Texas Installment Loan

Rates and Terms

Apply for an Installment Loan

For our Rates & Terms for Texas Flex-Pay Installment Loan, please click here.

Credit Access Business

MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB) by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization by the State of Texas.

As a CAB, MoneyKey attempts to arrange a loan between you and an unaffiliated third party lender. If approved, MoneyKey will be responsible for the ongoing servicing of your loan. All Installment Loans arranged by MoneyKey in Texas are funded by an unaffiliated third-party lender.

About the Installment Loan

This Installment Loan is a loan product repayable in substantially equal payments. For customers who receive their income on a bi-weekly, semi-monthly and weekly schedule, the loan is repayable in eleven (11) installments. For customers who receive their income on a monthly schedule, the loan is repayable in five (5) installments.

How much can I borrow?

MoneyKey will attempt to arrange an Installment Loan for you between $200 and $1,000 (excluding the CAB Fee, as defined below) with an unaffiliated third-party lender. Whether an individual will be approved, and the amount they will be approved for, is dependent on certain qualification criteria.

How much will my Installment Loan cost?

MoneyKey charges customers a Credit Access Business Fee (CAB Fee). The CAB Fee will be financed by the third-party lender, and will be disbursed to us by the third-party lender on your behalf. The CAB Fee is incurred on the date that a loan agreement is entered into. The rate of the CAB Fee depends on the frequency of your source of income. Click here to view examples of the most common loans transacted by MoneyKey.

Weekly, bi-weekly, semi-monthly paid customers:

If you are a customer who receives their income on a weekly, bi-weekly or semi-monthly basis who is approved for an Installment Loan, you will be charged a CAB Fee that is equal to TWO (2) TIMES the amount that you receive from the unaffiliated third party lender.

If approved, you will be responsible for repaying the third-party lender (i) the principal amount of your Installment Loan, which includes the CAB Fee; plus (ii) interest of 10% per annum.

The example below shows the CAB Fee and Lender Interest reflected both as an annual percentage rate (APR) and a total dollar amount (Finance Charge), and may be helpful in demonstrating how the Installment Loan works.

Semi-Monthly Example: A $500 Installment Loan with an effective date of 08/18/2016, due in eleven (11) semi-monthly installments. This is only an example; the APR, repayment amount and payment schedule will vary depending on the individual loan term.

ANNUAL PERCENTAGE RATE*FINANCE CHARGEAMOUNT FINANCEDCAB FEETOTAL OF PAYMENTSTOTAL NUMBER OF PAYMENTS
The cost of your credit as yearly rate The dollar amount the credit will cost you The amount of credit provided to you on your behalf The dollar amount of the CAB Fee The amount you will have paid after you have made all payments as scheduled The number of individual payments you will have made until your loan is repaid in full
644.172% $1,036.24 $500.00 $1,000.00 $1,536.24 11

* Annual Percentage Rate (APR) is the Finance Charge of your Installment Loan expressed as a yearly rate.

PAYMENT SCHEDULE

 PAYMENT NUMBER  PAYMENT DATE  PAYMENT AMOUNT 
1 08/31/2016 $139.66
2 09/15/2016 $139.67
3 09/30/2016 $139.67
4 10/14/2016 $139.67
5 10/31/2016 $139.67
6 11/15/2016 $139.67
7 11/30/2016 $139.67
8 12/15/2016 $139.66
9 12/30/2016 $139.67
10 01/13/2017 $139.67
11 01/31/2017 $139.56

Monthly paid customers:

If you are a customer who receives their income on a monthly basis who is approved for an Installment Loan, you will be charged a CAB Fee that is equal to ONE POINT TWO (1.2) TIMES the amount that you receive from the unaffiliated third party lender.

If approved, you will be responsible for repaying the third-party lender (i) the principal amount of your Installment Loan, which includes the CAB Fee; plus (ii) interest of 10% per annum.

The example below shows the CAB Fee and lender interest reflected both as an annual percentage rate (APR) and a total dollar amount (Finance Charge), and may be helpful in demonstrating how the Installment Loan works.

Monthly Example: A $500 Installment Loan with an effective date of 08/18/2016, due in five (5) monthly installments. This is only an example; the APR, repayment amount and payment schedule will vary depending on the individual loan term.

ANNUAL PERCENTAGE RATE*FINANCE CHARGEAMOUNT FINANCEDCAB FEETOTAL OF PAYMENTSTOTAL NUMBER OF PAYMENTS
The cost of your credit as yearly rate The dollar amount the credit will cost you The amount of credit provided to you on your behalf The dollar amount of the CAB Fee The amount you will have paid after you have made all payments as scheduled The number of individual payments you will have made until your loan is repaid in full
563.477% $621.99 $500.00 $600.00 $1,121.99 5

* Annual Percentage Rate (APR) is the Finance Charge of your Installment Loan expressed as a yearly rate.

PAYMENT SCHEDULE

 PAYMENT NUMBER  PAYMENT DATE  PAYMENT AMOUNT 
1 08/31/2016 $224.40
2 09/30/2016 $224.41
3 10/31/2016 $224.41
4 11/30/2016 $224.41
5 12/30/2016 $224.36

When do I pay the Installment Loan back?

The Installment Loan term is less than 6 months. For customers who receive their income on a weekly, bi-weekly, and semi-monthly basis, the loan repayment schedule consists of eleven (11) substantially equal scheduled installments. For customers who receive their income on a monthly basis, the loan repayment schedule consists of five (5) substantially equal scheduled installments.

Early Repayment Notice: 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 us by phone at 1-866-255-1668 or via email at customercare@moneykey.com. MoneyKey encourages you to pay your loan off as quickly as possible.

Any payment made in excess of the scheduled payment (whether a partial or full prepayment) will reduce the total amount that you will pay the unaffiliated third-party lender.

In the event that you fully prepay the amount you owe to the unaffiliated third-party lender, you may qualify for a rebate for a portion of your CAB Fee, depending on how early you pay off your loan. If you are entitled to a rebate, we will forward any such rebate to the third-party lender on your behalf to reduce the amount you owe to the third-party lender.

Table 1: CAB Fee rebate due to early repayment of a $500 Installment Loan (Bi-Weekly, Semi-Monthly and Weekly paid customers)

 Pay Period of Full Repayment  Discount on CAB Fee  Dollar Value of Rebate  Example: CAB Fee Charged on $500 Installment Loan 
185%$850$150
265%$650$350
365%$650$350
445%$450$550
545%$450$550
625%$250$750
725%$250$750
815%$150$850
915%$150$850
100%$0$1,000
110%$0$1,000

Table 2: CAB Fee Rebate due to early repayment of a $500 Installment Loan (For Monthly paid customers)

 Pay Period of Full Repayment  Discount on CAB Fee  Dollar Value of Rebate  Example: CAB Fee Charged on $500 Installment Loan 
175%$450$150
250%$300$300
335%$210$390
420%$120$480
50%$0$600

Are there any additional charges?

No. There are no additional charges beyond what has been disclosed here.

Can I cancel my Installment Loan?

Yes. You can rescind your loan at no cost within three (3) business days of the effective date of your agreement by phone 1-866-255-1668 or via email at customercare@moneykey.com.

If you do rescind your loan, you will be responsible for returning the entire amount received from the third party lender back to us. If you do not return the entire amount back to us, your loan will remain outstanding and you will be responsible for paying the amount disclosed in your payment schedule in your loan agreement.

Who funds the Installment Loan?

All Installment Loans are funded by an unaffiliated third-party lender.

Consumer Disclosure Form:

The following links contain disclosures by the State of Texas for all residents applying for an Installment loan. These disclosures outline all of the costs associated with Installment loans of the following amounts:

I have a few more questions

For additional questions, or if you would like to learn more about Installment Loans in Texas, please call our Customer Care team at 1-866-255-1668 or check out the Frequently Asked Questions (FAQs) for this product.

Notice of CAB Fee Change - as of September 20, 2016

If your loan was originated prior to September 20, 2016 your CAB Fee may be different. Please reference your agreements for your CAB Fee or call our Customer Care team at 1-866-255-1668.

Authority to Operate

MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB) by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization by the State of Texas. Click on the images below to view the MoneyKey - TX, Inc. licenses.

Consumer Credit Notice:

This business is licensed and examined under Texas law by the Office of Consumer Credit Commissioner (OCCC), a state agency. If a complaint or question cannot be resolved by contacting the business, consumers can contact the OCCC to file a complaint or ask a general credit-related question. OCCC address: 2601 N. Lamar Blvd., Austin, Texas 78705. Phone: (800) 538-1579. Fax: (512) 936-7610. Website: occc.texas.gov. Email: consumer.complaints@occc.texas.gov.

An advance of money obtained through a payday loan or auto title loan is not intended to meet long-term financial needs. A payday loan or auto title loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.

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