Money Tree Inc Reviews
Moneytree is a state licensed and regulated payday loans provider with more than three decades of experience in the industry. The family-run lending company is committed to providing exceptional services to their customers as well as supporting them by all means necessary. The lender extends loans services even to people with no cash accounts.Website: www.moneytreeinc.com
Moneytree Inc is a family-run lending company that has been in operation for more than three decades. They provide both in-store and online loans to their customers. Their headquarters are in Seattle and they claim to be an industry leader in exceeding their customers’ expectations as well as making a positive impact in the society. Among the loans they offer are payday, installment, and title loans. They have more than 120 storefronts spread across five states in the US. The lender also provides loans to customers with no checking accounts. Interestingly, the company has been featured as the best business to work for in Seattle.
Moneytree focuses on offering short-term loans at their storefronts and online. As direct lenders, they have several types of loans that you can take depending on your needs.
Their application process is quite simple and you need to provide proof of identity, social security number, proof of stable income, current physical address and an active phone number so that they can contact you. Moneytree will work with the details you provide them as well as consumer reports to determine how much you can borrow. The feedback will be received in about 60 min for online applications.
If your application is approved, the money is ready for immediate collection at any of their stores. Also, you can elect to receive it through your check account in one to three business days. If you are already their customer and you have their debit card, you can have the money transferred to the card.
If you change your mind about the loan, you are allowed to return the money in one business day from the time of signing the agreement at no fee. If you can’t return the money within the stipulated time, there will be penalties.
If you don’t have a checking account, you can still get a loan from moneytreeinc.com only that you will be expected to pay a $22 fee for a checkless loan. The amount is applicable for every $100 you borrow on the checkless plan. Meaning if you qualify for a $300 loan, you need to pay back $66 for check-less fees.
Company excludes all persons in active military practice from all their loans and they cite the protection that military personnel has. Normally, this rule will lock out their spouses and beneficiaries from the payday loan services.
If your credit history is very poor, you might not get approved or when you do, charges will be high. The company is keen to make credit checks for all new applicants. For return customers, they simply check your credit history with Moneytree to make a loaning decision.
The normal term for a payday loan with this lender is 14 days although it’s possible to get an extension of up to 45 days. But note that extensions will make the cost of borrowing go up and you’d rather stick with the original plan.
The company will allow you to repay your upfront without any fees. However, for loan renewals, you have to pay an additional fee to extend the due date. Note that you have to extend it before the check is sent to your bank.
The qualifications will vary in a slight degree for every state but in general, you need to meet the following criteria:
- Have a stable source of income with documents to verify your claim
- Government issued ID and a social security number
- Physical address and valid contact details
- An active checking account
- Must not be on active military duty
Company provides several channels through which you can repay the loaned money which includes cash payments, debit card payments and check payments. For payday loans issued without a check, you are required to pay cash in one of their stores.
If you choose to make online payments note that you will be allowed to do so until 2:00 PM on your payment due date.
Moneytree works with credit counseling services and they can help you in writing a budget for your loan as well as negotiating a favorable rate. If you are eligible for the service, you might want to involve them before you apply for a loan.
If you have borrowed money and find that you are still in need of more money, you may qualify for another loan before clearing your first. However, you will only be loaned up to the amount you qualify which means there has to be room in the predetermined limit. For instance; if you qualify for $500 and borrow $300, you can come back and take another $200.
In the event where you can’t pay back a loan, Moneytree will collect the debt by either engaging a third party collector or seeking legal redress. They also claim that all recovery actions will be in accordance with the law.
The rates will vary depending on the money you borrow, the period of repayment and state. Typically, the APR will be in the range of 391% – 573.57%.
For payday loans, expect to pay a $20 fee for insufficient funds plus some other bank charges to cover the inconvenience. For checkless loans, you will be charged a $12.5 fee for late payments. Installment and auto equity loans are charged $15 late payment fee. However, for this charge to apply, you will be given a 10-day grace period. The specific penalties may vary with states of residence.
Company offers several loans that you can benefit from and they are also flexible with a maximum repayment period of up to 24 months.
The application process is simple with alternatives to choose from phone, online and store-front. Payments are available in a short time after approval. Same day financing is possible with an in-store collection.
The customer care is active 24/7 and the website seems to under promise on response time. They even have a call back facility so you don’t have to wait on the line.
If you are not sure about your loan, you can rescind in one business day at no additional cost. Similarly, if you decide to pay your loan upfront there will be no additional charges.
Moneytree operates in five states namely:
Colorado, California, Idaho, Washington, and Nevada
Website offers some discount to their customers every now and then. The most frequent promises a 10% cash back on your first loan.