Are you going through an emergency and need cash fast? If you can’t wait for your next paycheck to arrive, borrowing money from a company like MoneyTree is a fast and easy way to get the help you need.
MoneyTree is a short-term lender that specializes in payday loans. The company also offers many other financial services, like wire transfers and check-cashing. The loan limits and services available to you vary based on your state, income, and other personal information. They’re an excellent option if you don’t have other loan options available to you or you need cash fast.
In this MoneyTree review, you’ll find everything you need to know before you sign up. We’ll discuss the pros and cons of borrowing money from the company and what to expect when it comes to paying off your loan — so you can decide if MoneyTree is right for you.
Table of Contents
- General Information About MoneyTree
- The Pros of MoneyTree
- The Cons of MoneyTree
- Overall Reputation & Reviews for MoneyTree
- Q&A for MoneyTree
- The Bottom Line
General Information About MoneyTree
MoneyTree started over 35 years ago as a check-cashing business. The first MoneyTree branch opened on Halloween 1983 in Renton, Washington. Brothers Dennis and Dave Bassford opened the store with Dave’s partner Sara.
Over the years, the company built up its success through hard work and customer dedication. The team wanted to establish themselves as innovators in cashing checks rather than maintain the state quo, helping the company stand apart from the competition.
As you’ll learn in this MoneyTree comparison, the business grew largely due to the team’s dedication to treating people with kindness and respect. They made business decisions intending to do the right thing for customers and team members alike. Their main goal is still to exceed customer expectations and positively impact the communities they touch.
To further work toward these goals, MoneyTree donates hundreds of thousands of dollars and spends countless hours volunteering with charitable organizations in the area. Most of the focus goes to organizations that support children and families, animal welfare, first responders, or medical research. Their philanthropic efforts have won them several community awards.
Today, MoneyTree is a direct lender that provides loans in five states. They offer personal (installment) loans, title loans, payday loans, and business loans. The company even has check cashing, bill pay, money order, and wire transfer services.
The Pros of MoneyTree
- Small personal loans
- No prepayment penalties
- Simple, fast, and secure to use
- Easy repayment process
- Lots of additional services
Small Personal Loans
MoneyTree provides a wide array of personal loans in small amounts. The service is great if you need emergency funding and don’t qualify for a loan from traditional outlets or don’t want to borrow a large amount of money from a bank.
However, the total amount you receive may vary based on your location. For example, Nevada branches allow you to borrow anywhere between $50 and $5,000.
Customers also get to choose how to receive the funds. Some branches offer the loan funds on a prepaid debit card, while most people head to their local branch to collect cash.
No Prepayment Penalties
Some lenders will charge extra for paying off all or part of your loan sooner than your payment schedule. Prepayment penalties are the lender’s way of protecting themselves because the first few years of a loan term are typically financially risky for them.
Many payday loan companies calculate the prepayment fee from your loan principal or the amount of interest left after paying off the loan. Other times, the amount is fixed. You would need to agree to this clause upon signing the agreement.
At MoneyTree, you can prepay your loan in full before the due date without any prepayment penalties. You can pay your loan before the due date as you wish.
Doing so may actually help you save money. If you pay your loan completely before the maturity date, you might get back a portion of the acquisition charge and the monthly installment account handling charge.
Simple, Fast, and Secure to Use
MoneyTree is a direct lender, so they don’t sell your personal information. You can also apply for a loan online through their secure platform. Applicants hear back from MoneyTree about the status of an online application within 60 minutes. Then you can request your loan amount and repayment term details.
Because you can opt to receive your loan in various ways, getting your money is quick. Funds are typically available in one to three business days if you have the loan direct deposited into your bank account. You can also buy a prepaid card from MoneyTree to get faster access to the funds.
Plus, MoneyTree offers a free scam alert to let their customers know if their company information has been used in a scam operation. The company helps by providing signs you can use to identify and protect against fraudulent calls or emails.
Easy Repayment Process
The repayment process varies based on your loan type and payday schedule. Most payments are not due monthly. Rather, MoneyTree schedules payments around your bi-weekly or semi-monthly paydays. If you earn your paycheck every other week, your MoneyTree repayment schedule follows the same schedule.
The best part about paying back your MoneyTree loan is all the convenient options. You could repay your loan in full in person at your local branch, on the phone, or online.
Lots of Additional Services
MoneyTree isn’t only a payday and installment loan company. They’re a short-term funding provider with several types of loans, including auto equity loans, title loans, and business loans.
They also have other financial services, like gold buying, check cashing, wire transfer, money orders, bill pay, and they sell prepaid debit cards.
Each loan type and financial service comes with varying fees and interest rates. How much you pay back may depend on your state and the individual branch location. However, all the loan options and services are not available in every state.
The Cons of MoneyTree
- High-interest rates
- May need to apply in person
- Limited availability
High-Interest Rates
MoneyTree loans come with super high-interest rates. Many of the Annual Percentage Rates (APRs) reach into the triple digits. The exact rate depends on where you live, however.
For a 98-day personal loan of $500, you would pay a finance charge of $95 and agree to complete seven payments of $85 every two weeks. The interest rate for this exchange in Colorado, for example, comes with an average APR of 118.25%.
A payday loan in California comes with a higher repayment amount. If you borrowed $100 and the loan is due in 14 days, you would have an APR of 460.16%. Most of the rates for other states teeter between these rates.
But the rate you receive could be higher or lower. The interest rate you pay also varies depending on the amount you borrow and your repayment schedule.
Compared to other competitors, particularly online lenders in the industry, these interest rates are much higher. Some people might be able to qualify for a lower rate from another lender.
Explore all other options before you apply for a personal loan with MoneyTree. Some apps for people who need a small personal loan are more affordable, such as Dave or Earnin. These apps have no added fees and better financing terms.
If you have no other options, a MoneyTree loan is a great last resort to get funding for an emergency. Review the fees and interest rates to make sure you can pay it back, though.
May Need to Apply in Person
Although MoneyTree offers online installment loans of up to $1,000, the service is only available to three states: Idaho, Nevada, and Colorado.
If you reside in these states, you can apply for a personal or payday loan online. The application process includes uploading the necessary documents for verification, and then you get approval in minutes. The funds are instantly in your bank, put on a prepaid debit card, or available for pickup at your local branch.
Limited Availability
Not all of MoneyTree’s loans and services are available in every state. Branch locations are only in five states on the western side of the United States. MoneyTree also has locations in Canada and British Columbia. However, they are not numerous.
For example, if you want to apply for an installment loan, MoneyTree may not be ideal for you. The company only offers online installment loans in the three states mentioned above, and payday loans are the only option if you live in California.
Check with your local MoneyTree branch (or state) for the most detailed information about the financial services available to you.
Overall Reputation & Reviews for MoneyTree
MoneyTree ratings vary. The San Diego location has an overall 4 out of 5-star rating on Yelp, where customers range from one to five stars.
Some people enjoyed their experience with MoneyTree due to the customer service. Mary F.’s review says the customer service experience she received made the experience of getting a money order less painful. Her MoneyTree professional was thorough, friendly, and had a great attitude. Other reviews make similar claims about the polite and kind staff.
On the other hand, Jorge G. had the opposite experience. He says the customer service was rude in his Yelp review because he entered using the wrong door. Julian W. backs up Jorge’s claim, saying the business manager was unprofessional.
The Better Business Bureau has received a single complaint about MoneyTree in the last three years. The reason cited is billing and collections issues.
Other customer complaints explain that MoneyTree is not ideal for self-employed people as well. Because they require proof of income, the approval process can become much more complicated. Even with tax returns, bank statements, and 1099s, you may be denied due to insufficient proof of income.
Overall, most customers love doing business with MoneyTree. The company prides itself on its customer services. Most ratings reflect their commitment to their customers.
Q&A for MoneyTree
What is it like to get a loan from MoneyTree? What are the available options, and which are right for your needs? Here are a few frequently asked questions about the lender to help you decide if the service could help you.
Which States Does MoneyTree Operate In?
MoneyTree operates in the following five states:
- California
- Colorado
- Idaho
- Nevada
- Washington
Which Type of Loans Does MoneyTree Offer?
MoneyTree offers a wide range of loans. Services vary by location.
Payday Loans
A short-term loan, payday loans typically take place between today and your next payday. When you apply, you write a post-dated check for the amount you want to borrow (including the service fees) and get cash fast. It’s excellent for avoiding overdraft fees or covering a small emergency expense.
MoneyTree also allows some states to apply for payday loans online. You can apply for payday loans online in Idaho, Nevada, California, and Washington.
Installment Loans
An installment loan is a personal loan where you borrow a larger sum of money and return the money over a fixed time period. Paying off an installment loan could help you in the case of an emergency, and paying it off through regular payments might boost your credit score.
Unlike other loan types, installment loans do not require collateral. You can pay back the money over the coming months rather than days or weeks, which lowers your individual payments. Borrowers pay back the loan following a payment schedule for the loan term.
Installment loans are only available in Idaho, Nevada, and Colorado MoneyTree branches.
Some states also provide installment loan applications online. You can apply online in Idaho and Nevada only.
Business Loans
Business owners can apply for a business loan from MoneyTree or quickly cash checks using the company. The extended hours are fantastic for busy business owners who need to cash checks on the weekends or evenings. Many business loans cover supplies, bills, or fund a new idea to boost your business to the next level.
However, business loans are only available at branches in Nevada, Idaho, and Washington. If you live in one of these states, you can apply for your business loan online as well.
Title and Auto Equity Loans
If you have a vehicle, you can get a title loan (also known as an auto equity loan) using the title as security. The loan amount varies based on the value of your vehicle. When you take out a title or auto equity loan on a paid-off car, the lender offers you a rate equal to your vehicle’s current market value.
Signature Loans
No checking account? No problem. A signature loan offers the convenience of a payday loan for people without a checking account. The loan type is sometimes called a character or good faith loan. Unlike other loan types, you earn the cash you need with your signature, proof of income, and credit history.
The catch is that a signature loan is considered an unsecured loan. You have to have decent credit history for approval.
How Do I Qualify for MoneyTree Loans & Do They Require a Credit Check?
Applying for a MoneyTree loan is quick and easy. When the company evaluates your application, they look at your credit reports. They also need to see your source of income and checking account information. To apply, you’ll need to provide:
- ID
- Social security number (or alien registration number)
- Physical address
- Phone number
- Checking account information
- Documents to verify your income (source and amount)
Some states allow you to apply online for payday or installment loans. However, you may need to go into your local branch.
How Much Does MoneyTree Cost?
MoneyTree interest rates vary based on your loan amount, repayment schedule, loan type, and state. Payday loans in California have the highest APR rating of 460.18%, while Colorado loans are the lowest, with an APR of 118.25%. Most states have APRs around 400% for payday loans, on average.
Other than the varying interest rates, MoneyTree may charge added fees for their services. Your state determines how much MoneyTree will cost for you. Some states require an origination or acquisition fee, which increases the total amount you owe. Most fees add around $95 to your loan rate.
The Bottom Line
MoneyTree is a well-established short-term loan lender that’s been in business for nearly 40 years. They pride themselves on excellent customer service.
They also offer many service options, so there’s a financial solution for everyone. Even those without a checking account can use MoneyTree’s loan services.
Although their services have expanded since they first opened their doors, MoneyTree does not offer every service in each location. Your state determines the options available for you as well as how much you’ll pay back in fees later. MoneyTree is only available in five states on the western coast, including California, Colorado, Nevada, Idaho, and Washington.
Some services extend to British Columbia and Canada as well. However, online services are limited to a few select states.
Based on our MoneyTree review, customers enjoy MoneyTree. It’s easy to apply, and getting the money you need is quick. Plus, you can pay off the loan early with no added fees.