MoneyKey Installment Loans

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What are Installment Loans?

Paying for unexpected expenses while managing monthly bills may require a loan with a longer repayment schedule. Installment Loans may be that option. Installment loans can vary in amount and are typically repaid over a set period of time with a set number of scheduled payments.

MoneyKey only offers and arranges small dollar installment loans that are $1,000 or less. There are two types of Installment Loans that MoneyKey may be able to assist you with:

Flex-Pay Installment Loan

Unlike a traditional payday loan which is due in full on your next pay date, a Flex-Pay Installment Loan is a loan product repayable through a number of scheduled repayments set up to coincide with your pay dates. The first few payments* will consist of only interest and fees, and subsequent installment loan payments will consist of the interest, fees and a principal payment.

Please note that currently MoneyKey only arranges for Flex-Pay Installment Loans with an unaffiliated third-party lender in the State of Texas. Complete our online loan application to find out if you qualify for a Flex-Pay Installment Loan.

* If you receive your income more than once per month, your first four (4) payments will consist of interest and fees only. If you receive your income once per month, your first two (2) payments will consist of interest and fees only. All subsequent payments will consist of interest, fees and a principal payment. Please visit the Rates and Terms Page for the complete repayment terms and schedule available in your state.

Substantial Equal Payment (SEP) Installment Loan

The MoneyKey Substantially Equal Payment (SEP) Installment Loan, sometimes referred to as a SEP Installment Loan is paid back through a series of substantially equal installment payments spread out over a longer period of time, and includes a principal reduction with each payment.

The minimum Installment Loan amount offered is $200 and the maximum is $1000. For more information, and to see whether this product is offered in your state of residence, please visit our Rates and Terms Page. Complete our online loan application to find out if you qualify for an SEP Installment Loan.

How to Apply for a Flex-Pay or an SEP Installment Loan?

Applying for an Installment Loan is easy. Simply complete an online application form for a product that is available in your state of residence to find out if you qualify. You can also call 1-866-255-1668 to apply over the phone. If your application is accepted, you will proceed through the verification and approval process. If you are approved*, the funds may be deposited into your account as early as the business day following approval **.

* Not all Installment Loan applications are approved.

** The date and time that the funds are made available to you by your financial institution is subject to your banks processing time.

Requirements to Apply for an Online Installment Loan?

To apply for an online Flex-Pay Installment Loan or a Substantial Equal Payment (SEP) Installment Loan you must:

  • Be 18 years of age or older
  • Be a US citizen or Permanent Resident
  • Be a resident in a state where the Installment Loan is offered
  • Have an active bank account
  • Have a regular source of income
  • Have a valid contact number and an active email address

When to Use Installment Loans

Small dollar installment loans, typically for less than $1000, are useful for someone who needs cash quickly to cover a smaller unexpected expense. An Installment Loan allows you to repay your loan in smaller scheduled installments. It's also important to know that small dollar Installment Loans are meant for short-term unexpected emergency expenses and are not meant to be used as a long term financial solution. MoneyKey encourages you to use our products responsibly.

To find out if you qualify for an Installment Loan in your state of residence, simply complete our online loan application.

How Do You Pay Back Your Installment Loan?

Installment Loans are structured with a repayment schedule set to coincide with your pay dates. The scheduled amount with each installment is typically paid back by debiting your back account on the scheduled due date.

There is no penalty to pay off your Installment Loan earlier than scheduled. If you want to make an early payment, or pay an additional amount over and above your scheduled installment to reduce the total amount owed, you may do so at any time by contacting MoneyKey by phone, email or online chat. There are no penalties associated with such payments.

MoneyKey encourages you to pay your loan off as quickly as possible to reduce the amount of finance charges you will pay in connection with the loan.

Why Choose a MoneyKey Installment Loan over Other Online Lenders?

MoneyKey understands that access to cash can sometimes be difficult and borrowing funds from a bank or obtaining credit can be time consuming and not available to everybody. MoneyKey aims to remove the complexity that consumers often experience when trying to borrow money. We understand that taking out an Installment Loan is a serious and often daunting task and we are here to help you every step of the way.

Our highly trained Customer Care Team will answer any questions about the products and process, and will review the terms and conditions with you to ensure you understand how the borrowing and repayment process work. Our Customer Care team can be reached at by phone, chat or email.

As a state licensed lender, MoneyKey is committed to Responsible Lending and encourages you to use the product responsibly.

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