Name: MoneyKey
Rating: 5.0

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Founded in 2011 and based in Wilmington, Delaware, MoneyKey offers or arranges installment loans, including a payday loan option to some returning customers, and lines of credit in 10 states.

MoneyKey is a direct lender in most states, but in Texas loans are through a third-party lender. Rates and terms depend on the following factors: your state of residence rules and regulations, credit product type, and whether/how you qualify.

MoneyKey offers payday loans to returning California customers.

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The Good

Transparency
Fast Funding
Customer Policies and Resources
No Hidden Fees

Transparency

MoneyKey’s state-by-state loan information is really in-depth. It even goes so far as to show you actual examples of the potential cost of a loan. This is much more transparent than many online lenders.

Fast Funding

The application process is quick and easy. If approved, funds may be available in your bank account as soon as the same business day, depending on time of request. Funding timelines may vary and are subject to change.

It is important to note that the timing on funding will also be dependent on your bank's policies.

Customer Policies and Resources

If you change your mind, you may cancel within three days. Not many short-term lenders offer this length of grace period.

Customer service is also available seven days a week via phone, email, and live chat, facilitating open communication between the company and its customers.

No Hidden Fees

Installment loans and lines of credit through MoneyKey do not have any hidden fees, including no late fees or prepayment penalty fees. The absence of a prepayment penalty, in particular, may reduce the overall cost of your loan.

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The Bad

Limited Availability by State
No Loans Available for Military Personnel

Limited Availability by State

Installment loans, and lines of credit through MoneyKey are only offered in certain states. Thus, it is important that you know which loan products are available, if any, in your state of residence.

No Loans Available for Military Personnel

Unfortunately, no credit products offered through MoneyKey have rates that would meet the requirements for lending to covered members of the US Armed Forces and their dependents.

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The Bottom Line

Interest rates are generally higher for payday loans than other loan products since they are intended to be paid back in a much shorter amount of time than a traditional personal loan, and rates on loans through MoneyKey are common in the industry. In order to provide short-term lending solutions available to those with poor credit, loans through MoneyKey involve an APR that ranges between 279 percent to 499 percent.

This is an online lender and funding may occur as soon as the same business day, but timing varies and depends on your bank's policies.

The site is clear and transparent, showing cost breakdowns for each state and type of loan.

If you need to borrow an installment or line of credit, this might be a good company to try, especially if you aren’t accepted by lenders with lower interest rates. If you do end up borrowing through MoneyKey, just remember that the faster you can pay off your loan, the cheaper it will be.

View Best Payday Loans

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MoneyKey Frequently Asked Questions

What are the minimum requirements to qualify for a personal loan through MoneyKey?

To qualify for a personal Loan through MoneyKey, you must meet the following criteria:

Be at least 18 years old
Be a U.S. citizen or a permanent resident
Reside in a state in which MoneyKey operates
Have an active bank account
Provide proof of a regular source of income
Have a valid contact number and an active email address

MoneyKey does not currently offer credit products with rates that allow the company to lend to covered members of the U.S. Armed Forces and their dependents.

What types of online loans are offered through MoneyKey?

As a direct lender, MoneyKey offers both lines of credit and installment loans. In Texas, the company arranges loans as a Credit Access Business and a Credit Services Organization.

Will I be able to make early repayments?

Yes, there is no early repayment fee or penalty if you would like to make loan payments earlier than scheduled, and MoneyKey encourages you to do so if you’re able. Making early payments can help to reduce the total finance charges you’ll owe.

Will I be able to qualify for a personal loan with MoneyKey with a bad credit score?

Yes, you can. As long as you’re able to meet the minimum requirements listed above, you may be able to qualify for a personal loan with MoneyKey.

Can I get a payday loan with MoneyKey?

If you’re a new customer, you will not be able to get a payday loan with MoneyKey. Currently, MoneyKey only offers payday loans to returning customers in California. However, you may be able to qualify for an installment loan or line of credit depending on your state of residence.

Will there be any extra fees that come with a loan through MoneyKey?

The fees, charges, and interest of a loan product through MoneyKey will vary by state. Our goal is to provide transparency about the cost of credit. That’s why you won’t be surprised with any hidden fees with an online loan from MoneyKey.

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User Reviews

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5.0

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7 Reviews

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Verified Customer

Dawn Houston, TX

great staff very helpful you don't have to wait long for money i just wish they still did loans over the phone but other then that they really are a great company

3 weeks ago

Reply from MoneyKey

Thanks for the awesome review, Dawn! We're here to help when you need us.

May. 4th, 2021

Yolanda Houston, TX

The staff is friendly and knowledgeable and customer service

1 week ago

We appreciate the great review, Yolanda! Thank you for choosing MoneyKey.

Rebecca Ann Richburg Tuscola, TX

They are and have been very nice to me and very professional in my dealings with them.

Thanks, Rebecca! We are pleased to know that you are satisfied with the service you received from our Customer Care team.

LaDawna Godfrey Ulysses, KS

Good customer service, works with you never had any problems with them

We're happy to hear you had a great experience with our Customer Care team. Thanks for the 5-star review, LaDawna!

Karen Yazzie Church Rock, NM

No hassle first online loan that didn’t ask for many verification

We appreciate the great review, Karen! Thank you for choosing MoneyKey.

David Nixon Chunky, MS

Professionalism and friendliness and willingness to explain the details

Thanks, David! We are pleased to know that you are satisfied with the service you received from our Customer Care team.

Ted Albuquerque, NM

Courtesy, convenience, availability and affordable.

Hey Ted, We appreciate your feedback and are pleased to know that you are satisfied with the service you received from our Customer Care team. We’re here 7 days a week if you ever need any assistance. Thank you for choosing MoneyKey!

MoneyKey