Moneykey Review 2020 – Fast and Easy Loan Approval

MoneyKey offers quick loans from between $200 - $1,000. Read the full review here.
Author: Nica

Last Updated: March 16, 2020

MoneyKey logo in blue and greenMoneyKey claims to offer a quick and easy solution for borrowers in search of short term loans. It arranges a wide range of lending facilities to suit various users in varying situations. But in spite of having a vast array of products, it seeks to offer simplicity and convenience.

What are the benefits and downsides of using services from this provider? Our comprehensive overview of MoneyKey seeks to find the answers to this and other questions. We will examine every aspect of the provider’s services and help you establish whether it is the most suitable solution for you.

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    MoneyKey offers different suites of products depending on the borrowers’ state of residence. It has an extensive range of loan options and handles all operations online. The lender has lots of positive reviews online. But even though the rates are not as outrageous as on other sites, the loan ceiling is quite low.

    What is MoneyKey?

    Headquartered in Wilmington, DE, MoneyKey Inc. is a direct lender like InboxLoan and LendUp that has been operational since 2011. The lender offers financial services in at least 14 states across the US.

    It exclusively provides online loan services and has a focus on unsecured, short-term loans as well as lines of credit. Depending on the state where you live, you can get varying loan amounts with different loan terms.

    MoneyKey also makes sure that users can access loans from third-party lenders in states where it is not a licensed direct lender. Another unique aspect of the lender is the wealth of educational resources offered on its website.

    Pros and Cons of a MoneyKey Loan


    • Offers multiple loan options
    • In states where it is not a direct lender, it supports third-party lending services
    • Fast and easy loan approval
    • After approval, funds are deposited in 1 business day
    • Borrowers can cancel loans for up to 3 days from the effective date and return the full amount
    • Its online application process is straightforward and fast
    • You can view loan status online and keep track of past payments as well as upcoming due dates with ease
    • Reputable customer support team


    • High-interest rates
    • Accessible in only a handful of states
    • Some services are inaccessible in states where the lender operates
    • Does not have any physical stores

    Money Key and short term installment loans compared

    Started in 20111 and with active presence in at least 14 states, Money Key is a direct lender that specializes in offering short term loans. Most common loans offered here include payday and installment loans as well as a line of business credit. We compared the lender against equally established short term loan providers like LendUp, TitleMax, and Rise Credit and highlighted their key differences in this table:

    Money Key

    • Access payday loan or Line of credit of between $100 and $1,000 ($2600 for installment loans)
    • Minimum credit score of 300 FICO
    • APR of 214% for payday loan and between 24% and 399% for installment loans
    • Payday loan repayment period of between 8 and 31 days


    • Borrow up to $10,000 (secured title loans)
    • No credit score check
    • Annual loan APR ranges from 400% – 1,000%+ (payday loans)
    • Loan repayment period of 30 days to 72 months


    • Borrow payday loans of between $100 and $250
    • No minimum credit score required
    • Loan APR is set at between 237% and 1016.79%
    • Payday loan repayment period of between 7 and 31 days

    Rise Credit

    • Offers loan from between $500 to $5000
    • Bad credit score is allowed
    • Annual rates starts from as low as 36% to as high as 299%
    • Depending on the state, the repayment term ranges from 7 to 26 months

    How does work?

    The MoneyKey platform offers three major types of loans and targets borrowers in need of fast access to funding. As is the case with most of such loans, even users with poor credit rates and financial history can get access. But the convenience comes at a high premium in the form of very high interest rates.

    Almost everything, from the loan amount to the rate depends on the type of product you choose and the state in which you reside. For new applicants, the main criteria for eligibility revolve around the income and the lender does not consider credit score.

    Payday loan applicants can access amounts ranging from $200 to $1,000 and need to make the repayment within a span of 8 to 31 days. The product is only accessible to residents of California at present.

    Essentially, these are small personal loans that you need to repay infill on the next payday. They are most useful for unexpected expenses, such as emergency vehicle repair and other non-recurring bills.

    Installment loans range in amount from $200 to $2,600 and you can make the repayment in a period of 4 months to 18 months. The loan amounts are highest in California and Alabama, both of which allow access to the maximum figure. But in most other states, the limit is $1,000, with the exception of Idaho ($1,500) and Mississippi ($1,475).

    The lender typically divides repayment figures into 5-36 installments of equal value. As the name implies, this short term credit product is repayable in installments. You can make your repayments bi-weekly, semi-monthly or weekly, based on when you get your income.

    For lines of credit, you can get varying amounts ranging from $200 to $1,000. A line of credit is a credit facility that allows you to borrow money whenever you need it. The catch is that you have to borrow within a pre-specified credit limit.

    Total amounts that individuals can borrow under this provision depend on financial status as well as the state of residence. Tennessee residents can access a slightly higher amount of $1,475.

    Among the key advantages of this option is the fact that you only pay interest on the amount you actually borrow, only when you borrow it. In case you do not use your line of credit, then there are no fees or interests to pay. Furthermore, the line of credit remains open whenever you need it and as long as you need it.

    Regardless of where you live and type of loan you take out, you can opt to cancel a loan within a span of three days starting from the effective date. If you choose to do so, it would be necessary to return the full principal amount.

    Failure to do so would mean that the loan remains in full force and continues to accrue fees on the outstanding amount.

    If, on the other hand, you choose to pay back your loan early, before the due date, you can easily do so without attracting any penalties.

    What loan products does a MoneyKey loan offer?

    MoneyKey offers three loan products including:

    • Payday loans (available in CA and OH)
    • Lines of credit (available in KA and MO)
    • Installment loans (available in AL, CA, IL, DE, NM, MS, TX, OH and UT) 

    What other store services does MoneyKey offer?

    The lender does not offer any additional store services.

    MoneyKey Account Creation and Borrowing Process

    Here are the steps you need to follow to create an account on the site and borrow funds:

    1. Visit moneykey.com and Loclick “Apply Now” on the top right-hand side corner of the screen.

    Smiling woman wearing glasses on the phone on the home page of MoneyKey

    Start out by choosing one of the loan products on the list. Once you have done so, you can start filling out the required information.

    2. You will need to enter your email address, your state and the loan amount you require. Next, fill out other details such as your full name, address and phone number.

    MoneyKey account creation page capturing contact and personal info

    Other details you will have to enter include information on whether you rent or own, how many years you have lived at the current address and your driver’s license as well as social security number.

    3. Create a password for your account and then submit your income details.

    These include your pay frequency and how much you usually earn.

    4. Once you are done filling out the details, you will get a prompt to call a customer care specialist whose role will be to verify your details.

    While your loan can get processed immediately, in certain cases the lender might want to talk to your employer or your bank. They might also want to get proof of income before processing the request.

    5. If and when you get approval, you will need to review and then sign a loan agreement form outlining terms of the deal (loan details, fees and rates).

    6. After signing, you may get the funds in as little as one business day.

    Repayment terms will depend on the product you have selected. But the service provider will usually send you a complimentary email as a reminder before every payment is due.

    It’s essential to be cautious during the sign up process for these products. This is because you can end up owing two to three times what you borrow on the longer-term loans, and many have difficulty repaying the short-term loans without reborrowing.

    Eligibility Criteria for MoneyKey Loan

    In order to qualify for any of the loans on the platform, you have to meet the following criteria:

    • Have a regular source of income
    • Have a functional bank account
    • Have a valid email address and a phone number
    • Be a permanent resident or citizen of the US
    • Be at least 18 years of age

    Information Borrowers Need to Provide to Get MoneyKey Loan

    Here is the information you need to provide to open an account and borrow from the platform:

    • Employment information – this includes your employer’s name, monthly income, your last pay date and the next pay date
    • Banking information – you will need to enter your bank’s name, bank account number, bank account type and your routing number
    • Personal information – during the application process, you will need to provide your full name, address, email address and home phone number

    What states are accepted for MoneyKey loans?

    The lender operates in a total of 14 states. These include:

    • Alabama
    • California
    • Delaware
    • Idaho
    • Illinois
    • New Mexico
    • Mississippi

    What are MoneyKey loan borrowing costs?

    MoneyKey’s borrowing costs vary significantly depending on the type of loan you choose. Here are the main rates and terms:

    • Payday loans – 214% APR
    • Installment loans – 150% to 700+% interest rates
    • Lines of credit – 24% to 399%
    • Cash advance fee – 10% to 15%

    MoneyKey Customer Support

    Like for other financing services such as Lendio, the customer support team on MoneyKey is reachable over the phone or via email. For urgent questions that need quick answers, the website also has a live chat feature.

    MoneyKey has predominantly positive reviews on various online platforms. Notably, on the Better Business Bureau, it has a B rating. However, out of 15 reviews on the site, 14 were negative.

    But even though there were lots of customer complaints, most of them were closed. For each one, a customer representative had taken the time to respond and offer a solution. A majority of the complaints have to do with high-interest rates, which is a well-known aspect of short term loans.

    On other platforms like TrustPilot and SuperMoney, most of the reviews were positive. Oftentimes, customers hailed the support team, saying that it was solid and reliable.

    Based on the overall positive sentiment of customers using the platform, it is reasonable to conclude that it has a good support team.

    Is it safe to borrow from MoneyKey?

    The platform seeks to ensure user safety by the use of Verified Site Certificates and SSL encryption. They claim that as soon as they obtain user information, they put in various physical and logical measures to ensure safety.

    It is also a Community Financial Services Association (CFSA) member and a member of the Online Lenders Alliance (OLA).

    Another line of safety is the fact that they only offer services in states where they have regulatory licensing. All its products are designed in compliance with local laws and it is therefore safe to borrow from the platform.

    MoneyKey Review Verdict

    MoneyKey has been in the financing business for a good number of years. It has plenty of positive customer reviews and a helpful customer support team. The website strives to offer transparency on the products available in different states as well as the rates applicable.

    Like any other short term loan service provider, it charges high-interest rates. Another downside to it is the fact that it is only available in a few states. The business has no brick and mortar store and conducts all activities online.

    Overall, the lender does a good job at providing multiple financing options for its users in available states. It is a good choice if you happen to be in a financial fix and have cheaper way out of it.

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    Viva payday loan app company logo
    • Loans From $100 to $15,000
    • Instant Application & Approval
    • Bad Credit Considered
    • Lenders From All 50 US States Onboard
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    Glossary Of Loaning Terms

    A scale showing a high Credit Score
    Credit Score

    A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.

    A green tick stamp showing Guaranteed Approval
    Guaranteed Approval

    Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.

    A stack of coins and notes to show Cash Advance
    Cash Advance

    A Cash Advance is a short-term loan that has steep interest rates and fees.

    A secured padlock and document showing Collateral

    Collateral is when you put up an item against your loan such as your house or car. These can be reposessed if you miss payments.

    A scale with coins showing a high Credit Limit
    Credit Limit

    A Credit Limit is the highest amont of credit a lender will lend to the borrower.

    5 gold stars showing a high Credit Rating
    Credit Rating

    Your Credit Rating is how likely you are to fulfil your loan payments and how risky you are as a borrower.

    A silver cog with a gold star inside

    If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.

    A coin with a green arrow showing Interest Rates

    The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money.

    Piles of coins showing Fixed Interest Rate
    Fixed Interest Rate

    Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.

    A calendar with an exclamation mark showing late payment
    Late Fee

    If you miss a payment the lender will charge you for being late, this is known as a late fee.

    A printed document with a crest showing a Principle

    The Principle amount the borrower owes the lender, not including any interest or fees.

    A tag with a dollar symbol highlighting Prime Rate
    Prime Rate

    This is the Interest Rate used by banks for borrowers with good credit scores.

    A and holding a pile of green cash
    Secured Loan

    A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.

    A hand holding cash with an unlocked padlock
    Unsecured Personal Loan

    An Unsecured Personal Loan is when you have a loan based soley on your creditworthliness without using collateral.

    Two hands holding an changing interest rate
    Variable Rate

    A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.

    a credit card with gold coins
    AAA Credit

    Having an AAA Credit Rating is the highest rating you can have.

    A small bridge
    Bridge Loan

    A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.

    A calendar and tools to show an Installment Loan
    Installment Loan

    An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.

    A graduation cap and price tag
    Federal Student Loan

    If you obtain a Federal Student Loan to pay your way through College ten you loan is held with the U.S. Department of Education.

    A graph with a magnifying glass
    Financial Aid

    Financial Aid is funding available to post-secondary education students in America.

    A grey bank building with a green dollar symbol inside

    A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.

    Homes on scales balanced with money
    Home Equity Loans

    Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.

    London Inter Bank Offered Rate

    LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for

    Gold coins being fed into a larger doller weight
    Debt Consolidation

    Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthyl payment, usually with a lower interest rate.


    Does MoneyKey contact borrowers’ employers?

    The lender will only contact your employer in case it requires employment verification prior to loan approval. It might also do so if you are not reachable over the phone or via email. But they are unauthorized by law to discuss your finances with external parties.

    What should I do if I need to update my information on the site?

    The easiest way to update your information is by contacting someone on the customer support team who will then update your details as desired.

    What can I do if I change my mind about a loan I have already taken out?

    You have up to 3 days to cancel any loan. Doing so within the specified time period will not attract any penalties or fees. But if you cancel after the 3 days, you will be subject to applicable interests.

    Does MoneyKey charge origination fees?

    No. MoneyKey does not charge origination fees on any of its loans.

    What is the minimum credit score I need to be eligible for a loan on the site?

    Qualifying applicants should have a credit score of between 300 and 700.

    US Payday Loan Reviews – A-Z Directory

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

    Nica is a BA Political Science degree holder who fell in love with writing after college. She specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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