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MoneyKey Personal Loans Review | Find the Best Loan for You

MoneyKey is an online direct lender that started in 2011 and gives borrowers with low credit scores access to short-term personal loans and lines of credit. The lender offers products in 16 states.

MoneyKey notes that its short-term installment loan is “an expensive form of credit that is not intended to meet long-term financial needs.”

Is Borrowing from MoneyKey a Good Idea?

This lender offers short term loans Very high interest rates. Even if you have less than perfect credit, you may still qualify for a traditional personal loan. Be sure to research all of your options.

If you decide that a short-term, high-cost loan is your best option, focus on making your loan payments on time and paying off the loan.

What can MoneyKey Personal Loans be used for?

MoneyKey Personal Loans can be used for financial emergencies, such as medical expenses, auto repairs, or job losses. Loans from $150 to $3,500 with repayment terms of five to 18 months are quick sources of cash but are not ideal for consolidating debts, financing investments, or paying for a home renovation.

The lender assures that his personal loans are for short-term financial emergencies, and borrowers should use the funds wisely.

How do MoneyKey Personal Loans work?

If you want to get a Personal Loan from MoneyKey, you can apply online within minutes or contact customer service. You will provide personal information, such as your Social Security number, in the online application, and MoneyKey will check your balance and financial history.

If you are approved for a loan, the money can usually be deposited into your MoneyKey in your bank account as quickly as possible the next business day.

Since the loans are for short-term use, repayment ranges from five to 18 months, depending on your state. Common reasons for getting Personal MoneyKey loans include:

  • Covering medical bills.
  • Pay for unexpected home or car repairs.
  • Address small emergency expenses not exceeding $3,500.

Borrowers may not use loans to:

  • Financing illegal activities.
  • Buying medicines.
  • Buying firearms.
  • Consolidate and pay off credit card debt over time.

What are the terms, fees and conditions of MoneyKey loans?

MoneyKey loan rates vary by state. If you live in Delaware, for example, your APR will vary based on the specifics of your loan and could be as high as 295%. On the other hand, the APR for Idaho borrowers tops out at 505% and depends on repayment schedules.

Likewise, payment terms vary by state. Idaho borrowers get up to 10 months and can choose to pay weekly, bi-monthly, monthly, or bi-monthly. In Delaware, terms are about 12 months with the same payment options.

How do you qualify for a Personal Loan from MoneyKey?

You must be at least 18 years old and a citizen or permanent resident of the United States to qualify for a MoneyKey Personal Loan. MoneyKey will verify that you have a bank account, a stable source of income, and a valid email address and phone number.

MoneyKey does not disclose the minimum credit score for a personal loan, but credit scores carry less weight for a provider of small installment loans and payday loans.

What credit score do you need?

As long as you have a stable income, bank account and valid contact information, you can qualify for a MoneyKey loan even with poor or no credit.

Where does MoneyKey work?

MoneyKey is part of the CC Flow division of Capital Community Bank in Provo, Utah, and offers products in 16 states, but not all of them are available everywhere.

Check the lender Service Map To find out if you can get a personal loan or a MoneyKey line of credit in your state.

Does MoneyKey offer good customer service?

MoneyKey is not approved by the Better Business Bureau and rated B. Trustpilot MoneyKey scores 4.6 out of 5 stars.

How do you access MoneyKey customer service?

MoneyKey offers customer service via phone, email, or online chat.

phone: Call 866-255-1668 from 9 a.m. to 9 p.m. EST Monday through Friday, 10 a.m. to 6 p.m. on Saturday and 11 a.m. to 7 p.m. Sunday.

Online chat: You can ask questions from 11am-7pm EST Monday through Friday using the chat feature on the MoneyKey website.

What are some online MoneyKey features?

You can apply for a personal loan through the MoneyKey website or the app called MoneyKey Mobile. The application can be used not only to apply for a loan but also to view documents, request additional loans, check application status and view repayment schedules.

If you prefer to manage your loan application and payments online, MoneyKey will allow you to do so. You can contact customer service for support if you need it, but you will not be required to speak with anyone when applying for or accepting a loan.

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