Written by: Eric Bank
Edited by: Lillian Guevara-Castro
Reviewed by: Ashley Fricker
Trust seems to be in short supply nowadays. When it comes to borrowing money, a little skepticism is healthy. You want to know if the terms promised actually appear in the loan agreement.
MoneyMutual is one of the biggest online loan services, but is MoneyMutual legit? This MoneyMutual review will find out.
MoneyMutual Is a Legitimate Company
MoneyMutual is among the best personal loan networks for consumers with poor credit. It is a legitimate company trusted by more than 2 million consumers.
The company began in 2010 in response to consumers’ need for quick and free online access to lenders. It created a way for you to visit one website, fill out a simple and secure form, and find a loan provider willing to work with subprime borrowers.
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual exhibits its dedication to honest dealing by displaying the Online Lenders Alliance seal. The OLA states:
“When you see the OLA seal, you can trust you’re working with a company committed to the highest standards of conduct, dedicated to ensuring the best possible experience for their customers, fully compliant with federal law, and working hard to protect consumers from fraud.”
The company also belongs to the Community Financial Education Foundation, an organization that strengthens communities through individual financial empowerment. You can visit the MoneyMutual.com website with confidence, as TrustedSite has certified it as secure.
MoneyMutual can prequalify your bad credit loan request in five minutes and immediately connect you to a personal loan offer from a lender on its network. If you agree to the offer, you can e-sign the loan contract online and receive your money as soon as the next business day.
Requirements to Get a MoneyMutual Loan
MoneyMutual collects the minimum information required to prequalify you for a loan. Because it is a finder service and not a direct lender, it does not pull your credit report, and your credit score isn’t affected. Only when you apply to a direct lender will you undergo a credit check.
To prequalify on MoneyMutual.com, you must:
- Be at least 18 years old
- Be a US citizen or permanent resident
- Have a steady monthly income of at least $800
- Provide your Social Security number
- Have a checking account in your name
- Provide a working telephone number and email address
You can satisfy the income requirement through wages or government benefits. If you successfully prequalify, MoneyMutual will transfer you to a direct lender’s website to complete the loan application process. The direct lending company may ask for additional information before evaluating your loan request and providing an approval decision.
5 Alternatives to MoneyMutual
MoneyMutual is by no means your only available choice for a lender-matching service. The following networks compete with MoneyMutual to offer personal and/or payday loans. They all work with networks of trustworthy lenders.
1. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
CashUSA.com can prequalify you for personal loans of $500 or more. The lenders on its network offer a loan term that can stretch from three to 72 months. To prequalify, you must be a US citizen of age 18 or older, with an income of $1,000 or more per month. You must have been employed for at least the last 90 days, have a checking account in your name, and provide a valid phone number and email address.
- Quick loans up to $5,000 as soon as tomorrow
- Submit one form, get multiple options
- All credit ratings welcome — good or bad
- Requires a checking account and $800 minimum monthly income to apply
- No collateral or cosigner required
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $5,000 | Varies | Varies | See representative example |
InstallmentLoans.com can instantly prequalify you for a loan you repay over time. Its lender network offers a wide range of loan amounts and helps guarantee your privacy and security by employing AES 256-bit encryption, and has earned TrustedSite’s security certification.
- Loans from $250 to $5,000
- Cash deposited directly into your account
- Get money as soon as tomorrow
- Bad credit OK
- More than 750,000 customers since 1998
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $250 to $5,000 | Varies | Varies | See representative example |
Since 1998, CreditLoan.com has hosted more than 33 million website visitors and helped more than 750,000 consumers find loans. You may prequalify for a loan amount, even if you have bad credit, by meeting its age, residency, income, and bank account requirements. The company has an A+ rating from the Better Business Bureau.
- Loans from $500 to $10,000
- Get connected with a lender
- Simple form & quick funding
- Get your money as soon as next the business day, if approved
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 60 Months | See representative example |
To prequalify for a loan arranged by BadCreditLoans.com, you must be at least 18 years old, a US citizen, and have a regular income, valid email address, phone number, and checking account in your name. Borrowers can get a loan offer of up to $10,000 from a direct lender on the Bad Credit Loans network.
- Small personal loans starting at $100
- Receive an approval decision in as little as 2 minutes
- Funds can be deposited into your account in one business day and used for any purpose
- No hidden fees
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $100 to $20,000 | Varies | Varies | See representative example |
SmartAdvances.com can prequalify you in minutes for several bad credit loan offers from its network partners. You must collect at least $1,000/month from work or another dependable source to get a loan. As with MoneyMutual, SmartAdvances.com is a member of the Online Lenders Alliance (OLA) and promotes responsible lending practices.
How Do Online Lending Networks Like MoneyMutual Work?
All of the reviewed loan networks operate in the same way:
- You fill out a short loan request form.
- The loan service verifies the information, checking your age, citizenship, income, bank account, email, and phone number. This is not a hard credit check and does not affect your credit score.
- If you receive preliminary loan approval, the matching service will either transfer you to the website of a willing lender or provide you with links to multiple direct lenders.
- Complete the application on the lender’s website; It may require additional information and/or a credit check with a major credit bureau.
- If the lender approves your loan application, you can review the loan agreement and e-sign it.
- Receive your funds on the next business day. Some lenders can offer expedited deposits, usually for an additional fee.
If all goes well, the lender will transfer the loan proceeds to your checking account, where you can access the money as soon as the next business day. The lender will typically set up an autopay arrangement to ensure your payments are made.
Does MoneyMutual Call Your Employer?
According to the MoneyMutual website:
“MoneyMutual® is not a lender, and we won’t contact your employer. After you connect with a lender, some may call the number you provide to verify employment, but they typically do not discuss your financial situation.”
You’ll have to perform a Google search to see whether your direct lender will call your employer.
Does MoneyMutual Check Your Credit?
Never. Using MoneyMutual’s free loan-matching service won’t hurt your credit score due to a credit check. But be aware that the direct lender MoneyMutual finds for you may check your credit.
What Types of Loans Should I Avoid?
Some loans compromise your financial health, especially when they charge a triple-digit interest rate. Even a short-term lender can get expensive when the APR is too high, and the typical financial advisor would warn against them.
The riskiest loans include:
- Online Payday Loans: A short-term payday loan synchronizes to your pay cycle. The payday lender will charge a high interest rate ranging from 300% to 700% or higher. If you cannot repay your online payday loan company when you next get paid, the payday lender will roll the short-term loan into a new loan, add the accrued interest to the principal, and charge you a fee. If you miss a few payments, your debt could spiral out of control. On the plus side, no payday lender checks credit, as loan approval is based on your next paycheck.
- Pawnshop Loans: You can hock personal property at a pawnshop for 35 to 50 cents on the dollar. The financing charge on this secured loan is triple-digit, and you’ll lose your property if you don’t reclaim it by a set date.
- Title Loans: You can lose your car if you miss a title loan payment. Your car’s title serves as collateral for this secured loan. Once again, interest rates for this type of loan can reach triple digits.
- Credit Card Cash Advance: These loans top out at 36%, but even so, they are no bargain. A credit card cash advance is convenient once you own a credit card because you can withdraw money from a local ATM. But interest compounds and accrues daily until you repay this quick loan.
A personal loan from an online network also tops out at a 36% APR, but since it is an installment loan, you repay an affordable monthly payment that’s easy to budget.
How Do I Avoid a Loan Scam?
Rest assured, MoneyMutual is not a scam. But scam artists do exist and offer predatory loans with terms that are “disadvantageous to the borrower,” according to the U.S. Government Accountability Office. Some predatory lenders are looking to stick you with expensive loans, while others are just interested in stealing your money at a time when you may need an emergency loan.
Look for the following signs that the lender you may be dealing with is offering predatory terms:
- A high interest rate
- Harsh penalties
- Complicated or vague repayment terms
- Illegal collection tactics
A loan scam may try to steal your money using tactics such as email phishing, phony phone calls, and high pressure. Watch out for demands for upfront payments, loan approval guarantees, unsecured websites, and unregistered lenders with no physical address.
If you have a financial advisor or credit counselor, consult with them before signing any agreements. If you suspect an online lender is peddling predatory loans, report it to the FBI’s Internet Crime Complaint Center.
Always Borrow With Confidence From a Legitimate Lender
Borrowing money, especially a short-notice emergency loan, can be stressful, even without the uncertainty of knowing you’re dealing with a trustworthy lender. The few minutes you spend reading reviews such as this can relieve at least one source of anxiety from the process.
Remember, never take a loan if the terms (or the potential lender) make you uncomfortable. Stick to lenders with good reputations, including MoneyMutual, for honest dealing.
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