some fees once you request a loan from one of the lending partners in its list.
Loan Request Process
There isn’t an application process on Monevo because this platform is not a direct lender. However, there is a method through which you can receive loan offers and rates so you can pick the best one for you. Here is how it goes:
· Start by filling out the three fields on the Monevo home page which are the loan amount, purpose, and you credit score;
· Then you will have to fill in an extended form that includes some personal details too.
· Your address and phone number are also needed for the platform to be able to verify you.
· Lastly, you will need to specify your education, whether you have a vehicle, and if you would like to add a co-borrower;
· After a few minutes you will get your results and you will be able to pick the best loan offer for you;
· The rest is up to you and if you want to apply for a certain loan from a lending partner, you will have to continue the discussions with them.
Loan Types and Terms
Monevo can offer you an impressive list of direct lending partners that specialize in all kinds of loans. Most of those are personal loans that clients can use for any purpose they see fit. It also has auto loans for new and used cars as well as auto refinance loans.
When it comes to the details of these loans, like their repayment terms or interest rates, it’s worth knowing that those depend on each lending partners on the list. Monevo is not a direct lender and will not establish any of these details but simply help you find a suitable offer. The platform can provide loan amounts that range from $500 to $100,000.
How Safe Is It?
Monevo is a safe and secure online loan marketplace that will not send your data to any external players. However, clients might receive calls and e-mails from the lending partners in its portfolio, even if they haven’t chosen a loan from them. The platform does not have a mobile app but the website is mobile-friendly and uses all the industry standard security protocols. Its reputation is a good one, with an A+ rating from the Better Business Bureau and an excellent score from TrustPilot with 4.3 stars out of 5.
Help & Support
Monevo can be contacted via an e-mail address which is supportusa@monevo.com or by written correspondence to the address listed on Monevo website .From what we could gather, there is no other way in which clients can speak with a representative of the platform. However, this shouldn’t be alarming as Monevo is not a direct lender and therefore cannot solve any of your loan-related issues.
Summary
To wrap it all up, Monevo is worth considering if you’re looking for an auto loan or any kind of loan and you don’t feel like doing it all yourself. The way it makes you fill out a form and then offers you a list of potential lending partners and loan offers is very nice and helpful. You can also select the repayment terms of your choice, loan amount, and APR rates so you only see the best offers for you. Besides this, Monevo is a professional personal loan platform, not a direct lender, and will therefore only assist you with the process of finding a good offer. Once that is accomplished, you will have to continue the loan application process with your selected lender.
Physical Address
169 Saxony Rd, Suite 212, Encinitas, CA 92024