Review of Monevo Loan

Review of Monevo Loan

Monevo started in 2012 in the US with offices present in the two most prominent places, New York and California. It is an interesting service that can be called the connectivity service between the borrower and the provider. Yes, Monevo is a platform, which provides a free service that can help you connect with the people willing to provide loans, and this can happen in even less than a minute or a little more. Thus this unique service for sure is required to be reviewed and understood regarding its benefits and its advantages and disadvantages.

Terms and Fees

  • APR:  3.34% to 35.99%
  • Loan Amount Range: $1,000 – $100,000
  • Maximum Term: 12 years
  • Minimum Credit Score: 580

Monevo Loan Eligibility Requirements

The eligibility requirements to be eligible for Monevo personal loan are not too much. The first is that there is a requirement of credit score that there has to be a minimum of 580.

The second is that you should be a legal resident of the United States or a permanent visa holder and the third eligibility criteria that have to be fulfilled is that you should be 18 years of age minimum.

Monevo Loan Application Process

  • The application process of Monevo personal loan is easy to use. It has a systematic provision for which you just need to choose the amount of money that is required and the reason why you are trying to get a loan.
  • You will have an option to pick your credit score, and then a series of personal details are required to be filled, which also includes your highest level of education or your address and the living scenario as well as other information including your salary and employment.
  • This should not take very long; it should not be taking more than 3 to 4 minutes. Once you have filled the less time-consuming form, you would realize that there would be a soft credit check on your information.
  • The best part about a soft credit check is that it has verified all the required information without affecting your credit score. A hard credit check done on the other hand by various companies does make a difference on your credit score.
  • Thus after filling your responses, you will start getting responses from the companies who are willing to give you loans. Moreover, you will receive all the important information regarding your loan requirement.
  • Before we choose one particular loan company, we would want to compare the various rates that we have to pay, all the repayment terms as well as the amount of monthly repayment that we need to do.

So you will get the opportunity to compare all of them, and this will be a quick process post which you can choose your loan company and move ahead with the required process.

Pros and Cons of Monevo Loan

Pros

  • The first advantage is that the checking will not change your credit score from the one you had previously.
  • The second benefit of this is that it saves your time by filling a form in less than one minute. You would have various loan providers information listed for you, and it is much easier to compare the same.
  • All the information that you would want regarding the loan companies will be required and will be given to you duly with as much information that you would not even seek for when you research on your own.
  • This service has won various international awards thereby increasing its credibility factor.

Cons

  • The problem with this loan is that you are not guaranteed whether this is the right loan or not, the reason being that you are choosing your right loan and not the expert advice received will help you choose and thus there may be a chance that you choose the wrong loan.
  • Secondly, there is no customer care number through which you can contact the loan provider, you can only reach them via a live chat on by filling the online form, and both of this can end up being resulting in the delayed response.
  • Thirdly, there is no paper system. Thus there is too much of automated underwriting, and this can be a little difficult when it comes to checking the credibility of the entire process.