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MoneyKey Reviews

MoneyKey is a state licensed and regulated short-term loans provider that has been in operation since 2011. They have offered quick loans to thousands of people who have been in need for an emergency funding.  They are considered to be committed to demystifying the complexities associated with borrowing.  The customer support is effective with a top notch phone service.


MoneyKey is an online lender established in 2011. It offers direct lending services in most of the states within its scope and also a lender matching service to selected states. Their loan services include payday, installments loans, and lines of credit. They claim to have solid goals in providing a simplified and quick access to finances to their customers. The company has its headquarters in Wilmington and it serves more than 10 states in the US. MoneyKey has positioned itself as a leading service provider in eliminating the complexities associated with borrowing.

With several loan packages on offer, MoneyKey has a simplified application procedure where you can either use the online platform or make a phone call. Once your application goes through you will be required to sign the agreement. At this stage, all inquiries are responded to through the phone, chat or email. Unless there are some employment details that need to be clarified, you shall not be required to fax any document.

The verification process is quite engaging because the company will contact third party sources for details. Normally, they will reach out to your bank and your current employer. The money will be deposited in your account on the next business day. To serve customers with an urgent need for cash, the company can have the funds deposited into your account on the same day. However, you will be charged a fee for same –day deposits and the transaction needs to be approved before 4:30 PM EST.

Where applicable, you can get a single-pay loan that can be very flexible in terms of payment. This loan can be paid back in full, renewed or paid back in partial payments.

To qualify for an application, here are some of the requirements for both lines of credit and short-term loan.

  • Be 18 years of age
  • Be a resident where the applied loan product is available
  • Be a citizen or a permanent resident of the US
  • Have a valid bank account
  • Have a stable source of income that you can verify
  • Have an active phone number and a valid email address
  • You must not be on active duty in the armed forces

The amount you can borrow is between $200 and $2600.

The installment loans are marketed as “substantially equal installment loans” where payments are staggered according to the frequency of your paydays. Depending on your pay, you will be allowed to pay in either 18 or 36 installments. The maximum amount is $2600 but what you qualify to take will depend on qualification status. These loans can be paid off early without additional charges and you can also over –pay to reduce the principal amount.

MoneyKey also offers a payday cash which is a short-term financing supposed to be paid back in the next pay-day. The term for this debt  can be in the range of 8-31 days. With this loan, you can only qualify for the next one when the current loan is fully settled. However, you are allowed to make an early payment without extra charges.

The line of credit loan is designed to offer the benefits of a conventional loan in addition to having more options for payment. When you are approved for this loan, borrowings can be as many as you like but they must not exceed your credit limit. When you want to borrow more, just pay up a part of the principal amount and your credit limit will be replenished.

Among all the loans products offered by MoneyKey, the line of credit is outstanding in that it will remain open even after you have cleared the loan. This means you won’t need to make a fresh application every time a need arises. Instead, you will access funds up to your credit limit. To pay this loan, you are required to make a minimum regular payment every month. The minimum will comprise of fees, interest and an amount towards the principal.

Although the company encourages overpayment, they require you to notify them in 24 hours before you make such payments to lines of credit.

The rates and fees applicable will vary depending on the state, the amount loaned and loan term. To get the general cost of your intended loan, you will have to check their website for a state-specific overview. Also, when you apply for a loan a detailed document with tailored rates will be sent to you. For now, here’s an overview of what to expect.

  • Single pay loans will be charged around $30 for every $100 borrowed
  • Installment loans may be charged $29 for every $100 borrowed
  • Lines of credit may be charged an APR of 24%-399%

MoneyKey has a fast and easy application process with a rare fax usage.

When approved for a loan, the money will be available in your bank on the next business day. Also, people with urgent issues can elect to receive the money on the same day.

The payments are not rigid and they allow you to make early payments as well as clear your balance for free. This will reduce the interest and consequently, the cost of borrowing.

Unlike most payday lenders who offer a single product, MoneyKey.com offers several loan services that can be a complement to traditional loans.

The installments loans are favorable in their payments in that it’s spread over a specific period with equal installments.

The online progress tracking is easy and it can help in planning and manage your payments. With a simple log in, your account summary shows past payments and scheduled payments.

You are allowed to rescind the loan within three days without additional charges.

MoneyKey serves customers in the following states:

California, Delaware, Kansas, Illinois, Maryland, Missouri, Ohio, Mew Mexico, South Dakota, Utah and Texas

In Ohio and Texas, the company works as a lender matching service and not a direct lender.

Mailing Address : 3422 Old Capitol Trail Suite 1613

Wilmington, DE 19808

Although company has an affiliate program, it does not seem to offer discount codes to its customers.

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