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, 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 $1,500.
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 $2,000 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:
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.
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 does MoneyKey compare with other short-term loan lenders?
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.
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.
Enter your email address, state of residence and preferred loan amount. Then click Get started.
Enter your contact information, Social Security number and a password to create your account. Then click Continue.
Select how you heard about MoneyKey then enter your application code, if applicable.
Enter information about your employer, income and bank account.
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.
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?
Frequently asked questions
No. You can contact MoneyKey by phone or live chat between 8 a.m. to 9 p.m. ET on Monday to Friday and 10 a.m. to 6 p.m. ET on Saturday and Sunday.
Yes. MoneyKey allows you three business days to cancel with no penalties.
If you’re approved before 8:30 p.m. ET Monday through Friday or before 6:30 p.m. ET on Saturday or Sunday, your funds may be available as soon as the following business day.
The required minimum payment will depend on a number of factors specific to your line of credit. You can find your minimum payment amount when you log in to your MoneyKey account online or by calling their Customer Care team. You can also find a summary of your account on your periodic statements.
MoneyKey will only contact your employer if they can’t reach you by phone or email. By law, MoneyKey can’t discuss your finances with outside parties.
If you have available credit on your line of credit with MoneyKey, you can borrow any amount up to your approved credit limit. Contact their Customer Care team and request the amount you desire and the approved funds will be made available in your bank account as soon as the following business day.
If you move, get a new job, or change banks, please call MoneyKey to speak with the Customer Care team who can update your account accordingly.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
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