Get more flexibility than with a payday loan — but it’s only available in three states.
A MoneyKey line of credit can be drawn from whenever you need, without a lengthy application process like a payday or installment loan. However, it’s still a costly solution — you may end up paying the same amount of fees that you’d find with other short-term loans.
|Product Name||MoneyKey Line of Credit|
|Min Loan Amount||Varies by state|
|Max. Loan Amount||$1,000|
|Turnaround Time||1 business day*|
|Costs||Varies by state of residency|
|Requirements||You must be a permanent US resident or citizen, at least 18 years old, and have regular income.|
- Convenient application process.
- Highly trained customer care representatives available by phone, email or online chat.
- Log in online to see your account summary.
- Flexibility to withdraw funds up to your approved Credit Limit.
- Next business day funding, depending on your bank's policies.
- MoneyKey’s line of credit is only offered in two states: Kansas and Missouri.
*The date and time the funds are made available to you by your bank is subject to your bank’s policies.
What is a MoneyKey line of credit?
A line of credit allows you to borrow money when you need it — up to your approved credit limit. Once you apply, you’ll be able to draw from your line of credit and receive your funds as soon as the next business day.
The total amount you can borrow, as well as the cost of each loan, will depend on your finances and your state. The APR of your loan is based on interest and fees.
- Kansas. Credit limits range between $200 to $1,000 and have an APR of 499%.
- Missouri. Credit limits range between $500 to $1,000 and have an APR of 399%. There is also an annual fee of $50.
- Tennessee. Credit limits range between $200 to $1,475 and have an APR of 279.5%.
And unlike a regular short-term loan, you’ll only pay interest on the amount you borrow when you borrow it. If you don’t use your line of credit, then you won’t accrue any interest or fees.
Must read: State availability
MoneyKey lines of credit are only available in Kansas, Missouri and Tennessee.
What are the benefits of a MoneyKey line of credit?
- Line of credit term is not fixed. You can borrow any amount up to your available credit limit. When you pay down the principal, you can continue to access your line of credit whenever long as you need.
- Simple process. Applying for a line of credit with MoneyKey is easy. You’ll find out if you qualify within a few minutes after applying. And if you’re approved, you can have the funds deposited into your bank account in as soon as one business day.
- Check progress online. You can log into MoneyKey to see your account summary, keep track of past payments, check upcoming due dates and make extra payments.
What to watch out for
- Limited availability. The biggest downside to a MoneyKey line of credit is its limited availability. You’ll only be able to borrow if you’re a resident of Kansas, Missouri or Tennessee. Everyone else is limited to one of MoneyKey’s other products.
- High costs. A MoneyKey line of credit may be convenient, but it’s still a short-term loan. Because of this, you can expect to pay a high APR for every loan, even if you only borrow a small amount.
- Multiple BBB complaints. MoneyKey only has a one-star rating on its Better Business Bureau (BBB) page, and it has nearly 100 complaints filed against it. And unlike many lenders, it only gives a form response to each person — not a great sign of customer care.
How does a MoneyKey line of credit compare to similar credit products?
Must read: Beware of high costs
Although lines of credit are usually only available through a bank or credit union — and are therefore subject to different laws than short-term lenders — a MoneyKey line of credit still falls under the short-term loan label. This means that your APR may be over 300%, which can make borrowing even a small amount quite expensive.
If you do decide to borrow, try to make more than the minimum payment on your due dates. And of course, there are always short-term loan alternatives you can explore if you don’t think MoneyKey is the right choice for you.
Is it safe to borrow from MoneyKey?
If you have any questions, you can contact MoneyKey by emailing email@example.com or by calling 866-255-1668. MoneyKey also has a live chat option if you need quick answers to your questions.
What do borrowers say about a MoneyKey line of credit?
MoneyKey receives mixed ratings from its borrowers. On its BBB page, MoneyKey isn’t accredited and only receives a B rating based on nearly 90 complaints filed against it. Borrowers didn’t specifically complain about the line of credit option, but they did have problems with the high interest rates and accused MoneyKey of misrepresenting fees during the application process.
On Trustpilot, MoneyKey does better. It has an 8.8 out of 10 based on nearly 2,000 reviews. However, many of these don’t go into the specifics of why MoneyKey was a good — or bad — service to use. Positive reviews state that MoneyKey was quick and has good customer service, while negative reviews once again have problems with the high interest rates.
When you’re comparing your loan options, keep in mind that all short-term loans come with high APRs and may cost hundreds of dollars in interest.
Am I eligible?
To qualify for a line of credit from MoneyKey, you’ll need to meet the following eligibility criteria:
- You must be a resident of Kansas, Missouri or Tennessee
- You must have a regular source of income
- You must have a bank account
- You must have a valid phone number and email address
- You must be a US citizen or permanent resident
- You must be at least 18 years old
What do I need to apply?
- Personal information. This includes your complete name, address, home phone number, and email address.
- Banking information. This includes your bank’s name, account type, account number, and routing number.
- Employment information. This includes the name of your employer, your monthly income, your last pay date and your next pay date.
I got a MoneyKey line of credit. Now what?
You can access any remaining credit available up to your approved credit limit. That means that if you pay down your principal balance, you can choose to make additional withdrawals whenever you need — up to the remaining credit available in your line of credit. Just contact its customer care team to make a request, and your funds will be available in your bank account in as soon as the next business day.
When you do borrow, follow these tips to help keep your costs down:
- Use funds wisely. Only the money you need when you need it. Otherwise, you might have to pay big fees on small amounts, which can have a negative impact on your budget.
- Pay more when possible. Call MoneyKey’s customer service team to make additional payments or to pay off your outstanding balance.
A line of credit from MoneyKey can be a quick way to get the money you need when you need it — without having to fill out a loan application each time. However, it still has many of the flaws of a regular short-term loan, namely the high interest rates. Before you commit, take the time to compare other short-term loan options to see where you can find a better rate.