MoneyKey Review

MoneyKey is an internet-based lending company available in several states. If you’re looking to apply for a loan quickly and without a headache, MoneyKey provides online money lending 24-hours a day without having to leave the computer. Known for their stellar customer service, thousands of people and businesses use MoneyKey to achieve their goals. 

However, is MoneyKey the right service for you? In this comprehensive MoneyKey review, we’ll cover everything you need to know about the company and its services. We’ll touch on the company history, customer service, advantages, disadvantages, and some other important insights about the online money lender.

Table of Contents

General Information About

MoneyKey aims to simplify the world of borrowing. With traditional money lenders, borrowers need to go through a rigorous vetting process before they can get their hands on a loan. MoneyKey wants to make the process smoother, faster, and more convenient. 

The company offers a wide range of loans, including short-term loans, unsecured credit, and more through their safe online platform. Since opening its doors in 2011, MoneyKey has provided thousands of customers with quick and secure loans when they need it the most. Their customer support team is extremely friendly and responsive to ensure client satisfaction. 

While MoneyKey does have preliminary requirements to receive a loan (stay tuned), borrowing money from them is still a lot easier than going to a traditional lender. One reason borrowers turn to MoneyKey is for their commitment to excellence and transparency of their services. All of their loan information is easy to understand and available online. 

How Does It Work?

Obtaining funds from MoneyKey is exceptionally quick and easy. Since it’s an online lending platform, users can apply and receive loans 24/7. The online web application is extremely easy to follow, even if you’re not internet-savvy. MoneyKey’s application typically takes less than 15 minutes to fill out, making it one of the fastest in the industry.

After you submit your application, one of the loan representatives reviews it as quickly as possible. During this process, they may ask you to submit some documentation to validate the information on your application. 

Once they approve your application, MoneyKey will deposit the funds directly into your bank account. If you need help or want more information while applying, you can call a loan representative directly.

The Pros of

Quick Access to Loans

Sometimes, people need cash pronto. If you go down the traditional route of borrowing, loans can take days, if not weeks to get approved. With MoneyKey, you can get access to your funds as quickly as a single business day.  

That said, certain conditions can affect how long it takes for you to get access to your money. Most of the funding process boils down to what bank you use and their policies. What’s more, customers can cancel their loans almost as quickly. MoneyKey lets you cancel a loan within three business days. 

People looking to get a loan as quickly as possible should consider looking into MoneyKey. However, be sure to look out for interest rates and other factors of your loan beforehand (see below). 

Extremely Resourceful Customer Service Team

When it comes to getting a loan, the borrower must understand all the terms and conditions that apply. MoneyKey’s customer service team is extremely helpful at walking customers through the loan application process. 

You can contact their customer service team via phone, live chat, or email, and they usually respond immediately. Several customers boast about the quality of care they get from the MoneyKey customer support team.

If you’re new to receiving loans or have any specific questions, it’s highly recommended that you talk with one of their agents before the application process. 

Multiple Loan Options

When you have bills to pay, finding the right type of loan can be challenging. To add more of a headache, many lenders have limited options. MoneyKey has several online loan options customers can choose from. If you don’t have a rainy day fund, turning to an online loan might be your best option to cover your expenses. 

MoneyKey offers the following online loans:

  • Installment Loans. Installment loans are a general term covering a wide range of commercial and personal loans. With an installment loan, the borrower is permitted to pay installments regularly (usually monthly). With MoneyKey, you can get your cash within one business day and the loan duration is typically 6 to 18 months. 
  • Line of Credit (LOC). Unlike installment loans, a line of credit is open-ended. Instead of receiving a lump sum of cash upfront then paying it off periodically, borrowers can use the credit however they please. When the borrower makes a payment, they can use the credit again. A LOC is an excellent solution to unexpected expenses.
  • Payday Loans. Payday loans align with the borrower’s income. It’s a short-term loan option that’s typically equivalent to your next paycheck. MoneyKey offers payday loans that are a suitable solution for paying off unexpected expenses between checks. 

Upfront Prices/Interest Rates

Unfortunately, several online lenders are lacking in the trust department. They may be able to get you a loan quickly, but you’ll only find out later that the high interest rates are going to sink you. With MoneyKey all of their prices and interest rates are upfront, and there are no hidden fees or additional costs. 

For this reason alone, numerous businesses and individuals trust MoneyKey for online lending. What’s more, MoneyKey doesn’t charge any late fees or prepayment penalties. As a result, you can expect to get a loan at a much more affordable rate when you choose to go with MoneyKey. 

Extremely Simple To Use

Unlike other online money lending platforms, MoneyKey’s website is extremely user-friendly. All of the application forms and functions are interactive and easy to navigate. If you aren’t tech-savvy or would feel more comfortable interacting over the phone, you can call MoneyKey directly using their toll-free number. 

Some would argue that obtaining and paying off loans on is easier than going into the bank. You have everything you need to get funding without ever having to leave your home. 

Reputable Company

If you go on the MoneyKey website, they give out a lot of information about why they’re one of the top online lenders in the industry. However, they’re not just tooting their own horn. MoneyKey has over 1,000 positive reviews from real customers. Thousands of people have been using their services over the last decade, and many of them are repeat customers. 

The company also has over 2,000 reviews on Trustpilot and a 4.5-star rating. Many of the users claim that obtaining a loan from MoneyKey was a breeze, and would recommend their services to any American that needs cash quickly. 

The Cons of

Interest Rates Are High

Like many online short-term loan providers, MoneyKey has high interest rates. As a result, you’re paying quite a hefty fee for the speed and convenience of their services. While high interest rates are never favorable, some would justify why MoneyKey has higher rates. For starters, they have an outstanding platform and customer support team. 

That said, always put a lot of thought into whether obtaining a loan is worth the payments in the future. Otherwise, you can find yourself under more financial stress than before. 

No Loan Options for Military Members

Reliable loan options are often limited for members of the armed forces. Unfortunately, MoneyKey’s guidelines and regulations aren’t suitable for military personnel. 

Account Difficulties

While MoneyKey has an extremely sleek website, some users claim that they had difficulties accessing their accounts after obtaining a loan. A delay like that can be frustrating, especially when trying to make payments. 

That said, the MoneyKey customer support team typically responds to account issues promptly. Users who are having trouble accessing their accounts can call customer service directly to resolve the issue. 

Overall Reputation and Reviews for MoneyKey

As we mention above, MoneyKey has an overall positive reputation online among users. At the time this article was written, there were over 3,000 reviews about MoneyKey online. Many users on TrustPilot claim that the customer service team was always there to help whenever they had trouble with their accounts or obtaining a loan.

However, several users on the Better Business Bureau claim they had a negative experience with the company. Customers claim that they were contacted by the MoneyKey team in regards to unpaid loans that didn’t exist. While MoneyKey was able to resolve most of the issues, it still gives the company a bad rep in terms of customer management. 

On SiteJabber, the MoneyKey rating is quite high. Several customers claim they were satisfied with their borrowing experience and would recommend anyone that needs a loan to use MoneyKey. 

The reviews you read can give you a good inside view of what it’s like to do business with MoneyKey. However, the best way to see what the company is all about is to read through their website and talk to one of their agents. 

MoneyKey Responsible Lending

To be one of the top online lenders in the United States, MoneyKey practices responsible lending. Responsible lending means that all of their products and services are in the customer’s best interest, not theirs. MoneyKey doesn’t want to see its customers dig themselves deeper into debt. 

That said, there are still some risks that come with obtaining a loan online. Customers should treat loans from MoneyKey as short-term loans for unexpected expenses, not a long-term financial plan.

Before obtaining a loan from MoneyKey or any online lending service, be sure to always:

  • Read through the loan terms and conditions carefully so you understand exactly what you’re getting yourself into. 
  • Never take out a loan to pay off another loan.
  • Read and understand all of the fees and interest rates so you know what the loan will cost you in the long-run.
  • Only take out a loan that you can realistically pay off given your current income.

Q&A for

Which States Does MoneyKey Operate In?

Unfortunately, MoneyKey is only an available option in a few states. What’s more, each state has different service rates, so it can be tough to get a solid estimate. Here are the states where MoneyKey is available:

  • Texas
  • Tennessee
  • Delaware
  • Alabama
  • Idaho
  • Mississippi
  • Kansas
  • Utah
  • Wisconsin
  • New Mexico
  • Missouri

If you don’t live in one of the above states, you’ll need to find another option. 

Which Type of Loans Does MoneyKey Offer?

As we mention above, MoneyKey has a wide range of loan options. The company’s most popular are installment loans, payday loans, and lines of credit. If you’re looking for a specific type of loan, you can reach out to their team for a custom inquiry. 

How Do I Quality for MoneyKey Loans and Do They Require a Credit Check?

MoneyKey may run a credit check depending on what kind of loan you’re after and how much. As for qualifications, MoneyKey does have a few requirements. To obtain an online loan through MoneyKey, you must:

  • Be of legal age to obtain a loan in your state
  • Be a citizen of the United States or a permanent resident
  • Have residency in the state you’re applying in
  • Have a bank account
  • Be able to establish that you have a regular income source
  • Have an active phone number and email 

How Much Does MoneyKey Cost?

Interest rates vary between states, so you’ll need to check your state to know what you’ll expect to pay for your loan. For example, Texas residents that get paid weekly or bi-weekly can pay anywhere from 10-22% interest on an installment loan. Residents earning monthly income can pay upwards of 34%. 

How Many Loans Can You Take Out With MoneyKey?

MoneyKey only allows users to have one active loan at a time. To get another loan, the borrower needs to pay off the current loan entirely. 

How Do You Verify Banking Information With MoneyKey?

MoneyKey uses an online verification process to speed up the application process. The company has a free third-party software scan through all of your online banking documents and transactions to conduct a prompt credit check. However, this service is only available with certain banks, and users must already use online banking.

How Much Money Can You Borrow With MoneyKey?

The maximum loan amount varies between each state. To see what your state’s maximum credit amount is, you’ll need to check the terms and conditions on the MoneyKey website.

Are Online Loans Worth It?

Since you’re here, you must be looking for information about obtaining loans online. Without a doubt, the world of online lending is becoming increasingly popular in the age of smartphones and modern technology. However, are online loans worth it? 

Here are some of the advantages of using an online lending platform like MoneyKey:

  • Availability. Since everything is online, you never need to get information or start the application process. You can apply for a loan whenever you want using the internet. Even if you do need to speak to a living breathing team members, you can do so easily online. 
  • Fast Turnaround. One of the biggest advantages of online money lending is the speed of service. No matter what other route you take, you can’t beat the speed of the internet. Not only can lenders approve applications faster, but they can also deposit funds into your account almost instantly.
  • Less Documentation. Online applications typically mean less tedious paperwork. With a company like MoneyKey, you can submit all of your documents virtually. 

Who Should Use MoneyKey?

If you’re looking for a short-term loan and don’t want to go through the hassle of using a traditional lender, then MoneyKey may be a viable option. Those looking for installment loans, payday loans, or a new line of credit can also benefit from their services. These types of loans are an excellent way to pay off small expenses if you don’t have the extra cash.

If you need a large sum of money, then a company like MoneyKey probably isn’t for you. Since the interest rates are quite high and the loan durations are short, you’ll end up paying an arm and leg for your loan. You’re better off going to another lender that offers large-scale lending.

MoneyKey is also an excellent option for those that don’t have easy access to traditional financial institutions. That said, MoneyKey is only a solution if you live in one of the states they operate in. 

Final Thoughts

There’s no doubt that a company like MoneyKey can help people get through micro-financial struggles. That said, potential borrowers should consider the high interest rates and seek a more affordable option if there’s one available. 

One reason why MoneyKey is considered a reliable online lender is their easy-to-use website and winning customer service team. Both aspects are extremely important when choosing a lender since they will help make managing your loan a lot easier. 

We hope this MoneyKey review was helpful. If you’re considering using their services, be sure to check out more information on the company website. For alternative options, there are numerous MoneyKey comparison reviews online.

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