MoneyKey Personal Loans Review | Find the Best Loan for You

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MoneyKey is a direct online lender that started in 2011 and gives borrowers with lower credit scores access to short-term personal loans and lines of credit. The lender offers products in 16 states.

MoneyKey notes that its short-term installment loan is “an expensive form of credit and is not intended to meet long-term financial needs.”

Is Borrowing From MoneyKey a Good Idea?

This lender offers short-term installment loans at very high interest rates. Even if you have less-than-perfect credit, you may still qualify for a traditional personal loan. Make sure you research all of your options.

If you decide a short-term, high-cost installment loan is your best option, focus on making your loan payments on time and paying off the loan.

What Can MoneyKey Personal Loans Be Used For?

MoneyKey personal loans can be used for financial emergencies, such as medical expenses, car repairs or job losses. Loans from $150 to $3,500 with repayment terms of five to 18 months are quick sources of cash but not ideal for consolidating debt, funding investments or paying for home renovations.

The lender emphasizes that its personal loans are for short-term financial emergencies, and borrowers must use funds wisely.

How Do MoneyKey Personal Loans Work?

If you want a MoneyKey personal loan, you can apply online in minutes or call customer service. You’ll provide personal information, such as your Social Security number, on the online application, and MoneyKey will check your credit and financial history.

If you are approved for a loan, MoneyKey can typically deposit the funds into your bank account as quickly as the next business day.

Because loans are meant for short-term use, repayment ranges from five to 18 months, depending on your state. Common reasons to get MoneyKey personal loans include:

  • Covering medical bills.
  • Paying for unexpected home or auto repairs.
  • Handling small emergency expenses that don’t exceed $3,500.

Borrowers may not use loans to:

  • Fund illegal activities.
  • Purchase drugs.
  • Buy firearms.
  • Consolidate and pay off credit card debt over time.

What Are the Terms, Fees and Conditions of MoneyKey Loans?

Rates for MoneyKey loans differ by state. If you live in Delaware, for example, your APR will vary based on the specific details of your loan and could reach up to 295%. APRs for Idaho borrowers, on the other hand, top out at 505% and depend on payment schedules.

Similarly, repayment terms vary by state. Idaho borrowers get up to 10 months and can choose to pay weekly, biweekly, monthly or semimonthly. In Delaware, the terms are about 12 months with the same payment options.

How Can You Qualify for a MoneyKey Personal Loan?

You must be at least 18 years old and a citizen or permanent U.S. resident to qualify for a MoneyKey personal loan. MoneyKey will verify that you have a bank account, a consistent source of income, and a valid email address and phone number.

MoneyKey does not disclose a minimum credit score for a personal loan, but credit scores carry less weight for this provider of small installment and payday loans.

What Credit Score Do You Need?

As long as you have a stable income stream, a bank account and valid contact information, you could qualify for a MoneyKey loan even with poor or no credit.

Where Does MoneyKey Operate?

MoneyKey is part of the CC Flow division of Capital Community Bank in Provo, Utah, and offers products in 16 states, but not all are available everywhere.

Check out the lender’s service map to find out whether you can get a personal loan or line of credit from MoneyKey in your state.

Does MoneyKey Provide Good Customer Service?

MoneyKey is not accredited by the Better Business Bureau and has a B rating. Trustpilot scores MoneyKey 4.6 out of 5 stars.

How Can You Reach MoneyKey’s Customer Service?

MoneyKey offers customer service by phone, email or online chat.

Phone: Call 866-255-1668 from 9 a.m. to 9 p.m. EST Monday through Friday, 10 a.m. to 6 p.m. Saturday and 11 a.m. to 7 p.m. Sunday.

Online chat: You can ask questions from 11 a.m. to 7 p.m. EST Monday through Friday using the chat feature on the MoneyKey website.

What Are Some of MoneyKey’s Online Features?

You can apply for a personal loan through the MoneyKey website or app called MoneyKey Mobile. The app can be used not only to apply for a loan but also to view documents, request additional loans, check application status and view payment schedules.

If you prefer to manage the loan application and payment processes online, MoneyKey will allow you. You can call customer service for support if you need it, but you won’t be required to speak with anyone when you apply for or accept a loan.

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