MoneyKey Review
By: Heather Hanks June 05, 2019
MoneyKey is an online personal loan lender that specializes in customer service. They are there for you when banks turn you down. How quick do you get a MoneyKey loan? The answer depends on your qualifications, but it’s faster than you think!
The online lender also offers scholarship money for those who qualify. They promise a quick application process, fast approval, and quick funding. Here is everything you need to know about MoneyKey and how they can help get you the money you need quickly.
What Is MoneyKey?
MoneyKey is a CFSA approved and state-licensed online lender. The company currently operates in 15 states and they continue to grow. Their services include a wide variety of products, including lines of credit, payday loans, and installment loans.
Moneykey specializes in customer service care. They understand that working with a bank can be difficult. For some people, working with a bank is impossible. MoneyKey is there when banks say no. They provide an alternative way to borrow money that does not involve going to a bank. This can help save you time and money over the long haul as banks tend to charge more.
The company also promises that they will treat you better. They focused on customer service that includes fast and friendly help. The company makes you their top priority to help you get the funds you need quickly. They understand that obtaining loans in lines of credit can be a big procedure. They are staffed with financial experts designed to help make these decisions easier for you.
100% ONLINE
MoneyKey works 100% online so that you never have to step foot in a bank. You can communicate with them and manage your funds through an online portal. They provide short-term, lines of credit, and unsecured loans through their online platform. They specialize in serving consumers that have been turned down by other forms of lenders. The ease and convenience of their online platform sets MoneyKey apart from traditional lenders. They can help you get the loan you need no matter what your circumstances are.
Where Is Moneykey Located?
MoneyKey is licensed in Texas as a Credit Access Business (CAB). They are also licensed in California.
Their mailing address is listed as follow:
3422 Old Capitol Trail, Suite 1613 Wilmington, DE 19808
You can get in touch with MoneyKey:
Via phone at 1-866-255-1668 or email at customercare@moneykey.com.
They also offer online chatting where you can talk with a live customer service representative.
Their customer care hours are listed below:
Monday-Friday :8:00 am – 11:00 pm ET
Saturday: 9:00 am – 7:00 pm ET
Sunday: 11:00 am – 7:00 pm ET
Currently, MoneyKey offers services in the following states:
What Do MoneyKey Offer?
Along with providing a wide variety of loan options, MoneyKey also offers educational tools and resources on how to make better financial decisions. The company is focused on helping you make better financial decisions to improve your credit. On their website, you can find blog post and articles designed to help you give advice. They offer tips to help you with rebuilding credit, budgeting and choosing the right loan provider.
If you’re a full-time student enrolled in a program from an accredited institution, then you may want to look into the Key Thinkers scholarship. They offer four scholarships in the amount of $2,500 per year. The majority of the services provided by MoneyKey include installment loans, payday loans, and lines of credit.
Here is a brief description of the three primary services they offer:
Installment loans
These types of loans are ideal for when you need help paying for unexpected expenses. Installment loans can help you cover these expenses while also managing your monthly bills. It's a short-term solution and a quick fix when you need money fast. Online installment loans from direct lenders can even be helpful by allowing long repayment terms. These type of loans tend to vary in amount and can be repaid through scheduled payments over a number of months. Installment loans are ideal if you need to fund a major purchase or even if you need help with rent and daily expenses. These loans tend to be larger then payday loans but are not as big as other loans that are available.
Lines of credit
The best way to build your credit is to take out a line of credit and make timely payments on it. How can you build your credit if no one will extend you a line of credit? MoneyKey can help because they offer online lines of credit with no hassle. If you're tired of applying for online loans everytime you need money, then you may want to consider opening a line of credit. MoneyKey can help you open your line of credit so that you have extra cash when you need it. At MoneyKey, you only have to apply for a line of credit once. When you are approved, you can withdraw funds up to your available credit limit. You also have the option to make minimum monthly payments voice to make a higher payment if needed.
Taking out a line of credit and making timely monthly payments is the best way to establish credit history. Your credit history is a record of all your financial behavior. The better your financial behavior, the better your credit score will be. Having credit history that extends more than a few years can majorly boost your credit. MoneyKey allows you to get an online line of credit quickly without lengthy application processes. You can also apply for a line of credit 24 hours a day using their online portal. This takes the hassle out of visiting a bank to fill out an application for a line of credit that you might be denied anyway. Once you fill out the application, you should receive an answer almost instantly. From here, you can expect to receive your funds and no time at all. With a MoneyKey loan, you will only pay interest on the credit you use and not your credit limit.
Payday loans
Payday loans are ideal if you have below-average credit and need to apply for money at a bank. Payday loans are designed to provide you cash through a straightforward and friendly process. You can use MoneyKey as a storefront lender to apply for loans that are distributed online 24 hours a day. These loans are designed to help you get out of a gym when you need money fast. They aren't designed to help you pay off bills long-term. Payday loans act as a payment that you can receive in place of a paycheck or in addition to one. These loans tend to be smaller than installment loans. They are not designed to help you pay off bills or fund major purchases. You can use a payday loan if you need money to cover rent or another immediate expense that your paycheck won't cover.
What Is The MoneyKey Scholarship?
The MoneyKey scholarship people who enter have a shot at winning money. So how much does MoneyKey give? The company offers a $2,500 scholarship to each winner of a quarterly award known as the Key Thinkers scholarship. The scholarship program was designed to recognize outstanding students that are enrolled full-time at an accredited university, trade school, or college within the United States. There are a total of four cash rewards that are awarded per academic year. MoneyKey serves as a sponsor to the scholarship program. It allows post-secondary students with outstanding academic achievement to be recognized for their hard work. This is a great opportunity for students we want to voice their opinion about financial responsibility.
Students must also submit an essay with their application. They will be asked to answer the following question: What does financial responsibility mean to you and what steps should students take to plan their budget?
To qualify for the scholarship, you must meet the following qualifications:
The following is a copy of the current schedule and deadlines that you must meet if you want to apply:
To apply, applicants must fill out an application and submit an essay form. The application must contain the following information:
The essay must meet the following qualifications:
How Does MoneyKey Work?
The application process is simple and takes only a few minutes to complete. You can complete the entire application process on your mobile phone. MoneyKey allows you to apply for credit if you have bad credit or no credit at all. You can apply for a loan or credit 7 days a week, day or night.
Before you apply, make sure you meet the following qualifications:
To apply for a loan or a line of credit, follow the steps below:
1
Visit the MoneyKey website on your desktop or mobile home.
2
Click on the button that says apply today.
3
Fill out the form.
You will need to enter your e-mail address, your state of residence, and how much money you want to borrow if you are filling out an application for an installment loan.
4
When you are finished, click on the get started button
You should receive an answer immediately and your funds will be distributed to your bank account within 24 hours or the next business day.
MoneyKey does not state what their specifications are to qualify for a line of credit. In other words, they do not list the minimum credit score that you must hold to qualify for a loan or line of credit. The best thing to do is reach out to the company and speak with a customer representative to determine whether or not you qualify. Most online lenders like to see that you have a good credit score. The better your credit score is, the more favorable your loan terms will be. However, the company says that they will work with you even if you have bad credit or no credit at all. We strongly encourage you to contact them to find out what your options are.
MoneyKey Pros and Cons
Like all lenders, there are pros and cons to working with money key. Here is a list of the pros and cons associated with the MoneyKey online lender.
MoneyKey PROS
MoneyKey CONS
MoneyKey Loan Example
The following is a loan example for an installment loan of a person who lives in Wisconsin. Loan terms in Wisconsin last for approximately 10 months. You can pick between receiving your income every other week, every other month, or weekly. Your loan must be paid back in 20 installments. If you receive monthly income, then you're alone must be paid back in ten installments.
If you earn a biweekly income, then you can expect the following loan example:
Annual percentage rate or the cost of your credit as a yearly rate
Finance charge or the dollar amount that your credit will cost you
Amount financed or the amount of credit given to you on your behalf
Payment total or the amount of money you will have paid after all payments are made on schedule
This example is based on the borrowing habits of a person whose APR is 479.71 % with a loan of $500 and a date of 01/02/2018. The scheduled bi-weekly installment payments will be made in the form of 20 payments. For more information, you can visit the company's website and get an estimated loan example for each line of credit or loan based on the state you live in.
MoneyKey is an online lender that specializes in installment loans, payday loans, and lines of credit. They are a great company with excellent customer service, and their goal is to help you when banks say no. MoneyKey will work with you if you have bad credit or no credit at all. They currently offer services in 15 states, but work directly with lenders in other states. This means that they can help you no matter where you live.
MoneyKey also offers a key thinkers scholarship that helps students enrolled in full-time accredited institutions. Students must complete an essay between 500 and 750 words on the topic of financial responsibility. The company hands out four scholarships per year and students are encouraged to apply to promote financial awareness.
In addition to offering loans and scholarships, MoneyKey is an excellent source of financial information. They offer tips and advice on their blogs as well as online educational tools to help you make better financial decisions. Visit the website to see a complete list of their rates and terms.
Disclaimer
CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.
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