When you’re in a hurry and need quick cash, you probably wonder where you can find it. Many people were left without jobs in precarious financial situations with the global pandemic. For many people, loans might come in handy when their car breaks down, or they need money to buy food. Anyone can experience such events in life.
According to the United States Household Economic Wellbeing Report, about 40% of US people have difficulty accessing money when they need it. Many people may find this problematic in the long run. Many people are taking out short-term loans as a result of this. Even in these modern times, it’s conceivable to do so. You can use the short-term lender to pay the upcoming month’s lease or an unexpected bill, such as a repair or hospital bill.
For such purposes, we discovered MoneyMutual, a payday loan network. It claims to assist customers in locating the best lenders to help them solve financial issues.
MoneyMutual is a web-based lender marketplace that makes use of cash advance loans. It allows you to get loans ranging from $200 to $5,000, and the best part is that the loans are approved within 24 hours. Fill out the form provided, and you’ll be presented with a list of lenders willing to supply you with the funds you require.
Is MoneyMutual a scam? What is MoneyMutual’s business model? Is there any risk involved?
Discover everything regarding MoneyMutual in the review below!
What is MoneyMutual?
MoneyMutual is an entirely free service that connects borrowers and lenders. It isn’t a lender itself but a market for lenders that brings borrowers and lenders together online. Fast cash is available to qualified candidates through MoneyMutual. The highest loan amount is $2,500, and most customers receive monies in less than 24 hours.
To get a payday loan on the MoneyMutual website, you must be at least 18 years old, a legal resident of the United States, and earn at least $800 per month. These websites offer 24-hour access to short-term loans. This is a lot more efficient than completing 90 loans request forms on different financing websites one at a time.
Using MoneyMutual, debtors can cast a wider net and may be able to secure loans much more quickly. Only short-term lenders are available on the MoneyMutual marketplace. You can use the website to receive a payday loan quickly to pay off a bill that would otherwise cost you a lot in late fees.
Customers can depend on MoneyMutual to provide fast and simple access to cash advances. Commercials for MoneyMutual can be seen on television and various social media channels. For almost a decade, Montel Williams represented this business as its representative.
How Does MoneyMutual Work?
MoneyMutual is more of a loan broker than a financial institution. As a result, MoneyMutual connects borrowers with short-term lenders in their area. This is an excellent option if you’re looking for a short-term loan from a local service provider and don’t have the time or inclination to contact other lenders. By utilizing the MoneyMutual lending institution network, you can quickly save a great deal of time.
The loan approval process is accessed via the main MoneyMutual website, where MoneyMutual searches a network of over 90 short-term lending providers. Once they connect a customer to a loan provider, their site will be redirected to set you up with a possible loan agreement.
Using a basic organizational structure, MoneyMutual is not included in any of the details of a given loan, including the amount, interest rate, length of repayment, or any other information. Because of this, users must properly review loan terms before agreeing to them. After reviewing the terms, customers can decide whether or not to accept the loan offer.
How Does the Lender Review your Request?
To find the most suitable deal for your specific needs, MoneyMutual works with over 90 lending institutions. To ensure a perfect match, each lending institution considers the specifics of your situation and the financial information you provided.
As per MoneyMutual’s official website, here’s how lenders check your personal information:
- After applying online, lenders can review your data immediately.
- Each lender adheres to a set of pre-established guidelines to make their decisions.
- To accept a loan, you will be redirected to the loan provider’s website, where you can review the key terms and conditions of the loan and decide whether or not to accept the loan.
- Lenders may also contact you to verify your personal information and finish the loan process.
The payday loan providers with MoneyMutual are legally bounded to disclose all charges upfront. They are also prohibited from charging a high annual percentage rate of interest. That is why it’s always better to avoid unpleasant surprises by thoroughly checking all fees and costs in advance.
How Long Does it Take to Receive Funds?
MoneyMutual immediately begins the loan approval process by searching its lending institution network for a suitable match for you. You’ll be connected to a lender in only a few minutes, and on the other hand, your loan approval process will likely entail an evaluation by both loan provider algorithms and a loan officer in many circumstances. In such cases, a long time delay is also possible.
After approval, you can accept the loan and its terms. Despite this, many MoneyMutual users don’t seem to mind due to the transparency of the process. To avoid getting surprised by unexpected interest rates or other fees, thoroughly review all terms and conditions.
Many lenders will strive to deposit the money into your bank account within 24 hours or 1-2 business days after you assume the loan. Some loan companies provide you with a better chance of acquiring funding during the week than on the weekends.
How to Compare Bad Credit Loans
MoneyMutual’s ability to connect you with various lenders and loan kinds makes it essential to know how to compare your options. When you know how to balance your options, you’ve got a great chance to choose the best loan.
Consider the following points while comparing MoneyMutual loan offers:
Determine the Type of Loan
Always look at the loan you’ve been offered to see if it suits your needs. Aside from short-term loan providers, MoneyMutual deals with a wide range of financial products. Find out if your loan is secured or not before signing on the dotted line. It’s safe to assume that you’ll need to put some collateral in place if it’s protected.
Any form of loan linked to your car’s title is risky and must be avoided. Unsecured loans do not require collateral, which considerably reduces your risk. If you don’t pay back your loan amount, you risk losing your vehicle, which creates a new set of problems for you personally and financially.
Check Your Budget
It’s critical to know how much you can afford to pay each month before applying for a loan. Installment loans, for example, are repaid over a specified period in predetermined sums. That means you must make sure that your regular monthly budget can absorb the extra payment each month, just in case. On the other hand, a legitimate payday lending organization offers exceptionally short-term loans.
Payday loans usually have a two-week grace period, during which time the total amount is payable and a fee. Considering this one-time payment, ponder over all of your upcoming expenses. If you don’t, you’ll pay a lot of money in the long run because you’ll be regularly extending your high-interest payday loan term.
Compare Total Costs
Different loan types impose dissimilar fees and interest rates. For example, a more extended loan period may lower your monthly payment and interest rate, but you may pay a significant interest in the long run. Compare the interest rate and total cost of each loan to determine the most cost-effective choice for your situation.
There may also be different origination fees charged by each lending company, which might affect the total cost of your loan. The annual percentage rate (APR) can compare loans with varying loan structures. The costs associated with the short-term loans are averaged over a year in such cases. You’ll be able to compare different types of loans due to consistency in the information.
MoneyMutual Fees and Costs
A user-to-lender connection service like MoneyMutual would be expected to charge a fee for the inconvenience. MoneyMutual, on the other hand, is an entirely free service for its members. Instead, MoneyMutual generates revenue by imposing minimal costs on the lending companies it works with to reward its clients.
However, you must also be aware that many payday loan companies impose small fees dependent on the amount of money you borrow. You should expect to pay about $15 on top of every $100 you borrow for a simple payday advance. For example, if you borrowed a $300 payday loan, you would be hit with an additional $345 in fees on top of the interest (if appropriate).
Except for the case above, lending institutions can levy whatever fees they wish. This is required by law to be specified in any loan a firm may offer, so carefully study everything to ensure you get the best deal possible.
What do Customers say about MoneyMutual?
Phony players dominate the payday loan industry. As one of the most reputable and long-standing lenders in the industry, MoneyMutual is one of the best. Over 2 million people have benefited from MoneyMutual’s services by getting the cash they need.
In addition to working with Montel Williams, MoneyMutual has also been in business for the most extended period. MoneyMutual customers have given their opinions after using the service to get loans. The vast majority of customers can attest that MoneyMutual has helped secure short-term funding.
The company brings loan providers and borrowers together in a transparent marketplace. It’s easy for customers to know which lenders offer their best bargains thanks to the transparent loaning system and lending rates.
Commercials on television have made the company well-known to many customers. MoneyMutual also has the best customer support team, which is unusual for a payday loan company. Despite this, the firm has received some negative reviews because of the poor services offered by third-party lending institutions, such as the excessive prices and interest rates they charge.
MoneyMutual Company Profile
MoneyMutual is an online financial services company headquartered in Las Vegas, Nevada. The company does not make loans but connects consumers to more than 90 lending institutions. The longest-serving representative was Montel Williams, who worked for the company for eight years. The FAQ section on Money Mutual’s website is excellent, as it explains the process in detail and what to avoid if you decide to use other resources.
For example, they describe some of the most prevalent “warnings” you should know when dealing with websites that ask for your personal information. However, if your query is not addressed on their website, you can contact the support team using one of the methods listed below:
- Call: 844-276-2063
- Email: email@example.com
- Mailing Address: MoneyMutual, LLC 2510 E. Sunset Rd. Ste 6, #85 Las Vegas NV, 89120
To summarize, MoneyMutual is an online payday advance lender offering loans ranging from $200 to $5000, as mentioned earlier. They are also known for their speedy response time. You may expect your loan to be approved and deposited into your bank account within 24 hours if you apply for a payday advance today. You can request by dialing the toll-free hotline or submitting your application online. Both choices are quick to complete and take less than five minutes.
With MoneyMutual’s exceptional customer service department, you can rest assured that any questions concerning a potential loan’s payment conditions or interest rate will be answered quickly and thoroughly. They’ll be honest with you about the benefits and drawbacks of any loans you’re considering. MoneyMutual already has more than 2 million customers, proving that the company is legitimate and has a high customer retention rate.
With MoneyMutual.com, you may take a little more control of the situation by submitting applications to multiple lenders at once. You may be presented with far superior options if you properly select a loan item that meets your repayment capacity.
So, what’s the hold-up? Check out the MoneyMutual Program Today!
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