Money Mutual is a payday loan network, meaning it doesn't lend money, but claims to help customers find payday lenders to work with.
Although this should, in theory, mean that customers get a lower rate with lenders competing for their business, the reality is that Money Mutual has been dogged by lawsuits, fines, and accusations for matching consumers with international companies that charge illegal interest rates.
Consumers may recognize this as a company associated with celebrity endorser and former talk-show host Montel Williams.
Money Mutual's website is easy to use and features talk-show host Montel Williams' personal endorsement.
It explains exactly how the process works in matching consumers to a payday loan lender and has a fairly straightforward lending application process.
Although Money Mutual doesn't extend payday loans itself, for customers who are in need of speedy cash and are having trouble finding a cash advance, the site makes it easy to locate an amenable lender.
This could be useful for consumers in states that offer few, if any, short-term loan/payday loan options.
According to the company's website, customers do not have to pay any fees to submit a loan application.
Additionally, Money Mutual's website states that after customers' loan applications are accepted by a lender, they may be able to get the funds deposited directly into their bank account "in as little as 24 hours."
The complaints about Money Mutual are perfectly summarized in their legal history.
With class action lawsuits from at least three different states, Money Mutual is charged with being a shell company that funnels borrowers to internationally-based payday lending companies that charge interest rates above and beyond what is legal in the United States.
Multi-million dollar fines have been leveled at the company for this behavior.
The lawsuits allege that Money Mutual knowingly sent hapless consumers to these international businesses, knowing full well that they were charging exorbitant interest rates above and beyond what is expected or even allowed by state regulators.
Because the lenders were based outside of the United States, they are theoretically beyond the reach of United States law.
Money Mutual will match consumers to one of several payday loan or companies.
Each company charges a different interest rate and has different terms on their loans, making it difficult to pin down exactly how good, or bad, an idea it is to go with Money Mutual, one customer may have a completely different experience than another based on which lender they matched with.