published on in blog

MoneyKey Personal Loans Review 2024

Updated JUMP TO Section Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
  • Who is MoneyKey Best For?
  • MoneyKey Personal Loan Pros and Cons
  • How to Apply for a MoneyKey Personal Loan
  • Frequently Asked Questions
  • Why You Should Trust Us
  • Redeem now

    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.

    MoneyKey Personal Loans Apply now lock icon An icon in the shape of lock. Compare loan options and get your rates today. MoneyKey MoneyKey Personal Loans Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 2.5/5 Regular APR

    up to 306.00% (rates vary by state)

    Loan Amount Range

    $200 to $2,000

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Fast funding
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum loan amount
    Cons
    • con icon Two crossed lines that form an 'X'. Extremely high APRs
    • con icon Two crossed lines that form an 'X'. Not available in most states
    • con icon Two crossed lines that form an 'X'. Low maximum loan amount
    • con icon Two crossed lines that form an 'X'. Limited repayment term lengths
    • con icon Two crossed lines that form an 'X'. Doesn't disclose fees until after you apply for a loan
    MoneyKey Personal Loans review External link Arrow An arrow icon, indicating this redirects the user." Product Details
    • Funding on the same-day in some cases
    • Only available in Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin
    • Loan term length is set at 12 months in every state except Texas, which has a six-month term length
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    The bottom line: MoneyKey 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 reside
    • Have an open and active bank account
    • Have a steady source of income
    • Have a valid contact number
    • Have 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 rangeAPR
    Delaware12 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.

    • 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. 

    • 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. 

    • 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. 

    MoneyKey Personal Loans Apply now lock icon An icon in the shape of lock. Compare loan options and get your rates today. MoneyKey MoneyKey Personal Loans Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 2.5/5 Regular APR

    up to 306.00% (rates vary by state)

    Loan Amount Range

    $200 to $2,000

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Fast funding
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum loan amount
    Cons
    • con icon Two crossed lines that form an 'X'. Extremely high APRs
    • con icon Two crossed lines that form an 'X'. Not available in most states
    • con icon Two crossed lines that form an 'X'. Low maximum loan amount
    • con icon Two crossed lines that form an 'X'. Limited repayment term lengths
    • con icon Two crossed lines that form an 'X'. Doesn't disclose fees until after you apply for a loan
    MoneyKey Personal Loans review External link Arrow An arrow icon, indicating this redirects the user." Product Details
    • Funding on the same-day in some cases
    • Only available in Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin
    • Loan term length is set at 12 months in every state except Texas, which has a six-month term length
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    MonkeyKey Frequently Asked Questions

    Is MoneyKey real? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    MoneyKey does not have a minimum credit score to qualify for a personal loan.

    Does MoneyKey report to credit bureaus? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    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? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

    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 terms range from 9 months to 18 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 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. 

    MoneyKey Personal Loans Apply now lock icon An icon in the shape of lock. Compare loan options and get your rates today. MoneyKey MoneyKey Personal Loans Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 2.5/5 Regular APR

    up to 306.00% (rates vary by state)

    Loan Amount Range

    $200 to $2,000

    Pros
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Fast funding
    • Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum loan amount
    Cons
    • con icon Two crossed lines that form an 'X'. Extremely high APRs
    • con icon Two crossed lines that form an 'X'. Not available in most states
    • con icon Two crossed lines that form an 'X'. Low maximum loan amount
    • con icon Two crossed lines that form an 'X'. Limited repayment term lengths
    • con icon Two crossed lines that form an 'X'. Doesn't disclose fees until after you apply for a loan
    MoneyKey Personal Loans review External link Arrow An arrow icon, indicating this redirects the user." Product Details
    • Funding on the same-day in some cases
    • Only available in Delaware, Idaho, Mississippi, Missouri, Texas, Utah, and Wisconsin
    • Loan term length is set at 12 months in every state except Texas, which has a six-month term length
    Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.

    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 >>

    Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.  Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >> Read more Read less Jr Compliance Associate Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate. He joined Insider in February 2022 as a fellow on the compliance team. Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends. Read more Read less

    Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.

    Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

    **Enrollment required.

    ncG1vNJzZmivp6x7o8HSoqWeq6Oeu7S1w56pZ5ufonyxsdGspqeZnGKzqrrAp5qeZ52ku6bFyp6wZqiVp8CwusClZKWnkaPAbr7Er6Cerw%3D%3D