|Basic requirement to get the loan|
AL, CA, DC, DE, ID, IL, KS, MH, MS, MO, NM, OH, SC, TN, TX, UT, WI
|APR up to||566%|
|Time to money||Next business day|
|Funding Method||Bank account|
Moneykey Loans: Fast Approvals with Next Day Funding
Every minute of every day – whenever you’re in need – Moneykey Loans has you covered with snappy, short-term credit products. They have catered to underserved and ignored consumers for over 8 years now and have expanded to many US states.
The wait times are also very short. Typically, you can receive your funds on the next working day from Monday to Thursday. For loans approved on Friday, you might wait until Monday to receive your funds since banks don’t process transactions on weekends.
Safety and security are also important to them; they run an SSL secured website and disclose their user data collection and handling practices.
Moneykey Review of Loan Products
Moneykey has received thousands of positive reviews from customers who have had good experiences with them. They have been lauded for their speed in providing loans to customers in a hurry. Their customer service team has been deemed fair as well as friendly.
You’ll have your questions answered promptly and receive help when completing the loan application. Complaints are also handled carefully with negative reviews addressed with clear and honest information. Reaching out to the care team is as simple as calling 1-866-252-5578. Moving on, let’s see Moneykey loans review:
A) Installment Loans
Up to $2,600 is available relying upon your state of residence. For instance, here are some of their loans based on location:
|Mississippi||Borrow $550 – $1,475 for 12 months|
|California||Borrow $2,600 for 18 months|
|Idaho||Borrow $150 – $1,000 for 10 months|
|New Mexico||Borrow $200 to $1,400 for 18 months|
There are many more locations that you can view by checking out the ‘Rates’ section on Moneykey’s site.
Moneykey Interest Rates
Each state has its own laws and restrictions on lending. That’s why you’ll notice that the base and maximum APRs for loans are different as you move from one state to another. Typically, customers deemed less of a credit risk receive lower APRs leading to less expensive loans.
You’ll start making payments within one month of taking out the loan. The frequency of the reimbursements relies upon your pay schedule (month to month or biweekly).
A strategy to reduce the loan’s cost is paying off the loan ahead of schedule. It’s also wise to avoid late fee penalties by authorizing ACH payments and ensuring you have funds in your account to avoid NSF fees.
Accepted Uses of Installment Loans
Taking into account that you only access a relatively small sum, here are ways to use the cash when you obtain it:
- Contributing towards fundraisers;
- Buying school supplies;
- Covering medical costs;
- Clearing overdue utility bills about to enter into collections;
- Funding home related expenses such as pest control costs, furnace maintenance, etc.;
- Car-related costs such as roadside assistance in the event of breakdowns, etc.
B) Moneykey Payday Loan
This small-dollar credit option comes with a caution! Only borrow if you’re 100% sure that on your payday, your account balance will be more than adequate to reimburse what you owe and still meet your upcoming living expenses. Otherwise, you could end up borrowing another cash advance loan and slip into a debt trap.
This Moneykey loan is only available in California and allows you to borrow up to $225. The amount may seem small, but it’s the maximum allowed by the state. You can’t get a higher sum even if you choose another lender. The term is from 8 to 31 days, after which, you’ll be expected to repay the full amount owed.
C) Line of Credit
It’s availed in states where cash loans are not offered, including South Carolina, where borrowers can access up to $1,000.
Moneykey Review: Bottom Line
Choose this company if you’re looking for a loan with few restrictions and one that’s approved instantly. The rates are higher than those of normal bank loans. But there is a purpose for it.
The lender is absorbing more risk by lending unsecured loans to customers with fair or poor credit. They also don’t carry out extensive reviews of their customer’s credit and financial standing. Inevitably, some of their loans will go bad as customers default after failing to make installments as required.