MoneyKey offers a fast and easy way to get money without worrying about having a perfect credit history.
MoneyKey offers, arranges and services 10 states across the US. Depending on your state of residence, you may have access to installment loans, payday loans or a line of credit. The application process is simple, and if approved you’re approved, you can have the funds deposited into your account as early as the next business day.
You don’t need impeccable credit to be eligible to qualify, but there are specific criteria that you must meet to be approved. When considering a payday loan, installment loan or line of credit with MoneyKey, please take the time to carefully review their products.
|Product Name||MoneyKey Loan/Line of Credit|
|Min. Loan Amount||$200|
|Max. Loan Amount||$2,600|
|Loan Term||Varies by state|
|Turnaround Time||1 business day*|
|Costs||Varies by state of residency|
|Minimum Eligibility Requirements||You must be a permanent US resident or citizen, at least 18 years old, and have a regular income.|
*The date and time the funds are made available to you by your bank is subject to your bank’s policies.
Types of loans you can get from MoneyKey:
MoneyKey offers payday loans, installment loans and lines of credit. These products vary by state and are subject to state regulations. Check MoneyKey’s website to verify which products are available in your state.
- Payday Loans. Payday loans (or single pay loans), consist of small cash advances that are usually paid back to the lender or servicer by your next payday. If used correctly, a payday loan can be a helpful temporary fix; if used incorrectly, it can exacerbate an already tough financial situation.
- Installment Loans. Installment loans have a structured repayment schedule and can be a good way to get emergency funding. Small-dollar installment loans are meant for short-term emergency expenses, not as a long-term financial solution. Make sure you understand the cost of your loan and what your prepayment options are.
- Lines of Credit. A line of credit is an ongoing, open-ended extension of credit. If you are approved for a line of credit, you will be assigned a credit limit, which is the maximum amount of money that you are able to borrow. You can choose to withdraw funds in a way that suits your needs. This means that upon opening your account, you can withdraw up to the full amount of your approved credit limit.
Why should I consider using MoneyKey?
- Quick turnaround. Once you apply, you can find out quickly whether or not you qualify for a payday loan, installment loan or line of credit with MoneyKey. If approved, your funds can be deposited in your bank account as soon as one business day.
- OLA and CFSA Member. MoneyKey is state licensed and an official member of the Online Lenders Alliance (OLA) and a member of the Community Financial Service Association of America (CFSA).
- Easy to qualify. Applying for a payday loan, installment loan or line of credit with MoneyKey is easy. You’ll find out if you qualify within minutes of applying, even if you have had a history of bad credit.
- Friendly customer service. Many users of their services call MoneyKey a professional and courteous company.
What to look out for
Here are a few tips to remain cautious while comparing lenders.
- Limited services. MoneyKey credit products are only available in 10 states. Not all services are available in each state so be sure to verify you can take out the type of loan you’re seeking by checking the MoneyKey website.
- 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.
- Different repayment options. While this isn’t a huge con, each type of loan offered by MoneyKey has a different system of payment. Make sure you read your loan terms and know how much you’ll be required to repay.
How do MoneyKey loans compare with other short term loan lenders?
What are the fees charged?
MoneyKey only offers payday loans, installment loans or lines of credit in states where they are licensed to do so. MoneyKey is subject to different rates and regulations in the various states it operates in and all products are designed to comply with applicable law.
Their fees are 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. Before you sign the agreement, make sure you understand the cost of your loan or line of credit, your prepayment options, and your payment schedule.
Is borrowing credit from MoneyKey secure?
MoneyKey’s website has Secure Socket Layer (SSL) encryption and Verified Site Certificates to protect your personal information and keep your data secure.
What information do I need to apply for a MoneyKey Loan or Line of Credit?
- Personal information. This includes your complete name, address, home phone number, and email address.
- Banking information. This includes your bank’s name, account type, account number, and routing number.
- Employment information. This includes the name of your employer, your monthly income, your last pay date and your next pay date.
Am I eligible for a MoneyKey Loan or Line of Credit?
Getting a Line of Credit with MoneyKey can be a more convenient way to get cash compared to other short-term loans.
To be eligible, you must:
- Be at least 18 years old and a US citizen or permanent resident.
- Live in a state where MoneyKey’s products are available.
- Have a valid bank account.
- Have a phone number and a valid email address.
- Be able to prove you have a steady source of income.
Frequently asked questions
Does MoneyKey have 24-hour support?
No. You can contact MoneyKey by phone or live chat between 8 a.m. to 9 p.m. EST on Monday to Friday and 10 a.m. to 6 p.m. EST on Saturday and Sunday.
Where does MoneyKey operate?
MoneyKey’s services are available in the following states:
- New Mexico
Keep in mind that not every product is offered in every state. Check the rate page to see what type of loan is available in your state of residence.
Can I cancel my loan?
Yes. MoneyKey allows you three business days to cancel with no penalties.
When will I receive my loan?
If you are approved before 8:30 p.m. EST Monday through Friday or before 6:30 p.m. EST on Saturday or Sunday, your funds will be available the following business day.
What is the minimum payment I need to make for a MoneyKey line of credit?
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.
Will MoneyKey contact my employer?
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.
When will my funds be available for use?
If approved, the funds can be deposited into your account as early as the next business day.
How do I access funds from my line of credit?
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.
How can I update my information with MoneyKey?
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.