MoneyMutual Review 2022 : Best Personal Loan Marketplace For Bad Credit

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When it comes to acquiring a loan, having a poor credit score can make it seem impossible. Perhaps you’ve tried walking into your local bank branch and applying for a loan, only to leave with an empty hand and a dash of embarrassment rather than the money you require. A downgrading economy, with skyrocketing rates of unemployment due to the rise of technology and artificial intelligence, leaves many Americans wanting a better credit score.

If a calamity struck today, how would you meet your bills and basic needs? For many people in the United States, this means considering a short-term loan. In this post, we’ll go over types of loans and how to discover lenders giving loans through MoneyMutual’s platform if you ever find yourself in a financial bind. MoneyMutual is a social networking platform that connects borrowers in need of a loan with short-term lenders. MoneyMutual can connect you with local loan providers for payday, installment, bad credit, and other loans through a network of over 60 lenders. Stay with us to read more in our Money Mutual review!

Advantage of Online Loan Lending Websites

It’s never been easier to look for loans online. You can apply for a loan on your home computer, laptop, tablet, or smartphone with MoneyMutual. Typically, the procedure looks something like this:

A borrower goes to moneymutual.com and fills out an application to check whether a lender provides a short-term loan. A lender makes an offer to a borrower, and the borrower accepts the terms and conditions.

These often include permission for the lender to deduct the loan’s repayment amount from the borrower’s account on a predetermined date—usually payday. When done online, the borrower obtains the funds they require directly from the lender in as little as 24 hours.

Getting a short-term loan used to entail wasting time in line only to find out if you qualified at all. Short-term loans may now be done online, ensuring that privacy, speed, convenience, and security are all prioritized. You will be in touch with a range of lenders through MoneyMutual’s online marketplace to satisfy your short-term financing needs.

MoneyMutual is best described by a few essential characteristics, five of which are listed below:

  • MoneyMutual matches borrowers with more than 60 short-term lenders, each with its own set of fees, terms, and restrictions.
  • Users of MoneyMutual fill out a single form after meeting the site’s basic requirements, which include being 18 years old and earning at least $800 per month.
  • MoneyMutual offers a simple way to connect with dozens of lenders at once, as well as educational tools to help consumers better understand the loans they’re looking for.
  • The site is well-protected by Norton 256-bit encryption, and users generally give it high marks for its usability.
  • You exit the site, and MoneyMutual walks away when you want to research a loan offer. There is no interference against potential loan negotiations.

MoneyMutual’s Brief History

MoneyMutual was formed in 2010 in response to the fact that many Americans (about 4 out of 10 according to the Economic Well-Being of US Households report) are unable to come up with even $400 in case of an emergency. While short-term bad credit or payday loan providers do exist, many people in financial distress don’t have the time to visit hundreds of different places one by one.

Simply explained, MoneyMutual is a service that helps borrowers connect with short-term lenders. The site’s main goal is to make the approval procedure for short-term loans faster and easier and provide a more secure method for people who require immediate cash.

Types of Loans Provided by MoneyMutual

When you’re in the middle of a crisis, the last thing on your mind is money, but it’s often necessary to solve the matter at hand. So, how do you go about it? You consider your choices. When it comes to short-term loans, you have an abundance of options to choose from.

You probably know more about loans than you think, yet you’ve probably heard them called by a variety of names. Payday loans, cash advances, cash advance installment loans, bad credit loans, and bad credit installment loans are examples of these types of loans. All of the aforementioned are examples of loans that are expected to be repaid in a short period of time, or “short term.”

Let’s start by looking at the many types of loans that Money Mutual provides.

Payday Loans

Payday Loans are a type of short-term loan. If you’re approved for a payday loan, the lender will most likely expect you to repay the loan on your next payday, however, terms may vary depending on the lender. MoneyMutual provides a nice range of payday loan lenders willing to help you and even negotiate their terms.

Installment Loan

You might not know what an installment loan is or how a short-term installment loan works if you’re new to the often complicated world of financing. Fortunately, with MoneyMutual on your side, you’ll have all the information you need to make an informed loan selection.

The term “installment loan” refers to a loan with a set payback plan. Installment loans are comparable to payday loans when it comes to the short period of the loan, with one major distinction. Rather than repaying the loan in a single payment, you spread it out over several pay periods that span a short length of time set by the lender.

If you need to borrow more money than you can afford to repay in a single payment, an installment loan may be a better alternative for you. These loans are repaid over time, but the conditions differ from lender to lender and are determined by your credit score.

Bad Credit Loans

On the FICO Score scale of 300 to 850, which is one of the most often used credit ratings by lenders, a low credit score is below 670. A score of 580 to 669 is regarded as fair, while a score of 300 to 579 is deemed very low.

The better your credit score, the more likely you are to get approved for loans with better interest rates and terms. It might be difficult to obtain affordable credit or even to be authorized for a loan or credit card if your credit score is bad.

Having said that, MoneyMutual has got your back even if you have a bad credit score. The lenders on this network will charge higher rates of interest but you will most probably be provided with the funds you require.

No-Fax Loans

In the year 2021, who still uses fax machines? With the introduction of online lending, a new wave of faxless loans has emerged, making it quicker and more comfortable for you to receive money quickly. If you’re looking for a lender who offers no-fax loans, MoneyMutual’s streamlined services may be able to help.

How to Determine Whether You Are Eligible for MoneyMutual Loans

While MoneyMutual cannot impose specific restrictions on each of its lenders, it does have a set of broad conditions that must be met. If you pass all of these requirements, you’ll have a high probability of receiving at least a couple of loan offers from its network of companies.

The basic eligibility criteria are pretty common and include the following:

  • You must be 18 years old.
  • You must live in the United States.
  • Have a steady source of income (you must be able to demonstrate this).
  • Possess a current checking account.
  • The final criterion is that lenders in the network must be able to deposit your funds swiftly and, in the event of payday loans or cash advances, withdraw their payment on your payday.

MoneyMutual Income Requirements

MoneyMutual also expects that anyone seeking a loan should earn at least $800 per month in addition to the preceding conditions. MoneyMutual needs you to describe where you acquire your money, and this information will be used to determine your loan eligibility.

This $800 can come from a variety of sources, including Social Security, disability benefits, a pension, or normal work. Even if all of these requirements are met, there is no assurance that you will be contacted by one of MoneyMutual’s lenders. Individual agencies are still in charge of determining your loan worthiness. MoneyMutual, for example, will not contact your employer, but a potential lender may and will.

Approval of MoneyMutual Loans

MoneyMutual’s loan acceptance process is rather basic. On the MoneyMutual main website, enter your ZIP code. Fill in your name, email address, and a few other identifying details. You can enter your phone number if you want to receive SMS updates. After that, you’ll describe your primary source of income, your residence, and other details about your living condition.

You must show documentation of your monthly income as well as your monthly income. Then choose your bank account and the frequency with which you are paid, as well as the following two payment dates (for payday loans).

If relevant, include your employer’s name and any other identifying information. Enter a state identification number or a driver’s license number, as well as state information. Finally, input your complete bank routing number and account number before submitting your information. Overall, assuming you have all of your information ready, the loan approval process through the MoneyMutual lender network should just take a few minutes.

How Long Does It Take For Moneymutual’s Lender Network To Process Funds

You might be lucky enough to be connected to a lender within a few minutes in some situations. MoneyMutual starts the loan approval procedure right away by searching its network of money lenders that can be an appropriate match for you.

However before you receive an offer, your unique loan approval procedure will include a review by both lender algorithms and human eyes in some situations. You may have to wait for several days if this situation arises. The majority of MoneyMutual users, on the other hand, appear to be unconcerned about this.

You also have the option of accepting or rejecting a loan after it has been given to you. To avoid being startled by interest rates or other costs, make sure to read all of the terms and conditions properly. Most lenders will try to fund your account within 24 hours or one business day after you accept a loan. Some lenders will also give you a better chance of securing money throughout the week than over the weekend.

The Maximum Amount You Can Borrow Through Moneymutual’s Lender Network

Of course, the actual amount is determined by the loan. Even though MoneyMutual is mostly used for payday or bad credit loans, there is some difference because it may connect you with a network of over 60 lenders.

In addition, several jurisdictions have laws that limit the amount you can borrow from a payday or other short-term loans. For example, depending on your state’s restrictions, you may not be able to borrow more than $1000 for a single payday loan.

MoneyMutual advertises loans of up to $2500 on their website. This is a reasonable top limit, although lesser loans of $300 or $500 are extremely common.

MoneyMutual Fees and Costs

You’d think that as a user-lender connecting service, MoneyMutual would demand a fee for their services. But in reality, the case is totally opposite because the website is a completely free service for its borrowers. MoneyMutual instead makes money by charging small fees to the loan institutions with which it matches good customers.

However, you should be aware that many payday loan providers levy modest fees based on the amount you borrow in addition to interest rates. According to a good rule of thumb, an average of $15 should be charged to every $100 borrowed for a conventional payday loan. Borrowing $300 for a payday loan, for example, would result in a $345 penalty on your next payday, in addition to the interest rate (if applicable).

Aside from the example given above, lenders are permitted to levy any costs they like, such as prepayment, late, or “administrative” fees. The money lending organizations are legally required to officially document these fees or additional charges, so carefully study everything to ensure you get the best deal possible.

Interest Rates on the MoneyMutual Network

The interest rates that you are expected to pay might vary in most cases because they depend on the specific lender or the type of loan. When compared to installment loans and bad credit loans, payday loans and cash advances have the highest interest rates.

According to MoneyMutual, the average interest rates for its lenders’ bad credit and payday loans range from 200 to 1300 percent. Some states, but not all, have legislation protecting borrowers from excessively high-interest rates.

Short-term loans might last anywhere from a few months to a year or more. Payday loans and cash advances normally have durations of two to four weeks, whereas installment loans typically have terms of one to six months, with some going up to a year. Keep in mind that your interest rates will not instantly improve if you opt to restore your credit. Your loan’s terms are contractual, and they’re usually difficult to amend.

MoneyMutual Features

MoneyMutual has a lot to offer, starting with its ease of use

MoneyMutual is a fairly useful service that makes the approval process for bad credit or payday loans a lot easier when compared to tracking down multiple banks or lenders and evaluating all of their information yourself. Fill out a single application, then evaluate the loans that various companies may opt to offer. Isn’t it simple?

Their website is catchy and easy to browse through

The website is user-friendly, and the loan approval process should take no more than a few minutes. The user interface isn’t overly complicated, and the site is generally safe, so your personal and financial information isn’t put in danger.

No additional charges or scams

We also appreciate the fact that MoneyMutual charges no additional fees for their services. This is especially beneficial because it can be difficult to obtain a poor credit loan or payday loan without feeling scammed or overcharged by big banks attempting to take advantage of you.

Many of the traditional indicators of payday loan frauds aren’t present among the lenders in MoneyMutual’s network, such as seeking payment in unusual currencies, delivering funds via bizarre checks, or asking borrowers to accept debt collector calls.

They will help you plan your finances

Even better, MoneyMutual offers a variety of instructional opportunities. You can use these to learn more about the aforementioned loan categories – many of the resources include advice on how to avoid predatory loans or fees that could lead to a debt trap. This is especially true in the post-coronavirus era when unscrupulous lenders target individuals who most need payday loans.

⇒ Visit the Official Website of MoneyMutual

How can you acquire a loan if you have bad credit?

It has never been more convenient to secure a short-term loan if you have low credit. Simply go online to MoneyMutual, and you won’t have to wait in line to speak with a lender who might be able to grant you a bad credit short-term loan. MoneyMutual.com is a free online marketplace where consumers from all across the country may rapidly locate a short-term lender.

Why should you wait for an emergency? Visit MoneyMutual for more information on how to receive a loan. MoneyMutual makes it easier to get a loan offer if you think you have what it takes to receive a short-term loan. Although lender standards vary, many borrowers find it simple to qualify for bad credit loans.

The following are some common lender requirements:

  • Being an 18-year-old U.S. citizen
  • At least $800 per month in verifiable income, whether from a job, benefits, or both
  • Having a checking account is a must
  • Other lender specifications may apply

What are the advantages of choosing MoneyMutual.com?

They work with lenders all throughout the country that are eager to provide you with short-term and long-term loans. Simply fill out a short form on MoneyMutual.com and wait for a response from a lender. This might happen in a matter of minutes!

If a lender agrees to work with you, you will be led to their website to apply for the loan, see the terms and conditions of your loan offer, complete any necessary information, and ask the lender questions directly.

Remember, finding a lender that suits your short-term loan needs today is quick, secure, and simple. Some lenders will fund your account in as short as 24 hours!

Don’t be dismayed if you need a poor credit score; instead, contact MoneyMutual! You may be eligible for a short-term loan even if you’ve filed bankruptcy, bounced a check, or had other credit issues.

What things can you do with a short-term loan?

While you can receive a loan for almost anything, it’s usually not a good idea to get one for something that won’t help you improve your financial condition. If you default on the loan, you risk damaging your credit score, and the higher APRs mean you’ll end up paying more in the long run.

  • If you own a home, a loan to perform renovations that increase its value could help you sell it for more money and put you on more solid financial footing.
  • A personal loan may be an excellent choice to finance your education if you need to take a course or certification program to improve your quality of life or your employment salary.
  • If you need money right away, take an emergency personal loan; even with low credit, it will almost always cost less than a payday loan.
  • You can get financial relief from a pending debt. If you can discover a personal loan with a lower APR than your present credit cards or other payments, you might find that getting a loan is useful.

How do you pick the best loan provider?

There is no one-size-fits-all loan provider for everyone. A few things determine which loan company is ideal for you:

The requirements for eligibility

On their websites, many lenders will include eligibility conditions, such as minimum credit scores, minimum income levels, and maximum debt-to-income ratios.

Rates of interest and fees

Lenders compute your interest rate based on a variety of factors. Get estimates from a few lenders and compare interest rates, origination fees, and prepayment penalties to see which lender will give you the best deal.

Terms of repayment

Lenders of personal loans may provide payback durations ranging from one to twelve months. A shorter payback time means you’ll be debt-free sooner and pay less interest overall. On the other side, a longer payback time will lower your monthly payment.

Type of financial institution

Personal loans are available through banks, credit unions, and online lenders. You’ll get the best rates from online lenders, but you won’t get the same in-person assistance as you would from a bank. Furthermore, a local credit union with whom you already have a bond may be more prepared to grant you a loan as a result of your previous relationship.

What are the scams involving loans and how to avoid them?

When looking for a personal loan, keep an eye out for signs that could indicate you’re dealing with a con:

Guarantees without approval: Before providing an offer, most reputable lenders would want to see your credit report, income, and other details. You can be luring yourself into a dangerous scenario if you come across a lender who isn’t interested in your payment history.

According to the Federal Trade Commission, not registered in your state: Lenders must be registered in the state where they conduct business. Check to see if the company is licensed in your state.

Poor advertising methods: Phone calls and door-to-door solicitation are not considered respectable advertising strategies for reputable lenders. Similarly, loan offers that pressurize you to act right away are aimed to convince you to accept without giving it much thought.

Prepayment: While application, origination, and appraisal fees are all regular loan expenses, they are frequently deducted from the overall loan amount. It’s not a legitimate lender if they ask for cash or a prepaid debit card upfront.

Unsecured website: A lender’s website should be safe, with the address beginning with “HTTPS” and a padlock symbol on any page where personal information is requested.

There is no actual address: A trustworthy lender’s website should have a physical address.

Wrapping Up

While all of the lenders that MoneyMutual may connect you with are reputable, this is still a terrific service that is especially useful for borrowers who aren’t particularly financially savvy. MoneyMutual’s greatest strength is unquestionably its speed. Obtaining a loan from traditional, brick-and-mortar lending organizations or big banks may take several days before you receive the funds you desire. MoneyMutual may be able to provide funding in as little as 24 hours.

Finally, the internet is full of positive MoneyMutual reviews because the customers have nothing but good things to say about this free and safe platform. So, if you are seeking a quick cash loan, a bad credit loan, or even a payday loan, then MoneyMutual will be the best choice that will definitely meet your expectations.


The news and editorial staff of Sound Publishing, Inc. had no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

Sound Publishing, Inc. does not accept liability for any loss or damages caused by the use of any products, nor do we endorse any products posted in our Marketplace.

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