MoneyKey personal loans: 2022 review, rates

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Current personal loan rates

MoneyKey Personal Loans

Costs

Must apply for a loan for fees to be disclosed

APR

up to 306.00% (rates vary by state)

MoneyKey MoneyKey Personal Loans

Costs

Must apply for a loan for fees to be disclosed

APR

up to 306.00% (rates vary by state)

APR

up to 306.00% (rates vary by state)

Costs

Must apply for a loan for fees to be disclosed

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You can only 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 makes new loans in those states. The company offers lines of credit in other states, but not installment loans.

Although the loan terms are generally the same, depending on the state you live in, the terms of your loan vary:

Advantages and disadvantages of MoneyKey personal loans

Who is MoneyKey for?

MoneyKey is ideal for borrowers who need money fast and can’t qualify for a personal loan elsewhere. If you are only looking for a small amount of money, the lender might also be a good choice.

To be clear, MoneyKey charges exorbitant interest rates that will add hundreds of dollars in cost to your loan. Proceed with extreme caution if borrowing from the company. Its rates are relatively comparable to personal loans. According to Consumer Finance Protection Bureaua typical two-week payday loan with fees of $15 per $100 equates to an APR of almost 400%.

MoneyKey Personal Loan Comparison

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Editor’s Note

2.5/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Regular APR

up to 306.00% (rates vary by state)

Editor’s Note

2/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

Regular APR

35.99% to 211% APR, depending on your condition

Editor’s Note

2.5/5
A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star

MoneyKey, Fig Loans and OppLoans are slightly cheaper alternatives to payday loans, many of which have interest rates around 400%. However, you will still pay a much higher interest rate with these three loans than you would with a traditional personal lender.

OppLoans terms range from nine months to 24 months, depending on which state you live in. Fig has terms ranging from one to six months, depending on where you live. MoneyKey has a term of six or 12 months, depending on where you live.

None of the three companies has a minimum credit score to qualify, so they could be a good option for borrowers who have been turned down by other companies due to a bad credit history.

Frequently Asked Questions

MoneyKey has a B-ranking from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB cites 54 complaints filed against the company as the reason for its rating. The BBB rates companies by looking at responses to customer complaints, honesty in advertising and transparency in business practices.

The company has not been involved in any recent controversies. Between its clean track record and solid BBB rating, you might feel comfortable borrowing from the lender. However, a good BBB rating does not guarantee a good experience with the company. Talk to other people who have used MoneyKey before deciding to go with the lender.

Yes, MoneyKey is a legitimate company founded in 2011 headquartered in Delaware. It offers installment loans and lines of credit to borrowers in seven states.

When you apply for a loan with MoneyKey, the company will perform a soft credit check, which will allow them to see your credit history but will not affect your credit score. There is no serious demand (the kind of credit call that can lower your score) at any point in the loan process.

The company won’t report your loan to a credit bureau as long as it’s in good standing and you pay on time. The only time MoneyKey reports to a credit bureau is if you are unable to repay your loan.

Depending on where you live, one of many lenders may be the originator of your application. This includes CC Flow, a division of Capital Community Bank (CCBank), a Utah chartered bank, located in Provo, Utah, Member FDIC.

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