- 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.
I tried out the lending network to find its benefits, drawbacks, and whether it is worth applying with poor or fair credit.
By: Choncé Maddox
Editor: Adam West
Reviewer: Ashley Fricker
Disclosure: When you apply through links on our site, we often earn referral fees from partners. For more info, see our ad disclosure and review policy.
A medical emergency, paycheck delay, or broken-down car could mean frantically searching for a personal loan or cash advance if you don’t have enough savings to cover it. I know, because I’ve been there before.
MoneyMutual is a popular payday loan and cash advance lender that has built a reputation for connecting people with fast funding, but it might be expensive in the long run.
MoneyMutual isn’t a direct lender, but a loan marketplace that caters to people who have fair or poor credit. While getting a quick loan sounds great, the downside is that the loan options will likely have very high interest rates.
While payday loans or cash advances can feel tempting when you’re stressed and need help fast, it’s also important to think about how you plan to repay them without putting yourself in an even tighter financial spot.
That’s why I’ve got you covered with this in-depth MoneyMutual review. I’m going to cover everything, including how the loan matching service works, pros and cons, who it’s best for, and my personal take on who I’d recommend it to.
I like how MoneyMutual’s website is clean, professional, and easy to navigate. Right away, I could see the maximum loan amount I could borrow from their partner lenders and how the process works.
The site also includes a few FAQs right on the homepage, which is helpful. When I clicked on the ‘Loan Fees and Repayment’ page, the company makes it clear that it’s not a direct lender.
Instead, MoneyMutual connects borrowers with lenders in its network. The site doesn’t really give out too much information on the process until I click the ‘Get Started’ button on the home page to request a free quote.
Once I fill out that information, I’ll be connected with partner lenders to see what loan terms they offer.
MoneyMutual is best for people who need to borrow smaller amounts, since borrowers will max out at $5,000 with their partner lenders. This shows that MoneyMutual is dedicated to finding people smaller personal loans fast, rather than focusing on long-term financing.
In fact, borrowers can request a microloan of as little as $100 to $500.
Honestly, I think that can be helpful for people who have less-than-perfect credit or who may not qualify for larger loans with traditional banks. From my experience dealing with and reviewing lenders, smaller loan amounts tend to come with faster approvals and fewer hoops to jump through.
MoneyMutual leans into that by prioritizing speed and easy access to funds. If someone just needs a few thousand dollars to cover an emergency repair, medical bill, or unexpected expense, staying under that $5,000 mark keeps the process simple.
Just keep in mind that since they’re connecting you with outside lenders, the exact amount you qualify for will still depend on your income, banking history, and credit profile.
Privacy and security are important with any company that requests your personal information. MoneyMutual uses industry-standard encryption to keep your information safe as it’s being transmitted.
I also noticed its privacy policy explains how your information is shared with network lenders only for the purpose of matching you with a loan offer. I appreciate that it is upfront about how the data flows between borrowers, MoneyMutual, and lenders.
I didn’t see any red flags from a security standpoint. Whenever I’m dealing with loan marketplaces, I always recommend double-checking that the site URL starts with “https” (the ‘s’ actually stands for secure), and being aware that lenders will reach out after you submit your information.
I felt reasonably confident that any data I entered would be protected.
It doesn’t cost anything to use MoneyMutual or get a quote from the lenders in its network. The company makes its money from the lenders in the network, not from borrowers.
As for the impact to your credit, MoneyMutual doesn’t initiate a hard credit report inquiry, so it doesn’t affect your score.
MoneyMutual does perform a soft inquiry when you submit your initial information, which doesn’t affect your credit score. This process mainly allows the lenders to prescreen you to see if you qualify for their loans.
Think of it as someone peeking at your credit profile but not officially running it like they would with a hard inquiry. A hard inquiry will only come after you choose a lender and officially apply for a loan.
Starting the loan process with MoneyMutual is about as easy as it gets. I began by filling out the form on the home page and navigating through the questions.
It may seem like a lot of steps, but each question gets its own page, so it doesn’t feel cluttered. And there’s a white bar at the top that shows your progress, which I thought was a nice touch.
To start the application process, I went to the form at the top of the homepage and chose a range for my debt amount. This automatically loaded the next step.
In the next steps, I selected my state from a drop-down menu and added personal details like my name, date of birth, email address, phone number, and the last four digits of my Social Security number.
You will need to verify your phone number by opting to receive a code, or you can choose to skip that step and do it later.
In the next flurry of screens, MoneyMutual wanted to know if I had more than $10,000 in credit card debt or was an active-duty military member. Then, I entered my residential address.
Other questions included whether I rent or own my home, if I was interested in a title loan, my employment status, and how often I was paid. At this point, MoneyMutual had enough information to give me an idea of what its lending partners would offer me.
I was curious about what MoneyMutual would offer someone bringing home $5,000 per month, and it looks like they think most lenders would only offer a loan of up to $2,500. At this point, I could move forward or adjust how much I was requesting.
The last question in this group, before diving into more detailed information, is about my next pay date, which makes sense because MoneyMutual offers payday loans. This gives network lenders an idea of when I’d be able to pay back a short-term loan.
Next, the application wants a few more details about my employer, my driver’s license number, and my Social Security number. These are used to verify my employment and identity.
Once I answer those, I start adding my banking information, including what type of account I have, how long it has been open, and whether I have direct deposit. Then I enter the routing number and account number for the account I want the lender to deposit my funds in.
While this may seem like a lot just to be matched with lenders in a network, it shows that you are ready to receive the loan and it can really speed up the process if you’re approved.
At 27 steps, the form might seem long, but it took me only a few minutes to complete. I liked that it only included one question per screen, and most only asked for a single piece of information.
At the end, I was able to verify my information before submitting it and then see my loan offers from partner lenders.
It can take up to a few minutes for the information to process. The website warned me to stay on the same page during this time and not to refresh.
Once the lender offers come in, it’s time to choose the best loan option. I was redirected to a new page with an amount I can borrow, the monthly payment, the number of payments to make, and the interest rate.
Here’s an example below of a loan offer I received, and as you can see, it’s expensive. An APR of over 400% is insane, and to borrow such a small amount of money, that doesn’t really seem worth it to me.
Since MoneyMutual works with many lenders, you have the option to get additional loan options if you’re not happy with your first result.
MoneyMutual also saves your information in its system, so you can review your basic details and loan offers you’ve received if you need more time to make a decision.
Results will vary, though, so if you find a loan option you would like to move forward with, I’ll explain how to take the next steps in the following section.
If you’re approved through one of MoneyMutual’s lending partners, you’ll be redirected to that lender’s website to create an account and submit a real application.
Lenders gather a lot of information during the pre-approval step with MoneyMutual, so you’ll just need to verify things like your address, income, and bank account information to complete the application.
When you transfer over, nothing feels overwhelming. The lender mainly needs you to confirm what you already entered.
This is also the moment when things get a little more “official.” Once you submit the application, the lender runs a hard credit check, which means a hard inquiry shows up on your credit report.
MoneyMutual doesn’t pull your credit during its process; it only uses your information to match you with lenders. The lender you choose will decide whether you’re a good fit and determine your interest rate, fees, and final loan terms.
Something else I learned: Each lender has its own requirements. One lender might ask for extra documents, like a pay stub or a bank statement, while another may just need a quick confirmation of your info.
Once everything checks out, most lenders offer electronic agreements so you can sign immediately. Funding times vary, but some lenders move extremely fast, within a business day or even sooner.
Even though MoneyMutual is willing to work with people who have fair or poor credit, not everyone gets approved. I’ve been on the receiving end of messages like: “Sorry, we’re unable to offer you a loan at this time”, and it never feels great.
If a lender denies your application through MoneyMutual, the platform doesn’t just shut the door on you. Sometimes, MoneyMutual will match you with a different lender in its network, so you won’t have to search on your own.
MoneyMutual works with a variety of lenders, and each of them has its own rules, risk tolerance, and credit requirements. So one rejection doesn’t always mean the other lenders will say the same thing.
Sometimes, I see lenders weigh income more heavily than credit. Other times, they care more about consistent deposits in your checking account. If the system sees that another lender might be a better match, MoneyMutual may offer you a chance to try a different offer.
If you end up with a denial, you’ll receive a letter from the company explaining why your application was denied. This is called an adverse action notice, and lenders are required to send it if you’re rejected for a loan.
I always tell people not to ignore that letter because it can give you a blueprint to improving your financial outlook. It gives you specific reasons why you weren’t approved, whether it’s due to your credit score, too many recent inquiries, unstable income, or missed payments.
A few things that have helped me in the past were finding and removing errors on my credit reports, paying down a chunk of my credit card balance to improve my utilization ratio, and avoiding new credit applications for a while. Each person’s situation is unique, but if you’re determined, you can use an adverse action notice as a treasure map to a better credit score.
Whenever I look at a loan marketplace, I like to compare it to similar networks since there are so many options these days. I like to know what makes one platform stand out over the others.
MoneyMutual serves mostly borrowers with fair or poor credit, so the experience may look different from what you’d get with a traditional bank. Here’s how MoneyMutual compares with other lenders and networks:
| Feature | MoneyMutual | Oportun | CashNetUSA | LendingPoint |
|---|---|---|---|---|
| Network Size | 60+ | N/A | N/A | N/A |
| Min Credit Score | Poor/Fair Credit | Poor/Fair Credit | Poor/Fair Credit | Poor/Fair Credit |
| Loan Range | $100 – $5,000 | $300 – $10,000 | Up to $2,500 | $1,000 – $36,500 |
| Fees | None | Admin fee | Origination Fee | Varies by State |
| Turnaround Time | 24 hours (min.) | 24 hours (min.) | Same-day funding | 24 hours (min.) |
Compared to other online lenders and loan networks, MoneyMutual is just as accessible and may offer lower fees. The downside is the lack of transparency on interest rates, eligibility criteria, and estimated loan terms upfront.
Some competitors list their range of APRs or offer sample loan terms, so borrowers have an idea of what they’re walking into. MoneyMutual leans heavily on the speed angle instead, which means borrowers need to be prepared to dive into the details when a lender makes an offer.
It can take just a few minutes to get matched with potential lenders, and MoneyMutual works with people who may not have the credit profile to qualify through traditional lenders. It also doesn’t charge any upfront fees, and the application won’t hurt your credit score.
But with those benefits, there are also some drawbacks to consider.
One of the drawbacks is that you won’t see interest rates or fees until after you submit the application and receive an offer from a lender. And when you get that information, you may find that some lenders in the network charge high APRs and additional fees.
The loan process can vary widely from one lender to another, so be prepared to read the information thoroughly.
If someone came to me needing a small emergency loan and they weren’t having luck with traditional banks or credit unions, I’d warn against any payday-type loan. Yes, they’re quick, but they also have ridiculously high interest rates.
While MoneyMutual‘s website is very simple, that also means it doesn’t give a lot of information up front. You’ll need to determine whether a loan offer has common payday loan features, such as short repayment terms and an APR of 100% or higher.
But as long as you know what you’re getting into with this type of loan product, I’d say that MoneyMutual is easy to use, and its application process is fast. You just need to understand your rates and terms before agreeing to a loan, and I’d recommend paying it off as soon as you can (possibly even before the repayment period ends).
Ultimately, I think MoneyMutual is a satisfactory option for borrowers with shaky credit, but you should carefully weigh all your options before diving into a high-interest loan.
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