Are you in need of a personal loan and considering MoneyKey as an option? MoneyKey is a direct lender that offers personal loans, installment loans, and lines of credit to customers in various states across the United States. In this article, we will provide you with a detailed review of MoneyKey, including its pros and cons, the services it offers, and frequently asked questions.
MoneyKey Summary
Pros of MoneyKey
- Fast Approval Process: Its online application process is straightforward and quick. You can receive a decision on your loan application within minutes and, if approved, your funds can be deposited into your account as soon as the next business day.
- Flexibility: It offers a range of loan options, including personal loans, installment loans, and lines of credit. This provides customers with flexibility in choosing a loan product that suits their needs.
- Customer Support: It has a knowledgeable and helpful customer support team that is available via phone, email, and live chat to assist customers with any questions or concerns they may have.
- Availability: It operates in several states across the United States, which makes it accessible to a wide range of customers.
Cons of MoneyKey
- High APRs: Its interest rates can be relatively high, making it an expensive option for borrowers.
- Limited Availability: It does not operate in all states, which can be a disadvantage for customers who live in states where the company is not available.
- Origination Fees: It charges an origination fee on its loans, which can add to the overall cost of borrowing.
Services Offered by MoneyKey
MoneyKey offers three types of loans: personal loans, installment loans, and lines of credit.
Personal loans are unsecured loans that can be used for a variety of purposes, including debt consolidation, home repairs, medical expenses, and more. It offers personal loans ranging from $200 to $5,000, with repayment terms of up to 18 months.
Installment loans are loans that are repaid over time, with fixed payments scheduled at regular intervals. It offers installment loans ranging from $200 to $2,600, with repayment terms of up to 18 months.
Lines of credit are revolving credit accounts that allow you to borrow up to a certain limit, and you only pay interest on the amount you borrow. It offers lines of credit ranging from $200 to $1,000, with repayment terms of up to 12 months.
What is MoneyKey?

MoneyKey is a direct lender that offers personal loans, installment loans, and lines of credit to eligible individuals in certain states. The company was founded in 2011 and is based in Wilmington, Delaware. MoneyKey aims to provide a quick and easy lending process to individuals who need short-term financing. To be eligible for a loan from them, applicants must be at least 18 years old, have a regular source of income, have an active checking account, and be a resident of the state where this company operates.
The loan amounts and repayment terms can vary depending on the loan product, the amount borrowed, and the state in which the borrower resides. It also reports loan activity to major credit bureaus, which can impact the borrower’s credit score. Overall, it can be a viable option for individuals in need of short-term financing, but it is important to carefully review the terms and conditions and ensure the loan can be repaid on time to avoid negative consequences.
How does MoneyKey work?
MoneyKey works by offering personal loans, payday loans, online installment loans, and lines of credit directly to eligible individuals in certain states. The application process is conducted online, and borrowers can apply by filling out a form on their website. The application typically requires personal and financial information, such as name, address, income, and banking information. Once the application is submitted, they will review it and make a lending decision. If approved, the borrower will receive the loan funds via direct deposit into their active checking account.
Repayment terms and amounts can vary depending on the loan product, the amount borrowed, and the state in which the borrower resides. Borrowers are typically required to repay the loan on a set schedule, which may include interest and fees. Late payments may result in additional fees and a negative impact on the borrower’s credit score. It also reports loan activity to major credit bureaus, which can impact the borrower’s credit score.
Overall, the company aims to provide a quick and easy lending process for individuals who need short-term financing. However, borrowers should carefully review the terms and conditions and ensure they are able to repay the loan on time to avoid negative consequences.
What types of loans does MoneyKey offer?
It offers three main types of loans: personal loans, installment loans, and lines of credit.
Personal loans and payday loans are unsecured loans that typically range from $200 to $1,000, depending on the borrower’s state of residence. The repayment terms for personal loans can vary but usually range from 4 to 18 months.
Online Installment loans are also unsecured loans, but they typically have higher loan amounts ranging from $200 to $5,000, depending on the borrower’s state of residence. The repayment terms for installment loans can also vary but usually range from 4 to 36 months.
Lines of credit are revolving credit accounts that allow borrowers to draw funds up to a certain credit limit. The credit limit and repayment terms for lines of credit can vary depending on the borrower’s state of residence.
The loan amounts, repayment terms, and interest rates for each loan product can vary depending on the state in which the borrower resides and the loan product chosen. It is important for borrowers to carefully review the terms and conditions before applying for a loan from MoneyKey.
What are the interest rates for MoneyKey loans?
The interest rates for MoneyKey personal loans can vary depending on the loan product, the amount borrowed, and the state in which the borrower resides.
For personal loans and installment loans, the interest rates can range from 175% to 795% APR. The actual interest rate charged will depend on the borrower’s creditworthiness and the state in which they reside.
For lines of credit, the interest rates can range from 24% to 399% APR, depending on the credit limit and the state in which the borrower resides.
It is important to note that these interest rates are high compared to traditional lending institutions. Borrowers should carefully review the terms and conditions and ensure they are able to repay the loan on time to avoid high fees and negative impact on their credit score.
How do I apply for a loan with MoneyKey?
To apply for a loan with them, you can follow these simple steps:
- Visit the MoneyKey website and select the loan product you are interested in applying for.
- Click on the “Apply Now” button and fill out the online application form.
- Provide personal and financial information, such as your name, address, income, and banking information.
- Review the loan terms and conditions, including the loan amount, repayment terms, interest rate, and fees.
- If you agree to the loan terms and conditions, sign the loan agreement and submit the application.
- Wait for MoneyKey to review your application and make a lending decision. This usually takes a few minutes.
- If approved, you will receive the loan funds via direct deposit into your active checking account.
It is important to note that to be eligible for a loan from MK, you must be at least 18 years old, have a regular source of income, have an active checking account, and be a resident of a state where MoneyKey operates.
How long does it take to get approved for a MoneyKey loan?

The time it takes to get approved for a MoneyKey loan can vary depending on the loan product and the borrower’s individual situation. In some cases, borrowers may receive an instant decision on their application, while in other cases, it may take a few business days to process the application.
For personal loans and installment loans, borrowers can typically receive a lending decision within minutes of submitting their application. However, it may need to verify some of the information provided, which can cause delays in the approval process.
For lines of credit, the approval process can take longer since MK may need to conduct a more thorough review of the borrower’s creditworthiness and financial situation.
The company aims to provide a quick and easy lending process, and borrowers can typically receive the loan funds via direct deposit into their active checking account within one business day after approval.
What are the repayment terms for MoneyKey loans?
The repayment terms for MoneyKey loans vary depending on the loan product and the borrower’s individual situation. In general, MoneyKey offers flexible repayment terms to help borrowers manage their debt and budget their payments.
For personal loans and installment loans, borrowers can typically choose to repay their loan over a period of several months to several years, depending on the loan amount and their ability to repay. Loan terms can range from a few months to up to 36 months, and borrowers can choose to make payments on a monthly, biweekly, or weekly basis.
For lines of credit, the repayment terms are more flexible, as borrowers can draw on their credit line as needed and only pay interest on the amount borrowed. The repayment term for a line of credit varies based on the borrower’s activity and the amount of credit they use.
Regardless of the loan product, MoneyKey encourages borrowers to make their payments on time and in full to avoid late fees and negative impact on their credit score since this is a credit access business. If a borrower is having difficulty making their payments, MoneyKey may be able to offer them assistance, such as a loan extension or a payment plan, to help them get back on track.
Does MoneyKey require collateral for its loans?
No, the company does not typically require collateral for its loans. Most of its loan products, such as personal loans, installment loans, and lines of credit, are unsecured loans, meaning that borrowers do not need to put up any collateral to secure the loan.
However, in some cases, MoneyKey may require collateral for certain loan products or for borrowers with a lower credit score. For example, if a borrower applies for a secured loan, such as a title loan or a pawn loan, they would need to put up collateral, such as a car or valuable item, in order to secure the loan. Additionally, if a borrower has a poor credit history or a low credit score, MoneyKey may require collateral or a co-signer to mitigate the risk of default.
Overall, MoneyKey’s loan products are designed to be accessible and flexible for borrowers of different credit backgrounds and financial situations, and the company strives to offer loan terms and repayment options that are tailored to each borrower’s individual needs.
Is MoneyKey a direct lender?
Yes, it is a direct online lender, which means that it originates and services its own loans directly to consumers. Unlike some other lenders that act as intermediaries, MoneyKey does not work with third-party lenders or brokers to provide loans to borrowers.
As a direct lender, MoneyKey is able to offer more personalized service and greater flexibility in its loan products and repayment terms. This also means that borrowers work directly with MoneyKey throughout the loan application and approval process, and they can contact the company’s customer service team directly with any questions or concerns.
Overall, being a direct lender allows them to have greater control over the loan process and offer more competitive rates and terms to their borrowers.
Where is MoneyKey available?
The lender is currently available in several US states, including:
- Alabama
- California
- Delaware
- Idaho
- Illinois
- Mississippi
- Missouri
- New Mexico
- North Dakota
- Ohio
- South Carolina
- Texas
- Utah
- Wisconsin
The availability of loan products may vary by state, and the company is constantly expanding its reach to serve more customers across the country. Borrowers can visit their website to check if the company offers loans in their state and to view the loan products and terms available in their area.
MoneyKey BBB Reviews:
It is true that MoneyKey has a B rating on the Better Business Bureau (BBB) website and is not accredited by the organization. According to the BBB, on average, the company has received 35 customer reviews and 49 complaints, resulting in a 1-star out of 5-star rating.
However, it is important to note that the BBB is just one source of information and should not be the sole factor in making a decision about whether to work with a lender. There are many factors that can contribute to a company’s rating with the BBB, including the number and types of complaints received, the company’s response to those complaints, and the length of time the company has been in business.
It is always a good idea for borrowers to do their own research and due diligence when considering a lender, including reading customer reviews, checking the lender’s website for information about its loan products and terms, and contacting the company’s customer service team with any questions or concerns.
Here are some of their BBB reviews:
Deborah H 03/02/2023
Ayla B 11/29/2022
Al F 09/07/2022

FAQs
How much can I borrow from MoneyKey?
It offers personal loans ranging from $200 to $5,000, installment loans ranging from $200 to $2,600, and lines of credit ranging from $200 to $1,000.
What are the eligibility requirements for a MoneyKey loan?
To be eligible for a loan from MoneyKey, you must be at least 18 years old, have a regular source of income, have an active checking account, and be a resident of a state where MoneyKey operates.
What is the APR for a MoneyKey loan?
The APR for a MoneyKey loan can vary depending on the loan product, the amount borrowed, and the state in which you reside. However, MoneyKey’s interest rates can be relatively high.
How long do I have to repay a MoneyKey loan?
MoneyKey offers repayment terms of up to 18 months for its personal and installment loans, and up to 12 months for its lines of credit.
Can I repay my MoneyKey loan early?
Yes, MoneyKey allows you to repay your loan early without penalty.
What happens if I miss a payment on my MoneyKey loan?
If you miss a payment on your MoneyKey personal loan, you may be charged a late fee. Additionally, your credit score may be negatively impacted, and MoneyKey may take steps to collect the debt. Payment will be deducted from your bank account.
How does MoneyKey protect my personal information?
MoneyKey takes measures to protect your personal information, including using encryption technology to secure data transmission and storage, limiting access to personal information, and implementing security protocols to prevent unauthorized access.
Does MoneyKey report to credit bureaus?
Yes, MoneyKey reports your loan activity to major credit bureaus, which can impact your credit score.
How do I contact MoneyKey’s customer support?
MoneyKey’s customer support team can be reached via phone, email, or live chat. You can find contact information on the MoneyKey website.
What happens if I am unable to repay my MoneyKey loan?
If you are unable to repay your MoneyKey loan, you should contact the company as soon as possible to discuss your options. Depending on your situation, MoneyKey may offer payment arrangements or other solutions to help you repay the debt. However, if you default on the loan, MoneyKey may take legal action to collect the debt, which can result in additional fees and a negative impact on your credit score.
Conclusion
In conclusion, MoneyKey is a direct lender that offers personal loans, installment loans, and lines of credit to individuals in eligible states. While the loan amounts and repayment terms are relatively flexible, the interest rates and fees can be high. It is important for borrowers to carefully review the terms and conditions before applying for a loan from MoneyKey.
Additionally, borrowers should ensure they are able to repay the loan on time to avoid negative impacts on their credit score and additional fees. Overall, MoneyKey can be a viable option for individuals in need of short-term financing, but it is important to approach the lending process with caution and diligence.