Money Mutual Review: A Comprehensive Insight into Everything the Lending Platform Has to Offer

Money Mutual Review: A Comprehensive Insight into Everything the Lending Platform Has to Offer

(15 customer reviews)
Loan Ammount
Up to $2,500
Loan term
Min. credit score
Est. APR
Add to compare
7/10 (Expert Score)
Product is rated as #20 in category Reviews on Payday Loans

MoneyMutual is a third-party matching platform that helps its customers find lenders for payday loans. It is a simple website that enables you to save time usually wasted on applying to multiple lenders. The platform only requires you to fill out a form for your search and connect you with over 60 lenders who can meet your needs.

MoneyMutual does not partake in the loan process, though. You are responsible for choosing the lender you want and meeting the requirements for a short-term loan from that lender. All that MoneyMutual requires from you is that you are above 18 years and earning up to at least 800 a month. You also input your email address and phone number in the form.

Most people complain about getting spam emails and phone calls after inputting their details in reviews. You can report to their customer service representative if you experience such. However, ensure that you don’t give anyone sensitive information about yourself as MoneyMutual cannot be held responsible for that.

Customer Experience
  • Not required fees for use
  • Easy one-page application
  • Fast funding within hours
  • Educational Resources for learning
  • An extensive network of lenders
  • Available in all of the U.S. (except New York)
  • All credit scores considered
  • No protection after loan acceptance
  • Not the best kind of credit loans
  • No direct comparison feature
  • Maximum loan amount of $2,500
Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

Company (Lender) Loan Amount Loan term Min. credit score Est. APR Funds available in
moneymutual Up to $2,500 Varies N/A Varies A day or more

What is MoneyMutual Really About?


According to reports over the summer, unemployment rates in the U.S. averaged over 15%. The pandemic and other economic issues led to financial instability in many homes. The income you are making is probably only barely enough to cover your fixed expenses.

So, what happens when your car unexpectedly breaks down before payday? What do you do when you need money to replace your cooker? What you need is a payday loan and fast too.

However, the process of applying to numerous lending organizations before you find one that will give you the money is anything but fast. You need something that can help you hasten the process so the funds can meet the emergency.

The something you need is MoneyMutual! What does it do? It makes applying to several lenders easier by matching you with a loan business that fulfills your needs.

We are sure there are still loads of questions on your mind. You might want to know the types of lenders, the loans they give, and whether you can get it before payday. Who is eligible, and how much you may need to pay? All these questions and more are what we have answered in the MoneyMutual review below.

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MoneyMutual In A Glance

MoneyMutual is a network that connects short-term lenders with borrowers that need a loan in a simple, efficient process. Note that you don’t get a loan directly from this platform. Any review that says otherwise is a scam.

What are the key facts you should know about this online platform? Some of them are;

· You gain access to over 60 different short-term money lenders on the platform. Each has its requirements, terms, and fees.

· Users only need to fill a single application once they meet the site’s requirements of being above 18 years, earning at least 800 a month.

· MoneyMutual helps you apply to several lenders with only one application. You will also see educational resources so that you understand the loans these lenders offer.

· is secure and safe, protected by Norton 256-bit encryption. Users also attest to the ease of use in their review.

· MoneyMutual does not provide any protection once you accept or investigate a loan offer. You have left the site and whatever happens, is between you and the lender.

You should note that this platform doesn’t operate in all states. There are some states in the United States like New York, where payday loans are not legal. You cannot use Money Mutual services in these states.

In 2015, the company paid a fine of $2.1 million for not advertising that their loans do not cover the state of New York. So, you should take note of whether their services are legal in your state.

Now you might know if you can use this online platform or not. You may be interested in digging deeper and finding out the kinds of payday loans and the terms they offer. This information and reviews will help you decide to apply with them.

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A Little History on MoneyMutual

According to the Economic Well-Being of U.S. Households report, four in ten Americans can’t obtain even $400 in an emergency. Most people can barely afford to pay for anything outside of their monthly income fixed expenses. It is from the realization of this gap that began operations in 2010.

When you have a dire financial need and have a low credit score, you usually don’t have the time to apply to all the loan companies before getting one suitable for your needs. The spokesperson of Money Mutual, Montel Williams, says he founded the company to help borrowers connect with short term lenders.

The platform’s primary purpose is to make the application process for short-term loans more accessible and faster. It also provided a secure avenue for people who need a fast cash infusion.

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What Services Does MoneyMutual Offer?

MoneyMutual connects you with various short term loan lenders who offer different types of credit loans. These loans do not usually have the best deal when it comes to interests and terms. However, if you have a bad credit score and need urgent cash, these installment loans might be your best bet.

One way you can afford the complications and debt that these loans can lead you to is to pay back in full as soon as possible. MoneyMutual does not take responsibility for anything that occurs between you and the lender, though.

It’s like what happens on a dating app. You cannot blame the app for anything that happens between you and your date. The same applies to MoneyMutual. All they do is match you with appropriate loan companies.

What kind of bad credit loans can you get, though? We have explained some of them below.

1.    Payday Loans

Payday loans are, as the name implies, loans that you take and pay on your next payday. A payday loan may help tide you over till your next pay. However, you should note that these loans usually have super high-interest rates attached. Your credit score does not matter for this loan, though.

You might also have to allow the lending company to deduce the agreed amount from your checking account. You should, however, be very careful when you take this type of loan. Unless you are sure that you can pay back the borrowed amount in full with interest, you should not consider taking the loan. You can try out others so you won’t bury yourself in a cycle of debt.

2.    Installment Loans

Like payday loans, it is quite apparent how these installment loans work. You can find different types of loans payable over an agreed number of installments on the Money Mutual network. These loans follow a schedule and require a strict payment discipline if you don’t want to fall fast into debt from delayed payment interests. You may also still qualify even if you have a bad credit score. You also avoid the high-interest rates and fees of payday loans with installments, though.

However, ensure you read the fine print of the installment loan carefully. Some lenders would require making interest payments based on the dates you pay. You should have all the facts before you sign up for these loans. Several reviews have complained of missing one detail on the other in the fine print, which required them to pay more than expected. You can have a financial expert look at it for you if you do not understand the terms.

3.   Cash Advances

A cash advance is somewhat like a payday loan. This loan is also a short term with high-interest rates and high fees. The distinct difference between it and a payday loan is the time you can collect it.

Regardless of your credit score, you can collect a cash advance. However, payday loans require that you have some credit. Even when you are at the limit to your credit, you can take out the loan with your card. MoneyMutual has lenders that will give you this loan whenever you need it.

Most of the loans provided by MoneyMutual lenders are regarded as bad credit loans. These loans have low eligibility requirements, though with high interests. Therefore, you can qualify for one despite your bad credit score. However, you should be careful when taking these loans as the higher interest rates can take a toll on your finances.

If you are looking for more long-term loans with lower interest rates, you have to check other customer reviews to know lending firms that give that. MoneyMutual is, however, one of the best platforms for short term loans.

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How to Use Money Mutual?

Before we launch into the technicalities of navigating the short term lending platform, you need to know whether you can use it at all. MoneyMutual does not dictate if a lender eventually lends to you, though. These requirements are simple for you to use the platform.

MoneyMutual requirements are pretty standard. They are;

·        You have to be at least 18 years of age.

·        You must be a resident of the United States.

·        You must have a regular source of income, at least 800 per month. You will have to prove this fact.

·        You also need a valid checking account.

If you can meet these requirements, you may be able to obtain a loan that meets your needs on this matching platform. The valid checking account requirement is to enable lenders to give you the funds you want as soon as possible.  The lender would also be able to withdraw their fees and payment on your credit loan when necessary.

In addition to having a regular income source, MoneyMutual also requires users to make up to $800 per month. You would also need to state the source of this income. It could come from your Social Security, regular salary, pension, and disability benefits.

Note that lending platforms have their criteria to give loans. The loans also differ in terms and quantity. So, make sure you read the fine print and know what you are getting into before you agree to the loan. You may also want to read a review of the lender’s service.

You don’t automatically get the loan because you are eligible to use MoneyMutual. We have provided a step-by-step guide on applying for a loan on the platform.

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Step-by-Step Guide on using MoneyMutual

Making the loan application process as easy as possible is the aim of the MoneyMutual website. You can say that Money Mutual achieved its goal with the application process below.

1. Type your ZIP code in the form on the website.

2. Fill in your name, email, and other means of identification.

3. Add your phone number (only if you want text updates on your application)

4. Write a short explanation of your source of income. You will also have to fill out living details like your house address.

5. Input the amount of your monthly income and attach proof of that income.

6. Choose the bank account you use, the frequency at which you receive your salary, and provide the next two paydays for a payday loan.

7. Enter the name and means of identification of your employer. If you don’t have an employer, you can skip this step.

8. Put in your driver’s license number or state I.D. number and state information.

9. Write your full bank routing number and account number.

10. Submit once you have confirmed that each information you provided is accurate.

You should make sure you have all the information you need, especially your checking account, and pay before applying. You may receive an offer within minutes of applying.

These application steps are not hard once you have all the personal information you need. It is the reason why we write these MoneyMutual reviews so you can prepare ahead.

Note that this loan application process does not result in a loan. MoneyMutual lender network gives you access to the lenders that will provide you with the loan.

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How Long Does MoneyMutual Take?

MoneyMutual starts working on your application once you submit your information. They send your details to their network of potential lenders. You might be lucky to find a lender in as little as 24 hours of submitting your application.

However, it can also take days before you get a lender. This delay might be due to the lender algorithms and human checks that your application goes through. MoneyMutual users have not complained about this process in their review, though.

Once a lender sends you an offer, you can take the loan and meet your needs. Ensure you take the time to read every loan term and condition attached to the loan, though. You may be surprised by the interest rate and other fees that the lender will request from you. Don’t be alarmed, though.

You could collect the loan money within a day after you accept an offer.  The lender might find it easier to send you the funding when you accept during the weekdays other than the weekends.

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How Much Do You Get From Lenders on MoneyMutual?

The MoneyMutual network has over 60 lenders. The loan amount varies based on the lender giving you the loan. However, most of the loans provided are payday or cash advances.

In some states, there is a maximum amount of short term loans obtainable. This restriction would affect the loan amount gotten from lenders.

MoneyMutual can help you get loans as large as $2,500. You can also obtain loans as small as $300 or $500. These limits are quite suitable for short term loans.

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Who Provides the Loans at MoneyMutual?

MoneyMutual is a part of the Online Lenders Alliance. This organization has loan firms that follow all the laws to protect borrowers from fraud and prevent customers’ abuse. This method of finding a lender ensures that you will get a legitimate standard agency, even better than applying directly to one.

However, getting the best of legitimate and safe lenders does not mean the most-friendly loans with the best loan terms and interest rates. A short term loan generally has super high interests and fees.

MoneyMutual vetting system ensures that you don’t get ripped off by a lender, though.  You won’t encounter scams or complicated terms and fees on the platform. Now you know that you will find a legal, reliable lender. Let’s look into the costs and expenses you might encounter in this review.

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MoneyMutual Cost and Fees

Are you ready to find a lender for that short term loan you need? You might be wondering how much you need to pay to use the MoneyMutual platform for this purpose. Well, it is FREE!

Yes, you read that right. You might have supposed that this matching platform would collect some money from you as a fee. However, it is totally free.

MoneyMutual keeps the platform running by charging its network of lending firms a small fee for connecting them to interested borrowers. You are getting ease and access to funds at no extra cost for you as a borrower.

However, there are fees you will have to pay to your lender in addition to the interest rates. This practice is common with payday loan companies. Generally, a fee of $15 gets added to every $100 you borrow.

Other than the service fee, lenders can also charge you for late payment or administration. While this practice is standard, lenders have to provide these fees in writing in the loan offer you get before you take the loan.

Therefore, make sure you read every jot of the contract or offer to know what you are getting into before you get the bill. It would also enable you to choose the right lender for your purposes. You should also ensure you pay your loan back as soon as you have the funds.

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What is MoneyMutual Interest Rates Like?

Most bad credit and payday loans have the highest interest rates. The rate you may receive on this platform depends on the lender, though.

According to MoneyMutual, the average interest rates of their lenders is between 200% and 1300%. Some states limit the interest rate loan companies can put on their loans, though. However, it is not a common practice with other states.

The terms of these types of short term loans may also be very stringent. You can have terms such as;

·        Payday loans and cash advances give terms between two to four weeks.

·        Installment loan terms last between one to six months. It could sometimes go up to a year.

·        Bad credit loans go for a few months to a year.

Now you have seen what MoneyMutual is about and the interest rates of their lenders network. However, there is still more to learn.

You don’t want to rush into using the service without knowing what others who have used the platform have to say. Read our review snippets of other users below!

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While there may be several negative reviews of this platform, you would find that it is due to misunderstanding its purpose. You will also see a few positive reviews of the site.

These are screenshots of what users have to say in their reviews;

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Customer Service at MoneyMutual

MoneyMutual provides customer service for its users. However, you shouldn’t call them for any issues you have with your loan. You would have to resolve these issues with the loan company.

But if you want to talk to someone at Money Mutual concerning any issues you might have, you can contact them on any available channels. We have included some of them below. You would also find the information on their website.

Phone: 844-276-2063

Email: [email protected]

You can also write to them at 8175 S. Las Vegas Blvd, Suite 109-432, Las Vegas NV, 89123. From their reviews, they attend to email messages the day they get it.

While Money Mutual doesn’t list their representative’s business hours on the website, it should be during regular business hours (Pacific Time Zone).

There are several reports of their users getting calls from representatives about loans they have taken or a credit check. You should be careful about calls like this, though.

MoneyMutual is a matching platform, not a lending service. Ensure that you do not release any sensitive information like your social security number or payday to any supposed customer service agent from MoneyMutual.

You should have a full picture of what the MoneyMutual platform does and offers now. So, to the most crucial question, is MoneyMutual for you? We have helped you answer the question.

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Is MoneyMutual For You?

The answer to this question depends primarily on you. Knowing the answer is by weighing the platform’s pros and cons against your needs. We have highlighted what you will love about this platform against what still needs improvement to help you choose this review.

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What You Will Love About MoneyMutual

One of the best things about this platform is the ease of use. You only need to fill one form, and you will receive suitable loan offers from several loan companies. No stressful application process!

Money Mutual makes applying for a bad credit and payday loan a breeze. The website is also a simple, straightforward interface. It is secure, and you won’t have to worry about any information leak.

The best part of all these features is that you get all of it for free. Money Mutual does not charge you any fee for the use of their services. Isn’t that just awesome? Most short-term loans already feel like you are getting scammed, so sparing you an extra fee is nice.

If it is your first time applying for a loan, you will love Money Mutual educational resources. You can learn more about these loan types, avoiding excessive loan fees, and keeping your finances stable.

You will also love that all the lenders you will find on this platform are legitimate and secure. So, you don’t have to worry about getting scammed with the loan offers.

You will love how fast you can do short term lending from MoneyMutual. Applying for a bank or credit union loan can take weeks that might not meet your urgent needs before payday. You can get a loan within a day on MoneyMutual, which is an advantage you don’t want to miss.

Money Mutual knows its onions in this business with the number of pros in its favor. Don’t rush to get started on the site yet! Consider the things you may not like too.

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What You Might Not Like About MoneyMutual

Yes, Money Mutual is doing a lot of good things that you will love. But, there are still areas that they can improve, and until they make those improvements, you might not like these aspects of the platform.

The lack of a direct comparison mechanism is one of the features lacking in this service that you might not like. You need to read each offer you get careful and decide how it holds up against others.

You might not like that once you start the loan process with a lender from MoneyMutual, you are on your own. This platform does not provide any protection to users after the loan process has commenced. You will have to take up any loan-related business directly with the lender.

The last thing you might not like is the kinds of loans you can obtain from MoneyMutual. Payday loans and the likes are not the best when you need good personal loans or debt consolidation.

Overall, MoneyMutual is a platform that does what it advertises. It is now left to you to determine if what it offers is what you need.

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Final Verdict

MoneyMutual is a good matching service for borrowers looking for a short term loan. It is safe, legitimate, and easy to use. You can log in to their website to make use of their services.

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Does MoneyMutual check your credit?

MoneyMutual is not a lending platform, so they do not check your credit score. They may request proofs of regular monthly income before connecting you to a lender. They don’t do a credit check, though.

Can you get a $2500 loan from MoneyMutual?

You can get a bad credit loan of up to $2500 from one of Money Mutual lenders. There are no guarantees of such. However, you would stand a better chance of getting one with this platform.

Do you have to fill in your bank account information on MoneyMutual?

Yes, you will be required to fill in your bank account details for verification by MoneyMutual and the lenders. It also enables them to send your loan and withdraw your pay on agreed dates. You may also have to fill in other personal information.

Is MoneyMutual a scam?

No, Money Mutual is not a scam. While it is quite understandable to be confused about what the service is really about, what they do is legit. They are simply middlemen between borrowers and lenders that do not charge fees.

Terms: Money Mutual Review: A Comprehensive Insight into Everything the Lending Platform Has to Offer

Loan amount Up to $2,500
Loan term Varies
Min. credit score N/A
Funds available in A day or more
Est. APR Varies

Photos: Money Mutual Review: A Comprehensive Insight into Everything the Lending Platform Has to Offer

15 reviews for Money Mutual Review: A Comprehensive Insight into Everything the Lending Platform Has to Offer

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  1. Beverly W

    I used Money Mutual and I am satisfied with their platform and service. They connected me to different lenders so I can choose the best option

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  2. Wayne D

    Money Mutual is free of charge. Everything that you have to pay you pay direct to the lender. However the lenders have very high interest rates

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  3. Danielle R

    Money Mutual is a good platform and very easy to use. You can apply within a minutes, but I waited a week to connect me with a lender. In the meantime I went with other platform and got my money.

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  4. Roy T

    The downfall of the platform is that you can’t make any comparison between the lenders and their fees. This way you don’t know if the terms that the lender offers are good or not.

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  5. Theresa R

    I borrowed $2500 from Money Mutual. I paid almost 8000 at the end of the loan. Awful!

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  6. Ralph S

    Don’t go with Money Mutual. You will go to a bigger debt only. If you don’t have other option be very careful and read the fine prints. Some of the lenders charge too much!

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  7. Sophia R

    Money Mutual is great. It can connect you to the possible lenders free of charge. The platform helped me when I need the money most. They are not responsible for your deal with the lender.

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  8. Randy M

    Instead of applying to multiple lenders I went to the Money Mutual platform. It was recommended to me and it is really a great platform that can connect you to the right lender fast.

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  9. Marie E

    The platform is great and efficient. I was connected to multiple lenders within the hour when submitted my application. The lender’s interest rates are high, but I expected that.

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  10. Eugene D

    My experience with Money Mutual is great. I applied, they found me a lender, everything went smooth and easy. And of course fast. I repaid my loan. If I need their services again I will gladly use them.

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  11. Diana V

    Apart from the high interest rates that I had to pay everything else was perfect. But I expected high interest rates on those types of loans.

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  12. Vincent B

    Their platform is bad. I applied and I never got an answer. When I tried later to log again, I wasn’t able to get to my account. No response from the customer care. Never again.

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  13. Brittany R

    Money Mutual service is free of charge as advertised. Application is fast and it was up to me to choose the lender and the terms and condition that suits me most.

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  14. Russell N

    Money Mutual is only a platform that connects to the lenders. They are not responsible for anything else. Their service is free of charge and it is a good service when you need money fast.

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  15. Natalie E

    I have bad credit score so getting a loan from a bank is not an option for me. Money Mutual was perfect solution because I had an emergency. Thank you for your service. I will recommend it to all my friends.

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