MoneyKey is a direct online lender that started in 2011 and gives borrowers with lower credit scores access to short-term personal loans and lines of credit. The lender offers products in 16 states.
MoneyKey notes that its short-term installment loan is “an expensive form of credit and is not intended to meet long-term financial needs.”
Is borrowing from MoneyKey a good idea?
This lender offers short term installment loans at very high interest rates. Even if your credit isn’t perfect, you may still qualify for a traditional personal loan. Be sure to research all of your options.
If you decide that a short-term, high-cost installment loan is your best option, focus on paying your loan on time and paying it back.
What can MoneyKey personal loans be used for?
MoneyKey personal loans can be used for financial emergencies, such as medical bills, car repairs or job loss. Loans of $150 to $3,500 with repayment terms of five to 18 months are quick sources of cash, but aren’t ideal for consolidating debt, financing investments, or paying for home renovations.
The lender stresses that its personal loans are intended for short-term financial emergencies and that borrowers should use the funds wisely.
How do MoneyKey personal loans work?
If you want a MoneyKey personal loan, you can apply online in minutes or call customer service. You will provide personal information, such as your social security number, on the online application, and MoneyKey will verify your credit and financial history.
If you are approved for a loan, MoneyKey can usually deposit the funds into your bank account the next business day.
Because the loans are intended for short-term use, repayment ranges from five to 18 months, depending on your state. Common reasons for getting MoneyKey personal loans include:
- Cover medical expenses.
- Pay for unexpected home or auto repairs.
- Manage small emergency expenses that do not exceed $3,500.
Borrowers cannot use the loans to:
- Fund illegal activities.
- Buy medicine.
- Buy guns.
- Consolidate and pay off credit card debt over time.
What are the MoneyKey loan terms, fees and conditions?
MoneyKey loan rates differ by state. If you live in Delaware, for example, your APR will vary depending on your specific loan details and could be as high as 295%. APRs for Idaho borrowers, on the other hand, cap at 505% and depend on payment schedules.
Likewise, reimbursement terms vary by state. Idaho borrowers have up to 10 months and can choose to pay weekly, biweekly, monthly, or bimonthly. In Delaware, terms are approximately 12 months with the same payment options.
How can you qualify for a MoneyKey personal loan?
You must be at least 18 years old and a citizen or permanent resident of the United States to qualify for a MoneyKey personal loan. MoneyKey will verify that you have a bank account, a consistent source of income, and a valid email address and phone number.
MoneyKey doesn’t disclose a minimum credit score for a personal loan, but credit scores carry less weight for this provider of small installment loans and payday loans.
What credit score do you need?
As long as you have a stable stream of income, a bank account, and valid contact information, you may qualify for a MoneyKey loan even with low or no credit.
Where does MoneyKey work?
MoneyKey is part of the CC Flow division of Capital Community Bank in Provo, Utah, and offers products in 16 states, but not all are available everywhere.
Consult the lender service map to find out if you can get a personal loan or line of credit from MoneyKey in your state.
Does MoneyKey provide good customer service?
MoneyKey is not accredited by the Better Business Bureau and has a B rating. Trustpilot rates MoneyKey 4.6 out of 5 stars.
How do I reach MoneyKey customer service?
MoneyKey offers customer service by phone, email or online chat.
Call: Call 866-255-1668 from 9 a.m. to 9 p.m. EST Monday through Friday, 10 a.m. to 6 p.m. Saturday, and 11 a.m. to 7 p.m. Sunday.
Online chat: You can ask questions from 11 a.m. to 7 p.m. EST Monday through Friday using the chat feature on the MoneyKey website.
What are some of MoneyKey’s online features?
You can apply for a personal loan through the MoneyKey website or the app called MoneyKey Mobile. The app can be used not only to apply for a loan, but also to view documents, apply for additional loans, check application status, and view payment schedules.
If you prefer to manage loan application and payment processes online, MoneyKey will allow you to do so. You can call customer service for help if you need it, but you won’t have to speak to anyone when applying for or accepting a loan.