Frequently Asked Questions
We’re here to help. Here are some answers to your most frequently asked questions – including general questions, loan and line of credit qualification questions, payment questions and account-related questions. If you can’t find what you are looking for, please call us at 1-866-255-1668 or email us at firstname.lastname@example.org and our friendly Customer Care agents will provide you with the information you are looking for.
What loan products do you offer?
MoneyKey offers installment loans, payday loans and lines of credit. We are a direct online lender in most of the states we operate in. In Texas and Ohio, we arrange loans as a Credit Access Business and Credit Services Organization, respectively. Check out our Rates and Terms to see if our products are available in your state.
How do I apply?
At MoneyKey, we’re committed to a simplified application process. You can easily submit an application online or if you prefer speaking to someone, you can apply over the phone at 1-866-255-1668. One of our Customer Care agents would be happy to take your application. Either way, the application process is fast and is usually completed in minutes.
How much can I borrow?
It will vary by state. Please review our Rates and Terms to learn more about the product(s) and loan amount(s) available in your state.
What are your fees?
Our fees vary by product and by state. At MoneyKey, we strive to be transparent about the cost of credit, whether that includes interest and/or fees. MoneyKey will not surprise you with additional fees after you’ve already taken out a loan or line of credit – everything is explained to you during the application process. Please refer to our Rates and Terms for further details on the loan and line of credit charges in your state.
I’m looking for a Payday Loan; can I get one?
MoneyKey currently offers payday loans to returning California Payday Loan customers. If you don’t live in California, please refer to our Rates and Terms page to see if you qualify for an Installment Loan or a Line of Credit in your state.
How is a payday or installment loan different from a line of credit?
A line of credit is a form of open-ended credit that you can withdraw money from at any time, up to your available credit limit. Interest and/or fees are only charged on the amount of credit you use, and you’ll only be required to make minimum payments to keep your line of credit in good standing. A payday loan is a traditional, short-term loan that you pay back in full on your next payday. An installment loan is also a short-term loan, paid back in installments over time.
Can I cancel my loan?
You can cancel your Loan/Line of Credit without penalty within 3 business days from the Effective Date of your Loan/Agreement. To cancel, call our Customer Care team at 1-866-255-1668 or email email@example.com. Note: if you cancel your Loan/Line of Credit, you will be responsible for returning any principal amount received back to us.
Can I cancel my draw?
If you have a MoneyKey Line of Credit, you can cancel your draw within 1 business day from the Effective Date of your Draw.
Will you call my references?
If we need to get in touch with you about your account, but are unable to reach you, your references may be contacted. We will never disclose the nature of your business with MoneyKey to your references or employers.
How do I qualify for a loan or line of credit with MoneyKey?
To qualify for a loan or line of credit you must:
- Be of legal age to contract in your state
- Be a US citizen or permanent resident
- Be a resident in the state where our product is offered
- Have an active bank account
- Have a regular source of income
- Have a valid contact number and an active email address
Please note that we currently do not offer credit products with rates that allow us to lend to covered members of the US armed forces and their dependents.
How do I know if I’m approved?
Once we’ve reviewed your application, we will notify you via email if you are approved♦︎.
Do I need to fax or email in any documents?
In most cases you won’t need to fax or email us any documents. However, if we require more information which we are unable to verify via online Bank Verification or over the phone, we may ask you to send us documentation by email or fax.
What is Online Bank Verification?
To verify your identity and the banking information provided on your application, an online Bank Verification service is offered to you as a free, quick and secure process.
Can I verify my banking information electronically?
Yes, you may be able to verify your banking information electronically during the approval process This service 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; not all banks are accepted.
Some of the benefits include:
- Faster Turnaround: Instant account verification may help process your request faster.
- More Convenient: Electronic verification may be done in minutes without lengthy phone calls with your bank.
- Secure Authentication: Securely verify your banking information online. Your login details are kept strictly between you and your bank on a secure exchange and will not be shared with MoneyKey or DecisionLogic.
I’m self-employed, do I still qualify for a loan?
Yes, of course. As long as we can establish a consistent pay frequency, you may qualify for a loan.
Do I need to be employed to qualify for a MoneyKey loan?
You do not need to be employed to be eligible for a MoneyKey loan or line of credit. You will need a regular source of income that ensures you can repay your loan.
Can I take out more than one loan?
You can only take out one loan at a time with MoneyKey. You will be required to pay off any existing loan you have with (or arranged by) MoneyKey to be eligible to apply for another loan.
If my application is not approved, can I reapply?
Absolutely. You’re welcome to apply for a loan product in the future if your application is denied.
What type of account do I need to accept the funds?
You need to have a checking or savings account with a bank or credit union in order to accept the funds.
When will I receive my funds?
If you’re approved, funds will typically be deposited into your bank account by the next business day, subject to the following funding cut-off times:
- If your Line of Credit was approved on or after September 12, 2018, draws requested before 11:00 am ET Monday to Friday are typically deposited into your bank account the same business day, otherwise funds will be deposited the next business day.
- If your Line of Credit was approved before September 12, 2018, draws requested before 7:00 pm ET Monday to Friday are typically deposited into your bank account the next business day, otherwise funds will be deposited in two (2) business days.
- If you’re approved for an Installment or Payday Loan before 9:00 pm ET Monday to Friday, funds are typically deposited into your bank account the next business day, otherwise, funds will be deposited in two (2) business days.
All funding cut-off times are subject to change. The date and time funds are made available to you by your bank are subject to your bank’s policies. If you require any assistance or for more information, contact Customer Care at 1-866-255-1668.
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?
Your payments will typically be due when you get paid, but you can always make additional payments without penalties or fees. This may reduce the total finance charges you’ll pay. 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 any time. Similar to making an early payment, we won’t charge you 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. Once your loan is paid off, if your account is in good standing, you may be eligible to apply for another loan.
How often will my payments be due?
Your payments will typically be set up bi-weekly, semi-monthly or monthly to coincide with your pay cycle. If you are paid weekly, your payments will still correspond with your pay cycle but will be every other week. For example, if you get paid every Friday, your payments will be due every other Friday.
What is an ACH payment and how does it work?
ACH (Automated Clearing House) payments are payments that are automatically debited from your bank account. You’ll need to provide authorization in order for any institution to take payments from your account via ACH. When your payment is due, MoneyKey will electronically send a request to your bank to debit your account through the routing and account number you’ve provided. The bank responds to the request through the ACH network, which allows them to process large amounts of debit and credit transactions in batches.
Can I refinance my loan?
Our payday and installment loans cannot be refinanced, as they are short-term loans with specific due dates. A payday loan is due in full on your next payday and an installment loan is payable through a series of installments also set up to coincide with your pay cycle.
How do I update my information?
You can update your information by calling 1-866-255-1668 and speaking with one of our friendly Customer Care agents.
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 as its transmitted between your computer and our servers.
Why am I not receiving emails from MoneyKey?
To make sure you receive our emails please add firstname.lastname@example.org to your address book. We send important emails including payment reminders, confirmations and promotions.
If our emails are not making it into your inbox, please check your spam folder.
How do I check my account status?
Log into your account to view your account status.