MoneyMutual Review – Get Loans Fast When You Need It Most
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No matter what your circumstances are in life, there has probably been a time when you’ve felt stressed about getting to the next payday. Wouldn’t it be nice to have some options if that ever happens again? Fortunately, these days, several free marketplaces can help connect you with short-term loan lenders in minutes. Even if you don’t expect ever to need to take out a short-term loan, it’s good to be aware of it so you know what to do if you fall into hard times. In an emergency, you may want to visit MoneyMutual for some support.
In this article
What is MoneyMutual?
MoneyMutual is a marketplace that connects borrowers with potential lenders. The company is not involved in the lending process but provides a free resource that allows borrowers to connect with lenders quickly. Borrowers can submit information through the website to have it sent to MoneyMutual’s lender partner network. Lenders will review the information and decide whether they want to extend a loan offer to the borrower.
If the name sounds familiar, it may be because of Montel Williams, the MoneyMutual spokesperson from its founding in 2010 through 2018. Montel inspired people through his work, including The Montel Williams Show. Today, over 2 million people have used MoneyMutual.
Related: Cash Loans for Bad Credit
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does MoneyMutual work?
Working with MoneyMutual is easy. To start the process, all you need to do is visit the company’s website.
After clicking the button, you’ll be brought to the beginning of the application process. The first question is which state you live in. You can use the drop-down menu to select your state. Unfortunately, MoneyMutual is not available in some states. If your state is not included in the drop-down menu, you won’t be able to move forward.
If you can find your state, you can move on to the next page. You’ll need to enter your basic information here, including your name, zip code, and email address. At the top of the screen, you’ll also notice a progress tracker to see how far you are into the application process.
After that, you’ll need to provide your phone number. Lenders can use your phone number to offer you financial products. You can also decide whether you want to receive text message updates, which you can opt out of at any time.
Lenders will also need to know about your income source. You can select the most appropriate option from the drop-down box.
You’ll also notice on some of the steps of the application process that there might be one or more questions relevant to the process. If you need help, click on this question to get clarification.
Next, you’ll need to provide your home address. You must also provide the length of time you’ve lived at your home and whether you rent or own it.
MoneyMutual will also ask you whether you are an active military member or a dependent of an active military member. This may impact the products that you are eligible for.
Another information that can impact the loan products you’re eligible for is whether you own a car outright. If you do, you have a couple of options that you can choose from.
Now, MoneyMutual returns to income-related questions. At this step in the process, you’ll be asked to enter your total monthly income amount.
You also need to reveal whether you have $10,000 or more in credit card debt. If the answer is yes, that’s not necessarily a bad thing as far as MoneyMutual is concerned.
MoneyMutual also needs to know how often you are paid.
Additional details about your employment are required as well. This includes your employer’s name, how long you’ve worked for that employer, and how you get paid.
One of the final steps of the application process is to give MoneyMutual some information that will allow it to verify your identity. If you want to work with MoneyMutual, you need to provide the information of the bank account where you want your loan money deposited.
Providing this information and submitting your application does not commit you to anything. You’ll be presented with offers from MoneyMutual’s network of lenders, and then you can choose whether to accept a loan from one. By providing your bank account information, your lender can deposit the money into your account quickly.
How much does MoneyMutual cost?
MoneyMutual is a marketplace; it does not cost anything to fill out a form and submit your information through its website. If you connect with one of MoneyMutual’s lenders, you’ll receive loan terms from that lender. These terms will include the costs of the loan, including interest fees, other fees, and any other important details.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
MoneyMutual features
Wide network of lenders
One of the greatest benefits of using a marketplace like MoneyMutual is having access to a network of lenders instead of submitting a loan application to a single lender. As of 2023, MoneyMutual has 120 online lenders. This network of lenders is available and reviewing applications as quickly as possible. You can expect quick decisions from these lenders, allowing you to get a loan quickly when needed.
Variety of loan types
Another great feature of MoneyMutual is that its lenders offer several loan types. Most of these loan types are geared toward borrowers with bad credit who need a loan quickly. Some of the loan options that may be available from MoneyMutual’s lenders include:
Payday loans
Payday loans are short-term loans designed to help borrowers get to their next paycheck. Lenders typically expect borrowers to repay payday loans on their next payday. However, terms can vary, and some lenders may have different requirements. Payday loans are also sometimes known as cash advance loans.
Bad credit installment loans
These loans are a better option for borrowers who need to borrow more money than they could pay back within a single pay period. Bad credit installment loans allow borrowers to repay their loans over several payments. Terms vary by lender and are usually based on the borrower’s credit score.
Who is MoneyMutual Best for?
People with bad credit
MoneyMutual can be a good option for people with bad credit because most short-term lenders are willing to work with people regardless of their credit. The basic requirements for MoneyMutual ’s lenders don’t even include a minimum credit score.
People who want a payday loan
Payday loans can be attractive for people with bad credit who need financial help between now and their next payday. MoneyMutual is a legitimate marketplace that can help these borrowers get connected with lenders who can help.
People who don’t have traditional income sources
MoneyMutual’s lenders will work with borrowers in many different situations. If you don’t have a traditional source of income — such as being self-employed or receiving benefits — you won’t be excluded from receiving a loan. If you bring in at least $800 monthly, some of MoneyMutual’s lenders may offer you a loan.
Who shouldn’t use MoneyMutual?
People who want to borrow more than $5,000
MoneyMutual’s network of lenders is short-term lenders. This means that they cannot offer large loans with long repayment periods. Most lenders only offer a loan of up to $5,000, so if you need to borrow more, you may need to look elsewhere.
People who don’t have a checking account
Part of the application process includes submitting your checking account information. MoneyMutual requires this information so that your funds can be deposited directly into your checking account. If you don’t have a checking account, you can’t get a loan through MoneyMutual.
People with good credit
MoneyMutual can be a great resource for some people. However, short-term loans typically come with high interest rates compared to other loan types. If you aren’t in immediate need of a loan and have good credit, you’ll probably be able to find better loan terms elsewhere.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Pros and cons
Pros
- MoneyMutual can connect you with a network of over 100 short-term lenders.
- MoneyMutual’s basic requirements to qualify for a loan do not include a minimum credit score or a credit check. People with a bad credit score are not excluded from its services.
- There is a quick loan approval process, and it takes very little time to submit your information. Once you’re matched with a lender and accept a loan, you can receive your money in as little as 24 hours.
Cons
- You cannot get a large, long-term loan from MoneyMutual. Its lenders only offer short-term loans in amounts that typically go up to $5,000.
- Since MoneyMutual is more of a middleman and not a direct lender, you’ll need to wait to receive loan offers from its partners. Each loan offer will have different terms and conditions for you to review.
- The loan types offered by MoneyMutual’s lenders usually have higher interest rates than others. While it could be the best option for some people, others may qualify for personal loans with more favorable terms.
MoneyMutual vs. Competitors
Company | Cost to use | Loan amounts available |
MoneyMutual | $0 | Up to $5,000 |
BadCreditLoans | $0 | Up to $10,000 |
CashUSA | $0 | Up to $10,000 |
BadCreditLoans
BadCreditLoans is another free service that can connect borrowers with potential lenders for bad credit loans. It is not a financial institution or a direct lender, but it has a network of loan lenders that will send your information. Like MoneyMutual, you must complete a simple online form to share your information with the lenders.
When you use BadCreditLoans, you’ll be able to get quick answers. The company only takes a few minutes to see if any of its lenders will offer you a loan. Then, once you receive your loan offers, you can review the terms and decide whether to accept or deny them. If you accept a loan offer, you can receive your money on the next business day. Even if BadCreditLoans cannot find a lender for you, it may be able to help you with other ways to help lessen your financial burden. This can include offers for debt repair, credit repair, or other services.
CashUSA
CashUSA is a loan marketplace that offers plenty of information about what you can expect from its lenders. Like its competitors, CashUSA is a free service connecting you with loan offers from its network of lenders. However, offers are based on your credit profile and other factors.
One thing that sets this company apart is that it offers transparency upfront about APRs and repayment terms. According to its website, you can expect APRs of between 5.99% and 35.99% from most of its lenders. You can also expect repayment terms varying from 90 days to 72 months. Like its competitors, you’ll receive loan offers from lenders that detail exactly what terms come with your loan. If you say yes to a loan agreement, you can get your money in as little as one business day.
FAQs
How do I know I can trust MoneyMutual?
MoneyMutual is a legitimate company and is not a scam. One of the ways you can be assured of this is to check the Online Lenders Alliance (OLA) website. The OLA represents the growing industry of online lenders, and its members have to abide by a list of Best Practices and a Code of Conduct. This is to ensure that customers of these lenders are fully-informed and treated fairly. MoneyMutual is a member of the OLA.
What is MoneyMutual’s eligibility criteria?
To qualify for any kind of loan from MoneyMutual, you must meet some basic criteria. You must be a U.S. Citizen and at least 18 years old to qualify. You may also have a verifiable income of at least $800 per month. You’ll also need a valid checking account to get your funds. Some lending companies may have additional requirements for their loan services. This can depend on the type of loan that you’re being offered and whether you’re receiving offers from payday loan companies or other loan providers.
What other alternatives can I use to get money quickly?
If you want to explore options other than MoneyMutual, there may be some avenues that you can try. One of the most common ways to get money quickly is to request a cash advance from your credit card. This option could be good if you have a high credit limit since the credit card issuer usually bases your cash advance amount on a percentage of your credit limit. Another option is to go directly to payday lenders or other lenders to apply for a loan, but that could take longer.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
We all fall on hard times at some point. Maybe your car broke down, and you need to pay for an expensive repair that can’t wait. Maybe you’ve exhausted your credit cards but still need help paying the rest of this month’s bills. In cases like this, you may consider getting a short-term loan.
Shopping around for loans is exhausting. You have to determine what lenders are available to you and each one’s requirements. Then, you need to submit applications and wait for a response, which could take days, if not longer. That’s why there are companies like MoneyMutual. MoneyMutual is a free marketplace that you can use to get matched with lenders without looking for them on your own.
When you use MoneyMutual, you’ll submit your information and let MoneyMutual share it with its network of lenders. If any of the lenders want to offer you a loan, you’ll hear directly from the lender with your loan offer. When you receive an offer, you’ll want to look for important things such as the interest rate, other fees, and the repayment term. If the loan seems doable for you and you want to accept it, you can do that and receive your money in as little as one day.
MoneyMutual is best for people with bad credit who need a quick emergency loan. This company is not for you if you want a long-term loan to help pay off large purchases or debts. And if you have a good credit score, you’ll likely be able to find personal loan offers that can meet your needs while offering you a lower interest rate. Before you accept any loan, you should be sure to consider the repayments that you can afford. You should also ensure you understand all the fees involved so you don’t pay off more than you expected.
Submitting your information to MoneyMutual does not impact your credit score. If you meet the requirements and think it might be a good option for you, submitting your information doesn’t put you at any risk. You don’t need to accept any loan offer if it doesn’t meet your needs.
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Writer
Ashley Hart is a lead copywriter and digital marketing expert covering finance, law, real estate, music, entertainment, health and wellness.
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