MoneyMutual short-term loan marketplace review 2019 |

MoneyMutual short-term loan marketplace review

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

Life comes with unexpected expenses, and not can cover the cost of a car repair or a hospital bill at a moment’s notice. Even fewer have the time to search for lenders. MoneyMutual makes the search easier. By filling out one application, 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.

Product NameMoneyMutual Short Term Loan
Min Loan AmountVaries by lender
Max. Loan Amount$2,500
Loan TermVaries by lender
Loan SecurityUnsecured
Turnaround Time 1–2 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.
  • Income of at least $800 per month
  • Valid checking account
  • Age 18 years or older
  • US citizen or permanent resident

How does MoneyMutual work?

MoneyMutual isn’t a lender, but a loan-connection service that’s connected more than two million customers to lenders. Rather than apply with them directly and receive a loan, you’ll fill out an application that has the potential to reach multiple short-term lenders. This saves you time from researching different lenders and filling out multiple applications. As long as you make $800 a month and have an open checking account, MoneyMutual will likely find a lender that meets your needs.

Once you’ve completed the application, MoneyMutual scans its affiliated lenders. You’re then redirected to the lender’s website to finalize and submit your application. The terms of your loan are set, and you can choose to accept the loan or find another lender.

Don’t be surprised if you don’t receive a loan for as much as $2,500. Lenders that offer this amount generally won’t allow first-time borrowers to apply. Instead, it’s more common to receive a loan for $1,000 or less as either a payday or an installment loan.

Although MoneyMutual states that many lenders can deposit money into your account in as little as 24 hours, keep in mind that it usually takes most lenders and your bank one or two business days to complete the transfer after your application is approved.

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 application. MoneyMutual’s application isn’t a long list of questions on a page. Instead, you’ll have the chance to look at each question individually and only need to provide a quick response when entering your bank account numbers.
  • 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.

Are there drawbacks I should be aware of?

  • Not a direct lender. MoneyMutual is an online loan connection service, not a lender. This means it won’t extend loans and won’t be able to discuss specific loan terms.
  • No guarantees. There may not be a lender that suits your needs. Even if MoneyMutual is able to connect you with a lender, there’s no guarantee you’ll be offered the terms you want.
  • Not available in every state. Short-term loans may not be legal in your state. Check our comprehensive list before you apply.
  • 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’re requesting, you may need to borrow for a longer term.

More loan-connection services to consider

Rates last updated January 19th, 2019
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
LendYou Short-term Loans
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
TriangleCash Payday Loans
If you have bad credit or no credit history, apply to be connected to a network of lenders for funding at rates that vary by state.
As soon as next business day
You must be a US citizen, at least 18 years old, and have a valid bank account. Payday Loans
Whether for emergencies or unexpected expenses, this provider may be able to connect you among its nationwide network of lenders.
1–2 business days
You must be at least 18 years old with take-home monthly income of at least $1,000 after taxes.

Compare up to 4 providers

Watch out for steep fees with payday lenders

Since MoneyMutual isn’t a direct 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 costs before you sign the loan agreement. Many lenders charge $10 to $15 for every $100 borrowed, and this amount can quickly add up if you’re late to pay or need to borrow another loan, 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 the system. This means your personal information will be protected as you’re entering it into the MoneyMutual application. 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.

What do former customers have to say about MoneyMutual?

As of this writing, MoneyMutual is not accredited by the Better Business Bureau (BBB), but it does receive an A- rating, as well as 6.4 out of 10 stars by TrustPilot. However, there are a limited number of customer reviews about MoneyMutual. This is likely because it is a connection service, not a lender, so many people who use its service will end up reviewing the lender they’re connected with. However, reviewers that posted on the BBB left mixed comments on MoneyMutual’s customer service. Some stated that it wasn’t personalized enough, while others were pleased with the quick responses they received to questions.

There were some reviews that criticized MoneyMutual as a lender. One person stated that they were offered a $5,000 loan and was required to give the lender a $500 iTunes gift card as insurance. This is a scam tactic by a company posing to be MoneyMutual. 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 be at least 18 years old.
  • You must be a US citizen or permanent resident.
  • You must have a regular source of income of at least $800 per month.
  • You must have a valid checking account.

How do I apply?

MoneyMutual claims that its application will only take about five minutes, but when we went through the application, it took more like 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.

Step- by-step application screenshots

This may seem like a long application process, but MoneyMutual asks for all the information a lender may need to connect you with the best option for your needs.

What happens after I’m connected with a lender?

Once you’re finished with the MoneyMutual application, 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 during the application process.

A lender outlines your loan terms. This includes how much you’re borrowing, how much you’ll need to pay back and how long you’ll be borrowing for. There should also be a list of potential fees. If you agree to these terms, can choose to sign the contract. The loan funds will likely be deposited into your account within one to two days.

Did you know?

Montel Williams is a paid spokesperson for MoneyMutual. In 2015, the company 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.

Bottom line

MoneyMutual can save you time when you’re looking for a short-term loan. If you don’t want to spend hours comparing lenders and searching for the right terms, you can use MoneyMutual’s service. Keep in mind that any loan you take out will be expensive, and depending on your current financial situation, may be difficult to pay back. Before you borrow, compare your other loan options.

Frequently asked questions

Kellye Guinan

Kellye Guinan is a writer and editor with and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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