MoneyKey Loans Review: Fast But Expensive Way to Borrow
MoneyKey Loans isn't available on Finder right now.
- Min. Amount
- $200
- Max. Amount
- $2,500
- Turnaround time
- As soon as the same day
Our verdict
This lender offers loans and lines of credit, but rates are steep.
If you’re looking for an emergency loan or line of credit (LOC), MoneyKey’s got you covered. It offers loans from $200 to $2,500 and LOCs up to $3,500, with funding possible as soon as the same day you apply. And it only requires a soft credit check, so it won’t hurt your credit score to apply. But loan rates can reach as high as 295%, and fees for LOCs are much more expensive than credit cards. Plus, loans are only available in seven states and lines of credit in 16 states.
Best for: People who need an emergency loan or line of credit, don’t qualify for less expensive options and can pay it back early.
Pros
-
Only requires a soft credit check
-
Funding possible as soon as the same day
-
Offers both loans and lines of credit
Cons
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Rates up to 295%
-
Doesn’t help build credit
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Not available in all states
Is MoneyKey legit?
Yes, MoneyKey is a real lender that’s been around since 2011 and has helped over 400,000 borrowers to date. It protects your personal information according to lending industry standards, including SSL encryption.
However, plenty of other legit lenders don’t charge triple-digit interest rates, even loans up to $3,500 for all credit types. It does have lenient requirements to qualify and offers fast funding but should only be considered in an emergency and as a last resort, with a solid plan to pay it off as quickly as possible.
Where MoneyKey falls short
There is nothing to like about the cost of borrowing money from MoneyKey. Rates on loans can run as high as 295%, and if you get a line of credit, you could be paying as much as $625 per billing cycle on a line of credit, depending on what your outstanding balance is. There are much less expensive borrowing options out there, even if you have poor credit.
We also don’t like that MoneyKey only reports to the major credit bureaus if you default on your loan. That means even if you have a perfect payment history, you won’t have an opportunity to improve your credit score. It seems only fair that if it’s going to report your negative financial history, it should also report when you’re getting it right.
What makes MoneyKey shine?
We like that MoneyKey only requires a soft credit check to qualify. That way, even if your loan application is denied, you won’t lose points on your credit score.
We also appreciate that MoneyKey is transparent about its costs. Still, that’s not enough for Finder to recommend it unless it’s an emergency and you can pay it back right away.
MoneyKey loan details
| Minimum credit score/credit range | No minimum |
| APR | Up to 295%, varies by state |
| Loan amounts | $200 to $3,500 |
| Terms | 6 to 12 months |
| Approval turnaround | As soon as the same day |
| Availability |
|
| Fees | None stated |
| Other fees | None stated |
MoneyKey contact info
| Phone number | 866-255-1668 |
| customer service hours | Weekdays: 8 a.m. to 9 p.m. ET Weekends: 10 a.m to 6 p.m. ET Holidays: 9 a.m. to 5 p.m. ET |
| customercare@moneykey.com | |
| X, formerly Twitter | @moneykeyonline |
| MoneyKey |
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How to qualify for MoneyKey
These are the requirements to qualify for a MoneyKey loan.
- Be of legal age to enter into a contract
- Be a US citizen or permanent resident
- Have an active bank account
- Have a regular source of income
- Have a valid phone number and email address
- Live in a state that MoneyKey services
How to apply
Follow these steps to apply for a loan or line of credit.
- Start the application process. You can do this by applying online or by calling customer service.
- Verify your information. Based on reviews, it sounds like you’ll need to do at least some of this over the phone, as the process isn’t fully online.
- Wait for a decision. You could be approved in minutes, or you may need to submit additional documentation such as a voided check, picture ID, bank statement or utility bill.
- Get funded. If approved, you could receive your loan proceeds or access to credit on the same day you apply.
How MoneyKey compares to other lenders
What is the Finder Score?
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
MoneyKey reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | B |
| BBB customer reviews | 2.12 out of 5 stars, based on 73 customer reviews |
| Trustpilot Score | 4.4 out of 5 stars, based on 4 customer reviews |
| Customer reviews verified as of | 06 December 2024 |
MoneyKey isn’t Better Business Bureau (BBB) accredited, which isn’t a big deal by itself, but it has a lot more complaints than positive reviews. Negative reviews cite high rates and predatory lending practices, and some go as far as calling it a scam. A few people posted positive reviews, saying funding was fast and the loan helped in an emergency.
Positive reviews on Trustpilot compliment the fast and easy process, quick funding and friendly customer service. Others complain about the high rates, getting denied even after being preapproved and a variety of communication and billing issues.
What do people on Reddit say?
Frequently asked questions
Does MoneyKey approve everyone?
No, MoneyKey doesn’t approve everyone who applies for a loan or line of credit. It does, however, state that it considers borrowers with bad credit, so loan approval may be more likely than it is from lenders that offer lower rates. However, plenty of other installment loan lenders cater to bad-credit borrowers.
How long does it take to get money from MoneyKey?
It’s possible to have your loan funded within the same day you apply, but in some cases, the verification process can take longer than usual. Some customer reviews said it took them up to a week to receive their loan proceeds.
Your reviews
Lacey Finder
Writer
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