MoneyMutual Review: Legit But Not Best Fast Cash Option
MoneyMutual Short-term Loan Marketplace isn't available on Finder right now.
- Min. Amount
- $200
- Max. Amount
- $5,000
- Turnaround time
- As fast as 24 hours after approval
Our verdict
Quick, easy loans up to $5,000, even for bad credit — but watch for high APRs and third-party solicitations.
MoneyMutual may be a good option if you need cash fast and have bad credit. With loans up to $5,000, MoneyMutual can help with emergency expenses. Prequalifying online is easy, but its APRs aren’t disclosed up front and could be high. Be sure to check loan terms carefully before signing an agreement.
Best for: Borrowers with bad credit who need fast cash in an emergency.
Pros
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Works with borrowers of all credit types
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Fast, simple application process
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Money received in as little as 24 hours
Cons
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APRs not provided and may be high
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Loans max out at $5,000
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Repayment terms and fees vary by lender
Is MoneyMutual legit?
Yes, MoneyMutual is a legitimate loan marketplace that matches borrowers to offers from its network of partner lenders. It’s been around for over a decade and has helped more than 2 million people find loans since its inception. The company uses 256-bit encryption and TrustedSite to secure its website and protect customer data.
However, there are a few issues to consider. Despite its time in business, there are few reviews on Trustpilot, making it difficult to gauge the company’s reputation. Plus, customers report that they begin receiving countless offers from various third parties after applying through MoneyMutual, which indicates the company sells customer data for marketing purposes.
What makes MoneyMutual shine?
The biggest benefit of using MoneyMutual is potentially finding lenders willing to loan you up to $5,000 quickly, even if you have bad credit. All you have to do is fill out a simple form to prequalify for offers. MoneyMutual then presents you with multiple offers from multiple lenders — all without harming your credit.
Though MoneyMutual doesn’t disclose a minimum credit score on its website, the company is known for working with borrowers of all credit types. Turnaround is typically fast. You can get your money in as little as 24 hours after approval, making it easy to access emergency cash when you need it.
Where MoneyMutual falls short
The primary issue with MoneyMutual is a lack of transparency. Most customers want to know up front if a company offers what they need. It’s difficult to assess this when MoneyMutual doesn’t offer any information on APRs, repayment terms or minimum score qualifications on its website. Plus, its loan limits are low, maxing out at just $5,000. If this doesn’t match what you need, consider other loans that also offer quick loans for borrowers with bad credit.
It also appears that MoneyMutual sells customer data to third parties. If you use its loan matching service, prepare to receive emails and texts from other companies marketing their services to you.
MoneyMutual loan details
| Minimum credit score | Open to all credit types |
| APR | Varies by lender, not publicly disclosed |
| Loan amounts | $200 to $5,000 |
| Terms | Varies by lender |
| Turnaround | As fast as 24 hours after approval |
| Availability | Not available in: Connecticut, Florida, Illinois, New York |
| Fees | No application fee Other fees vary by lender |
MoneyMutual contact information
| Phone numbers | 844-276-2063 |
| Customer service hours | Not disclosed |
| customerservice@moneymutual.com | |
| X, formerly Twitter | @MoneyMutual |
| @Money-Mutual |
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How to qualify for MoneyMutual
If you’re interested in applying for a loan through MoneyMutual, here are the basic requirements you need to meet:
- Receive regular income of at least $800 per month
- Be at least 18 years of age or older
- Be a resident of the United States
- Have an active checking account in your name
Additional requirements, such as a minimum credit score, are determined by each individual lender.
How to apply
Finding a loan through MoneyMutual is simple and straightforward. Here’s what to expect:
- Provide your information. Go to the MoneyMutual website, select the size of the loan, then select the “get started” button. Follow a series of prompts asking for your state of residence, name, email address, phone number, income and banking details.
- View offers. Once your information is entered, your application is analyzed and you’re present with prequalified offers. This process should only take a few minutes.
- Choose a loan. After viewing your offers, choose which one you like best. You’ll then be directed to the lender’s website to complete a full application.
- Receive your money. After completing the application and being approved for a loan, you should receive your funds within 24 to 48 hours.
How MoneyMutual 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.
MoneyMutual reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | NR |
| Trustpilot Score | 2.9 out of 5 stars, based on 2 customer reviews |
| Customer reviews verified as of | 07 November 2024 |
MoneyMutual has two profiles on the Better Business Bureau website — one based in Stagecoach, Nevada and the other in Las Vegas. Both profiles are currently being updated, which means no information on accreditation, rating or reviews can be viewed at this time.
On Trustpilot, MoneyMutual has two 1-star reviews but an overall rating of 2.9. Obviously, if ratings are determined solely by customer reviews, then the math doesn’t work out. However, next to the overall rating, Trustpilot notes that the TrustScore is based on multiple factors like the age and number of reviews, plus whether the company actually requests reviews from customers.
In the two negative reviews posted by past customers on Trustpilot, both complained about getting the runaround and not actually receiving any help from the company. They also accuse MoneyMutual of being a data collection company, just taking their information to sell to third parties.
What do people on Reddit say?
Some of the posts are from people who want to know if MoneyMutual is legit. When you read the comments beneath the posts, you’ll find a mix of Redditors warning against payday loans in general, plus those who used MoneyMutual specifically and recommend it for people in a tight spot financially.
Other comments are in response to people looking for advice on which payday loan company to use. Several Redditors responded, recommending MoneyMutual. They report that MoneyMutual has low requirements for credit score and income, making it a good option for anyone with bad credit.
Frequently asked questions
Is MoneyMutual a lender?
No, MoneyMutual is not a direct lender; it’s a loan marketplace that matches potential borrowers to partner lenders who can provide a loan.
What credit score do you need for a MoneyMutual loan?
MoneyMutual doesn’t specify a minimum credit score on its website but is known for working with borrowers with bad credit.
Does MoneyMutual contact your employer?
MoneyMutual asks for your work phone number during the application process. The lender you choose through MoneyMutual may call your workplace to verify employment.
Your reviews
Christi Finder
Contributor
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