Shopping for a personal loan is overwhelming. Not knowing if you’re getting the best rates and terms can be frustrating, but applying with multiple lenders is exhausting and time-consuming.

Monevo is a personal loan aggregator that makes it easy to shop around for the best persona loan today. There’s no cost and it doesn’t affect your credit to check your rate on Monevo.

But is it worth it? Check out our review below.


Monevo makes looking for a personal loan easy. Monevo is a website that matches personal loan applicants with eligible lenders. It takes the stress out of looking for a personal loan, including completing multiple applications with different lenders, which can be exhausting.

Monevo isn’t a lender. They are a loan matching service that takes your qualifying factors based on the information you provided and matches you with lenders in their database. Monevo works with applicants in all credit tiers, as they have multiple lenders in each tier to make it easier to find the persona loan you need.

Monevo asks you simple questions when you apply for the loan including the loan’s purpose, such as debt consolidation, student loan refinancing, or home improvements. Monevo uses the information you provide to match you with the right lenders. You’ll receive offers from any matching lenders who also think they are a good fit for you.

Once you get matched with a lender, you deal directly with the lender, and Monevo’s job is done. Monevo doesn’t cost a penny to use and yet it makes shopping for a personal loan easier than ever.

Qualifying Requirements

Monevo has flexible qualifying factors because they work with a large variety of lenders. Monevo themselves don’t set the loan requirements, each lender does, but Monevo uses that information plus the information you share to match you with lenders.

Unlike other loan aggregator platforms, Monevo doesn’t advertise a minimum credit score. This doesn’t mean everyone will qualify, though. Lenders set their own requirements and more often than not, a higher credit score means better terms. Monevo has loans for borrowers in all credit tiers from fair credit to excellent credit and everywhere in between.

It’s best if you try to get your credit score to at least 620, if not higher. If you need to borrow a higher loan amount, such as $100,000, you’ll need better credit. Lenders need to know that you don’t default on your debts to lend you an unsecured loan of that loan amount. If you have bad credit and need the money, though, see what other factors you have that Monevo lenders would consider good.

Other qualifying factors lenders on Monevo require include:

  • Low debt-to-income ratios – Your debt-to-income ratio is a comparison of your monthly debts to your gross monthly income (income before taxes). Ideally, your debt ratio should be 43% or less. If you want the best terms, keep it around 36% for the best results.

  • Stable employment and income – Lenders like stable income and employment. It shows them you are reliable and are likely to repay the debt as required.

  • No collections or recent public records on your credit – Any collections or public records, such as a bankruptcy make it harder to find a lender. If you have collections try negotiating with the collection company to get them settled and removed from your credit report.

Most importantly, pay close attention to your credit score. If you don’t know your credit score, check with your bank or credit card company. Most financial institutions provide free access to your credit score.

Consumers also have free access to their credit reports annually. Pull your credit report and look for any of the following:

  • Late payments – Any payments over 30 days past due hurt your credit score and make lenders nervous. Take care of any late payments and continue making your payments on time for the best results.

  • Overextended credit – Keep your credit card balances at 30% or less of your credit balance. This helps your credit score and shows lenders you use your credit responsibly.

  • Don’t apply for credit – Excessive inquiries on your credit report shows lenders you are desperate for the loan. They may think you’re in financial distress and turn down your application.

The more time you spend working on your credit score, the better the loan terms, APR, loan amount, and fees lenders will offer you.

Pros & Cons

All lenders and lender platforms have pros and cons. You won’t find a one-size-fits-all platform, which is why understanding the pros and cons is important.

  • It’s completely free. Monevo doesn’t charge applicants a dime to check their rate and get matched with lenders. The lenders themselves pay Monevo when applicants close on the loan. This makes it easy for consumers to find the right loan.
  • The application process is simple. It takes about 2 minutes to complete the loan application and get offers.
  • Your credit score remains unaffected. Monevo does a soft credit pull, which means it doesn’t hurt your credit score when you check your rate. Your score remains unaffected until you choose a lender/loan and move forward with it.
  • Monevo makes it easy to compare offers. You can sort by APR, loan terms, or even lenders to make it easier on you.
  • You get access to personalized offers. Monevo considers your qualifying factors when determining which lenders they should match you with.
  • Not all lenders are a part of Monevo. While Monevo has a large selection of lenders, they don’t include them all, which could leave you missing out on the loan that’s best for you.
  • You may get unwanted phone calls or letters. Since Monevo is a platform, they sell your information to third parties who may solicit you in the future.
  • Monevo isn’t a direct lender. You do the application process only with Monevo, you then work with the chosen lender on the loan. This means doing more research to make sure the lender is reputable.

Main Loan Features

Monevo lenders offer loans in a variety of terms. Since most personal loans are unsecured, lenders offer a variety of terms and features based on what they feel you qualify for.

You can expect to find the following loan features:

  • Fixed rate loans – Most Monevo lenders offer fixed-rate loans which means the rate never changes. You pay a fixed amount of interest if you make the minimum payment every month.

  • No prepayment penalty – Most Monevo loans don’t have a prepayment penalty. This means you can pay the loan off early without paying a fee.

  • Upfront fee – Many Monevo loans have an upfront fee, which is common for unsecured personal loans. Check the amount of the fee and compare it to other lenders on the Monevo platform. Remember, the upfront fee comes out of your loan proceeds.

Rates & Fees

Monevo is a loan aggregator, so they don’t set the loan rates or fees. In fact, Monevo doesn’t charge any fees. Consumers use the platform for free.

As you shop around for a loan from Monevo lenders, though, you’ll find various APRs and fees depending on your loan amount, loan purpose, credit score, and debt-to-income ratio.

Monevo lenders offer rates from 2.49% - 35.99%, reserving the lowest rates for borrowers with excellent credit, low debt-to-income ratios, and low loan amounts. The riskier your qualifying factors get, the higher the rates Monevo lenders charge.

The same is true of the fees charged by lenders. Not all lenders charge an upfront fee, but it’s common to find fees of 1% - 5% of the loan amount, especially if you have less than perfect qualifying factors.

Loan Process

Monevo makes it easy to get a personal loan using these steps:

  • Enter your loan details including the loan amount, purpose, and your estimated credit score

  • Enter your personal details including your birthdate and Social Security number

  • Provide your employment information and education level

That’s it! In less than 2 minutes you can complete the Monevo application and get quotes. You instantly receive personalized rates that match your qualifying factors. You may compare the offers to one another and look at the specifics of each loan.

If you decide none of the loans are right for you, there’s no obligation to take one. There’s no damage to your credit score and it doesn’t cost you anything to use Monevo.

If you like a loan, you choose the loan that’s right for you and work directly with the lender offering the loan. Monevo is no longer in the picture at this point, and any communication you have will be with the lender.

Monevo doesn’t handle any aspect of the loan processing, funding, or even qualifying you for the loan. They take your information from your application and match it with information from their lenders.

Customer Support

Monevo offers email support or live chat on their website. You can email them at Representatives usually answer inquiries quickly even though you can’t get anyone on the phone.

Bottom Line

If you’re in the market for a personal loan, using a loan aggregator like Monevo makes it easier. It’s like shopping around for a personal loan without all the work. Within a few minutes of applying, you’ll have multiple offers to consider and compare to one another.

Monevo costs consumers nothing and yet it can save them thousands of dollars on interest and fees. Monevo makes it easy to shop around for the best personal loan without feeling like it’s consuming your life.

Advertising Disclosure

The information shared through this website is based on our team’s personal judgements and views. We use our own comparisons to assign values, which are not intended to reflect a certain benchmark of precision. To keep our website free for use, we accept referral fees from various service providers, which have the potential to influence their respective appointed scores. A third party’s participation on is not an indication of endorsement. The information and vendors which appear on this site is subject to change at any time.The site does not include all companies offering loan products or all available loan offers.

Nicole Lapin

Nicole Lapin

Nicole Lapin is a financial expert, news anchor, and host. She's also the best-selling author of the personal finance book "Rich Bitch". She has worked for various news outlets from CNN to CNBC and started with a goal to work in journalism.

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