MoneyKey line of credit review September 2019 | finder.com

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MoneyKey line of credit review

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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.

$200

Min. Amount

$1,475

Max. Amount

Same business day to 1 business days

Turnaround time

Details

Product NameMoneyKey Line of Credit
Min. Amount$200
Max. Amount$1,475
Loan TermVaries
Turnaround TimeSame business day to 1 business days
CostsVaries by state of residency
RequirementsYou must be a permanent US resident or citizen, at least 18 years old, and have regular income.

*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?

Updated September 16th, 2019
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
$15,000
Same business day to 1 business days
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$50,000
Same business day to 1 business days
Employed, $800+ regular monthly income, checking account, ages 18+, US citizen
Fill out a simple online form to compare offers from several lenders that may be able to help.
$1,000
1 to 2 business days
Bank account, email address, phone number, US citizen or permanent resident, ages 21+
Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
$250
As soon as the next business day
Checking account with ACH, proof of income, Social Security number, ages 18+
Get rewarded for making on-time repayments with better rates and terms on future loans.

Compare up to 4 providers

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?

Yes. MoneyKey has a secure website and only offers short-term loans — including its line of credit — in states where it is licensed. In addition, MoneyKey also has an industry-standard privacy policy that covers the information it collects and shares, as well as steps you can take to limit that sharing.

If you have any questions, you can contact MoneyKey by emailing customercare@moneykey.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.

Bottom line

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.

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