Installment Loans Texas

Rates and Terms

Apply for an Installment Loan

About MoneyKey Online Installment Loans in Texas

The MoneyKey online Installment Loan offered in Texas is a loan product payable in installments spread out over a period of approximately six (6) months. 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 in Texas?

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

How much will my Installment Loan cost in Texas?

MoneyKey charges customers a Credit Access Business Fee (CAB Fee). The CAB Fee is financed by the third-party lender, and remitted to MoneyKey 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.

If you received your Installment Loan prior to November 15th, 2017, please refer to your loan agreement for terms and conditions.

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

If you are approved for an Installment Loan and you are a customer who receives your income on a weekly, bi-weekly or semi-monthly basis, you will be charged a CAB Fee of $28 per $100 of the amount financed outstanding for each installment in your payment schedule. If approved, you will be responsible for repaying the third-party lender:

  1. the principal amount of your Installment Loan, which consists of the Amount Financed and the CAB Fee; and
  2. third-party lender interest of 10% per annum on the principal.

The example below shows the CAB Fee and third-party 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.

Bi-Weekly Example:
A $500 Installment Loan with an effective date of 09/28/2017, due in eleven (11) bi-weekly installments. This is only an example; the APR, repayment amount and payment schedule will vary depending on the individual loan term.

ANNUAL PERCENTAGE RATEFINANCE 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
740.67% $1,187.66 $500.00 $1,149.41 $1,687.66 11

PAYMENT SCHEDULE

 PAYMENT NUMBER  PAYMENT DATE  PAYMENT AMOUNT 
1 10/13/2017 $156.67
2 10/27/2017 $156.65
3 11/10/2017 $154.70
4 11/24/2017 $154.83
5 12/08/2017 $153.92
6 12/22/2017 $153.35
7 01/05/2018 $152.78
8 01/19/2018 $152.20
9 02/02/2018 $151.63
10 02/16/2018 $151.05
11 03/02/2018 $150.88

Monthly paid customers:

If you are approved for an Installment Loan and you are a customer who receives your income on a monthly basis, you will be charged a CAB Fee of $34 per $100 of the amount financed outstanding for each installment in your payment schedule. If approved, you will be responsible for repaying the third-party lender:

  1. the principal amount of your Installment Loan, which consists of the Amount Financed and the CAB Fee; and
  2. third-party lender interest of 10% per annum on the principal.

The example below shows the CAB Fee and third-party 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 09/27/2017, 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 RATEFINANCE 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
393.26% $634.74 $500.00 $606.03 $1,134.74 5

PAYMENT SCHEDULE

 PAYMENT NUMBER  PAYMENT DATE  PAYMENT AMOUNT 
1 11/01/2017 $231.76
2 12/01/2017 $228.43
3 12/29/2017 $226.26
4 02/01/2018 $225.29
5 03/01/2018 $223.00

Can I pay off my Installment Loan early?

Yes, you can pay off your loan early and there is no penalty to do so. 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 payment amount set out in the original payment schedule.

If you want to pay an additional amount over and above your scheduled installment, you may do so at any time by contacting us by phone at 1-866-255-1668 or via email at customercare@moneykey.com.

Are there any additional charges for online Installment Loans in Texas?

No. There are no additional charges beyond what has been disclosed above for online Installment Loans in Texas arranged by MoneyKey.

Can I cancel my Installment Loan?

You can cancel your loan at no cost within three (3) business days of the effective date of your agreement. However, until the entire principal balance is returned, your loan will remain in full force and effect and you will continue to accrue fees on such outstanding principal. If you would like to cancel your loan, please contact us by phone 1-866-255-1668 or via email at customercare@moneykey.com.

Who funds the Installment Loans in Texas?

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

About 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.

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 about Installment Loans in Texas.

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

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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