Money Mutual Personal Loans Review for 2020

Money Mutual is an online matching service for payday loans. You’ve probably seen their commercials with Montel Williams.

By filling out a single application, you can apply with multiple lenders at one time, streamlining the process to help you find the right loan in a more time-efficient manner. Because Money Mutual focuses on payday loans, you’re more likely to get approved with bad credit.


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 very quickly.

Keep reading to find out more about what you can expect from applying for and receiving a payday loan through Money Mutual.

Money Mutual Bad Credit Loans

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

What’s the maximum loan amount you can expect?

At most, you’ll be able to receive $2,500 from the lenders in Money Mutual’s marketplace. One benefit, however, is that there aren’t any restrictions on how you can use your funds. They can be used 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

Borrower Profile

Each payday loan lender 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 some type of consistent 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 payday loan. Simply include your company’s name and phone number in the employment portion of your application.

In order to apply, you also need to be at least 18 years old and a U.S. resident. Finally, you’ll need an active checking account.

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

Loan Application Process

According to Money Mutual, 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 that money.

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

In addition to payday 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, you could receive your funds in as fast 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 loan repayment period. This process typically comes with additional fees and needs to be negotiated directly with your lender.

Special Features

Money Mutual 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 loan 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 Money Mutual.

Money Mutual 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.

Money Mutual’s History

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.

Get started with MoneyMutual on MoneyMutual’s secure website

How to Compare Bad Credit Loan Offers

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 payday 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 it. An installment loan, 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, on the other hand, is extremely short term. It often only lasts 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 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 rate 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, for example, but you could end up paying more in interest.

Each payday loan 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 of the fees associated with the payday loans and averages it out over a year. That way, you can compare different types of loan offers using the information presented in a similar format.

Bottom Line

If you have a bad 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 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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