MoneyMutual short-term loan marketplace review

You could find a lender offering up to $2,500 with this short-term loan connection service.

MoneyMutual makes the search for a short-term loan easier. By filling out one form, you have the potential to connect with multiple lenders to get you the money you need quickly. But watch out for steep fees the direct lender may charge.

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Max. Amount

1 to 2 business days

Turnaround time


Product NameMoneyMutual Short-term Loan Marketplace
Max. Amount$2,500
Loan TermVaries by lender
Loan SecurityUnsecured
Turnaround Time1 to 2 business days
RequirementsMust have a minimum income of $800 per month, a valid checking account, be 18 years or older and US citizen or permanent resident.

How does MoneyMutual work?

MoneyMutual is a short-term loan connection service that has helped more than two million borrowers find lenders that fit their needs. Rather than receive your loan directly through MoneyMutual, you’ll fill out a form that is then used to connect you with a lender in MoneyMutual’s network.

But don’t be surprised if you don’t receive a loan of $2,500. Lenders generally won’t approve first-time borrowers for such a large amount. Instead, it’s more common to receive a payday or installment loan for $1,000 or less.

Using MoneyMutual can save you time — you won’t need to research lenders or compare multiple options on your own. And as long as you make $800 a month and have an open checking account, you may be eligible for a loan.

This service is not available in New York or to New York borrowers due to interest rate limits under New York law.

What are the benefits of using MoneyMutual?

  • Certified by the OLA. The Online Lenders Alliance (OLA) is a trade organization with a list of best practices to ensure online lenders abide by industry standards.
  • Simple online form. MoneyMutual doesn’t have a long list of questions on one page. Instead, you’ll have the chance to look at each question individually and provide a quick response.
  • Educational resources available. You can read up on payday loans, cash advances and bad credit loans on the MoneyMutual website, including how to tell that a payday loan site is legit.

What to watch out for

  • Not a direct lender. MoneyMutual is a loan connection service, not a lender. This means it won’t extend loans and won’t be able to discuss specific loan terms, so you won’t know how much you qualify for until you’re connected with a lender.
  • No guarantees. There may not be a lender that suits your needs. And even if MoneyMutual is able to connect you with a lender, there’s no guarantee you’ll be offered the terms you want or a loan that fits your budget.
  • Not available in every state. Short-term loans may not be legal in your state. Check our comprehensive list before you start the process.
  • You may not qualify for the loan term you request. MoneyMutual is affiliated with lenders that offer online installment loans as well as payday loans. Depending on the loan amount you request, you may need to borrow for a longer term.

Compare short-term loan connection services like MoneyMutual

Name Product Filter Values Loan amount Turnaround time Requirements
Fast5kLoans Short-term Loans Connection Service
$100 to $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.
LendYou Short-term Loans
$100 to $2,500
Same business day to 1 business day
$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.
$500 to $10,000
Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
CashUSA Installment Loans
$500 to $10,000
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more. Payday Loans
$100 to $999
Varies by lender
Employed, at least $1,000 in monthly take-home pay, valid checking account, US citizen, over 18, valid home and work phone number, valid email address, resident of eligible state.
Use its repayment calculator to see how the loan term and amount you borrow affects the overall cost.

Compare up to 4 providers

Must read: Watch out for steep fees with payday lenders

It doesn’t cost anything to use MoneyMutual’s service, but because you may be connected with a short-term lender, be cautious when you’re offered a loan by one of its affiliates. Short-term loans are notoriously expensive, so you’ll want to make sure you understand the full cost of a loan before you agree to borrow. Many lenders charge $10 to $15 for every $100 borrowed, which can quickly add up if you’re late on a payment or need to borrow another loan — this can lead to a situation known as a payday loan cycle.

Is it safe to use MoneyMutual?

Yes. MoneyMutual’s website is secured by 256-bit encryption and is scanned daily for intrusions into its system. This means your personal information will be protected as you’re entering it on the MoneyMutual’s site. However, if you’re connected with a lender and redirected to a new website, you should ensure it’s similarly secured. A lock in the address bar of your browser is the first hint, but all legit lenders should have a section in their FAQs regarding the safety of its website.

But because MoneyMutual is a connection service, your personal information may be shared, rented or sold to third parties as part of the connection process. This isn’t uncommon, but it is something that can make some borrowers wary. If you aren’t comfortable with this type of activity, you may want to consider a direct lender instead.

MoneyMutual reviews and complaints

BBB accreditedNo
BBB ratingA+
BBB customer reviews1 out of 5 stars, based on 2 customer reviews
BBB customer complaints3
Customer reviews verified as of16 October 2020

Money Mutual only has a few online reviews. But the few reviews out there are negative. Some even raise red flags. One person stated that they were offered a $5,000 loan and were required to give the lender a $500 iTunes gift card as insurance. But this is a scam tactic by a company posing to be MoneyMutual — not Money Mutual itself.

MoneyMutual has a Consumer Advisory warning on its website about these scams. The company doesn’t directly offer loans, nor does it connect people with lenders that offer more than $2,500. When reading reviews online, keep an eye out for situations like this.

It’s good practice take online reviews with a grain of salt. Consumers often only leave comments when they feel strong emotions. Be sure to read over the terms of using MoneyMutual’s services and your lender’s terms before taking out a loan to have a clear idea of what you should expect when borrowing a short-term loan.

Am I eligible?

In order to be connected with a lender through MoneyMutual, you’ll need to meet some basic criteria:

  • You must have a monthly income of at least $800.
  • You must have a valid checking account.
  • You must be a US citizen or permanent resident.
  • You must be at least 18 years old.

How do I get started?

When we went through the form, it took about 15 minutes. However, because it’s broken into multiple short sections, it shouldn’t take long to find the right information you need to complete the section.

It may seem like a long process, but MoneyMutual asks for all the information a lender might require so it can connect you with the best option for your needs.

Once you’re finished with the MoneyMutual form, you’ll need to wait while your information is processed. If you’re connected to a lender, MoneyMutual will redirect you to its website. From here, you may need to verify some information you entered with the direct lender.

What happens after I’m connected with a lender?

If you’ve been connected with a lender, you’ll be redirected to the its website to finalize your loan. Your lender will outline your terms, including how much the loan is for, how much you’ll need to pay back and when you’ll need to repay your loan. There should also be a list of potential fees.

Once the terms of your loan are set, you can choose to accept the offer or find another lender. If you agree to the lender’s terms, you can choose to sign the contract. Your loan funds will likely be deposited into your account within one to two days, although turnaround times will vary by lender.

Did you know? There have been issues with MoneyMutual in the past

In 2015, the MoneyMutual agreed to pay the New York Department of Financial Services a $2.1 million settlement and stop advertising to residents of New York, a state that prohibits payday loans. This was a big blow to the company that certainly lowered its credibility, but it continues to connect borrowers to short-term lenders — just not in states where such high interest rates are illegal.

Bottom line

MoneyMutual can save you time when you’re looking for a short-term loan, especially if you don’t want to spend hours comparing lenders and searching for the right terms. But keep in mind that any loan you take out will be expensive, and depending on your current financial situation, it may be difficult to pay back.

Before you borrow, compare your other loan options and learn more about how short-term lending works.

Frequently asked questions

Here’s a few more answers to questions you might still have before applying.

Can I still apply if I receive a fixed income?

Yes. The lenders in MoneyMutual’s network accept borrowers in all situations, provided you have a steady source of income of at least $800 a month. However, keep in mind that it can be difficult to repay a loan when you aren’t employed. You may want to consider an alternative to short-term loans first.

What are the difference between payday loans and installment loans?

Payday loans have a shorter terms — usually between two to four weeks — and you won’t be able to borrow as much. An installment loan may last as long as 12 months, and you’ll typically be able to borrow between $1,000 to $10,000.

Why does MoneyMutual need my bank account information?

Because the lenders in MoneyMutual’s network all work online, your bank account information is used to confirm your identity and that you have a place to receive your loan funds. This is also the place where your payments will be taken from. If you don’t have a bank account, or just use a checking account, you may want to consider short-term loans for people without bank accounts or find a lender that offers prepaid debit card loans.

Does taking out a short-term loan impact my credit?

Not usually. Many lenders don’t report to the big three credit bureaus, but your loan may be available to smaller credit-reporting agencies. However, if you’re late on a payment or your loan goes to collections, your credit may be negatively affected.

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