MoneyMutual Review: A Personal Loan Marketplace for Bad Credit

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Key takeaways

MoneyMutual is an online loan marketplace. It connects users with lenders willing to consider applications from borrowers with less-than-perfect credit scores.
The platform allows users to fill out a single application to potentially reach multiple lenders. Users can then compare offers without charge and apply for the best loan.
MoneyMutual makes it easy for anyone to get a loan. Even so, it’s important to carefully review the terms and fees associated with any loan offer.

When you need emergency cash and your credit score is low, consider MoneyMutual. More than two million people have secured short-term personal loans from the online loan marketplace, accessing amounts up to $5,000 in as little as 24 hours. When traditional banks turn you down, MoneyMutual steps in with its large network of online lenders, offering a lifeline to those in financial distress.

Interested in learning more? Let’s explore how one of the biggest online loan marketplaces can help you.

What is MoneyMutual?

MoneyMutual is a renowned online loan marketplace that connects borrowers with potential lenders from across the country, offering a wide range of short-term loans such as personal loans, installment loans, and payday loans. These loans can range from $100 up to $5,000, catering to various financial needs.

MoneyMutual was established to simplify the loan application process, ensuring that everyone can access the cash they need in an emergency, regardless of their credit score. The process is straightforward: fill out one simple form, and lenders will review your application and make offers within minutes. This system allows you to see what loans you prequalify for without undergoing a credit check or applying to each lender individually, saving you a significant amount of time and effort. If you choose to accept a loan offer, you’ll then work directly with the lender to complete the approval, funding, and repayment process. MoneyMutual’s streamlined approach not only provides quick access to funds but also ensures a hassle-free experience, making it an ideal solution for those in urgent financial need.

Why choose MoneyMutual loans for bad credit

No cost for shopping

One of the significant benefits of using MoneyMutual is that it’s free to use. The platform allows you to fill out one form and then browse and compare different loan offers without any charge. You never pay anything to MoneyMutual, but if you select an offer, your online lender may have fees.

Receive funds quickly

Once a loan is approved, you will receive your money fast. In some cases, in as little as 24 hours. The exact amount of time depends on your lender and bank but it is usually no more than one business day. It can take longer if you accept a loan on a weekend, holiday, or any other non-business day.

Can be used for a variety of purposes

Loans obtained through MoneyMutual are for anything you need. Be it for an emergency, bill payments, or any unforeseen expenses, you can use your loan from MoneyMutual for anything you like.

Safe and secure platform

Security is paramount at MoneyMutual. Your information is protected with AES256 bit encryption and MoneyMutual has TrustedSite scan its platform daily for security risks.

Money in No Time

“I saw the commercial on TV and called the 1-800 number. The customer service was very consistent. I had my money in no time at all. They offer all kinds of loans for all kinds of things. My repayment options are taken out on a monthly basis which is better for me. I can pay. The additional fees is not too bad. It’s almost like going to an Amscot in paying them back. I would recommend them to family and friends.” Jamie

How does MoneyMutual work?

Fill out one form.

Your information is reviewed by potential lenders

Lenders make you an offer

Review your offers and choose your loan

Get your money in your bank account in as little as 24 hours

MoneyMutual is not a direct lender. It is a loan marketplace whose form connects you with 78 online lenders. The form only takes 5 minutes to complete, less if you’re a returning customer. You do have to enter some personal information, including the state you live in, your zip code, email, phone number, employer’s identity and phone number, and your banking information. MoneyMutual will not contact your employer or check your credit, but the direct lender they match you with might. When you get your loan offers, always review the terms and conditions including the interest rate, dates of repayment, and any fees before you agree. The interest rates on loans vary, but some can be very high since they are loans for bad credit. Before you sign for a loan, always make sure you can afford the interest rates and fees.

Best Loan Service

“The Best Lender Matching Service! I had an emergency, unexpected expense pop up. I heard about online pay assistance so I began my search. Money Mutual was THE ONLY one who matched me with a lender! The others kept throwing me in a circle; multiple emails leading nowhere! I appreciate the accuracy, speed, and assistance I received from Money Mutual! Please try this first to avoid unnecessary false leads by the others.” Jonell

Did you know you can build credit while you shop?

It’s true with Perpay, the buy now, pay later app that gives you a $1,000 spending limit and helps you improve your score.

MoneyMutual eligibility criteria

Qualifying for a loan through MoneyMutual is relatively easy. You must be:

18 years of age or older
Currently employed or receiving some form of regular income
Able to provide a working telephone number and email address
Making at least $800 per month
A U.S. citizen or permanent resident
Have Social Security Number
Have an active checking account in your name

There may be additional eligibility requirements for individual lenders. For instance, some lenders will accept income in the form of social security, pension, disability, and other forms of benefits.

Who is a MoneyMutual loan good for?

MoneyMutual loans are particularly beneficial for people who have bad credit and need quick financial assistance. The platform offers a lifeline for those who may not qualify for traditional bank loans due to their credit history. By connecting borrowers with a network of third-party lenders, MoneyMutual provides access to loan options that might otherwise be unavailable.

Furthermore, it’s suitable for anyone looking for a secure, fast, and convenient way to access short-term loans without the hassle of lengthy application processes. The ease and speed of MoneyMutual’s service make it an attractive option for those in urgent need of funds, whether to cover unexpected expenses, emergencies, or to bridge a temporary financial gap. With a simple online application and quick turnaround times, MoneyMutual ensures that borrowers can access the money they need promptly, making it a practical and efficient solution for many.

MoneyMutual pros and cons

Pros

Quick and easy application: The application process is straightforward and can be completed online in a few minutes.
Fast access to funds: Once approved, borrowers can receive funds as quickly as the next business day.
Wide network of lenders: MoneyMutual connects borrowers with a large network of lenders, increasing the chances of loan approval.
Convenience: The entire process, from application to fund disbursement, can be completed online, making it convenient for users.
No cost for the service: MoneyMutual does not charge for connecting borrowers with lenders; their service is free for consumers.

Cons

High interest rates: Payday loans facilitated through MoneyMutual often come with very high interest rates, which can lead to significant costs.
Short repayment terms: The loans typically have short repayment periods, which can be challenging for some borrowers to meet.
Not available in all states: MoneyMutual’s services are not available in every state, limiting accessibility for some users.
Limited loan amounts: The loan amounts offered are generally small, which may not be sufficient for borrowers with larger financial needs.

Careful consideration of these pros and cons can help potential borrowers decide if MoneyMutual’s services align with their financial needs and circumstances.

Is MoneyMutual legit?

MoneyMutual is a legitimate online marketplace that connects borrowers with short-term lenders. The company has been in business for over a decade and is well-known for its quick and easy process for obtaining payday loans. However, it’s important to note that MoneyMutual is not a lender itself; instead, it facilitates the connection between consumers and third-party lenders. As with any financial service, potential borrowers should carefully review the terms and conditions, interest rates, and fees associated with the loans offered by these third-party lenders. While MoneyMutual has a significant number of positive reviews, some consumers have raised concerns about the high costs associated with payday loans, which can lead to a cycle of debt if not managed properly.

Frequently asked questions

1. Does MoneyMutual do a credit check?

MoneyMutual itself does not perform credit checks since it is not a lender. Instead, it connects borrowers with third-party lenders who may or may not conduct credit checks as part of their approval process. The specific requirements and practices, including credit checks, depend on the individual lender selected through MoneyMutual’s marketplace.

2. Does MoneyMutual charge any fees?

MoneyMutual does not charge consumers for using its service. The platform is free for borrowers to use when connecting with potential lenders. However, the third-party lenders that borrowers are matched with may have their own fees, interest rates, and charges associated with the loans they provide.

3. What credit score do I need for MoneyMutual?

MoneyMutual does not specify a minimum credit score requirement because it is not a lender. Instead, it connects borrowers with a network of third-party lenders, each with its own criteria. Many of these lenders specialize in providing loans to individuals with less-than-perfect credit, so even those with low credit scores may find loan options through MoneyMutual.

4. How long does it take to apply for a loan through MoneyMutual?

Applying for a loan through MoneyMutual typically takes only a few minutes. The online application process is straightforward and can be completed quickly, requiring basic personal, financial, and employment information. Once submitted, borrowers can receive loan offers from third-party lenders almost immediately, and if approved, funds can be deposited as soon as the next business day.

Bottom line

Borrowing money can be stressful, but MoneyMutual makes it easier to get a short-term loan when you need it most. This online loan marketplace is a safe, convenient, and no-cost way to prequalify for loans without further damaging your credit score. By connecting borrowers with a vast network of third-party lenders, MoneyMutual helps you explore various loan options quickly and efficiently. If you need a loan and don’t know where to turn, give MoneyMutual a try and see what their lenders have to offer. You may just find a loan that fits your budget and financial needs, providing you with the funds you need promptly. Whether you have an urgent expense or need to cover unexpected bills, MoneyMutual can be a valuable resource in finding a loan solution tailored to your circumstances.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

7. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

8. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

9. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

10. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

11. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

12. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

13. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

14. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

16. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

17. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

18. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

22. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

23. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

24. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

25. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

26. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

27. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

28. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

29. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

30. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

31. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

32. Tipping or not tipping has no impact on your eligibility for SpotMe®.

33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

35. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

36. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

37. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

38. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

* EarnIn is not available for Connecticut residents

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

MoneyMutual Review: A Personal Loan Marketplace for Bad Credit

Key takeaways

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