Finding the right personal loan at the best rate can feel like a big burden. You may not have time to shop around and compare dozens of lenders. That’s where Monevo Personal Loan comes in.
This online lending marketplace aims to simplify personal loan shopping by providing customized loan offers in one spot.
But how exactly does Monevo work? And what are customers saying in Monevo personal loan reviews? This article provides a look at the Monevo experience so you can determine if it’s the right fit for your borrowing needs.
How Does it Work?
Monevo is an online lending marketplace, not a direct lender. Here is an overview of how it works:
- Submit a loan request – You complete a short form with basic personal and financial information on Monevo’s website. This is a soft credit check that won’t affect your score.
- Get matched with lenders – Based on your qualifications, Monevo matches you with lenders likely to approve you. This helps target your options.
- Compare loan offers – You can then compare personalized loan offers from the matched lenders side-by-side and choose the best terms for you.
- Complete loan application – If you accept an offer, you complete the full application directly with the lender. Monevo just facilitates upfront browsing.
So Monevo allows you to easily view multiple loan offers tailored to your situation in one place. But keep in mind the lending partners providing the loans will vary.
What Credit Score is Needed?
Since Monevo works with an array of lenders, each has its own eligibility standards. But most require a minimum credit score of 580-620 for approval of a personal loan.
Here are some general credit score guidelines with Monevo:
- 580-669 – May qualify for a personal loan with a higher interest rate.
- 670-739 – Likely to be approved for a personal loan with average rates.
- 740+ – Strong chance of qualifying for the lowest advertised rates.
The higher your score, the better the interest rate you can expect. A long credit history and low debt-to-income ratio also help.
Is Monevo a Legitimate Company?
Monevo is a legitimate lending marketplace that’s been in business since 2005. Here are some signs it is trustworthy:
- A+ rating with BBB – Monevo holds an excellent A+ rating and accreditation from the Better Business Bureau.
- Mostly positive reviews – The majority of third-party Monevo personal loan reviews from customers are favorable.
- Clear about role – Monevo is transparent in that they connect borrowers with lenders but don’t fund loans directly.
- Security measures – Monevo maintains security certifications and encrypts data.
Any negative Monevo reviews appear to stem from frustrations with the lending partners rather than Monevo’s services specifically. Overall, feedback indicates Monevo is a helpful intermediary for loan shopping.
Alternatives to Consider for Personal Loans
While Monevo makes it fast and easy to compare multiple loan offers, you do also have other options:
- Banks and credit unions – These traditional lenders may offer personal loans directly, though sometimes only for existing customers.
- Online lenders – Companies like LendingClub, Prosper, and Upstart offer online personal loan applications, similar to Monevo’s lending partners.
- Peer-to-peer lending – Sites like Lending Club and Prosper connect individual investors funding loans with borrowers through an online platform.
- Payday alternative loans – Products from companies like OppLoans may provide short-term personal loan options for those with bad credit.
Shop around to find the best personal loan rates and terms for your specific financial situation.
Qualifications for getting a personal loan through Monevo:
All lenders will require valid ID such as a driver’s license, passport, or social security card to confirm your identity.
- Most lenders require a minimum monthly gross income, often around $2,000. Pay stubs or tax returns may be used to verify income.
- Having a steady job for at least 1-2 years is generally expected. Self-employment, retirement, and social security income may also qualify.
- All lenders check credit reports and scores. Many like to see at least 3-5 years of established credit history in good standing.
- Lenders prefer a DTI of 40% or less. This means keeping monthly debt payments below 40% of your gross monthly income.
- Personal loans are unsecured, so no collateral is required. This differs from a home equity loan.
- Proof of U.S. citizenship or permanent residency is required.
- Borrowers generally must be at least 18 or 21 years old in some states.
- An active checking account is usually needed for loan proceeds deposit and autopay.
- Meeting the minimum requirements above does not guarantee approval. But they can help ensure your loan application is competitive. Let me know if you need any clarification on the eligibility requirements!
How to Apply for a Monevo Personal Loan
Applying for a personal loan through Monevo is relatively simple and can be completed fully online:
Step 1. Visit Monevo’s website
Go to www.Monevo.com and click on “Personal Loans” followed by “Get Started.”
Step 2. Enter your information
On the online form, provide details like your desired loan amount, purpose, income, employment, and basic personal info.
Step 3. View matched offers
Based on the information entered, Monevo will show you a selection of pre-qualified loan offers from their lending partners.
Step 4. Compare loan details
Make sure to closely compare the loan details including fees, interest rates, terms, monthly payments, etc. to choose your best option.
Step 5. Accept chosen offer
When you select an offer that looks good, click to accept it and continue to the lender’s application process.
Step 6. Provide documents
Supply documents like pay stubs, tax returns, government ID, and bank statements to the lender to verify your details.
Step 7. Close loan
After the lender processes your full application and gives final approval, you’ll sign closing documents online and receive the loan funds deposited into your bank account in 1-7 days typically.
The entire process from pre-qualification through funding can often be completed in as little as 2-4 days for borrowers who are prepared with all required documents. It’s much faster and easier than applying individually to multiple lenders.
Fees and Interest Rates
Monevo itself does not charge any fees or set interest rates on loans. The individual lending partners determine these once you accept an offer. Here’s what to expect:
- Interest rates – With excellent credit, rates can be as low as 5%. However, borrowers with poor credit may see rates up to 36%.
- Origination/admin fees – Some lenders charge 1-6% of the loan amount as an upfront origination fee.
- Late fees – Expect late fees between $15-$39 if you miss a payment due date.
- Early payoff penalties – Many lenders don’t penalize early principal repayment, but check the fine print first.
Be sure to closely compare the total cost of any loan offer – including fees, APR, and repayment terms – before accepting it.
Conclusion
Based on primarily positive feedback from borrowers, Monevo delivers on its purpose – simplifying personal loan shopping by letting you easily compare tailored offers from an array of lenders in one spot. This can save time and effort.
Just remember that as an intermediary, Monevo doesn’t control the actual loan details. Do your due diligence before accepting any loan to understand the fees, rates, and lender reputation.
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