MoneyKey loans: payday loans, lines of credit and more | finder.com

MoneyKey Loans — payday loans, installment loans and lines of credit

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MoneyKey-loans-logo-featured-imageYou have options when you’re looking to borrow a short-term loan — good credit not required.

With a simple application process and different loan types available to borrowers, MoneyKey offers a quick application to get a small loan when you need it. But its high fees and mixed reviews might not be what you want from a lender.

What is MoneyKey?

MoneyKey is a short-term lender that offers payday loans, installment loans and lines of credit to borrowers in 14 states. You can borrow anywhere from $200 to $2,600. However, the exact terms you qualify for — as well as the products available — will vary by your state.

  • Payday Loans. MoneyKey only offers payday loans in California, though borrowers in Ohio may still have an active loan. These can last anywhere from 8 to 31 days, and you can borrow up to $255. But with such limited availability, you may want to compare your other payday loan options if you don’t live in California.
  • Installment Loans. Installment loans from MoneyKey are available in Alabama, California, Delaware, Idaho, Illinois, Mississippi, Missouri, New Mexico, Ohio, Texas, Utah and Wisconsin. Depending on your state, your loan term could be as long as 18 months, and you may be able to borrow up to $2,600.
  • Lines of Credit. A line of credit is an ongoing, open-ended extension of credit. MoneyKey provides this product to residents of Kansas, Missouri and Tennessee. Unlike other lines of credit from banks and credit unions, MoneyKey lines are for small amounts, between $200 to $1,475 depending on your state.

Fees and other costs will also vary by state. Before you borrow, be sure you know exactly how much your loan or line of credit will cost.

Where is MoneyKey available?

MoneyKey offers loans in the following states:

  • Alabama
  • California
  • Delaware
  • Idaho
  • Illinois
  • Kansas
  • Mississippi
  • Missouri
  • New Mexico
  • Ohio
  • Tennessee
  • Texas
  • Utah
  • Wisconsin

Keep in mind that not every product is offered in every state. Check MoneyKey’s rates page to see which loans are available to you.

What are the benefits of a short-term loan from MoneyKey?

  • Quick turnaround. Like many short-term lenders, MoneyKey quickly notifies you if you’ve been approved for a loan or line of credit. If approved, your funds can be deposited in your bank account in as soon as one business day.
  • OLA and CFSA Member. MoneyKey is licensed and a member of the Online Lenders Alliance (OLA) and the Community Financial Service Association of America (CFSA), two organizations that promote fair practices in the short-term lending industry.
  • Easy to qualify. Applying for a payday loan, installment loan or line of credit with MoneyKey is easy. You won’t need good credit. As long as you have a bank account and a regular source of income, you may qualify.
  • Friendly customer service. Many borrowers call MoneyKey a professional and courteous company, and it’s rated highly on Trustpilot for its customer service.

What to watch out for

  • Limited services. MoneyKey may offer multiple loan options, but the actual option you have will be limited based on your state. Payday loans are only available in California, and lines of credit are only available in three states. For the most part, you’ll only be able to borrow an installment loan.
  • High APR. Short-term and installment loans are known to have a high APR, meaning you have to pay much more in fees and charges than you would with a traditional loan from a bank. Be sure you can repay the amount you borrow before signing a loan contract.
  • Different repayment options. While this isn’t a huge con, each type of loan offered by MoneyKey has a different system of repayment. Make sure you read your loan terms and know how much you’ll be required to repay and when each repayment is due.

How do MoneyKey loans compare with other short-term loan lenders?

Rates last updated February 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
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
$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.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
ACE Cash Express Short-term Loans
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
Varies by state
Generally receive the money the next business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
LendUp Payday Loans
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.
$250
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.

Compare up to 4 providers

Beware of high fees

While MoneyKey is licensed in every state it services and is a member of multiple industry organizations, it’s still a short-term lender — which means you’ll still pay quite a bit in fees and interest. Before you borrow, check your loan contract and budget. If you fail to make a payment, you could be hit with hefty late fees from MoneyKey as well as an overdraft fee from your bank.

And if you’re facing consistent problems with finances, it may be worthwhile to check out your short-term loan alternatives before you apply.

Is borrowing credit from MoneyKey safe?

Yes. MoneyKey’s website has Secure Socket Layer (SSL) encryption and Verified Site Certificates to protect your personal information and keep your data secure. In addition, MoneyKey only offers payday loans, installment loans or lines of credit in states where it is licensed to do so. All of its products are designed to comply with applicable state law.

Its fees are also compliant with all applicable federal and state regulations. Upon approval, you will receive a loan or line of credit agreement which will clearly outline the terms of the product.

What does the Internet say about MoneyKey?

Reviews for MoneyKey are mixed. As of January 2019, it isn’t accredited by the Better Business Bureau (BBB) and only has a B rating because of the large number of complaints filed against it. Many of the complaint details have been hidden, but those that are available state the MoneyKey charged them high interest rates — an unfortunate result of borrowing any short-term loan.

MoneyKey fairs better on Trustpilot. Over 1,750 borrowers have rated it, earning MoneyKey a score of 8.8/10. The few negative reviews also complain about the high costs of borrowing, although some accused MoneyKey of withdrawing funds out of their account without permission.

Am I eligible?

MoneyKey has the same basic eligibility requirements as other short-term lenders. To apply, you must

  • Have a steady source of income
  • Have a valid bank account
  • Live in a state where MoneyKey is available
  • Be a US citizen or permanent resident

How do I apply?

When you’re ready to apply, you’ll need to visit MoneyKey’s website to start an application. Click Get started to begin.

  1. Enter your email address, state of residence and preferred loan amount. Then click Get started.
  2. Enter your contact information, Social Security number and a password to create your account. Then click Continue.
  3. Select how you heard about MoneyKey then enter your application code, if applicable.
  4. Enter information about your employer, income and bank account.
  5. Read the Electronic Communications Agreement, Terms of Use, Privacy Policy and Arbitration Agreement. Then click Submit.

MoneyKey will review your application and notify you if you’ve been preapproved. If you are, it will get in touch to confirm your information and complete a full application. If not, MoneyKey may suggest another lender that could better address your needs.

Bottom line

Despite its limited services, MoneyKey can be useful if your budget falls short. However, the high costs can make a short-term loan difficult to repay. Carefully consider your other options and read over our guide to payday loans to ensure you’re making the best decision for your finances.

Are payday loans available in my state?

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