Money Mutual Review: Best Payday Lenders Emergency Loans For Bad Credit In 2022

Money Mutual

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Being in a poor financial situation can be very stressful. To cover up all your expenses for housing, food, transportation, health care, and other necessary costs can get very challenging. Many occasions can lead to this problem. Having a hard time at work and leaving, earning so little money from social security, or even not being able to find a job are very common problems in these times.

Plus, having additional expenses can eat up your budget. For example when your car breaks down, or you require surgery. There are many ways that you can cover that up, but sometimes your options might be limited. Banks can sometimes be hard to work with, and they might not even be helpful. Another way that you can access lending companies is by using peer-to-peer loans. These loans can be completed in an extremely short time, compared to traditional loans from banking lending.

As a great substitute, you can borrow money not just because you need it fast, but also if you have a very bad credit score. In that case, banks won’t even accept your loan request and the only loan available left to you is from these types of lending platforms.

It’s hard to come by a good loan platform right now, but we did a thorough research and found a perfect option for you – MoneyMutual Today, in this MoneyMutual review we will talk about the company, and how they provide great services to the clients.

What is MoneyMutual?

MoneyMutual is a website that can help both lenders and borrowers. They have a so-called peer to peer platform that connects over 60 unique lenders via lending networks and every individual that seeks for a short-term loan. So, this company acts like a middleman who provides you with loans in a quick and easy way. These loans can be called as a payday, installment, bad credit, or others. 

To apply for a loan, you have to go on their website and fill out the necessary forms. You don’t have direct access to the lenders immediately. Instead, MoneyMutual sends all your information for you to the lenders individually. Then, whoever wants to offer you a loan that you requested, you will get an offer from different lenders.

This is a much easier approach for a loan request because if you need to apply for more than 60 different lenders one by one, you will lose a lot of time. Plus, you will get the best offer available with almost no effort.

Apart from that, people who have bad credit scores can benefit from this company the most. If they are not able to pay their credits on time, or other factors that impact their score are welcomed to use MoneyMutual’s services.

⇒ Visit the Official Website of MoneyMutual

• More about the company

This company has existed for more than 10 years now, and it became popular very quickly. They were aware of the economic crisis that has impacted many people with the rise of automation and artificial intelligence. Later, the pandemic appeared, and even more people were in need of services like theirs.

What makes MoneyMutual a great company is being part of an organization called Online Lenders Alliance. To be a part of this alliance, you have to follow strict rules that need to be applied to the loans to prevent any abuse. Both the borrowers and lenders are susceptible to scams or no paybacks. To ensure both sides, this company is providing them with righteous and trustable services.

They have helped more than 2,000,000 customers. With providing a loan in a period as short as 24 hours, users were satisfied with both the speed and ease of receiving a loan offer.

Pros and Cons

In this section, we are going to enlist the advantages and disadvantages when using the services from MoneyMutual. We think that generally, they did a great job to satisfy both sides equally. But, in some perspectives, the services might not be perfect.

Pros

• To use MoneyMutual’s services, you don’t have to pay anything

• The procedure to apply for a loan is very simple and easy

• The loan offers usually will arrive in about 24 hours, which is relatively short

• When you accept the offer, funding is very fast 

• Very educational website

• Part of the Online Leaders Alliance

• Access to a network of over 60 different lenders

Cons

• Not every lending company can offer you a loan in your state

• After you accept an offer, this company isn’t responsible for the safety

How Does MoneyMutual Work?

As we mentioned before, this company is a middleman, or an intermediary to the loans. So, the request that you make to them, is sent to other individual companies to process it and potentially send you an offer. This service isn’t necessarily free, because the lending companies are charged with a fee for their service. So, technically you’re not paying fees directly to MoneyMutual, but to the lender that is charged in advance.

They use a very convenient and easy to use form that you need to fill out in order to apply for a loan. After you complete the application, an automatic process is filtering out all the available lenders and sending your request to the ones who could commit that particular transaction.

Another thing that is important to know is that all lenders are partially restricted when it comes to the annual percentage rate, or APR value. This is a rate of a charge which consists of the interest rate plus the extra fees for the service. So, that range could vary from 5.99% to 24.99%. Lenders are not allowed to make an offer in higher or lower APR from this range.

The probability of your loan being accepted is quite high, considering that there are more than 60 individual lenders available. However, there are few requirements that you need to satisfy to be able to receive a loan. We are going to discuss that in the next sections in this MoneyMutual review.

Before fully committing to use the service from this company, you should first consider reading their terms and conditions carefully. If you don’t want to be bound to the terms, you may not access the site.

Services Provided by MoneyMutual

MoneyMutual offers the option to connect you to different loan providers, who also offer different loan types. In regard to these loan types, we must add that the interest rates are not ideal. Nevertheless, these loans can come in handy for example in paying bills or getting groceries before payday. Depending on your needs, you have to choose which type of loan is most suitable for you.

We have to mention that most of the lenders don’t check your credit score. With that, the interest rates are kind of average for the specific loan. We mentioned that they are usually high. If you are in a situation where your credit score is low, the companies that don’t check your score will usually make you a better offer. 

However, some companies might perform a soft credit pull on you. In that case, if you keep your score high, companies will offer you loans with lower interest rates. But, if your score is not in the acceptable ranges (usually under 600), companies might not have an offer for you.

• Payday loans

Payday loans are one of the most common loans that are offered from these types of lenders. If you receive a payday loan, you have to return it when your next paycheck arrives. Because of that, lenders usually require a date when the next designated payday is. 

A good reason why to use this loan if you have any other bill that can accrue a late fee and you need to pay it sooner. Remember that the APR might be very high and this usually is an expensive way to borrow money. But if you play your cards smart and pay the loan on your next payday, you will escape the cycle of being in debt. Take note that payday loans offer only a small amount (about a few hundred dollars) because they need to be repaid in a very short time.

• Installment loans

To understand the installment loan better, you can count it as a payday loan but paid in a few partitions. If we compare the interest rates, usually they are lower in the installment loans. But, you have to discipline yourself to pay the planned amount on time. If you miss out on the date of the payback, the fees might increase. However, some lenders are giving the customers a grace period and they don’t charge them in that time.

These types of loans usually last from 3 to 12 months. Because they are repaid for a longer period, you can usually lend more money. So, if you for example want to buy a car, this type of loan is perfect for you. The amount that can be borrowed from installment loans can go up to $5,000. 

• Bad credit loans

Both of the loans above can be considered as bad credit loans. This is a great opportunity if your requests from a bank loan are getting rejected. Though, the interest rates could rise in these lower eligibility options. It’s not always the case because the lenders are checking other factors such as employment history, bank account balance, and income. This information is requested from MoneyMutual when requesting for a loan.

• Cash advances

You can associate the cash advance with a payday loan. They are another way to borrow a certain amount of money even if you have a credit existent on your credit card. This is another way to interpret the credit limit in a bank account. 

Via MoneyMutual services, you can connect with lenders that offer cash advances. As with all others, the interest rates are significantly higher. Yet, they might be a great option if you need to make another payment which isn’t related to your credit card.

Eligibility Criteria 

To successfully receive a loan, you need to satisfy a few criteria that MoneyMutual sets up. However, that can’t be a rule that lenders will respond to you with an offer because they have an additional criteria specific to their service. But, usually if you check off the criteria from MoneyMutual, the chances that you will receive an offer are highly likely. 

First off, you need to be a U.S. resident older than 18 years old to be eligible for any kind of loan. Another important factor is that you need to provide them with proof of a regular source of income. You have to also have a valid checking account so that the lender could send you the money successfully.

There are specific requirements for the source of income. You can’t apply for a loan if you receive less than $800 per month. No matter where you get the financial resources (regular job, pension, social security, or disability benefits), they need to be specified. 

Some lenders require contact information about the person who is responsible for your income (employer or institution that provides you the money). This information also needs to be provided in the loan request process. Although MoneyMutual doesn’t have the need to contact the employer, the potential lender’s procedure might include contacting him.

The Requesting Process

If you decide that you want to request a loan from MoneyMutual, you need to go through a short requesting process which requires several information about you and your income. We are going to go through all the steps, so stick with us to find them out.

First, you have to choose in which state you want to receive the loan, or where you are located. Then, information about you like name and email are required. A good feature that MoneyMutual has is receiving an update for a loan offer on your phone. So, if you want them to contact you via your phone number, you have an option to enter it.

Next, the essential information needs to be provided like your source of income and your address. They ask you if you own the place you’re living in for lenders that consider applying for a mortgage. Providing a proof of your income is a must, so be prepared to include that.

Information about your bank account is essential and how often funds are transferred to it. Another important thing to enter is the date of your payday loan (or more). Take note that sometimes you have to check on with your bank to confirm the payments later for the loan.

You have to enter the employer’s name and other contact information like we said before, because lenders usually contact them before proceeding with the approval of your request. To identify yourself on the right way, you need to enter your ID number or driver’s license number and state information. Lastly, to successfully receive your money (if you accept them later), the lender requires a full bank routing number and account number.

• Receiving the funds

Because this procedure is automated from Money Mutual, it takes only minutes to contact all the lenders available at the moment. Another feature on their website is that before you start with filling out the form, the number of lenders online is shown. We checked on it a few times, and the numbers were way more than 60.

After the lenders receive the information, the time to process your request depends on many factors. You might receive a response very shortly if any of the lenders are going to review your request immediately. Still, the average time from requesting a loan to receiving an offer is usually about 24 hours. Some lenders only work on the weekdays, so if you request the loan on the weekend, you might need to wait a little bit longer.

There is no guarantee that you’ll get any loan offers. But, if your income looks good, you will probably receive several offers. The interest rates can vary significantly depending on the lender, so choose wisely.

Costs and Fees of MoneyMutual’s Services

If you were expecting that you need to pay to use the MoneyMutual’s service, you’re wrong. To request a loan you don’t have to pay anything. Still, this company is making money from charging the lenders with small fees.

But, this doesn’t look like you’re gonna end up saving some huge money because you indirectly pay for the services from MoneyMutual. They usually charge based on how much you borrow. For example, let’s say that they charge 15% of the total amount of the loan. If your loan is $1,000, you will have to pay $150 for the lending services. 

So, the expenses sum up quite high. Despite the interest rate from the lenders, you need to expect additional charges from them too. The three values (interest rate, lender fees, middleman fees) can be shown as an annual percentage rate, or APR.

• Interest rates

Interest rate is the amount of money that the lender is charging from the lending service. This value is shown as a percentage, and if you are a borrower, you need to seek the lowest interest rate. Usually, banks offer personal loan rates up to 25%, depending on your credit score. But, online lenders can increase that percentage up to 36%. That number is actually a cap in many states and the loans can’t have higher interest rates than that.

• Annual percentage rate

The APR is a more complex number when compared to the interest rate. It is usually higher than the interest rate, depending on the lender and MoneyMutual’s fees. Firstly, you have to add the administrative fees to the interest rate, and then divide them by the loan amount. Next, you have to divide by the total number of days in the loan term and multiply by 365. That’s calculated because APR is an annual rate, so you have to count it per year. When you get the final number, you just have to multiply it again by 100 to convert it to a percentage.

An average payday loan with a 15% fee has about 400% of APR. That is relatively high when compared to credit card APRs. To prevent lenders from bumping up these numbers higher, many states cap the percentage rates.

⇒ Visit the Official Website of MoneyMutual

Why Do We Choose MoneyMutual as an Online Loan Platform?

Using MoneyMutual’s services makes the process from the request to receiving the loan very simple. They act as a middleman that connects you to many different lending companies that offer loans. This is a great service that you can achieve by yourself. Sending more than 60 requests to lending companies individually is impossible.

• Easy to use

Why would you need to send so many requests? Well, your situation is varying depending on many factors. Lenders don’t usually give you a great interest rate, and you have to search for several different lenders to filter out your best options. With having so many offers available, you can choose the loan with the lowest interest rate without any effort.

• Free of charge

Another big thing that made us choose this platform is that it is totally free to use. Plus, having a risk from a scam is another concern for many people, which is not the case with the lending network that MoneyMutual is connected with.

• Educational

If you are in need of loan service, you firstly have to educate yourself. You have the option to do that by going on their website and in their Resources section, you can learn everything about the loans, fees, and more. They want to teach the customers that many untrustworthy lenders are out there that could potentially increase the fees and rates to the maximum. Lately, many lending companies have appeared on the market because of the lack of finances for many people.

• Secure

In very few cases, attempts for a scam could appear when you try to lend money from an untrusted company. You could spot the signs by smartly looking at the instructions that they give you. You can’t pay some fees to the lender in advance to fund your loan. These are companies that are excluded from the MoneyMutual’s list of lenders.

Plus, the Online Lenders Alliance isn’t allowing MoneyMutual to work with lenders that are willing to scam borrowers. Backed up with 256-bit encryption, their security is at its highest point. This is an association that monitors every bad lender and notifies the members that the particular lender isn’t trustworthy. More than 2,000,000 satisfied customers are showing that they are indeed a great company to work with.

How Can MoneyMutual Improve Its Services

MoneyMutual’s platform is a good competitor to many other companies. But, even in one of the greatest companies some disadvantages are present. We will mention them, even though we think that this platform is highly optimized for both borrowers and lenders.

Firstly, when you accept the loan, you are being redirected to the lender’s side. That means that the help from MoneyMutual’s service is coming to an end. But, the company can’t do anything anyway because it acts only like a middleman. They did as much as they could, and provided services from one of the safest lenders.

You have to be aware that after you register or submit personally identifiable information to the website, you are allowing them to use that information with third parties. So, if you’re searching for a loan, you might get calls and emails from different lenders. This could be an annoying thing, but you can always unsubscribe. A guide on how to unsubscribe to all the lenders is available on their website.

FAQs About MoneyMutual Bad Credit Loans 

Q1. Is MoneyMutual a safe platform?

This is a legit and secure service that connects you with more than 60 lenders. They use 256-bit encryption, so you won’t get your personal information hacked. Plus, being a part of the Online Lenders Alliance guarantees you that the lenders are not trying to perform a scan to their customers.

Q2. Can I request a loan if I have a bad credit score?

Most lenders don’t require your credit score to be a part of the loan. This means that you can easily request a loan without having to worry about getting rejected. Although some lenders could perform a soft credit pull, your credit score won’t be affected in any way.

Online Loans By Money Mutual – Final Words

According to the report on the economic well-being of U.S. households in 2017, four in every ten Americans can’t come up with even $400 for an emergency. Tough times happen to many people and having to spend the money for unexpected expenses can be very difficult. 

If you need a loan to receive a smaller amount of money in a very short time, you need an online lending service. Our MoneyMutual review hopefully cleared you up with some information about the loans and why you should use them. Just listen to one piece of advice we will give to you, try not to go into a debt loop and pay back as much as you can in the smartest way.