Loans by Phone

Loans by Phone

Facing an emergency expense without the savings to handle it? It’s a predicament that many Americans can likely relate to. And for most people, pumping the brakes on everything going on in their life just to find the money they need to help them through their emergency may not be an option. The process of applying for a loan in person can take up a large chunk of your time – time you may not have to spare.

In these moments of emergency, applying for loans by phone may be a more convenient option. By applying for a loan through/over the phone, you can cut out some of the more time-consuming parts of the borrowing process. This includes things like travel time, wait times, and more. With a personal loan by phone, you can apply from the comfort of your home. Let’s take a closer look at how these personal loans work.

How do Loans by Phone Work?

Applying for a personal loan by phone can follow a couple of different routes depending on what works best for you. The first involves speaking to a lender or service provider over the phone. While there may be some variance to this process, in some cases, you may need to take the following steps:

1. Call to Apply

Call the financial institution over the phone to speak to a representative. They’ll typically gather some personal information to help you fill out an application for a personal loan.

2. Discuss Terms and Rates

Eventually, they’ll decide whether you’re approved for a personal loan or not. From there, you’ll review the rates and terms of the loan and sign the loan document.

3. Receive Funds

After you’ve signed the necessary documentation, you’ll then receive your funds. This may be via direct deposit or cheque based on the institution.

In other cases, a loan by phone could mean something else entirely. It could be referring to the process of applying for installment or payday loans by phone, not just through a call, but through a lender’s or servicer’s website or mobile app. For example, in the case of applying for a loan by phone through MoneyKey, you can simply head to our website and submit an application in just a few minutes from your smartphone.

Why Apply for a Loan Over the Phone?

Whether you’re applying for a loan over the phone by calling or through a financial institution’s website, either situation can be a more convenient process for people who have a harder time getting to a physical location. With a loan by phone, you won’t need to worry about travel time or waiting in line. In the case of online loans by phone, you can even submit your application 24/7, depending on the lender or servicer.

Some Types of Loans Offered Over the Phone

If you want to get a loan over the phone, you’ll want to get a better idea of what types of financial products are out there. Here are some potential borrowing options that may be able to help you out when you’re facing an emergency expense.


1. Installment Loans

Installment loans is a personal loan which you would receive in a lump sum (if approved) and would be required to pay back in equal, scheduled payments over a certain period of time. You may even be able to get your funds the same business day depending on the financial institution you’re working with. The loan term can vary based on the type of installment loan and certain other factors. They can be used for a variety of things like essential home and car repairs and emergency medical expenses.

2. Line of Credit

A line of credit is a type of revolving credit. It’s open-ended, meaning you’re able to draw funds over a period of time, as long as you have available credit and your account is in good standing. It stands in contrast to payday or installment loans because it 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 generally short-term, small-dollar personal loans that you’ll be required to fully pay off by your next pay date. They can be used for unexpected expenses like emergency medical expenses or unforeseen car repairs. Keep in mind that payday loans are designed for short-term use only and are not a long-term financial solution.

Does MoneyKey Offer Loans by Phone?

If you’d like to apply for a loan by phone through MoneyKey, this process won’t involve calling in to submit an application. Instead, you can visit our mobile-friendly site and fill out a fast and simple application. The process is easy and if approved, you may get your funds as soon as the same business day*.

Benefits of Applying for Loans by Phone Through MoneyKey


  • The online application process is quick and takes only a few minutes to complete.
  • It’s a fast and convenient borrowing option.
  • If you have an internet connection, you’ll be able to apply for a loan by phone through MoneyKey.

Fast and
Easy Approval

  • You can be verified and approved by our Customer Care team in just minutes.
  • Our Customer Care agents are friendly and helpful.
  • We’re here for you 7 days a week to guide you through any part of the application process.

Quick Funds
for Emergencies*

  • Get funds fast when you need help with an unexpected emergency expense.
  • If approved, you may get your funds as soon as the same business day*.
  • A fast and simple way to get the cash you need, when you need it.

What are the Requirements?

The requirements to qualify for a loan by phone can be different from lender to lender, but there may be some things that different financial institutions will have in common. At MoneyKey, we aim to make the application as quick and straightforward as possible. You can complete your application online in just a few short minutes.

To qualify for a 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.

Can People with Bad Credit Apply Over the Phone?

When you have a poor credit history, it can sometimes feel like a bad credit score is holding you back. Generally, a financial institution will use your credit score to help them assess what type of borrower you’ve been in the past, and predict what type you’ll be moving forward. Therefore, this number can play a big role in determining whether or not you get approved for a loan. It can sometimes also affect the rates and terms of your loan.

Having said that, you may have an easier time accessing more borrowing options online if you have bad credit. This is because for certain types of personal loans, certain financial institutions that service or offer loans by phone may not focus on your credit score as much when trying to determine what type of borrower you are. They’ll turn their view towards things like your employment status, your income, and certain other factors. So, if you have bad credit and need some financial help to deal with an emergency, you may still be able to find personal loans over the phone.

What 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.

Loans by Phone Can Help in an Emergency

No one likes to deal with an emergency expense, particularly when money is tight and you don’t have much room in your budget to spare. If you don’t have savings or an emergency fund to fall back on, you might feel like you’re stuck between a rock and a hard place. But even when you feel like you have nowhere to turn, there may still be accessible borrowing options out there to help you through this difficult time.

With personal loans over the phone, you can get the funds you need online to help you deal with your emergency. Just make sure to move through the application process carefully, do your research, and look for something that’s geared towards your needs.

If you’d like to learn more about online loans and the loans offered through MoneyKey, take a look here for more information!

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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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