MoneyKey is an online lender that also provides a loan matching service in certain states. The company is based in Wilmington, Delaware, where it was founded in 2011. It is a member of the Community Financial Service Association of America (CFSA) and the Online Lender's Alliance (OLA). MoneyKey offers installment loans, lines of credit and payday loans. It has a B rating with the BBB due to unsolved complaints.
How Do MoneyKey Loans Work?
MoneyKey offers payday loans, installment loans and lines of credit. Rates and terms vary from state to state and depend on the credit product you choose. MoneyKey has high interest rates but its loans are easy to qualify for and funds are deposited as soon as the next business day.
Installment loans are set up in a similar way to payday loans. MoneyKey charges a set fee for every $100 you borrow. The fee is payable every installment in the payment schedule. The only real difference with regular payday loans is that the interest rates are somewhat lower and can be spread over a longer time.
MoneyKey also offers a variation on payday loans called single-pay loans. They work like a payday loans in that the loan is due on your next payday but they differ in that borrowers can choose to either pay the loan in full, renew the loan by paying a new finance fee, or by making partial payments toward the principal of the loan.
MoneKey's lines of credit also work like a payday loan but you only need to apply once. Once you are approved you can request cash advances at any time as long as you have available credit. Borrowers are only required to pay for fees and finance charges on the loan and they only pay interest on the amount they borrow not the entire line of credit.
What Are MoneyKey's Interest Rates?
Interest rates vary depending on the type of loan you choose, the state you live in, and the length of the loan term. Here is a summary of the range of rates for the main loan types.
- Flex-Pay Installment Loans have a fee of around $30 ($29 in Texas) for every $100 you borrow and a minimum term of 60 days. Based on a loan term of 12 monthly installment payments that would be the equivalent of a 400.27% APR.
- Lines of Credit have a daily periodic rate of interest of 0.06575% to 1.09315%, the equivalent of a 24% to 399% APR.
- Single Pay Loans have fees of $29 for every $100 borrowed ($32 if you are paid monthly). That is an APR equivalent of 788.4%.
How Much Can I Borrow From MoneyKey?
MoneyKey loan amounts range from $200 to $1,000.
What States Does MoneyKey Operate In?
MoneyKey is an expanding company. However, as of October 2015, MoneyKey operates in Ohio, Delaware, Texas, Illinois, Utah, South Dakota, Maryland, Missouri and Kansas.
What Is MoneyKey's Application Process Like?
Loan applications are fast and easy to complete. The entire process can be done online or over the phone. Once approved loan amounts are deposited as early as the next business day. To qualify applicants only need to be a permanent resident, have an active bank account, a regular source of income, a valid contact number and an email address.
How Is MoneyKey Better Than Other Lenders?
- MoneyKey offers fast and easy to qualify for loans.
- Funds can be disbursed within one business day of being approved and payments are flexible.
- The company is licensed in all the states it operates and it offers a wide selection of credit products.
- Loan amounts vary from $200 to $1,000, which is more than most payday lenders offer.
- Borrowers who pay their loans early can benefit from a proportional reduction in their interest fee/interest payment.