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Personal Loans

MoneyKey Review: Consider Alternatives if Possible

MoneyKey is one option for consumers who are looking to get a loan quickly. The lender only offers short-term loans and they typically have very high interest rates.

We only recommend consumers take out loans with interest rates of 36% or less. None of MoneyKey’s loans meet this standard.

Before taking out a loan with MoneyKey, be aware of the total loan cost and have a plan for repayment if you can’t find alternatives.

On this page:

MoneyKey Loans for Consumers

Payday Loans

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.

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.

>> Read MoreHow Do Payday Loans Work?

Installment Loans

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 goes up to 18 months. Interest rates vary by state, credit, and loan repayment choice, but in general, they vary from 208% to 459%. These interest rates are much higher than they are at banks or other online lenders.

>> Read More: Best Installment Loans

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 depends 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 and personal lines of credit.

>> Read More: Best Personal Lines of Credit

MoneyKey Pros and Cons


  • Borrowers with bad credit are eligible

  • Get your money fast

  • User-friendly website

  • Many users report that customer service was helpful


  • High interest rates that can make for an expensive loan and a difficult repayment

  • Some borrowers say it is hard to access their accounts

  • Some users claim customer service was poor after they received their loans

Bottom Line

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 are eligible for a bad credit personal loan with rates under our recommended max of 36%.

You could also consider looking into secured credit cards or secured personal loans as an alternative.

Payday loan 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.