About Lender
MoneyKey is an online lender since 2011, providing quick and easy financial solutions for those in need of short term help. We have a simple and secure online application process, quick approvals and same business day funding for qualified applicants. We are transparent with no hidden fees so you know exactly what you’re getting. We have a reputation for great customer service and have expanded to serve thousands of customers across the US each year.
MoneyKey offers Installment Loans and Lines of Credit to fit your needs. Installment Loans are great for unexpected expenses like home repairs or medical bills, with repayment terms vary by state. For more flexibility MoneyKey’s Lines of Credit allow you to draw funds as needed, only pay charges on what you borrow. This flexibility is perfect for managing cash flow, that’s why MoneyKey is a good choice for those who need quick and flexible funding.
Key Features
-
Multiple Loan Types. MoneyKey offers Installment Loans and Lines of Credit which may fit different needs and financial situations.
-
Quick and Simple Application. MoneyKey has an online application process.
-
Fast Funding. Once approved you may get your funds as soon as the next business day.
-
Flexible Repayment. Installment Loans allow you to pay your loan over time in regular payments. You can also choose your payment frequency and adjust as needed.
-
No Prepayment Penalties. The lender does not charge prepayment penalties so you can pay off your loan early without any extra fees.
Pros and Cons
Pros
Quick and Easy Application. Apply from the comfort of your own home.
Fast Approval and Funding. Many loans are approved and funded same day.
No Hidden Fees or Prepayment Penalties. So you can budget and plan your finances easier.
Flexible Repayment Options. You can choose your payment schedule and pay off your loan early with no penalty.
Cons
High Interest Rates. These loans have high interest rates so some borrowers may not be able to repay their loans.
Short Repayment Terms. The loans have short repayment terms so you may have to make larger payments over a shorter period of time.
Not Available in All States. MoneyKey services are not available in all states so it’s not available to all borrowers.
Limited Loan Amount. The company may only offer loans up to a certain amount so it may not be enough for some borrowers.
Reliability
Long History. MoneyKey has been online since 2011, that’s a long time in the financial services industry.
Good Customer Reviews. The lender gets a lot of positive feedback for their loan services, especially for the quick and secure online loan process. Customer satisfaction is key to reliability.
Safe and Secure Online Platform. Customer information is top priority at MoneyKey, they have a safe and secure online platform for all transactions and applications which adds to their reliability.
BBB. Not accredited by BBB but has a B rating.
How to Apply for a MoneyKey Loan?
-
Visit Website. Start by navigating to MoneyKey's official website and click on the "Apply Now" button to begin the application process.
-
Complete the Application Form. Fill in the online application form with the required information, which may include personal details, employment information, and financial data.
-
Submit Application. After completing the form, review your application to ensure all the provided information is accurate and then submit it for consideration.
-
Verification Process. Await verification from MoneyKey’s Customer Care team, which may involve confirming your information to ensure accuracy and eligibility.
-
Await Approval. If your application is submitted successfully and meets all requirements, wait for the approval decision. Approval times can vary, but MoneyKey aims for quick approval processes.
-
Receive Funds. Upon approval, the requested funds will typically be deposited into your bank account as soon as the same business day, depending on the timing of your application and the specifics of your bank’s policies.
Conditions and Requirements
Conditions
Loan Amount. Amounts vary from $200 to $2,500.
Loan Term. Terms can be from 6 to 12 months.
Interest Rates. APR may go up to 404.03% depending on loan terms and your location.
Requirements
Legal Age. You must be of legal age in your state of residence.
Active Bank Account. You must have an open and active personal bank account.
Consistent Income. You need to have a consistent source of income.
Valid Contact Number. You must have a valid phone number.
Active Email Address. You must have an active email address for communication and account management.
Ways to Receive the Money
At MoneyKey the primary way to get the loan funds is through direct deposit into your bank account, usually same business day if approved. This is for your convenience and speed so you can get the funds when you need it most without having to visit a physical location or deal with checks. This is MoneyKey’s way of giving you quick and easy financial solutions.
Products
Online Installment Loans. Installment loans are similar to personal loans but with some differences. These are loans where you repay the loan amount in equal installments over a set period of time. MoneyKey offers installment loans in various amounts and terms.
Line of Credit. Unlike payday loan, a line of credit is a revolving credit account where you can draw funds up to a certain credit limit. The MoneyKey website offers a line of credit product where you can borrow and repay as needed.
Other Personal Loans
Reasons for Loan Refusal
Common reasons for loan denial in the industry are insufficient income or unstable employment which may raise questions about the borrower’s ability to repay the loan. Bad credit history or no credit history can also be a major factor as it shows previous financial behavior and responsibilities. Failure to meet the lender’s minimum requirements such as age, residency and having an active bank account can also result to loan denial. MoneyKey like other lenders reviews these and maybe other aspects of the borrower’s financial situation during the approval process to determine creditworthiness and ability to repay the loan as agreed. Make sure all application information is accurate and meets MoneyKey’s requirements for a positive approval.
How to Repay a MoneyKey Loan?
Repaying a loan from MoneyKey is easy and convenient as per the company’s commitment to customer service and transparency. Payments are scheduled according to your income frequency—bi-weekly, semi-monthly or monthly—to coincide with when you get your paycheck so the repayment fits into your financial routine. MoneyKey uses ACH (Automated Clearing House) payments so your scheduled payments will be automatically deducted from your bank account, no need to submit manually and reduce the risk of late payments. This automated repayment process plus the ability to make extra payments or pay off the loan in full at any time without penalties or fees is a flexible and user friendly way to repay the loan.
Loans like MoneyKey
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
-
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
-
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
-
Carefully review all the terms and conditions of your payday loan contract.
-
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
-
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
-
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full MoneyKey Account Review
- How to Apply for a MoneyKey Loan
- How to Repay MoneyKey Loan
- MoneyKey Mobile App
- All MoneyKey Coupons and Promo for January 2025
- MoneyKey Loans for January 2025
