MoneyKey is part of the rapidly growing online lending market, offering three types of loans to borrowers. MoneyKey is one option for consumers who are in search of fast access to loans. But it’s important to consider the fine print before you apply. This MoneyKey review will take a closer look at the company’s offerings.
MoneyKey Loans for Consumers
First, MoneyKey offers payday loans of $255 in California and payday loans between $200 and $1,000 in Ohio. MoneyKey payday loans are very short-term loans with extremely high interest rates. They are usually easy to access even for borrowers with no credit or poor credit.
>> Read More: Payday Loan Statistics
Payday loans are meant to provide cash for living expenses until the borrower’s next paycheck. Borrowers have up to 1 month to repay the payday loan to MoneyKey. The APR on the loan varies from 214.61% to 459.88%. That’s extremely high when comparing it to the average personal loan APR.
|Rates (APR)||208% – 459%||99% – 199%|
|Loan Terms||Up to 18 months||Up to 36 months|
|Loan Amounts||$550 – $2,600||$1,000 – $4,000|
|Number of Eligible States||11||15|
MoneyKey also offers installment loans in Alabama, California, Delaware, Idaho, Illinois, Mississippi, New Mexico, Ohio, Texas, Utah, and Wisconsin. These loans provide a lump sum to borrowers at closing. The borrower then repays the loan with fixed monthly payments over a predetermined period of time. The terms and rates that MoneyKey offers to borrowers vary by state.
The interest rates on installment loans are lower than they are on payday loans, and borrowers have a much longer time to repay the loan. MoneyKey offers installment loans of $550 to $2,600 depending on the state.
The loan term varies up to 18 months. Interest rates vary by state, credit, and loan repayment choice, but in general they vary from between 208% to 459%. These interest rates are much higher than they are at any traditional lender or many online lenders.
Lines of Credit
A line of credit is when a lender allows a borrower to access credit up to a certain maximum amount. As the balance gets paid down, credit is again available for the borrower to use again. The interest charge and required monthly payment depend on how much the borrower owes at the end of each billing cycle.
MoneyKey offers lines of credit in Missouri, Kansas, and Tennessee. The amount of credit varies by state, and it ranges from $200 to $1,475. Interest rates also vary by state and credit score but range from around 279% to 399%. MoneyKey’s interest rates are much higher than most credit cards offering a line of credit.
MoneyKey Pros and Cons
If you need money fast and only for a very short period of time, MoneyKey can deliver. The website is easy to use, and the cash is usually available the next day. Many borrowers also praise the customer service. For borrowers who have poor credit but have no other way to get the cash they need, MoneyKey might be an easy and reliable option.
The biggest downside to borrowing from MoneyKey is its excessively high interest rates. In fact, MoneyKey’s interest rates are at least 10 times higher than those of other lenders in the industry.
Lenders offering high rates are often referred to as predatory lenders because they take advantage of people with poor credit who have no other way to borrow money. Some customers complained about this fact. Others claim that it is difficult to access their account and that customer service is poor after you borrow money from them.
MoneyKey may be an innovative financial company because of the way they provide online payday loans and other short-term loans to borrowers with poor credit. If you need a payday loan, MoneyKey might be worth considering. Payday loans, however, are a financial product and industry you should try to avoid, especially if you can find a short-term loan from a credit union or bank with lower rates.
>> Read More: Personal Loans for Bad Credit
Borrowers are at risk of being left in a worse situation because of the high cost of borrowing. If, however, you need to borrow from MoneyKey, it’s important to make sure that you pay back the loan as quickly as possible. Just because you have 31 days to repay a payday loan doesn’t mean you should wait that long. Every day you have the loan costs you a significant amount of money. So, do your best to pay it back quickly and make sure your account is fully closed after you pay off your loan.3.42 MoneyKey Personal Loans
Author: Jeff Gitlen
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