MoneyMutual Review for 2024

The world of short-term loans can be a complicated and overwhelming one, especially for those who need quick financial assistance. MoneyMutual is one such company that has garnered attention for its payday loan services.


In this review, we will analyze MoneyMutual’s offerings, including their loan features, application process, and customer service, to help you make an informed decision.

MoneyMutual Overview

History of MoneyMutual

MoneyMutual is an online marketplace that connects borrowers with a network of lenders offering payday loans, installment loans, and other short-term financial solutions. You’ve probably seen their commercials with Montel Williams.

The company was founded to provide a platform where borrowers with bad credit could find access to emergency loans. Over the years, MoneyMutual has grown and expanded its network of lenders, providing more options for borrowers in need.

Services Offered

MoneyMutual offers three main services, catering to the needs of individuals who may struggle to secure traditional loans:

  • Payday loans: These short-term loans are designed to cover unexpected expenses and are typically repaid by the borrower’s next payday. Payday loans are known for their very high interest rates and are meant to be used as a last resort for emergency situations.
  • Installment loans: An installment loan is a longer-term loan repaid in fixed monthly payments. These loans are suitable for borrowers who need more time to pay off their debt.
  • Line of credit: A line of credit allows borrowers to draw funds up to a specified limit, only paying interest on the money they use. This option provides more flexibility than a payday or installment loan.

Target Audience

MoneyMutual primarily targets borrowers with bad credit who may struggle to secure traditional loans. Their services are designed for individuals in need of emergency loans, with a fast and straightforward loan application process.

Get started with MoneyMutual on MoneyMutual’s secure website

Application Process

Online Application

Applying for a loan from MoneyMutual is entirely online, making it convenient for those in need of quick cash advances. The process typically takes only a few minutes to complete, ensuring that borrowers can submit their information and receive a decision promptly.

Required Information

Borrowers must provide personal and financial information such as their Social Security number, bank account information, employment details, and monthly income. Borrowers must also provide a valid email address, phone number, and bank routing number. To ensure a seamless process, have all required documents and information on hand before beginning the application.

Approval Process and Criteria

MoneyMutual’s loan approval process is relatively quick, with most applicants receiving a loan offer within minutes. The approval criteria are typically more lenient than traditional lending companies, making it easier for individuals with bad credit scores to secure a loan.

Factors that may affect loan approval include the borrower’s credit history, income level, and outstanding debts. While MoneyMutual does not guarantee approval, their wide network of lenders increases the chances of finding a suitable lender.

Loan Disbursement

Upon approval, the loan proceeds are deposited directly into the borrower’s checking account, often within 24 hours. The disbursement speed may vary depending on the lender and the borrower’s bank. It’s essential to ensure that the provided bank account information is accurate to prevent delays in receiving the funds.

Loan Features

Loan Amounts

MoneyMutual offers payday loans and installment loans ranging from $200 to $5,000, depending on the borrower’s state of residence, credit history, and income. The maximum loan amount varies depending on the specific loan product. To determine the most suitable loan amount, borrowers should consider their repayment capabilities and the urgency of their financial needs.

Loan Terms

The loan terms vary depending on the type of loan and the borrower’s specific situation. Payday loans typically must be repaid by the borrower’s next payday, while installment loans allow for more extended repayment periods.

The loan term influences the total cost of the loan, with longer terms generally leading to higher interest payments. Borrowers should carefully review the loan terms and ensure that they can meet the repayment schedule before accepting a loan offer.

Interest Rates

The interest rate for a MoneyMutual loan can be very high, sometimes exceeding 300% APR. These annual percentage rates are consistent with many payday loan companies, but it’s essential to consider the long-term financial implications of borrowing money at such a high cost. A high interest rate can quickly escalate the cost of a loan, making it difficult for borrowers to repay the debt and potentially trapping them in a cycle of debt.

Fees and Charges

MoneyMutual loans may include various fees, such as processing fees, late payment fees, and redemption fees. These charges may vary depending on the lending company and the borrower’s specific loan term.

Some lenders may also charge origination fees or prepayment penalties, which can further increase the cost of the loan. To avoid unexpected expenses, borrowers should carefully review the loan agreement and ask the potential lender about any additional fees before accepting the loan offer.

Pros and Cons of MoneyMutual


  • Quick and easy: Applying for a MoneyMutual loan is fast and straightforward, allowing borrowers to receive a loan decision within minutes.
  • Flexible loan amounts for various financial needs: With loan amounts ranging from $200 to $5,000, MoneyMutual caters to a wide range of borrowers.
  • Wide network of lenders: MoneyMutual connects borrowers with multiple lenders, most of which do not conduct credit checks, increasing the chances of securing a loan even with a poor credit score.


  • High interest rates: The interest rate associated with MoneyMutual loans can make it difficult for borrowers to repay their debt and may lead to a cycle of debt.
  • Not available in some states: Due to state laws, MoneyMutual’s services are not available in Connecticut or New York.
  • Potential for unexpected fees: Depending on the specific loan agreement, borrowers may be charged application fees, late fees, or returned check fees that can increase the overall cost of the loan.
Get started with MoneyMutual on MoneyMutual’s secure website

Customer Service

Support Channels

MoneyMutual offers multiple customer support channels, ensuring that borrowers can receive assistance when needed. These channels include:

  • Phone support: Borrowers can speak directly with a customer service representative to address any questions or concerns.
  • Email support: Email support allows borrowers to receive written responses to their inquiries, providing a reference for future communications.
  • Live chat support: Live chat offers real-time assistance from a customer service representative, making it a convenient option for immediate support.

Customer Feedback and Testimonials

MoneyMutual reviews are mixed, with some customers praising the quick loan approval and others criticizing the APRs and fees. Positive reviews often highlight the convenience and speed of the service, while negative reviews typically focus on the cost of the loans and the potential for debt accumulation.

It’s essential to weigh both the positive and negative aspects of MoneyMutual when considering their services. Reading reviews from multiple sources and seeking advice from a financial advisor can help borrowers make a more informed decision.

MoneyMutual is not accredited by the Better Business Bureau (BBB) but holds a B rating, indicating a generally positive business reputation. The BBB rating is based on factors such as complaint history, transparency, and responsiveness to customer concerns.

MoneyMutual vs. Competitors

Comparison with Other Payday Loan Providers

To provide a comprehensive understanding of MoneyMutual’s offerings, it’s essential to compare the company with other payday loan providers:

  • LendingTree: A loan marketplace that offers a broader range of loan types, including personal loans and mortgages, in addition to payday loans. LendingTree is known for its extensive network of lenders, providing borrowers with more options to find a suitable loan.
  • CashNetUSA: A direct lender that specializes in payday loans, bad credit loans, and lines of credit, with a strong focus on quick loan approvals. CashNetUSA has a more straightforward fee structure than MoneyMutual, but may have higher interest rates.
  • Speedy Cash: A payday lender offering bad credit loans and title loans, with the option for in-store services in some states. Speedy Cash is known for its excellent customer service, but its interest rates can be as high as those of MoneyMutual.

Comparison with Alternative Financing Options

Apart from payday loans, there are other financing options that borrowers can consider, depending on their financial situation:

  • Personal loans: Lower APRs and longer repayment periods make getting a personal loan a more financially sound option for many borrowers. Borrowers with a consistent monthly income and decent credit score can secure a personal loan from banks or online lenders.
  • Credit cards: A credit card cash advance can provide a short-term loan alternative with a lower interest rate and the ability to repay over time. However, credit card cash advances often come with high fees and may not be suitable for borrowers with bad credit.
  • Peer-to-peer lending platforms: These platforms connect borrowers with individual investors, often resulting in a more competitive interest rate and flexible loan terms. Peer-to-peer lending can be a viable option for borrowers with fair to good credit who do not qualify for traditional loans.

Responsible Borrowing

The Importance of Responsible Borrowing

Short-term loans, such as payday loans and installment loans, can be helpful for those in need of an emergency loan. However, you should borrow responsibly and consider the long-term effects of higher interest rates and fees on your finances.

Tips for Managing Bad Credit Loans

To ensure that you borrow money responsibly, follow these guidelines when managing bad credit loans:

  • Borrow only what you need and can afford to repay promptly.
  • Read and understand the loan terms, including all fees and charges, before committing to the loan.
  • Create a budget to ensure timely loan repayments and avoid falling into a debt cycle.
  • Explore alternative financing options before committing to a high-interest short-term loan to ensure the most financially sound decision.

Alternatives to Payday Loans

In addition to the alternative financing options mentioned earlier, borrowers can also consider the following options when facing a financial emergency:

  • Borrowing from friends or family: This option may provide a more flexible and lower-cost solution for emergency financial needs.
  • Local non-profit or government assistance programs: Some non-profit organizations and government programs offer financial assistance to individuals in need. These programs may provide loans, grants, or other forms of aid that can help cover emergency expenses.
  • Employer advances: Some employers offer payroll advances to employees facing financial hardship. These advances typically have more favorable terms than payday loans and can be a viable option for short-term financial relief.

Avoiding Predatory Loans

Predatory lenders often offer loans with excessive interest rates, hidden fees, or unfavorable terms that can trap borrowers in a cycle of debt. To protect yourself from predatory loans, you should:

  • Research the lender: Check the lender’s reputation, and customer reviews to ensure that they are a trustworthy and legitimate company.
  • Review the terms carefully: Thoroughly read the terms of the loan and ensure you understand all fees, interest rates, and terms before committing to a bad credit loan.
  • Compare offers: Look for alternative loan offers from different lenders to find the most favorable terms and lowest interest rates.
  • Understand state regulations: Familiarize yourself with your state’s laws protecting borrowers from predatory lending practices and ensure the loan offer complies with these regulations.

Bottom Line

MoneyMutual offers a quick and easy solution for those in need of emergency loans, particularly for individuals with bad credit. However, because of their higher interest rates and fees, it’s important for borrowers to consider alternative options and practice responsible borrowing habits.

Before committing to a short-term loan, talk to a financial advisor to discuss your finances and explore all available options. It’s essential to weigh the pros and cons of each financing solution to make the most informed decision and protect your financial health.

In this MoneyMutual review, we’ve covered the company’s offerings, loan features, customer service, and compared them to competitors. We’ve also discussed responsible borrowing practices and alternative financing options. By considering all these factors, borrowers can make a well-informed decision on whether MoneyMutual is the right choice for their emergency financial needs.

Frequently Asked Questions

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 loan provider 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 short-term lenders who want to work with you. However, some lenders in the network might conduct a soft credit check, which does not impact your credit report, while others might perform a hard credit check, which can temporarily lower your credit score.

Is MoneyMutual a direct lender?

No, MoneyMutual is not a direct lender. It is an online marketplace that connects borrowers with a network of lenders offering payday loans and installment loans. MoneyMutual helps borrowers find an online lender based on their financial needs and credit profile.

Can I qualify for a loan from MoneyMutual with a bad credit score?

Yes, MoneyMutual is designed to assist borrowers with bad credit in finding a short-term loan. While a low credit score may limit the available loan offers, MoneyMutual’s extensive network of lenders increases the chances of finding a lender willing to work with borrowers with poor credit.

How soon can I receive funds after being approved for a loan through MoneyMutual?

Once your loan is approved, the funds are typically deposited into your bank account within 24 hours. However, the exact disbursement time may vary depending on the specific lender and your bank’s processing times.

How does MoneyMutual protect my personal and financial information?

MoneyMutual takes data security seriously and employs industry-standard encryption technologies to protect the information submitted through their platform. Additionally, MoneyMutual adheres to the best practices of the Online Lenders Alliance, ensuring responsible lending and data protection practices.

Can I apply for multiple loans through MoneyMutual at once?

While it is possible to submit multiple loan applications through MoneyMutual, it is generally not advisable. Taking out multiple loans simultaneously can lead to increased debt and difficulty managing repayments. Instead, borrowers should focus on managing their existing loan and exploring alternative financial solutions if necessary.

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 finances.

Get started with MoneyMutual on MoneyMutual’s secure website

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