Loans Like MoneyKey: Company Overview and Alternatives

loans like moneykey

MoneyKey is an online lender that specializes in installment loans and lines of credit. The service makes borrowing money possible for those locked out of traditional loan options. However, its online loans may not suit everyone due to their extremely high interest rates.

Luckily, there are plenty of borrowing options comparable to MoneyKey. Let’s take a closer look at the company’s offers and explore a few reasonable alternatives.

Comparison Table for Short-Term Loans

The table below discloses information about the most commonly used short-term personal loans, along with their key features:

Loan Types


Loan Amount

Repayment Terms



Credit Checks


Payday loans

Payday loans offer small loan amounts for a short period and at a high cost

$100 to $1,000

By your next paycheck, usually in 2 to 4 weeks

400% or more (usually comes in the form of a flat fee, which is $10 to $30 for every $100 borrowed)


Most lenders accept bad credit and perform only a soft credit check.

High APRs and short repayment terms make payday loans difficult to repay. Late payments may result in credit score damage and late fees. Also, you can easily get into a debt trap.

Installment loans

An Installment loan is a longer-term solution with higher loan amounts available. It’s easier to manage, but the total loan cost tends to be higher

$500 to $5,000

2 to 24 months

16% to 100%


Most lenders accept bad credit and perform only a soft credit check.

APRs are higher than average. This, along with a longer repayment term, may result in significant overpayment over the loan life. Late payments may affect your credit score.

Cash advances via apps

Cash advance apps offer small loans till paycheck against the amount you’ve already earned. Many options are interest-free, but membership fees may be applied

$50 to $500

By your next paycheck, usually in 2 to 4 weeks

Some apps charge no interest, while others come with APRs of over 400%


Most lenders accept bad credit and perform only a soft credit check.

Some options may have hefty interest rates. Short repayment terms also make them difficult to handle

Car title loans

Car title loans allow you to borrow money against your vehicle’s price. Your car serves as collateral and can be repossessed if you don’t repay the money on time. You’re allowed to drive your car while repaying the loan

Up to 50% of your car’s title

Up to 30 days

About 300%

Yes, your vehicle’s title

Most lenders accept bad credit and perform only a soft credit check.

You can lose your car if you default. The repayment terms are short, and the amount can be quite high to comfortably pay it back within just one month.

Payday Alternative Loans

PALs are small loans offered by credit unions. They serve as a cheaper and longer-term alternative to regular payday loans

$100 to $2,000

2 to 12 months

Up to 28%


A hard credit check will be performed

You need to be a CU member to apply. Applying for a PAL may also hurt your credit score by a few points

Pawn shop loans

Pawn shop loans are secured loans that provide you with cash in exchange for something valuable you own

25% to 60% of your collateral’s value

30 to 60 days

Around 200%

Yes, any valuable item you own


A pawnbroker will put your asset up for sale if you don’t repay the loan on time

What Is MoneyKey: Reviews and Things to Know

MoneyKey is an online lending company with a 4.5 out of 5 rating on TrustPilot and 79% of 5-star reviews out of a total of more than 3,900. Most customers appreciate its easy application process and money withdrawals. However, there are also complaints regarding the funding times and interest rates.

The company is a state-licensed installment loan direct lender in Delaware, Idaho, Mississippi, Missouri, Utah, and Wisconsin. The service also operates in Texas as a licensed Credit Services Organization (CSO) and a Credit Access Business (CAB). Regular lines of credit are available to residents of Kansas and Tennessee.

MoneyKey is also a servicer of the CC Flow Line of Credit in Alabama, Alaska, Arizona, Arkansas, Florida, Hawaii, Indiana, Kentucky, Louisiana, Michigan, Minnesota, Montana, Nebraska, Oklahoma, and Wyoming.

Borrowers here can get between $200 and $3,500, depending on the loan product, their income, and credit score. The repayment terms are up to 12 months. Although the platform sets no minimum credit score requirements and offers a simple online application procedure, there’s a price for accessibility. MoneyKey loans come with APRs of somewhere around 295%. Hard credit checks may be performed, which may affect your credit rating.

How Do MoneyKey Loan Options Work?

The company mainly offers two types of financial products: unsecured installment loans and lines of credit. Let’s take a closer look at each option.

Unsecured Installment Loans

These loans allow you to get the requested amount in your bank account and repay it in affordable monthly payments over up to 12 months. MoneyKey offers online installment loans between $200 and $2,500. The exact sum is determined based on your solvency.

The repayment is made on a monthly basis via the ACH payment. The company will automatically withdraw your monthly payment amount from your checking account when the maturity date comes.

Lines of Credit

MoneyKey lines of credit provide eligible borrowers with 24/7 access to extra funds within the set limit. It can range from $200 to $3,500 and may be available to you even on the same day of approval.

Just like with any revolving line of credit, you can use the funds when needed and make just a minimum monthly payment. This amount will be calculated for each billing cycle (you can choose to pay bi-weekly, semi-monthly or monthly) and needs to be repaid by the due date. For any outstanding balance, a daily interest rate of about 0.8% will be applied.

How Can I Get a Loan via MoneyKey?

Online loans from MoneyKey have quite simple eligibility requirements. Borrowers need to meet the following criteria:

  • Be of legal age in your state;
  • Be a permanent resident of the state MoneyKey operates in;
  • Have a steady source of verifiable income;
  • Have an active bank account;
  • Provide your contact details, such as email and valid cell phone number.

If you meet the requirements, you’re welcome to start an application process. Here are the steps to follow:

  1. Submit an online application form. It typically takes just a few minutes.
  2. Verify your information and bank account. To do this, you can either use DecisionLogic during the approval process or contact the company’s Customer Care. The process may involve uploading images and specific documents.
  3. Get an approval decision. It usually takes less than one hour once your information is verified. You can check the application status in your account.
  4. If approved, the money will be deposited in your bank account on the same or next business day.

How Does Magnolia Payday Loans Compare to MoneyKey?

MoneyKey can work for borrowers who need an installment loan or a revolving line of credit fast and without a focus on their credit scores. However, its sky-high interest rates may be an obstacle for borrowers who already experience financial problems.

Magnolia Payday Loans is an online connecting service with a 4.4 out of 5 rating on TrustPilot and 82% of 5-star reviews. Day by day, we help borrowers find reasonable loan offers tailored to their specific needs.

Our partners offer both short-term and longer-term loan options designed to provide emergency assistance. The convenient application process we offer consists of just 3 simple steps and can be completed in just 5 minutes. You’re welcome to apply with any credit.

What Differs Magnolia Payday Loans from MoneyKey?

Magnolia Payday Loans partners with an extensive network of trusted payday lenders, increasing your approval chances. Thanks to this, you can access multiple loan offers and get a higher probability of finding a loan at a reasonable price. Loan amounts you can get are higher and range from $100 to $5,000. The repayment terms may be extended to 24 months, giving you more flexibility.

Many online lenders from our database don’t rely on your credit score when making approval decisions. Instead, they perform a soft credit check to assess your overall financial situation. Thus, applying with us doesn’t leave a trace in your credit report. This also reduces funding times, so you can get the requested amount in as little as one business day.

The Process of Getting a Loan from Magnolia Payday Loans

At Magnolia Payday Loans, you can apply in just three simple steps:

  1. Complete an online loan request form. Simply provide your basic personal, financial, and bank details and submit the information. Lenders usually review loan requests within an hour or less.
  2. E-sign a loan agreement. If approved, review your loan terms carefully and accept the offer if it suits you.
  3. Get a direct deposit. The money will be deposited into your bank account in one lump sum by the end of the next business day.

In Conclusion

MoneyKey can provide a fast way to solve your money problems if you’re locked out of traditional bank loans. The company also offers personal lines of credit, allowing borrowers to access the funds when needed and pay interest only on the amount they actually use. Although the products here are quite accessible and easy to apply for, they also come with a very high price.

If you’re looking for loans like MoneyKey, Magnolia Payday Loans can come to the rescue. We’re always here to help you find a reliable loan provider in your area. Just fill out our simple application form and access multiple offers from legitimate direct lenders.

Get from $100 to $5,000 in just a few clicks!


  1. Is MoneyKey Safe?
    MoneyKey is a legal service that is licensed in the states it operates in. The service protects your personal information in accordance with lending industry standards and uses SSL encryption to keep your data in cipher.
  2. How Much Can I Borrow via the MoneyKey App?
    The MoneyKey app allows you to borrow from $200 to $2,500 with an installment loan and between $200 and $3,500 with a credit line. The exact amount or credit limit will be determined relying on your income and credit score.
  3. Is It Possible to Get a MoneyKey Payday Loan?
    MoneyKey stands for responsible lending and doesn’t offer payday loans online due to their predatory nature. Instead, you can access alternatives, such as short-term personal loan options (also known as installment loans) and lines of credit.
  4. Do MoneyKey Loans Affect My Credit?
    Although MoneyKey looks far beyond just your credit score during the loan approval process, it still checks your credit score via major credit bureaus. This means that your rating can drop by a few points just by applying for a loan.
  5. How Fast Will I Get My MoneyKey Loan?
    If your application was approved before 2:30 pm ET Monday to Friday, you may even get the funds on the same day. Otherwise, you will get the funds as soon as the next business day. Also, credit lines approved after 7:00 pm ET Monday to Friday will be deposited in 2 business days.
  6. Can I Repay a MoneyKey Loan Early?
    The company allows borrowers in good standing to repay their loans early without charging any additional fees. You can do this via your account.

Educational Resources

Magnolia Payday Loans wants to keep its customers fully informed about the financial decisions they make and the consequences they may come with. Here are a few articles to help you better understand the niche. – Learn more about how credit lines work. – Explore the difference between credit lines and credit cards. – Discover the ways to build or fix your credit to access better loan offers in the future.