Business Insider's personal finance team compared MoneyKey MoneyKey Personal Loans personal loans to the best personal loans and found it to be in need of improvement.
If you have less-than-perfect credit and need cash fast to help cover an emergency, MoneyKey may be able to help. This online lender specializes in short-term loans and lines of credit for people who struggle to qualify for financing with traditional loan providers.
In return for its fast funding and wider accessibility, MoneyKey charges extremely high interest rates, with APRs closer to those of payday loans than other personal loans. So before you apply, it's important to understand exactly what borrowing from the company will entail. To help, Business Insider's guide highlights the rates, terms, benefits, drawbacks, and application process you can expect.
MoneyKey Personal Loan Overview
up to 306.00% (rates vary by state)
$200 to $2,000
- Fast funding
- Low minimum loan amount
- Extremely high APRs
- Not available in most states
- Low maximum loan amount
- Limited repayment term lengths
- Doesn't disclose fees until after you apply for a loan
- Funding on the same-day in some cases
- Only available in Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin
- Loan term length is set at 12 months in every state except Texas, which has a six-month term length
MoneyKey Loan Features
Installment Loans
With a MoneyKey personal installment loan, you can borrow between $200 and $2,500 and choose to make repayments bi-weekly, semi-monthly, or monthly. Loan terms typically range from six to 12 months but can vary by state.
MoneyKey offers installment loans in Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin.
To be eligible for a loan, you must be 18 or older, have an open active bank account, s steady source of income, and a valid phone number and email.
Lines of Credit
This form of credit differs from an installment loan in that you're approved for a maximum loan amount or line of credit which you can draw on over time. This means you can tap part or all of your available credit when you want rather than receiving all funds up front when approved for the loan. You can also pay off part or all of the credit you've used and tap the line of credit again if you need to. Interest and fees are only charged on the amount of credit you use.
With MoneyKey, lines of credit range from $200 to $3,500. Repayments can be structured biweekly, semimonthly, or monthly.
MoneyKey offers two types of lines of credit. Its MoneyKey Line of Credit, which is accessible to residents of Kansas and Tennessee, and the CC Flow Line of Credit provided by a division of Capital Community Bank, which is for residents of Alabama, Alaska, Arizona, Arkansas, Florida, Hawaii, Indiana, Kentucky, Louisiana, Michigan, Montana, Ohio, Oklahoma, and Wyoming.
MoneyKey Personal Loan Interest Rates and Fees
APR Range: The maximum APR MoneyKey charges on its installment loans varies by state, but is extremely high, reaching 295% for users in Delaware, Missouri, Idaho, Mississippi, Utah, and Wisconsin.
Fees: The fees and charges you'll pay on a MoneyKey loan could vary depending on the state you live in, but the company says it doesn't charge any late fees or prepayment penalties. It also doesn't have origination or administration fees.
MoneyKey Personal Loan Pros and Cons
MoneyKey Personal Loan Pros
- Get your money quickly. If MoneyKey approves your loan before 2:30 p.m. ET Monday to Friday, you'll usually get your cash the same business day. Otherwise you'll receive your money the next business day.
- Low minimum loan amount. You're able to take out as little as $200 (except in Mississippi, where the minimum is $550) with MoneyKey, so it might be a good option if you need a small amount to tide you over in a pinch.
MoneyKey Personal Loan Pros and Cons
Advantages
- Fast approval and funding: If MoneyKey approves your loan before 2:30 p.m. ET Monday to Friday, you'll usually get your cash the same business day. Otherwise, you'll receive your money the next business day.
- Accessible to borrowers with less-than-perfect credit. MoneyKey doesn't disclose a minimum required credit score for loan approval but encourages those with bad credit to apply, stating: "MoneyKey may be able to lend money to individuals with bad credit. If your online personal loan applications have been turned down due to bad credit, trying to get a personal loan online by applying through MoneyKey may be one option."
- No prepayment penalties. If you choose to pay more towards your debt some months or pay off the entire balance before your term, you won't pay an additional cost.
- Simple online application process. You can apply online and receive a loan decision within the same day.
- Low minimum loan amount. You're able to take out as little as $200 (except in Mississippi, where the minimum is $550) with MoneyKey, so it might be a good option if you need a small amount to tide you over in a pinch.
Drawbacks
- High interest rates. The average personal loan interest rate is about 21%. MoneyKey rates can go as high as 295%, which can cost you a fortune in interest. For instance, if you borrow $1,000 at a 291% APR with an 11-month term, you'll owe $1,627 in financing costs on top of the debt amount.
- Short repayment terms. Installment personal loans must be repaid within six to 12 months.
- Limited loan amounts. The most you can borrow from MoneyKey with an installment loan is $2,500. If you need a larger sum of money for a bigger expense, you'll have to choose a different lender. This means you probably won't be able to use it as a debt consolidation loan, for instance.
- Fees are undisclosed. Until you apply for a loan and verify yourself as a customer, MoneyKey won't disclose its fees to you. Origination fees and late payment penalties can significantly add to the overall cost of your loan.
- Not available in all states. You can only get a MoneyKey installment loan in Delaware, Idaho, Mississippi, Missouri, Texas, Utah, or Wisconsin. The company offers lines of credit in other states, but not installment loans.
Who is MoneyKey Best For?
MoneyKey is best for borrowers who need money fast and can't qualify for a personal loan elsewhere. If you're only looking for a small amount of money, the lender could also be an alright choice.
To be clear, MoneyKey charges exorbitant interest rates that will add hundreds of dollars to your loan costs. Proceed with extreme caution if you borrow with the company. Its rates border on those you'd find with payday lenders. According to the Consumer Finance Protection Bureau, a typical two-week payday loan with a $15 per $100 fee equates to an APR of almost 400%.
How to Apply for a MoneyKey Personal Loan
- Verify where you live. You'll first need to select your state of residence. Only residents of Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin can take out an installment loan with MoneyKey.
- Choose the amount of money you want. Most states have a loan amount ranging between $200 to $2,000.
- Submit and verify your information. You'll need to input your name, birthday, and Social Security number. After filling out a formal application, you may need to send in proof of income, like a W-2, tax return, or other financial documents.
- Accept the money and work on a repayment plan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities.
MoneyKey Personal Loan Alternatives
Credit Unions
Many borrowers with fair or poor credit may fare better turning to credit unions for help securing a personal loan. These financial institutions typically offer more affordable loan options for their members and cannot charge APRs greater than 18%, which is a lower maximum than traditional banks and online lenders charge. Qualifying for membership with some credit unions may be challenging, but Business Insider's guide to the best credit union personal loans can help you find one that works for you.
Peer-to-Peer Lending Platforms
Also known as online lending marketplaces, peer-to-peer lending services connect borrowers with individual investors who may be willing to finance a personal loan at a lower interest rate than banks or other lenders.
Secured Loans
Lenders may be more willing to approve borrowers with poor credit scores or charge lower interest rates if they can provide collateral for their loan. This helps the bank view you as less risky and assures them that they will recoup all or some of their money if you fail to repay the debt. The type of asset required as a secured personal loan's collateral depends on the lender, but some common examples include: home equity, a savings account or certificate of deposit, vehicle title, insurance policies, stock, jewelry or other valuable collectibles.
up to 306.00% (rates vary by state)
$200 to $2,000
- Fast funding
- Low minimum loan amount
- Extremely high APRs
- Not available in most states
- Low maximum loan amount
- Limited repayment term lengths
- Doesn't disclose fees until after you apply for a loan
- Funding on the same-day in some cases
- Only available in Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin
- Loan term length is set at 12 months in every state except Texas, which has a six-month term length
Is MoneyKey Trustworthy?
MoneyKey has a B rating from the Better Business Bureau. The BBB cites 67 complaints filed against the business as the reason for its rating. The BBB evaluates companies by looking at responses to customer complaints, honesty in advertising, and transparency about business practices.
MoneyKey Personal Loans Customer Experience
Customers gave MoneyKey 2.13 stars (out of five) on the BBB website and 4.5 stars (out of 5) on Trustpilot, with many stating in their reviews of the lender that the application process and loan funding was easy and quick, but the high fees and interest rate charges make paying off the debt extremely challenging.
MoneyKey Personal Loan FAQs
How long does it take to get approved and funded by MoneyKey?
You may be approved and receive funds within the same day you apply. If MoneyKey approves your loan after 2:30 p.m. ET Monday to Friday, you'll receive your money the next business day.
Can I get a MoneyKey loan with bad credit?
MoneyKey doesn't disclose a minimum required credit score needed to be approved for its loan and states on its website that it may lend money to individuals with bad credit. It also encourages those who've been turned down by other lenders because of their credit score to apply.
What happens if I can't repay my MoneyKey loan on time?
MoneyKey says it does not charge late fees, but if you default on the loan the lender could turn to collection agencies to try to get its money and report the nonpayment to the credit bureaus, hurting your credit score.
Does MoneyKey report to credit bureaus?
When you apply with MoneyKey, the company will conduct a soft credit check, which won't affect your credit score. There is no hard inquiry (the kind of credit pull that can lower your score) at any point in the loan process. The company won't report your loan to the credit bureaus unless you default.
What bank does MoneyKey use?
Depending on where you live, one of several lenders may originate your application. This includes CC Flow, a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC.
Why You Should Trust Us: How We Rated MoneyKey Personal Loans
Business Insider rates all personal loan products on a 1-5 scale that takes into account seven different factors The overall rating is a weighted average, with interest rate and fees each making up 20% of the score; terms lengths and loans amounts, funding speed, and borrower accessibility each contributing 15% of the score, and customer support and ethics together responsible for the the final 15%.
Each factor's impact on the final overall score reflects its importance to your borrowing experience. Since rates and fees influence the overall cost of your loan most, they're weighed most heavily. Whereas customer support and ethics do not affect a loan's terms, so they have less of an impact on the overall rating. See our full ratings methodology for personal loans for more details.
