Who Is MoneyMutual For?
Read just a few MoneyMutual reviews, and you’ll realize that the website is for borrowers who have found themselves in an unplanned financial problem.
Things happen without warning — emergency medical situations, blown engine gaskets, other smaller technical meltdowns around the house, you name it.
In an ideal world, people would have savings for unplanned events.
However, there are times when there are no funds to get a hold of (nearly four in 10 Americans have a hard time coming up with extra money for emergencies), so people need some short-term help to cope with unexpected events.
And MoneyMutual was created exactly for that!
This online lending marketplace has been serving as a valuable source of fast cash (you can get up to $5,000 in as little as 24 hours) to over two million customers since it was founded over a decade ago.
All in all, if you’re looking for funds and need them as quickly as possible, MoneyMutual might be one of the viable options for you.
MoneyMutual Review — The Basics
Before we kick things off, let’s talk a bit about the platform first.
This online lender marketplace was founded in 2010 in Las Vegas, Nevada, to help people get out of the financial crisis caused by unforeseen events.
Though there are many payday loans and bad credit loan providers out there (not to mention traditional institutions, such as banks), the procedures they follow are simply too time-consuming for most people.
This isn’t the case with MoneyMutual, so it’s an excellent solution for those in need of short-term loans ASAP. This platform connects you with lenders in a matter of minutes and allows you to access the much-needed resources in as little as 24 hours.
The Application Process
The application process on the platform is pretty straightforward.
To hunt for personal loans for bad credit, you just need to fill out a quick form on the MoneyMutual website, where you’ll be required to:
- Enter your ZIP code.
- Enter your name, email address, and other identifying information.
- Provide your address, basic living situation information, and main income sources.
- Provide info on monthly income and proof of said income.
- Provide bank account info and other necessary info for payday loans.
- Provide all relevant employer info.
- Provide your ID number or driver’s license number.
- Enter the bank routing number and the account number.
Then MoneyMutual will send your information to potential lenders, which will review it and decide whether you’re a good fit for them.
Now let’s take a look at the platform’s key features that make it stand out from other short-term loan providers.
You can choose between several different short-term loans on MoneyMutual.
But be prepared — the vast majority of them are far from ideal as far as terms and interest rates go, but they (especially Money Mutual loans for bad credit) can be a great alternative to banks and other traditional financial channels, especially if you have poor credit score stats.
This is probably one of the most popular types of short-term loans out there that provide borrowers with the funds they need to make ends meet until the next paycheck. As the name implies, payday loans represent a loan that must be paid off by the next payday.
So, upon application, you’ll need to disclose the date of your upcoming payday and grant access to your lender to withdraw the cash from your account then.
Despite typically having quite high interest rates, they can be a great and even a somewhat affordable option if you need funds to, say, pay the bills and avoid accruing late fees that might set you back even further.
Still, if you read any MoneyMutual personal loans review, you’ll notice that many users warn how expensive getting this kind of a loan can get and how you should triple-check whether you’re able to pay it off by the next payday before opting for it to avoid running up a huge debt.
There are several different installment loan types available on the network. They’re excellent for those who need a more substantial amount of cash they can’t pay back in a single paycheck, as they can be paid back in a number of installments.
They can be a great option if you have solid payment discipline and are looking for better interest rates than those of payday loans.
However, you should beware of well-hidden fees and interest payments, so you should study every potential contract offer before signing one.
MoneyMutual loan reviews often use the terms “cash advance” and “payday loan” interchangeably. And though both are characterized by incredibly high interest rates and financing fees, there are certain differences between the two.
For starters, the former can be obtained regardless of your existing lines of credit.
Cash advances can be a great option if you need quick cash that you’ll be able to repay as soon as possible (even if you’re on your credit limit). Just beware of the high interest rates and fees.
Bad Credit Loans
Truth be told, most of the options mentioned above can qualify as bad credit loans. Bad credit loans typically have low eligibility requirements but also higher fees and rates. So, you may be eligible for one even if you’ve declared bankruptcy, bounced a check, etc.
According to reviews, it’s relatively easy to get bad credit loans through this network as most lenders will look at several factors (e.g., proof of income) before looking at your credit score.
Loan Rates, Fees, and Repayment Terms
Right off the bat, one great thing about the platform is that it’s totally free. MoneyMutual won’t charge you anything to submit an application and connect with lenders. Instead, it’ll charge lenders for connecting them with you.
However, lenders will charge you. You’ll encounter different interest rates with different lenders, and you might also need to pay smaller fees based on the amount of money they lend you.
According to MoneyMutual reviews, you should be alert when it comes to fees, as the lenders can charge you with literally any fee (e.g., prepayment fees, administration fees, late fees, etc.).
The terms are spelled out in all contract offers, so you should read through everything carefully before signing up for anything. It’s better to be safe than sorry.
Interest rates are also highly lender-dependent. As already discussed before, in most cases, cash advances and payday loans will be the worst in terms of interest rates.
The platform even got in trouble in the state of New York back in 2015 for advertising loans with interest rates so high (often over 1,300%) that they broke state laws.
The MoneyMutual arbitration resulted in the platform being fined $2.1 million and an agreement to add a disclaimer on the ads explaining that the service is unavailable in New York.
Just like fees and interest rates, repayment terms are also lender-dependent. Generally, the type of loan plays a huge role in determining your repayment schedule.
Cash advances and payday loans should typically be repaid somewhere between two and four weeks, while installment loans can go from six months to a year. Bad credit loans can also stretch anywhere from a few months to a year (sometimes even longer).
Each lender has a specific set of requirements for granting funds. However, there’s some common ground when it comes to basic eligibility criteria.
If you’re looking for any kind of loan, including MoneyMutual loans for bad credit, make sure you meet at least the following criteria:
- You’re at least 18 years old.
- You have US citizenship.
- You have a regular source of income (a job, Social Security, disability benefits, pension).
- You make a minimum of $800 a month.
- You have a valid checking account.
You should also know that while MoneyMutual itself doesn’t perform a credit check, lenders it connects you to may do so.
MoneyMutual uses AES256-bit encryption to keep your personal/banking information safe. It also uses TrustedSite for daily security risk scans.
However, like most other lender platforms, MoneyMutual shares your info with third parties and lenders that may contact you later on via email with their offers.
Consequently, having your inbox absolutely flooded with emails and offers is one of the most common complaints among Money Mutual reviews on BBB.
Luckily, you may choose to opt out of sharing your personal info with third parties. However, that’ll make it nearly impossible for lenders to reach out to you with their offers.
There’s a comprehensive FAQs section on the website discussing a wide variety of topics related to borrowers, lenders, loans, personal information, and any other questions you may have.
There are different sections dealing with potential complaints, repayment, payday loans, bad credit loan guides, and so on.
If need be, you can also reach the company by dialing Money Mutual’s phone number (844-276-2063) or via email or a traditional mailing address.
While these are all excellent features, introducing a live chat option would also be a fine addition here.
Simply because this is likely the fastest, hassle-free option for potential borrowers to get answers to their questions.
All in all, MoneyMutual can be a solid option for those who need a rather quick cash infusion and who are able to pay it off within the given timeframe (to avoid entering a debt cycle due to rather tied high interest rates associated with these short-term loans).
However, you should always remember that the platform is only a matching site. In other words, it’s not the company that dictates the terms of your loan deals but your lenders.
Taking into account MoneyMutual and its history, which involves several lawsuits related to payday loans and high interest rates, it’s safe to say you need to be careful and do the proper research before opting for any of the loans.
Pros & Cons
- Excellent for short-term loans
- No hidden fees
- Transparent website
- A secure option
- No loan guarantee (MoneyMutuals isn’t a lender)
- Not available in New York (due to usury laws banning high interest rates)
Is MoneyMutual legit?
MoneyMutual is a legitimate option. It’s also a member of the Online Lenders Alliance, meaning it does business legally, abiding by industry standards.
Additionally, the site is a safe option as far as your personal info goes, as it offers 256-bit encryption that protects your data.
Does Money Mutual do a credit check?
MoneyMutual doesn’t perform a credit check of any kind.
However, some lenders might check your credit before granting you a loan with three of the biggest credit bureaus (TransUnion, Experian, and Equifax).
Some lenders will only need a soft check (which has no impact on your credit score), while others will want to perform a hard credit check (which may impact your credit score). This will typically be indicated in their offer, so it’s always best to thoroughly check each presented deal.
And if you’re really worried about your credit, you can turn to some of the top credit repair companies.
Is Money Mutual a payday loan?
Yes and no. MoneyMutual itself doesn’t offer payday loans but may connect you with lenders that do. It can also get you in touch with lenders offering installment loans, bad credit loans, and cash advances.
Which loan company is best for bad credit?
The answer to this question boils down to personal preference.
There are a few options that might suit borrowers with poor credit scores:
- Fast5KLoans (no minimum credit score requirements)
- PayPal Working Capital (a loan service with no minimum credit score)
- MoneyMutuals (as you could have seen from our MoneyMutual reviews above)
All in all, it’s always a good idea to read a few expert reviews of bad credit installment loans and other types of loans first so you can have a better understanding of how different lenders conduct business and ultimately find the best option for you.