MONEVO 2019
IN-DEPTH REVIEW

Read expert review of Monevo. Find the Top 10 Debt Consolidation services for your needs with detailed reviews and comparison

8.4

Overview

 

Based out of San Diego, California, Monevo is an award-winning loan comparison service. Their lending partners provide debt consolidation loans that can help simplify your monthly payments and help you on your path to solvency.

Rather than paying multiple lenders each month, you can secure a loan of $500 up to $100,000 and use that loan to pay off outstanding debt. You'll be left with a single debt amount and a single monthly payment. 

To get started, you can apply online by filling out a short form that only takes minutes to complete. Afterwards, Monevo will use that information to search for your personalized loan offers with great terms and rates. You’ll then be able to compare offers through an easy-to-understand chart before accepting a loan.

 

Application Process

 

If you feel ready to tackle debt and better organize repayment, Monevo hosts an easy to use loan comparison service with a quick online form. The website form will guide you step by step through filling out the questionnaire. You’ll need to fill out some information such as your estimated credit score, social security number, education level, and address. The entire process takes about one minute from start to finish. 

Monevo’s services come with certain eligibility requirements. You must:

  • be a citizen or permanent resident of the United States
  • have a bank account
  • be 18 years or older

Once you complete the free search, Monevo will send your information to its network of over 30 active lenders. The service uses your information to find great terms with low rates. At this point, Monevo will also run a soft credit check which will not affect your credit score. When you receive the results, you’ll be able to compare offers in a clear table before choosing the repayment terms and rates that work for you.

Monevo's search form requests that you include your estimated credit score. Because Monevo works with a variety of lenders, even applicants with poor credit could still qualify for a loan. Monevo recommends a minimum credit score of 550. Your credit score will likely affect the terms and rates of your loan, but you’ll be able to shop around to find great personalized offers.

 

Debt Services

 

Monevo's lending partners offer fixed rate unsecured personal loans starting at $1,000 up to $100,000. Repayment terms vary depending on how much you want to pay per month and how quickly you’d like to get out of debt. Loan repayment terms range from 3-144 months. APR starts at 3.99%**, but rates may vary according to your credit score. 

Monevo provides a personalized loan comparison service specifically designed to help you with your financial goals. However, unlike some of its competitors, Monevo does not offer any debt relief services or counseling. If you require more guidance in paying off debt, you may want to consider another lender that offers guidance and financial planning from financial experts.

 

Types Of Debt Covered

 

Monevo hosts an award-winning online marketplace that matches prospective borrowers with a range of banks and financial institutions. Applicants can secure personal loans through Monevo from $500 up to $100,000. 

Consolidation loans from Monevo’s lending partners can cover various debts so that you can pay off money owed to multiple lenders and reduce to a single monthly payment owed to one lender. The lending service will help repay tax debt as well as provide refinancing services to improve rates and terms for credit card debt and student loans. Monevo goes beyond debt consolidation as well offering a range of personal loans. 

 

Customer Support

 

As an accredited company on the Better Business Bureau, Monevo boasts an outstanding A rating on BBB.org although there are a limited number of actual reviews on the site. Additionally, many other online forums recommend Monevo’s services for debt consolidation.

Monevo has also earned a long list of awards including at The National Business Awards UK, 100 Best Small Companies 2019, and The Amazon Web Services Best Small Businesses of the Year. On top of that, Monevo has earned high ratings as seen on its 4.6/5 average review on Feefo. 

Customers can get in touch with support directly 24/7 through the live chat option. You can also leave a message through email or by filling in an online contact form. Monevo includes its post address but does not have a phone number available.

 

SEE TOP DEBT CONSOLIDATION


 

PROS
  • Marketplace of 30+ lenders
  • Award-winning digital business
  • Personalized loan offers in 60 seconds
CONS
  • No debt counseling
  • No phone support
BOTTOM LINE
Monevo can help you locate fixed-rate unsecured personal loan offers between $500 and $100,000 for debt consolidation and more.
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Joe Schwartz

Debt Consolidation Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.