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MoneyKey

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7.3

Overall Score

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LAST UPDATED: March 28th, 2023

Founded in 2011, MoneyKey offers or arranges online installment loans, and lines of credit in 9 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.

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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 the time of the request. Funding timelines may vary and are subject to change. 

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

Customer Policies and Resources

If you change your mind, you may cancel within three business days from when your loan is approved. Not many short-term lenders offer this length of a cancellation 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 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

Costs are generally higher for short-term loans, including payday loans, as compared to other loan products since they are intended to be paid back in a much shorter amount of time than a traditional personal loan. The cost of loans available through MoneyKey are common in the industry. In order to provide short-term lending solutions available to those with poor credit, loans through MoneyKey have a maximum APR of 299 percent, depending on the state.

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.

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Star Rating

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4.6

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288 Reviews

Review Breakdown

5 grade

78%

4 grade

12%

3 grade

6%

2 grade

1%

1 grade

3%

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Joylene Taos, NM

Need a loan to be renewed need a higher amount and was denied never missed a payment and paid on time.

2 years ago

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Reply from MoneyKey

We appreciate your feedback, Joylene. We aim to be as transparent as possible when it comes to the total cost of credit. As you move through your credit journey, your account may become eligible for reduced charges and/or increased loan amounts based on good payment history over time. You will receive notices, as applicable, regarding your individual circumstances and eligibility. We’d love to hear from you at [email protected] about how we can improve!

Jan. 4th, 2022

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DANIEL Santa Maria, CA

You cannot request a lower amount. It takes about 5 days for a re-loan. There is no option to pay early online.

2 years ago

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Reply from MoneyKey

Hi Daniel, we appreciate your feedback. We aim to be as transparent as possible when it comes to the terms, conditions and payback expectations on products offered through MoneyKey.com. Thanks for choosing MoneyKey.

Jun. 4th, 2021

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William Johnson Gardner, KS

I haven't used the Loan? But, I never got confirmation directly so I just forgot it?

2 years ago

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Reply from MoneyKey

Hi William, we’re sorry to hear about your experience and would like the chance to properly assist you. To address your specific concerns, please give us a call at 1-866-255-1668 or email us at [email protected]. Thank you.

Feb. 24th, 2022

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Google Me

Interest rates way too high and not enough online options to make payments.

2 years ago

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Reply from MoneyKey

Hi there, we appreciate your feedback. We aim to be as transparent as possible when it comes to the terms, conditions and payback expectations on products offered through MoneyKey.com.

Dec. 2nd, 2021