MoneyMutual Personal Loans Review for 2023

MoneyMutual is an online matching service for short-term loans and cash advances. You’ve probably seen their commercials with Montel Williams.

With MoneyMutual, borrowers get easy access to short-term loan providers that offer different types of loans, such as payday loans, bad credit loans, installment loans, personal loans, and cash advances.

By filling out a single application, you can apply with multiple lenders simultaneously, streamlining the process to help you find the right loan in a more time-efficient manner. In addition, because MoneyMutual focuses on short-term loans, you’re more likely to get approved with a bad credit score.


On the downside, lenders’ terms may include high fees, lower loan amounts, and shorter repayment periods. On the plus side, you have a better chance of qualifying, and you can receive the loan funds in your bank account quickly despite your credit scores.

Keep reading to learn more about what you can expect from applying for and receiving a short-term loan through Money Mutual.

MoneyMutual Bad Credit Loans

MoneyMutual is not a lender. Once you apply, you could receive one or more loan offers from direct lenders. That means the exact loan terms will vary depending on the lender’s specific offer you receive.

The maximum loan amount for Money Mutual loans is $2,500. One benefit, however, is that there aren’t any restrictions on how you can use your funds. You can use them for anything from a financial emergency to a planned expense for which you need some extra cash.

The lowest loan amount is $250, so even if you need just a small amount of cash, you don’t have to worry about high loan minimums as you would with other lenders.

Get started with MoneyMutual on MoneyMutual’s secure website

MoneyMutual Borrower Profile

Short-term lenders may have their own specific approval requirements, but MoneyMutual lays out a few basic qualifications to help you determine if you’re a good candidate to apply for a loan. First, you must currently have a job or consistent monthly income, earning at least $800 per month. Some lenders are willing to count income such as Social Security, pensions, and disability as part of the income requirement.

Part of the application asks for your employer information. While Money Mutual won’t contact your company, the lender may reach out to verify your employment. If you’re self-employed, you can still qualify for a loan. Simply include your company’s name and phone number in the employment portion of your application.

To apply, you also need to be at least 18 years old and a U.S. resident. Finally, you’ll need a valid checking account.

If you can check off all of these eligibility requirements, you can apply for a loan through MoneyMutual knowing you have strong chances of receiving a loan offer.

MoneyMutual Loan Application Process

According to MoneyMutual, the application process takes a mere five minutes to complete and there is no fee associated with this service. You’ll receive a response within minutes, which is all it takes for lenders to review your information and make an approval decision.

Once you receive an offer, you’re not required to accept it. In fact, be sure to take your time and review your loan terms carefully, including what your monthly payments will be, how long you have to repay the loan, and how much it’ll cost you overall to borrow money.

Also, check what kind of loan offer you’re looking at.

In addition to short-term loans, lenders working with the MoneyMutual network may also offer an installment loan, line of credit, title loan, or auto equity loan. Some of those offers may require you to put up cash or property as collateral. If you end up defaulting on the loan, you could lose your collateral, which is a huge risk to take on.

In short, make sure you’re confident in your ability to repay the loan before you agree to it. Otherwise, you could end up in a worse financial situation than you’re already in.

If you do, however, find a short-term loan that works for you, you’ll be taken directly to the lender’s website to complete your application and sign your loan agreement.

Once You’re Approved

You can get approved quickly and if you sign your loan agreement right away. Borrowers typically receive funds in as little as 24 hours. This could be slower depending on the lender and if you apply on a weekend or holiday. After the funds are in your bank account, you’re ready to use the money for whatever you need. You’ll also find out when your payment is due to your lender, and how you can submit your payment.

It’s important to stay on top of those payments. If you don’t, you can quickly accrue expensive fees and the account could eventually go to collections.

Some lenders offer a renewal policy in case you need to extend your repayment period. This process typically comes with additional fees and needs to be negotiated directly with your lender.

MoneyMutual Special Features

MoneyMutual is unique in that it matches bad credit and low-income borrowers with a range of financial products. A single application gets you potential access to multiple cash advance offers, making it much easier and faster to compare your loan options. It’s also a completely free service, so there’s no cost to you in trying out MoneyMutual.

MoneyMutual has a history of excellent customer service and positive customer reviews. Plus, the website takes online safety and privacy seriously, using Norton Secured powered by Symantec to encrypt your information.

MoneyMutual’s History

MoneyMutual is based in Las Vegas, NV. More than 2 million people have used Money Mutual and the service is available in all states except for New York.

Additionally, Money Mutual is a member of the Online Lenders Alliance, which is an organization devoted to promoting best practices in the short-term loan industry. This organization ensures that the lenders in their lender network will not offer payday loans with excessively high interest rates, car title loans, or any other types of predatory loans.

MoneyMutual Reviews

One of the best ways to research online lenders is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them.

Money Mutual currently has a Better Business Bureau (BBB) rating of A+, which is an indicator of great customer service. They also have very few complaints. You can find more Money Mutual reviews at other review sites as well.

Get started with MoneyMutual on MoneyMutual’s secure website

Frequently Asked Questions about MoneyMutual Loans

Is MoneyMutual legit or a scam?

MoneyMutual is a legitimate lending company that has been in business for 10 years and is trusted by over 2 million customers. However, it’s important to remember that MoneyMutual is not a lender and the company is not involved in the lending process.

If you have an issue with a lender they connect you with, contact MoneyMutual support immediately to let them know.

Does MoneyMutual do a credit check?

No, MoneyMutual does not perform a credit check before connecting you to lenders who want to work with you.

Additionally, most lenders they connect you with also do not run a credit check to determine how much you’ll be able to borrow.

Does MoneyMutual call your employer?

No, MoneyMutual will never contact your employer for any reason. After you’re connected with a lender, some may call the number you provide to verify employment, but they typically do not discuss your financial situation.

How to Compare Bad Credit Loans

Since MoneyMutual can match you with a range of lenders and loan types, it’s good to go in knowing exactly how to compare your offers. Having a choice is a great opportunity, and even better when you know how to make the best of those choices. Here are a few things to consider when comparing your loan offers from MoneyMutual.

Determine the Type of Loan

First, take a look at the type of loan you’re being offered. Even though MoneyMutual primarily works with short-term lenders, there are actually quite a few different financial products available.

Find out if your loan offer is secured or unsecured. If it’s secured, that means you have to put up some kind of collateral. With an unsecured loan, you don’t need collateral, which substantially lowers your personal risk.

Any kind of loan that’s linked to your car title is also extremely risky. If your loan goes into default, you can lose your car, which opens up an entirely new set of problems, both financially and personally.

Check Your Budget

Different loans also come with different repayment structures, so it’s important to make sure you can afford them. Installment loans, for example, will be repaid in fixed amounts over a certain period of time. That means you need to ensure your monthly budget can accommodate that extra payment each month.

A true payday loan company, on the other hand, offers extremely short-term loans. Payday loans often only last for two weeks and the entire amount is due, in addition to a fee as well. Take a look at all of your other upcoming expenses and carve out that one-time payment. Otherwise, you could get roped into continually extending your high-interest rate payday loan term which ultimately results in tons of costly fees.

Compare Total Costs

Finally, different types of loans charge fees and interest in different ways. Compare the interest rates and total cost of each loan to determine which is the better option for you. A longer loan term might bring down your monthly payment and interest rate, for example, but you could end up paying more in interest over time.

Each lender may also charge different origination fees, which can affect the total cost of your loan. One way to compare loans that are structured differently is to look at the APR. This percentage takes all the fees associated with the short-term loans and averages it out over a year. That way, you can compare different types of loans using the information presented in a similar format.

Bottom Line

If you have a poor credit score or limited income, it may be tough to get access to credit when you need it. Using is an effective way to take a little more control of the situation by applying to multiple potential lenders at once. As long as you responsibly choose a loan product that fits your ability to repay, you could receive better options than you otherwise would.

Get started with MoneyMutual on MoneyMutual’s secure website

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