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Cash Advance

A cash advance is typically a short-term, small-dollar loan. Certain cash advances, like online cash advance loans, may have a relatively quick application process. In a situation where you need cash immediately to cover the cost of an unexpected emergency expense, a small cash advance may be a temporary solution. However, like other short-term personal loans, a cash advance loan may come with a high interest rate and typically must be paid back within a short period of time. Small cash advances are designed to be a short-term solution and should be used responsibly. MoneyKey is an online cash advance lender and credit services provider and loans offered through MoneyKey may be an option for individuals with poor credit.

Cash Advance Loans Offered through MoneyKey

The types of cash advance loans offered through MoneyKey include Installment Loans and Lines of Credit.


Installment Loans

Installment Loans operate similarly to a payday cash advance in that you’ll receive your funds in a lump sum, but instead of having to repay your loan in full by your next pay date, your payments will be spread out over the span of several months.


Lines of Credit

A Line of Credit can serve as a safety net to help you when you run into unexpected emergencies and your savings are low. If approved, you can draw funds up to your available credit limit. As you make payments towards your line of credit, you continue to make draws from your available credit.

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Installment Loans

If you are considering applying for a cash advance online, read our article on the differences between payday loans and installment loans to help you make a decision that is best for your situation.

At this time, payday loans are no longer offered to new customers, however installments loans are available through MoneyKey. For more information, see our Products & Services page.

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Lines of Credit

You may also consider a line of credit. If approved, you may withdraw any amount from your available credit as you see fit. In most cases, you will only pay interest and/or fees on the amount that you withdraw.

There are two types of Lines of Credit offered through the MoneyKey website: the MoneyKey Line of Credit and the CC Flow Line of Credit provided by CC Flow, a division of Capital Community Bank, a Utah Chartered bank, located in Provo, Utah, Member FDIC. The credit limit you may be eligible to receive for a Line of Credit varies by state. Visit our Products & Services page to see if this product is available in your state and the maximum amount offered.

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Other Types of Cash Advances


Credit Card Cash Advance

These type of cash advances will generally have very high interest rates which exceed the rate you’d be paying on regular credit card purchases. Interest will generally begin to accrue right away as there may not be a grace period.


Payday Loan

These small-dollar personal loans are typically issued by payday loan companies and the size of the loans issued typically vary from state to state. Like most cash advance loans, they come with high interest rates and fees.

Credit Card Cash Advance

One common type of cash advance involves borrowing money through your credit card. These types of cash advances will generally have very high interest rates which exceed the rates you’d be paying on regular credit card purchases. You may also be charged an additional fee when you use a cash advance. This fee may be a percentage that’s based on the amount of money you’re withdrawing, or a flat rate.

Another important point to note is that interest will generally begin to accrue right way, as there may not be a grace period. This an important distinction from regular credit card purchases, where interest on a purchase will usually start to accrue after a certain period of time has passed. MoneyKey does not offer this type of product.

Payday Loan

Payday loans are a common type of cash advance. Payday loans are generally short term and usually need to be repaid by your next paycheck. The size of these small-dollar personal loans typically varies from state to state. Like most cash advance loans, they usually come with high interest rates and fees.

When you apply for a payday cash advance, some lenders will ask for proof of regular income and an active bank account to be eligible.

Payday loans are no longer offered through MoneyKey.

When to Consider a Cash Advance Loan

Cash advance loans are often high cost, short-term solutions to financial emergencies. For unexpected or one-time emergency expenses, you may want to consider a cash advance loan. Here are three examples of situations where an online cash advance loan may be a solution:

How to Repay your Cash Advance

It is important to utilize an online cash advance responsibly and pay it back on time to maintain a good standing account. Depending on the type of cash advance, you will repay it in full, in installments or in regular minimum payments on your scheduled due dates as set out in your loan agreement.

Just remember that before you apply for a cash advance online, you should always make sure you have a plan to pay the money you’ve borrowed back on time. Some lenders may charge late fees or additional interest if you miss payments.

Ask These Questions Before Applying for a Cash Advance Online

If you think you might be in a situation that warrants applying for a cash advance loan, make sure you’re asking yourself the right questions before you submit an application. Let’s go over a few important ones to consider.

1. Why do I need this online loan?

Before you consider applying for a cash advance online, you should always start by considering why you’re thinking of applying for one to begin with. Are you facing a financial emergency and need help quickly, or are you looking to fund a “want” more than a “need”? In the end, adding debt to your financial portfolio shouldn’t be a decision that’s made lightly, and taking out a cash advance loan can impact you in the short- and long-term.

Do you have a real need for more funds for some sort of essential purchase, or are you looking for a few extra bucks to make your next vacation a little more upscale? Ultimately, taking on debt is no small thing, and the effects it can have on your financial situation in the short- and long-term can be significant, so it’s not something you’ll want to do lightly. Be certain to assess your financial standing and personal situation and only submit an application for a cash advance online when you’re out of options in an emergency situation.

2. What is my credit score?

If you make the decision that a cash advance online suits your situation and needs, you should take a look at what your credit score is. While certain lenders may put more stock into your credit score than others, in a lot of instances, it’s a major factor in determining your creditworthiness. This can impact what loans could be available to you, and the rates of those loans.

3. Do I have the necessary documentation at the ready?

After deciding that you want to apply for a cash advance loan and identifying which one you think suits your situation the best, it could be a smart move to make sure that you have all the necessary documentation you’ll need ready to go for your application. This can help to move things along more quickly when it comes to the process of applying.

While some lenders may ask for slightly different info than others, it will likely be a good idea to be able to show things like proof of income, proof of employment, your bank account information, and some type of personal identification. If you’re facing an emergency expense and need a cash advance online quickly, you’ll want to do what you can to speed up the process.

Why choose cash advance loans online offered through MoneyKey?

MoneyKey has served more than 400,000 customers since 2011. There are several benefits in choosing to apply for a cash advance loan online through MoneyKey:

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Frequently Asked Questions

Qualification Inquiries

How do I qualify for a Cash Advance through MoneyKey?

To qualify for a Loan or Line of Credit you must:

Please note that currently no credit products offered through MoneyKey have rates that would meet the requirements applicable to lend to covered members of the US Armed Forces and their dependents.

How do I know if I’m approved?

We will notify you via email if you are approved. You can also log into your account to view the status of your Loan/Line of Credit.

Can I verify my banking information electronically?

Yes, you may be able to verify your banking information electronically during the approval process using MoneyKey’s service provider, DecisionLogic. This service is free and secure and provides a read-only snapshot of your recent transactions on your bank account to help us process your request for credit quickly. Please note that you must currently use online banking to take advantage of this service; the service is not compatible with all banks.

Some of the benefits include:

Payment Inquiries

How do I check my next due date?

Log into your MoneyKey account to view your next due date.

How do I make an early payment?

You can always make additional payments without penalties or fees, so long as your account is in good standing. Just contact one of our Customer Care agents at 1-866-255-1668 to make an early payment.

How do I pay off my loan in full?

You can pay your loan off in full at any time. Similar to making an early payment, you won’t be charged penalties or fees for paying off your full balance early. Contact one of our Customer Care agents at 1-866-255-1668 to pay in full.

Account Inquiries

How do I update my information?

You may update some of your information directly in your online account. If you need assistance, or are unable to update your details online, call Customer Care at 1-866-255-1668 and an agent will be happy to assist you.

How does MoneyKey protect my information?

MoneyKey values your privacy and protects your personal information in accordance with lending industry standards. We have adopted secure socket layer (SSL) encryption and obtained Verified Site Certificates to protect your information when it is transmitted between your computer and our servers.

General Inquiries

Do cash advance loans online impact my credit score?

Taking out a cash advance loan can have an impact on your credit score in more ways than one, depending on how you manage the loan. If you make on-time payments and pay off the loan in full, it can help impact your credit score by showing that you’re a responsible borrower. This can have an effect on your credit score over time. However, if you miss payments or default on your cash advance loan, it can also have an impact on your credit score, as it will show up as a delinquency or collection on your credit report. Additionally, applying for multiple cash advance loans in a short period of time can also impact your credit score, as it can be seen as a sign of financial instability or a higher risk of default.

Why should I consider looking into cash advance loans online versus in-person loans?

There are many benefits of online cash advance loans that make them an attractive option for borrowers that you may not find in a cash advance loan from a storefront lender.

One of the main benefits of a cash advance online is convenience. With online cash advances, borrowers can apply for a loan from the comfort of their own home, without having to visit a physical location. This can save time and effort, especially for those who have busy schedules or who live in remote areas.

Online loans are also often faster than in-person loans when it comes to the application process. With cash advances online, the application process can be completed in a matter of minutes in some cases. This can be particularly useful in emergencies, where the borrower needs quick access to cash.

Online loans are often more accessible than in-person loans, especially for those who might have a hard time applying for a cash advance loan during normal business hours. In many cases, you can apply for online cash advance loans 24/7, depending on the lender.

Overall, online loans can offer some benefits that you may not find elsewhere. However, it's important for borrowers to research their options carefully and choose a reputable online lender to ensure a positive borrowing experience.

Consider Your Options Carefully

When you’re facing an unexpected emergency expense and don’t have the savings to handle it, a cash advance online may be one option that could help you out. Just remember that it’s important to borrow responsibly and understand the terms and conditions of a loan before applying.

Always make sure you’ll be able to pay off your loan on time and explore all of your options before making a decision. If you’d like to learn more about potential lending options, visit our Financial Articles resource hub!

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