MoneyKey Review: Is It A Scam Or Is It Legit?

Are you in need of a personal loan and considering MoneyKey as an option? MoneyKey is a direct lender that offers personal loans, installment loans, and lines of credit to customers in various states across the United States. In this article, we will provide you with a detailed review of MoneyKey, including its pros and cons, the services it offers, and frequently asked questions.

MoneyKey Summary

MoneyKey is a direct lender and loans come from Capital Community Bank, it aims to provide a quick and easy lending process to individuals who need short-term financing. The company offers personal loans, installment loans, and lines of credit to eligible individuals in certain states. Founded in 2011 and based in Wilmington, Delaware, It has gained popularity as a lending option for those seeking financial assistance.

Pros of MoneyKey

• Fast Approval Process: Its online application process is straightforward and quick. You can receive a decision on your loan application within minutes and, if approved, your funds can be deposited into your account as soon as the next business day.
• Flexibility: It offers a range of loan options, including personal loans, installment loans, and lines of credit. This provides customers with flexibility in choosing a loan product that suits their needs.
• Customer Support: It has a knowledgeable and helpful customer support team that is available via phone, email, and live chat to assist customers with any questions or concerns they may have.
• Availability: It operates in several states across the United States, which makes it accessible to a wide range of customers.

Cons of MoneyKey

• High APRs: Its interest rates can be relatively high, making it an expensive option for borrowers. It is important for borrowers to carefully consider the cost of borrowing and ensure they can afford the repayment terms.
• Limited Availability: It does not operate in all states, which can be a disadvantage for customers who live in states where the company is not available. It is crucial to check the availability of MoneyKey’s loan products in your state before considering them as an option.
• Origination Fees: It charges an origination fee on its loans, which can add to the overall cost of borrowing. Borrowers should take this fee into account when calculating the total cost of the loan.

Services Offered by MoneyKey

It offers three types of loans: personal loans, installment loans, and lines of credit. Let’s take a closer look at each of these loan options:

1. Personal Loans: Personal loans are unsecured loans that can be used for a variety of purposes, including debt consolidation, home repairs, medical expenses, and more. The lender offers personal loans ranging from $200 to $5,000, with repayment terms of up to 18 months.

2. Installment Loans: Installment loans are loans that are repaid over time, with fixed payments scheduled at regular intervals. It offers installment loans ranging from $200 to $2,600, with repayment terms of up to 18 months.

3. Lines of Credit: Lines of credit are revolving credit accounts that allow you to borrow up to a certain limit, and you only pay interest on the amount you borrow. It offers lines of credit ranging from $200 to $1,000, with repayment terms of up to 12 months.

It is important to note that the loan amounts, repayment terms, and interest rates for each loan product can vary depending on the state in which the borrower resides and the loan product chosen. Borrowers should carefully review the terms and conditions before applying for a loan to ensure they fully understand the cost and repayment requirements.

What is MoneyKey?

MoneyKey is a direct lender that offers personal loans, installment loans, and lines of credit to eligible individuals in certain states. The company was founded in 2011 and is based in Wilmington, Delaware. It aims to provide a quick and easy lending process to individuals who need short-term financing.

To be eligible for a loan, applicants must meet certain criteria. They must be at least 18 years old, have a regular source of income, have an active checking account, and be a resident of the state where it operates. The loan amounts and repayment terms can vary depending on the loan product, the amount borrowed, and the state in which the borrower resides.

It is worth noting that the lender reports loan activity to major credit bureaus, which can impact the borrower’s credit score. This means that borrowers have an opportunity to improve their creditworthiness by making timely payments.

How does MoneyKey work?

MoneyKey works by offering personal loans, installment loans, and lines of credit directly to eligible individuals in certain states. The application process is conducted online, making it convenient for borrowers. To apply for a loan, borrowers need to visit the website and select the loan product they are interested in. They then fill out an online application form, providing personal and financial information such as name, address, income, and banking details.

Once the application is submitted, the company reviews it and makes a lending decision. If approved, the loan funds are deposited into the borrower’s active checking account via direct deposit. Repayment terms and amounts vary depending on the loan product and the borrower’s individual situation.

It encourages borrowers to make their payments on time and in full to avoid late fees and negative impacts on their credit scores. The company also offers assistance options, such as loan extensions or payment plans, for borrowers who may be facing difficulty in making their payments.

What are the interest rates for MoneyKey loans?

The interest rates for MoneyKey personal loans can vary depending on the loan product, the amount borrowed, and the state in which the borrower resides. It is important to note that its interest rates can be relatively high compared to traditional lending institutions. The actual interest rate charged will depend on the borrower’s creditworthiness and the state in which they reside. Check the minimum credit score in your state.

For personal loans and installment loans, the interest rates can range from 175% to 795% APR. Lines of credit have interest rates that can range from 24% to 399% APR, depending on the credit limit and the state of residence.

Borrowers should carefully review the terms and conditions, including the interest rates, before applying for a loan. It is crucial to understand the cost of borrowing and ensure that the loan can be repaid on time to avoid high fees and a negative impact on the credit score.

How do I apply for a loan with MoneyKey?

Applying for a loan is a simple process. Here are the steps to follow:

• Visit the website and select the loan product you are interested in.
• Click on the “Apply Now” button and fill out the online application form.
• Provide personal and financial information, including your name, address, income, and banking details.
• Review the loan terms and conditions, including the loan amount, repayment terms, interest rate, and fees.
• If you agree to the terms and conditions, sign the loan agreement and submit the application.
• Wait for them to review your application and make a lending decision. The decision is usually made within a few minutes.
• If approved, you will receive the loan funds via direct deposit into your active checking account.

It is important to note that eligibility requirements must be met to apply for a loan. These requirements include being at least 18 years old, having a regular source of income, having an active checking account, and being a resident of the state where it operates.

How long does it take to get approved?

The time it takes to get approved for a MoneyKey installment loan can vary depending on the loan product and the borrower’s individual situation. In some cases, borrowers may receive an instant decision on their application, while in other cases, it may take a few business days to process the application.

For personal loans and installment loans, borrowers can typically receive a lending decision within minutes of submitting their application. However, some additional verification of the information provided may be required, which can cause delays in the approval process, make sure to have your bank account information.

For lines of credit, the approval process may take longer since they may need to conduct a more thorough review of the borrower’s creditworthiness and financial situation.

Once approved, borrowers can typically receive the loan funds via direct deposit into their active checking account within one business day.

What are the repayment terms for MoneyKey loans?

The repayment terms for MoneyKey loans vary depending on the loan product and the borrower’s individual situation. It aims to offer flexible repayment terms to help borrowers manage their debt and budget their payments effectively.

For personal loans and installment loans, borrowers can typically choose to repay their loan over a period of several months to several years, depending on the loan amount and their ability to repay. Loan terms can range from a few months to up to 36 months, and borrowers can choose to make payments on a monthly, biweekly, or weekly basis.

Lines of credit offer more flexibility in repayment. Borrowers can draw funds up to their credit limit as needed and only pay interest on the amount borrowed. The repayment term for a line of credit varies based on the borrower’s activity and the amount of credit they use.

It encourages borrowers to make their payments on time and in full to avoid late fees and negative impacts on their credit scores. If a borrower is having difficulty making their payments, they may be able to offer assistance such as a loan extension or a payment plan to help them get back on track.

Does MoneyKey require collateral for its loans?

No, MoneyKey does not typically require collateral for its loans. Most of its loan products, including personal loans, installment loans, and lines of credit, are unsecured loans. This means that borrowers do not need to put up any collateral to secure the loan.

However, in some cases, MoneyKey may require collateral for certain loan products or for borrowers with a lower credit score. For example, if a borrower applies for a secured loan such as a title loan or a pawn loan, they would need to put up collateral, such as a car or valuable item, to secure the loan. Additionally, if a borrower has a poor credit history or a low credit score, MoneyKey may require collateral or a co-signer to mitigate the risk of default.

Overall, MoneyKey’s loan products are designed to be accessible and flexible for borrowers of different credit backgrounds and financial situations. The company strives to offer loan terms and repayment options that are tailored to each borrower’s individual needs.

Is MoneyKey a direct lender?

Yes, MoneyKey is a direct online lender. This means that it originates and services its own loans directly to consumers. Unlike some other lenders that act as intermediaries, MoneyKey does not work with third-party lenders or brokers to provide loans to borrowers.

Being a direct lender allows MoneyKey to offer more personalized service and greater flexibility in its loan products and repayment terms. Borrowers work directly with MoneyKey throughout the loan application and approval process, and they can contact the company’s customer service team directly with any questions or concerns.

Being a direct lender also gives MoneyKey more control over the loan process and allows them to offer more competitive rates and terms to their borrowers.

Where is MoneyKey available?

MoneyKey is currently available in several US states, including Alabama, California, Delaware, Idaho, Illinois, Mississippi, Missouri, New Mexico, North Dakota, Ohio, South Carolina, Texas, Utah, and Wisconsin. The availability of loan products may vary by state, and the company is constantly expanding its reach to serve more customers across the country.

Borrowers can visit the MoneyKey website to check if the company offers loans in their state and to view the loan products and terms available in their area. It is important to ensure that MoneyKey operates in your state before considering them as a lending option.

MoneyKey BBB Reviews:

When considering a lender, it is important to take into account the experiences of other customers. MoneyKey has a B rating on the Better Business Bureau (BBB) website and is not accredited by the organization. The BBB takes into consideration factors such as the number of customer reviews, complaints, the company’s response to those complaints, and the length of time the company has been in business.

MoneyKey has received an average of 35 customer reviews and 49 complaints on the BBB website, resulting in a 1-star out of 5-star rating. While the BBB rating provides some insights into the company’s reputation, it is essential to consider other factors as well when making a decision about working with a lender.

It is always a good idea for borrowers to conduct their own research and due diligence. Reading customer reviews, checking the lender’s website for information about its loan products and terms, and contacting the company’s customer service team with any questions or concerns can provide a more comprehensive understanding of the lender’s offerings and customer service.

FAQs

To provide further clarity, let’s address some frequently asked questions about MoneyKey:

1. How much can I borrow from MoneyKey?

MoneyKey offers personal loans ranging from $200 to $5,000, installment loans ranging from $200 to $2,600, and lines of credit ranging from $200 to $1,000.

2. What are the eligibility requirements for a MoneyKey loan?

To be eligible for a loan from MoneyKey, you must be at least 18 years old, have a regular source of income, have an active checking account, and be a resident of a state where MoneyKey operates.

3. What is the APR for a MoneyKey loan?

The APR for a MoneyKey loan can vary depending on the loan product, the amount borrowed, and the state in which you reside. However, MoneyKey’s interest rates can be relatively high. It is important to carefully review the terms and conditions before proceeding with a loan.

4. How long do I have to repay a MoneyKey loan?

MoneyKey offers repayment terms of up to 18 months for its personal and installment loans, and up to 12 months for its lines of credit. The specific repayment term will depend on the loan product and the borrower’s individual situation.

5. Can I repay my MoneyKey loan early?

Yes, MoneyKey allows borrowers to repay their loans early without penalty. Repaying the loan early can potentially save on interest charges.

6. What happens if I miss a payment on my MoneyKey loan?

If a borrower misses a payment on their MoneyKey loan, they may be charged a late fee. Additionally, their credit score may be negatively impacted, and MoneyKey may take steps to collect the debt. It is crucial to make payments on time to avoid late fees and maintain a positive credit history.

7. How does MoneyKey protect my personal information?

MoneyKey takes measures to protect borrowers’ personal information. These measures include using encryption technology to secure data transmission and storage, limiting access to personal information, and implementing security protocols to prevent unauthorized access.

8. Does MoneyKey report to credit bureaus?

Yes, MoneyKey reports loan activity to major credit bureaus, which can impact borrowers’ credit scores. Making timely payments can have a positive effect on creditworthiness.

9. How do I contact MoneyKey’s customer support?

MoneyKey’s customer support team can be reached via phone, email, or live chat. Contact information can be found on the MoneyKey website.

10. What happens if I am unable to repay my MoneyKey loan?

If a borrower is unable to repay their MoneyKey loan, it is important to contact the company as soon as possible to discuss available options. Depending on the situation, MoneyKey may offer payment arrangements or other solutions to help borrowers repay the debt. However, defaulting on the loan may lead to additional fees and a negative impact on the credit score.

Conclusion

In conclusion, MoneyKey is a direct lender that offers personal loans, installment loans, and lines of credit to individuals in eligible states. While the loan amounts and repayment terms are relatively flexible, it is important to carefully review the terms and conditions before applying for a loan from MoneyKey.

Pros of MoneyKey include its fast approval process, flexibility in loan options, and availability in multiple states. However, borrowers should be aware of the potential cons, such as high-interest rates, limited availability in certain states, and origination fees.

When considering a loan from MoneyKey, it is crucial to assess personal financial situations, evaluate the affordability of the loan, and ensure the ability to make timely repayments. It is also important to conduct independent research, read customer reviews, and thoroughly review the terms and conditions before making a decision.

While MoneyKey can be a viable option for individuals in need of short-term financing, it is essential to approach the lending process with caution, diligence, and an understanding of the potential risks and responsibilities involved.