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MoneyKey’s personal loans come with very high interest rates.
Moneykey; Insider
The bottom line: MoneyKey Personal Loans charges very high interest rates and isn’t available in most states, so it isn’t a good choice for a majority of borrowers. Still, if you can’t qualify for a personal loan elsewhere and need money fast, you may consider using MoneyKey.
Today’s personal loan rates
MoneyKey personal loans
You’re only able to get a MoneyKey installment loan in Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin. MoneyKey used to offer installment loans in Illinois and New Mexico, but no longer originates new loans in those states. The company offers lines of credit in other states, but not installment loans.
While the loan terms are generally the same, depending on the state you live in, your loan terms will vary:
StateTerm lengthLoan amount rangeAPRDelaware12 months$200 to $2,000Up to 295%Idaho12 months$200 to $2,000Up to 295%Mississippi12 months$550 to $2,000Up to 295%Missouri12 months$200 to $2,000Up to 295%Texas6 months$200 to $2,000Up to 306%Utah12 months$200 to $2,000Up to 295%Wisconsin12 months$200 to $2,000Up to 295%
Pros and cons of MoneyKey personal loans
Pros
Get your money quickly. If MoneyKey approves your loan before 2:30 p.m. ET Monday to Friday, you’ll usually get your cash the same business day. Otherwise you’ll receive your money the next business day.Low minimum loan amount. You’re able to take out as little as $200 (except in Mississippi, where the minimum is $550) with MoneyKey, so it might be a good option if you need a small amount to tide you over in a pinch.
Cons
Extremely high interest rates. The average rate for personal loan companies we track is about 20%. MoneyKey can have rates as high as 306%, which can cost you a fortune in interest. Only available in seven states. Only residents of Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin can take out an installment loan with MoneyKey. If you don’t live in one of those states, you’ll have to use a different company. Low maximum loan amount. The most you can borrow from MoneyKey is $2,000. If you need a larger sum of money for a bigger expense, you’ll have to choose a different lender. Set repayment term lengths. Most of MoneyKey’s loans have term lengths of 12 months, though Texas residents will have only six months to repay their loans. Other companies allow you to choose from a variety of term length options.Fees are undisclosed. Until you apply for a loan and are able to verify yourself as a customer, MoneyKey won’t disclose its fees to you. Origination fees and late payment penalties can significantly add to the overall cost of your loan.
Who is MoneyKey best for?
MoneyKey is best for borrowers who need money fast and can’t qualify for a personal loan elsewhere. If you’re only looking for a small amount of money, the lender could also be an alright choice.
To be clear, MoneyKey charges exorbitant interest rates that will add hundreds of dollars of cost on your loan. Proceed with extreme caution if you borrow with the company. Its rates are relatively comparable to payday loans. According to the Consumer Finance Protection Bureau, a typical two-week payday loan with a $15 per $100 fee equates to an APR of almost 400%.
MoneyKey, Fig Loans, and OppLoans are slightly lower-cost alternatives to payday loans, many of which have interest rates around 400%. However, you’ll still pay a much higher interest rate with these three than you would with a traditional personal loan lender.
OppLoans’ terms range from nine months to 24 months, depending on the state you live in. Fig has term lengths ranging from one to six months, depending on where you live. MoneyKey has either a six- or 12-month term length, depending on where you live.
None of the three companies have a minimum credit score to qualify, so they could be a good option for borrowers who have been denied by other companies due to a poor credit history.
Frequently asked questions
Is MoneyKey trustworthy?
MoneyKey has a B rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB cites 54 complaints filed against the business as the reason for its rating. The BBB evaluates companies by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.
The company hasn’t been involved in any recent controversies. Between its clean history and solid BBB rating, you may feel comfortable borrowing from the lender. However, a good BBB rating doesn’t guarantee a good experience with the company. Talk with others who have used MoneyKey before deciding to go with the lender.
Is MoneyKey real?
Yes, MoneyKey is a legitimate business founded in 2011 with headquarters in Delaware. It offers installment loans and lines of credit to borrowers in seven states.
Does MoneyKey report to credit bureaus?
When you apply for a loan with MoneyKey, the company will conduct a soft credit check, which will allow it to see your credit history but won’t affect your credit score. There is no hard inquiry (the kind of credit pull that can lower your score) at any point in the loan process.
The company won’t report your loan to a credit bureau as long as it’s in good standing and you’re paying on time. The only time MoneyKey reports to a credit bureau is if you default on your loan.
What bank does MoneyKey use?
Depending on where you live, one of several lenders may originate your application. This includes CC Flow, a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC.