Borrowers can apply in-store or online — and without a bank account in some states.
Short-term loans can help you keep your head above water when an emergency pops up. If you need to borrow a small amount to cover a bill, a gap in your paycheck or other expense, Moneytree may be an option. And in some states, you can even apply without having a bank account.
must be 18+ years old, have regular source of income and a bank account.
Have regular source of income
Have a bank account
Be 18+ years old
What is Moneytree?
Moneytree is a direct lender that’s been around for over 30 years. It offers short-term installment loans and auto title loans you can use for unexpected expenses or financial emergencies. Fees vary by how much you borrow and the length of your loan — each state has its own laws and regulations. Check out what the fees are in your state by visiting the Find a branch page on Moneytree’s site and then compare them against your state’s payday loan regulations.
What are the benefits of Moneytree short-term loans?
Transparent fees. Moneytree doesn’t use smoke and mirrors to try to hide its fees. Every state offers a fee chart for each type of loan to determine what you’ll pay in fees based on how much you borrow.
No bank account required. If you live in Idaho, Nevada or Washington, Moneytree has options for people without a bank account. You can visit a branch and have your loan loaded onto a prepaid debit card.
Member of the CFSA. The Community Financial Services Association of America (CFSA) has a list of best practices that its members must follow. Since Moneytree is a member, you should expect that it abides by these.
What to watch out for
Facing government action. The Consumer Financial Protection Bureau (CFPB) has ordered Moneytree to pay $250,000 in fines due to its use of deceptive ads, false collections letters and unauthorized electronic transfers.
Limited states serviced. Moneytree only extends loans to residents of California, Colorado, Idaho, Nevada and Washington.
Steep fees. Like all short-term loan options, Moneytree will charge you a high interest rate, in many cases well over 400%. Before you borrow, check out some of the alternatives to payday loans.
Monytree loan amounts by state
State
Loans available
Loan amounts
Bank account needed?
California
Payday Business
$50 to $2,500
Yes
Colorado
Installment
$100 to $500
Yes
Idaho
Payday Installment Auto title Auto equity Business
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How can I qualify for a loan without a bank account?
Residents of Idaho, Nevada or Washington may be able to take out a loan without a bank account, but the fees will be higher than payday or installment loans with a bank account.
Visit a branch in your state and submit an application. Moneytree will verify your identity and income as well as your contact information. If you’re approved, you can receive your loan as cash, check or loaded onto a prepaid debit card. Avoid extra fees by paying back your loan with cash by the due date.
Is it safe to apply with Moneytree?
Yes. Moneytree uses McAfee and Verisign to protect consumer information online, and it has a license in every state it operates. Check to make sure the security certificate for the site is valid by finding the green lock in the address bar of your browser.
CFPB took action against against Moneytree in 2016
Moneytree was implicated by the Consumer Financial Protection Bureau in December of 2016 for making unauthorized electronic transfers from borrowers’ accounts, sending out collections letters with false information and putting up deceptive ads that lied about the true costs of their loans.
Because of this, Moneytree was required to pay $255,000 to consumers and a civil penalty of $250,000 to the CFPB Civil Penalty Fund. It was also required to cease all illegal and deceptive practices.
Moneytree Headquarters has a C- rating from the Better Business Bureau because of the actions taken against it by the CFPB. As of July 2018, it has only one user review and eight customer complaints. This is a small sampling size and likely doesn’t represent the full range of borrower experiences. However, because of past problems with Moneytree, the customer reviews likely do show common problems.
Am I eligible?
To apply for a loan from MoneyTree, you’ll need to meet some basic eligibility criteria.
Live in one of the following states: California, Colorado, Idaho, Nevada and Washington
Have an open checking account (if you live in California or Colorado).
Have a Social Security number or tax identification number.
Navigate to your state page — only available in California, Colorado, Idaho, Nevada and Washington.
Click Apply now to start your application.
Set up your account by entering your name, address, date of birth, Social Security number and driver’s license number.
Enter your employment information, including how you’re paid and your next pay date, and your bank account information.
Read the Electronic Consent Agreement to complete your loan application.
You’ll need to provide Moneytree with proof of your income. This can include a recent paystub, a bank statement or an Award Letter stating your government benefits income. You can fax copies of these, send them through email or bring the paperwork into a branch to have them confirmed.
If your loan is approved, Moneytree will send you an email that will allow you to log in to your account to complete your loan application. Moneytree may require additional information before it can fund your loan.
I got the loan. Now what?
Once you have your loan, make plans to repay it. Forming a proper budget and setting aside a little extra money to account for fees helps you avoid having to take out another loan and late fees.
You can repay your loan by having the payment directly debited from your account, or you can pay in cash. If you applied at a branch, you can choose to leave a check or pay your loan back on the due date via cash or debit card.
Bottom line
Although Moneytree has been involved in past controversy, its site is now transparent for borrowers to make an informed decision on their loan. It still pays to be cautious no matter which short-term lender you choose, and you can compare other payday loan services to decide which loan suits you best.
Frequently asked questions
Yes. If you’re unable to pay your loan, Moneytree may be able to create a payment plan to help you with your outstanding balance.
Depending on your state of residence, you may be able to cash your checks, send a wire transfer or make a money order.
Yes. Moneytree may conduct a credit inquiry and may also report your payment.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for everyday people to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise.
I am on SS death benefits from my husband and don’t have a checking or savings account. I see lending tree does those kinds of loans. I do have my direct express debit card where I can set up payment to be made to a lending tree directly. Do they do this kind of thing without checking it savings?
If you have a regular source of income and bank account, then you might be able to apply for this loan. Moreover, if you live in Idaho, Nevada or Washington, Moneytree can still be an option for you even if you don’t have a bank account. All you need to do is visit a branch and have your loan loaded onto a prepaid debit card.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
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