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Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a MoneyKey's loan

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How to apply

You can apply for a loan using the MoneyKey Mobile Loans app on your iPhone or Android device. If you do not have an existing account, you need to create an account and submit your loan application. You may also use the app to check your loan balance and review and sign documents when applying for a loan.

Steps to apply for a loan

Below are steps on how to apply for a loan on the company’s website or the MoneyKey Mobile Loans app:

  1. Go to the company’s website or open the mobile application.

  2. Confirm your state of residence.

  3. Log in to your account using your email address and password.

  4. Fill in your personal information under Tell us about yourself if you haven’t.

  5. You will be required to enter your name, date of birth, social security number (SSN), and phone number.

  6. Read the loan term you are applying for and accept by ticking the I Confirm box.

  7. Submit loan application.

  8. Wait for approval.

Requirements

Before you can apply for a loan, you must meet the lender’s requirements. For a MoneyKey loan, customers must:

  • Be a citizen or a permanent resident of the United States

  • Have an active bank account

  • Have attained the legal age to contract in the state they live in (usually 18 years)

  • Have a regular source of income

Application details

MoneyKey will approve your loan application if you have a valid phone number, bank account, and a regular income stream. The company confirms that the details you have indicated are valid and proceeds to review your loan application depending on your information. However, MoneyKey does not check your credit score before approving your application; thus, you could qualify for a loan with a bad credit history or a poor credit score. At the same time, MoneyKey may reject your application due to the following reasons:

  • Proof that you have an unstable income stream is missing. If you do not have a stable job, the lender may be reluctant to approve your loan since you might fail to repay it. Unlike other financial institutions that require a good credit score or collateral when offering borrowers a loan, MoneyKey does not consider these details. Therefore, job instability might show that you may lack funds to repay the loan as per the terms and conditions you sign when given a loan.

  • You made errors in the application. Leaving out important details during your application could lead to your loan being rejected. If some critical details are incomplete or missing, such as an invalid email address or an inactive phone number, the application will be rejected.

  • You do not have a bank account. MoneyKey requires all loan applicants to have a bank account. If you do not have a bank account, the lender will automatically reject your application.

  • You are a non-resident or not permanently living in the United States. One of the requirements of MoenyKey loan applicants is to be a resident of the United States of America or a permanent resident in the country. Without this, your application will be automatically rejected.

  • You are below 18 years. All loan applicants should be at least 18 years and above. If you are below 18 years, your loan will not be approved.

FAQ

How long are applications considered?

MoneyKey has a straightforward application process that you may complete in under 10 minutes. Depending on the time you apply, you are likely to receive funds the same day if your application is approved. In some instances, the time you receive funds after a loan approval depends on your bank’s policies.

How trustworthy is MoneyKey?

The Office of Consumer commissioner has licensed MoneyKey as a Credit Access Business. It is also registered as a Credit Services Organization by the state of Texas. MoneyKey is a transparent online lender that makes its charges clear when you are making an application. The online lender does not charge additional fees or hidden charges during the application or when repaying a loan.

Does MoneyKey verify income?

MoneyKey must verify the income of all applicants to determine if they have a stable source of income. You must provide proof of a stable income stream to be considered for a loan.

Does the MoneyKey loan hurt your credit score?

A MoneyKey loan will not hurt your credit score or credit history since the company does not report you to the credit bureau if you have a good standing and pay the loan in time.

Calculate loan payments in MoneyKey

MoneyKey calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

USD
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200 $
2000 $
Loan term
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Specify the loan term for the calculation

months
days
6
12

What to focus on before applying for a loan with MoneyKey

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between MoneyKey and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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