MoneyKey Reviews - What Is It?
WARNING: DO NOT USE MoneyKey Until You Read This Review!
Is it a Scam? Does It Really Work?
MoneyKey offers and provides short-term credit products for customers from fifteen states, including payday loans, installment loans, and lines of credit, through a safe online platform. Even though their product lineup is very broad, the official website claims that the company intends to remove the complexity associated with borrowing money, and to make the process as convenient and simple as possible. It means that you will be provided with cash when you really need it. These promises sound very attractive but can MoneyKey really meet your everyday short-term financial needs as well as promised on their website? Are there any better short-term lending competitors? We are going to explore everything we have learned during our in depth research for you to understand whether you really need to use the services of this company. But at first it is necessary to discuss the information available about the company behind the product. As a matter of fact, there is limited information about MoneyKey Company. According to its official website, it is based out of Wilmington, DE. It has been in business since 2012. The company held a B rating with the Better Business Bureau, with fifteen customer reviews (fourteen of which were negative). There are over 60 closed complaints, which is a bad sign.
Customer Reviews - Does MoneyKey Really Work?
Depending on the state in which you live, the company offers three products. Payday Loans (CA, OH) are also known as single-pay loans because they are paid in full on your next payday. Installment Loans (CA, AL, DE, MS, IL, NM, TX, OH, UT) are repaid over a number of equal installments that have been preset beforehand. Lines of Credit (KS, MO) provide a flexible line of credit for more control over your cash flow. To use the service you will need to fill out an application, where you will need to choose a product and enter your state, email address, and loan amount. Then you will enter standard details like name, contact information, address, whether you own any property or rent it, years at current address, and social security number and driver's license number. You will need to create a password and enter your income details.
After your application is complete, you will need to call a MoneyKey Customer Care rep, who will verify your information. Loan requests are usually processed rather quickly, but in some cases, the company might need to speak with your employer or bank or to get the proof of your income. If you are approved, you will be asked to review and sign a loan agreement. It outlines the details of your loan, related fees and interest rates. According to the MoneyKey team, the funds will be deposited into your bank account the next business day upon signing. You will repay your loan depending on the product you have chosen. The company provides reminder emails to all clients before each payment is due. The customers can view each amount and due date via their online customer dashboard. MoneyKey claims that all of your information is protected using secure socket layer (SSL) encryption and Verified Site Certificates.
Let's take a look at online customer reviews about the service we are discussing today. As a matter of fact there are a lot of customer reviews most of which revolve around customer support difficulties and very high interest rates. In most cases, the company's representatives failed to respond with a solution. Across the most popular consumer review websites like SiteJabber, SuperMoney, and TrustPilot, we met more than 1,700 customer reviews for the company who gave them an average rating of four stars. Compliments often referenced quick turnaround times, ease of use, and upfront fees and payment schedules. On the other hand, the most common complaints mirrored those found on the Better Business Bureau's website. The most common one is poor customer support. Many people report that it is a rip off company for people in difficult life situations. One woman writes that she was not aware that they would be taking out payments biweekly. Instead, she was told about 18 monthly installments but she found out that they took two payments a month. According to the contract, the woman would pay back in excess of $8000, which means that the interest rate is 192% a year. The woman recommends everyone to stay away from this company that charges such high fees. The woman is going to call the BBB of Delaware to complain. Another customer reports in his testimonial that he called the company's customer service to change his due date to ensure that he would be able to pay the funds. But they told him that they couldn't! The man tried to change his bank account information but they still said they couldn't! These people are not even trying to work and help you to pay for the loan! Let us take a look at the actual customers' reviews available online.
"I am not pleased with Money Key at all. The fees with this company are simply the highest loan rates I have ever seen. I have used GreatPlains, RISE, and other companies of the kind and their rates are between 50% and 75% less than those with this company. Your customer service department is unhelpful and impolite. Your agents do not want to help their clients at all. The advice from me is, do not ever use MoneyKey."
"Moneykey is a horrible service. I did the online banking verification and they said I needed to send them a direct deposit form. Then they said it needed a stamp. It had my bank's name and all my personal information, though. I hope they won't sell my information. I wouldn't recommend anyone to deal with this team! Waste of time."
"I have been with this company for a few months already. Of course, their fees are extremely high. I called MoneyKey customer service when I found out that my wife's bank card was stolen while she was in hospital. I had no money to pay them off. I asked them if they could hold off till Monday but the guy on phone said no. I am 82. Don't expect any support from these guys when you really need it."
My Final Summary
Even though MoneyKey has been in business for a few years already, the company seems to come with many negative customer reviews online. They claim to be dedicated to helping their clients review vital terms and conditions lined to their loans; however, they are not as helpful as claimed. Many customers report in their reviews that they got disappointed with the customer support of the company. Sometimes it seems that its reps are not interested in their business. Another great drawback of the company involves high interest rates. Other companies of the kind tend to offer short-term personal loans at more reasonable rates. Taking into account all this, we strongly recommend considering alternatives before applying for MoneyKey.
MoneyKey Pricing and Rates
Which products are available to you and how much you can borrow is based on the state you live in. According to the customer support, the main eligibility criteria revolve around income of a new applicant. They don't pay attention to credit score. Payday Loans are available in amounts from $200 to $1,000, with APRs of 214%. Repayment period is from 18 to 31 days. Installment Loans are available in amounts from $200 to $2,600, with interest rates of 150-700%. Repayment takes from 4 to 18 months with 5-36 equal installments. Lines of Credit are available from $200 to $1,000, with interest rates of 24-399%. In KS and MD, there is a cash advance fee of 10-15%. The loan can be cancelled at no cost within 3 business days of the effective date. The loan can be paid off early with no penalty. You can contact the company's Customer Care team by calling at 866-255-1668 or writing to email@example.com.