Where does MoneyKey do business?
MoneyKey is a direct lender based in Wilmington, DE. It was founded in 2011 and offers personal lines of credit in 3 states across the USA.
What are the APRs offered via MoneyKey?
MoneyKey offers a fixed APR personal line of credit that ranges from 24% up to 399%.
Does MoneyKey charge an origination fee?
No, MoneyKey does not charge an origination fee.
An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.
Does MoneyKey charge a cash advance fee?
Yes, MoneyKey charges a fee of 10% to 15% of the amount of each cash advance..
Does MoneyKey charge a late fee?
Yes, MoneyKey may charge borrowers a late payment fee.
Does MoneyKey charge prepayment fees?
No, MoneyKey does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit off and close the account.
How much can you borrow via MoneyKey?
Personal lines of credit start at $200 and go up to $1,000.
What do you need to qualify for a line of credit with MoneyKey?
Applicants with a credit score of at least 300 can apply for a line of credit via MoneyKey. The minimum age to apply for a line of credit is 18 or the state minimum, whichever is higher.
MoneyKey will also consider borrowers who are unemployed.
Active duty servicemembers and their covered dependents cannot apply for a line of credit via MoneyKey. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.
Only U.S. citizens and permanent residents can apply for a line of credit.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid checking account
- Recent pay stubs
- Proof of income
What is the estimated funding time for a personal line of credit via MoneyKey?
MoneyKey will typically approve (or deny) a line of credit application within 24 hours and fund personal lines of credit within 2 business days of approval.
Does MoneyKey report payments to credit bureaus?
MoneyKey may report credit data to the following credit reporting agencies:
|No Origination Fee|
|No Prepayment Fee|
|Cash Advance Fee (%)||10% - 15%|
|Credit Score Range||
300 - 700
850 300 700
|Immigration Status Considered||
|Bank Account Required?|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$200 - $1K|
|APR (Fixed APR)||24% - 399%|