How to Get a Loan Online

How to Get a Loan Online

Managing your day-to-day expenses can be a tricky balancing act to pull off. Between making your rent or mortgage payments, buying groceries, keeping up with your utility bills, and everything else, it wouldn’t be unusual for your budget to be packed to the brim with essential expenses. When an emergency expense works its way into the picture, things can get even more complicated. Do you have the savings set aside to deal with it? If not, where do you turn to? If you don’t have an emergency fund designated for these types of situations, applying for personal loans online may be the solution you’re looking for.

In today’s world, there are all sorts of financial services and products that are offered over the internet, and this includes personal loans. These loans online can be especially useful for people who might have a hard time with the in-person borrowing process. If finding the time in your busy schedule to go down to a physical location during business hours just to wait in line to eventually speak to a representative isn’t feasible for you, no one would blame you. So, if you’re looking for a convenient process that’s better suited to your lifestyle, you may want to try to get a loan online.

How Can I Get a Loan Today?

If you’re looking at how to get approved for a personal loan, there are a few places you can start. To submit a personal loan application, you can look to banks, credit unions, online lenders, or storefront lenders. You may also want to do a credit check before you start applying so you have an idea of where your credit stands.

One of the main benefits of loans online is the convenient nature of the online borrowing process. Do a simple search online for financial institutions that provide online loans in your state. You should then be able to pull up your potential options to compare the important details of the loans offered by each organization.

You should also make sure that you’re dealing with responsible lenders. Make sure they have the necessary accreditation and/or state licenses posted on their site, and read what other customers have had to say about their experiences.

Different Types of Online Loans

If your aim is to get a loan today, you’ll need to have an understanding of the different types of products that may be available to you. Here are some common financial products that may be suited to your needs.


1. Installment Loans

Installment loans are personal loans that you pay back in equal, scheduled payments over time. While this can vary between financial institutions, you may be able to get your funds the same business day you’re approved. The loan term varies depending on the type of installment loan and the financial institution you’re working with. The loan amount you’re eligible for will also vary. They can be used for a variety of things like essential home and car repairs and emergency medical expenses.

2. Lines of Credit

A line of credit is an open-ended, revolving form of credit, similar to a credit card. This means you can draw funds over time, as long as you have available credit and your account is in good standing. Unlike a traditional payday or installment loan, a line of credit generally remains active even after you’ve paid off what you owe. Interest and/or fees are only charged on the amount of money you use, not your entire credit limit.

3. Payday Loans

Payday loans are quick, small-dollar personal loans that you’ll generally need to pay back in full on your next pay date. These loans may be used for unexpected expenses like emergency car repairs or other non-recurring emergency expenses. It’s important to remember that payday loans are meant for short-term use only and are not a long-term financial solution.

Online Loans through MoneyKey

If you’re looking to apply for personal loans, MoneyKey offers loans online in the form of Installment Loans and Lines of Credit. We also service the CC Flow Line of Credit offered by CC Flow, a division of Capital Community Bank, a Utah Chartered bank, located in Provo, Utah, Member FDIC. The loan amount of these online loans range from $200 to $2,500 and are fast and easy to apply for! With a personal loan through MoneyKey, you may be able to get your funds the same business day if approved*. Let’s take a look at some of the other benefits of online loans through MoneyKey.

How can I Qualify for Online Loans?

There may be some variation in terms of what it takes to qualify for loans online with different organizations. Having said that, there’s often some overlap between different lenders and servicers. They’ll often look at things like your income, your employment status, and more.

To qualify for an Online Loan or Line of Credit through MoneyKey, you must:

  • Be of legal age to contract in your state of residence
  • Be a US citizen or permanent resident
  • Be a resident in the state where the 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 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.

What Personal Loan Products are Available Through MoneyKey?

Installment Loans and Lines of Credit are available through MoneyKey. We are a direct online lender in Delaware, Idaho, Kansas, Mississippi, Missouri, Tennessee, Utah and Wisconsin. In Texas, we arrange loans as a Credit Access Business and a Credit Services Organization.

MoneyKey also services Lines of Credit offered by CC Flow. CC Flow is a division of Capital Community Bank, a Utah Chartered bank, located in Provo, Utah, Member FDIC.

MoneyKey will be your single point of contact for all questions and concerns with respect to loan products offered through the MoneyKey website.

Check out the Rates and Terms page to learn more about the loan product available in your state of residence.

Can I Get a Personal Loan Today?

As with a lot of the details surrounding online loans, there’s going to be some variance in the specifics of what different financial institutions are able to offer. This includes the length of the borrowing process, starting from when you submit your application to when you receive your funds, if approved.

Having said that, MoneyKey aims to make the process of borrowing money as clear and straightforward as possible. You can submit a simple application in just a few minutes, and if approved, you may be able to get a loan and receive your funds as soon as the same business day*. You can take a look at our FAQs section to learn more about the specific details regarding the timing of your funding.

What Makes a Payday or Installment Loan Different from a Line of Credit?

A line of credit is a form of open-end credit. This means that you can usually withdraw money from a line of credit at any time, up to your available credit limit. In this way, it works similarly to a credit card.

Generally, you can only do this if your account is in good standing and you’ll only be charged on the amount of credit you use. If you have an outstanding balance, you’ll be required to make minimum payments to keep your line of credit account in good standing.

A payday loan is a short-term fast cash loan that you get in a lump sum, if approved, and you’ll be required to pay back in full on your next pay date.

Depending on the type, an installment loan can be a long- or a short-term loan, that you also get in a lump sum, depending on approval, with repayment required in installments over time.

Can I Get a Loan with Bad Credit?

When it comes to getting approved for a personal loan, one potential roadblock for some people is their credit history. Generally speaking, when a financial institution is deciding whether or not to approve your loan application, they’ll look at your credit score to see what type of borrower you’ve been in the past. This is why it can be a good idea to do a credit check before applying for a loan. Not only will your credit score help determine whether or not you’re approved, it could also impact the rates and the loan amount of the loan you get approved for.

With that in mind, if you’re looking to get a loan today with bad credit, there still may be options out there for you. When it comes to loans online, there may be more potential options for people with bad credit, as the financial institutions that offer these loans may focus less on your credit score, and more on some of the other factors we mentioned. This can include things like your income, employment, and more. So, if you’re facing an emergency expense but don’t have the best credit, you may still be able to find a personal loan today to suit your needs.

Learn More About Online Loans Today

Dealing with an emergency is never easy, and things tend to get even more complicated when you don’t have a lot of extra room in your budget. Without having a clear idea of what your potential options are, despair can start to creep in. But it’s not the time to panic! If you need some financial help to handle an unexpected expense, an online personal loan may be able to help.

Make sure that if you apply for an online loan today, you do your research to find an option that suits your needs. If you want to learn more about the different products and/or services offered through MoneyKey take a look at our online loans page!

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Not all applications are approved; duration of approval process may vary. Credit limits/loan amounts are subject to further verification criteria. If you are a returning customer, loan amounts may vary.

*If approved, any requested funds may typically be deposited into your bank account the same business day; timing of funding may vary by product and state. The date and time funds are made available to you by your bank are subject to your bank's policies. For specific funding cut-off times, click here.

**You may request a draw from your Line of Credit at any time, so long as you have available credit and your account is in good standing. In the State of South Carolina, you can withdraw the total credit available to you all at once, or in smaller amounts over time as you need it, with a required minimum draw of $610.

As you move through your credit journey, your account may become eligible for reduced charges and/or increased credit limits/loan amounts based on good payment history over time. You will receive notices, as applicable, regarding your individual circumstances and eligibility.

Depending on your state of residence, applications submitted on this website may be originated by one of several lenders, including: CC Flow, a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC. The CC Flow Line of Credit is provided by CC Flow. Additionally, CC Flow maintains critical control over loan origination, underwriting approvals, and regulatory and compliance oversight management. MoneyKey is an authorized servicer of CC Flow. This means the CC Flow Line of Credit is available through MoneyKey and you will maintain your CC Flow Line of Credit account through MoneyKey.

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/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 Financial Protection and Innovation pursuant to California Deferred Deposit Transaction Law License No.1004516.

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