Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
The bottom line: MoneyKey Personal Loans charges very high interest rates and isn’t available in most states, so it isn’t a good choice for a majority of borrowers. Still, if you can’t qualify for a personal loan elsewhere and need money fast, you may consider using MoneyKey.
See Insider’s picks for the best personal 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 of cost on your loan. 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%.
MoneyKey Personal Loan Details
You’re only able to get a MoneyKey installment loan in Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin. MoneyKey used to offer installment loans in Illinois and New Mexico, but no longer originates new loans in those states. The company offers lines of credit in other states, but not installment loans.
To get a loan, you’ll need to meet the following requirements:
Be the legal age of majority where you resideHave an open and active bank accountHave a steady source of incomeHave a valid contact numberHave an active email address
While the loan terms are generally the same, depending on the state you live in, your loan terms will vary:
StateTerm lengthLoan amount rangeAPRDelaware12 months$200 to $2,000Up to 295%Idaho12 months$200 to $2,000Up to 295%Mississippi12 months$550 to $2,000Up to 295%Missouri12 months$200 to $2,000Up to 295%Texas6 months$200 to $2,000Up to 306%Utah12 months$200 to $2,000Up to 295%Wisconsin12 months$200 to $2,000Up to 295%
MoneyKey Personal Loan Pros and Cons
ProsCons
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.
Extremely high interest rates. The average rate for personal loans we track is about 20%. MoneyKey can have rates as high as 306%, which can cost you a fortune in interest.
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.
Only available in seven states. Only residents of Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin can take out an installment loan with MoneyKey. If you don’t live in one of those states, you’ll have to use a different company.
Low maximum loan amount. The most you can borrow from MoneyKey is $2,000. If you need a larger sum of money for a bigger expense, you’ll have to choose a different lender. This probably won’t be the best option if you need a debt consolidation loan, for instance.
Fees are undisclosed. Until you apply for a loan and are able to 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.
How to Apply for a MoneyKey Personal Loan
1. 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.
2. Choose the amount of money you want. Most states have a loan amount range between $200 to $2,000.
3. Submit and verify your information. You’ll need to input your name, birthday, and Social Security number. After filling out a formal application, you might have to send in proof of income, like a W-2, tax returns, or other financial documents.
4. 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.
MonkeyKey Frequently Asked Questions
Is MoneyKey real?
Yes, MoneyKey is a legitimate business founded in 2011 with headquarters in Delaware. It offers installment loans and lines of credit to borrowers in seven states.
What kind of loan is MoneyKey?
MoneyKey is an online lender that offers short-term personal loans to borrowers with lower credit scores at high interest rates.
What is the minimum credit score for MoneyKey?
MoneyKey does not have a minimum credit score to qualify for a personal loan.
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.
Is MoneyKey trustworthy?
MoneyKey has a B rating from the Better Business Bureau. The BBB cites 54 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 Competitors
MoneyKey, Fig Loans, and OppLoans are slightly lower-cost alternatives to payday loans, many of which have interest rates around 400%. However, you’ll still pay a much higher interest rate with these three than you would with a traditional personal loan lender.
MoneyKey Personal Loans vs. OppLoans Personal Loans
OppLoans Personal Loan – Product Name Only terms range from nine months to 24 months, depending on the state you live in. MoneyKey has either a six- or 12-month term length, depending on where you live.
Neither company has a minimum required credit score.
MoneyKey Personal Loans vs. Fig Personal Loans
Fig Personal Loan – Product Name Only has term lengths ranging from one to six months, while MoneyKey has either a six- or 12-month term length. Both depend on where you live.
MoneyKey and Fig don’t have a minimum credit score to qualify, so they could be a good option for borrowers who have been denied by other companies due to a poor credit history.
Why You Should Trust Us: How We Rated MoneyKey
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)Fees (20% of rating)Term lengths and loan amounts (15% of rating)Funding speed (15% of rating)Borrower accessibility (15% of rating)Customer support (7.5% of rating)Ethics (7.5% of rating)
Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>