Payday loans are personal loans, consisting of a small cash advance that is usually paid back to the lender by your next pay date. If used correctly, a payday loan can be a helpful temporary fix; if used incorrectly it can just exacerbate an already tough financial situation. The key is to know when to use a payday loan and when not to. When you should use a payday loan:
If you’re currently short on cash but will have the money to easily repay on payday
To save you from hefty late fees/NSF charges
Keep you from bouncing checks that will affect your credit score
Paying emergency bills like a doctor or dentist
A car repair that needs to be done asap so you can get to work
When you should not use a payday loan:
As a means to manage ongoing monthly bills
To cover a large non-necessary purchase
Because your credit card is maxed out
To pay off other loans
Correctly using a payday loan can help save you from even more expensive fees or provide you with the emergency fix you need, but cannot afford at that exact moment. MoneyKey provides a payday type loan product called a single-pay loan which provides borrowers with added payment flexibility. Go online and find out instantly if you qualify or call 1.866.255.1668, to speak with one of our Customer Care agents, and find out if a payday loan is a right fit for your financial situation. The key to using a payday loan is thinking in terms of a temporary solution since these loans are due on your next pay date. Payday loans are set up for short term use only and are not meant to be a long-term financial solution. They are beneficial to people who have found themselves in a temporary cash shortage and need the money before their next pay date. Knowing when to use a payday loan can help you on the road to financial stability versus being just another problem driving you further into debt.
We’ve helped over 250,000 customers.Let us help you!
Not all applications are approved; duration of approval process may vary.
* If your loan is approved before 9:00 PM ET from Monday through Thursday, or before 6:30 PM ET Sunday, the funds will typically be deposited into your bank account the next business day, otherwise, your funds will be deposited into your bank account in two (2) business days. The date and time funds are made available to you are subject to your bank's policies.
Disclaimers: Product availability varies by state. To see loan products offered in your state of residence, please visit our Rates and Terms page. MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB), License No. 16641-62815, by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization (CSO), Registration No. 20110150, by the State of Texas. All loans for which MoneyKey acts as a CSO and/or CAB are funded by an unaffiliated third-party lender and serviced by MoneyKey.
In the State of California, MoneyKey – CA, Inc. is licensed by the Department of Business Oversight pursuant to California Finance Lenders Law License No. 60DBO43590 and California Deferred Deposit Transaction Law License No.1004516.
Reviews and any ratings referenced are based on TrustPilot reviews. Images are for illustrative purposes only. Reviews reflect individuals’ opinions and may not be illustrative of all individual experiences with MoneyKey.