A MoneyKey line of credit could get you money when you need it while offering more flexibility than payday loans.
What is MoneyKey’s line of credit?
A line of credit helps you cover unexpected expenses by accessing money up to your approved credit limit. Use only what you need and pay fees and interest only on the money you spend. However, APRs vary by state and can be as high as 399%.
Important details about MoneyKey lines of credit
MoneyKey lines of credit are available in Kansas, Maryland and Missouri only. In each state, the maximum loan amount is $1,000. But APRs, fees and minimum loan amounts vary.
MoneyKey line of credit APR and fees by state
Compare the MoneyKey line of credit to other online short term loan providers
What are the benefits and drawbacks of MoneyKey lines of credit?
Am I eligible for a MoneyKey line of credit?
Getting a line of credit with MoneyKey is an easier way to get cash compared to many other short term loans if you live in Maryland, Kansas or Virginia. To be eligible, you must:
- Be 18 or older and a US citizen or permanent resident.
- Reside in Kansas, Maryland and Virginia.
- Have a bank account.
- Have a phone number and valid email.
- Be able to prove a source of income.
You can complete the application online or call 1-866-255-1668 to apply by phone.
What information do I need to apply for a MoneyKey line of credit?
- Government-issued ID. You’ll need a driver’s license and Social Security number.
- Banking information. Including your bank name, account type, account number and routing number.
- Employment information. Name of employer, monthly income, last day paid and next pay date.
I got approved for the MoneyKey line of credit. Now what?
- Once you’ve got the credit line, spend it carefully using only the money you need.
- Pay more than the minimum payment to reduce the principal and be eligible for a credit increase, if you need it.
- Call in additional payments or to pay off the entire principal.
- Call or log in to your account to confirm your line of credit balance.
MoneyKey lines of credit are a way that you can get money fast with more control over how much you choose to access. MoneyKey’s limited availability and high fees and interest rates could make other lenders more appealing. If you live outside the states it services, take a look at other lenders with short term loan solutions in your area to compare your options.
Frequently asked questions
What is the minimum payment I need to make for a MoneyKey line of credit?
You can find the minimum payment amount when you log into your MoneyKey account online or by calling their customer service line. Although you can pay the minimum payment amount provided by MoneyKey, it comprises mostly of interest and additional fees that are added each billing cycle. To pay down the principal, you’ll need to pay more than the minimum payment specified.
Will MoneyKey contact my employer?
Only if MoneyKey can’t get you by phone or email. By law, MoneyKey can’t discuss your finances with outside parties.
When will my funds be available for use?
If your loan is approved by MoneyKey before 6:30 p.m. CST Monday through Friday, your funds will be available on the next business day. If it’s approved over the weekend, your funds will be available on the upcoming Tuesday.