A financial emergency can affect everyone, regardless of their status. Something always seems to demolish your financial budget and put everything into turmoil, no matter how hard you try. Many people are finding it difficult to meet their financial obligations as the cost of living rises and incomes and job rates remain stagnant.
Because financial emergencies do not wait, short-term loans are growing increasingly prevalent. Because switching lenders can be stressful and nerve-racking, we’ve created a better option for you.
Local short-term lenders may be plentiful, but locating them may be difficult. Money Mutual steps in at this point. If you’re looking for a short-term loan, read our Money Mutual review to learn about its benefits and how it works as stated by The Island Now. You’ll be better prepared to apply for a loan of this type if you use the information in this article.
Money Mutual Reviews: Brand Overview
Since its inception, Money Mutual has helped over two million people find a lender they can depend on for emergency expenses, vacations, unanticipated bills, and more. Since they provide loans quickly and at low-interest rates, they’re a favorite among customers. Online Lenders Alliance is a proud member of their firm because they share Money Mutual’s passion for best practices and education in the short-term loan industry.
The company has been in operation for about a decade and has seen rapid expansion in its clientele. They foresaw a decline in the economy as a result of technological change. With the emergence of artificial intelligence and a hectic lifestyle, they realized that consumers needed their services more than before!
MoneyMutual is a trustworthy and risk-free service provider. Members of the Online Lenders Alliance, an organization that ensures that lenders in its network conform to industry standards and do not offer predatory loans, are members.
Money Mutual is a reliable company because of its strict restrictions that prevent lenders and borrowers from abusing their loans. Both parties can defraud one another, but not with this company! Like how your local bank does it, they’re offering ethical services that you can rely on.
- Over 60 lenders can be accessed using this service
- It’s a simple technique to use
- It is common for funds to be made available within a few days
- As a new customer, you will pay nothing for the first year
- It’s completely free, with no catches or gimmicks
- Expenses will not be added to your bill
- Applications from people with poor credit ratings are also accepted
- On the company’s website, there are instructional materials
- A secure platform protects your personal information
- After you sign, there is no guarantee that you will be protected from problems with your loan
- There are some loans and quantities that are not available in every state
Payday lending is rife with dubious businesses. MoneyMutual is a reputable lender with a long history of success. Over 2 million customers have benefited from MoneyMutual’s financial services. As a celebrity, Montel Williams has collaborated with MoneyMutual, and the two companies have a long relationship together. Customers’ experiences with MoneyMutual have been documented on social media. It’s common knowledge that MoneyMutual has helped many consumers secure short-term loans. Lenders and borrowers can find one other in an open and honest marketplace.
Customers also like the transparency of the loan system and lending rates, which makes it easier for borrowers to compare the best offers from different lenders. Television ads are a primary source of information for most customers. They also have the best customer service, which is unusual for a payday loan provider. Some negative evaluations of the company have been negative because of third-party lenders’ insufficient services, such as exorbitant fees and interest rates.
How Does Money Mutual work?
When you first sign up for an account with Money Mutual, you’ll see a screen that lets you compare the various terms provided by various lenders. Afterward, you’ll be transferred to a lender’s website for verification.
Lenders already have a predefined strategy in place when it comes to terms such as interest rates and repayment durations. Before sending the money, they will also call you to double-check your details and bank account.
All fees involved with the procedure must be disclosed to you, the client, as they are governed and compelled by law. All the disclaimers must also be given to you before the transaction can be completed.
The following is what takes place in the Money Mutual platform’s backend:
You’ll need to enter your personal information into the platform’s numerous credit institutions for verification purposes. The lenders will then present you with loan offers and terms they believe are acceptable for your situation based on your profile. The money will be transferred into your account within 24 hours after choosing which offer is suitable for you.
Services Offered By MoneyMutual
MoneyMutual connects you to various loan providers, each of whom offers a variety of lending options. It’s also worth noting that interest rates on these loans aren’t the best around. However, these loans can come in helpful, for example, when it comes to paying bills or stocking up on food before payday. You have to decide which sort of loan is most suited to your situation.
It’s important to note that most lenders do not do a credit check on you. As a result, the interest rates on the specific loan are a bit on the low side. As previously said, prices are frequently quite exorbitant. If your credit score is poor, you’ll get a better deal from organizations that don’t check your score.
However, a soft credit draw may be performed on you by some businesses. If you maintain a good credit rating, lenders will offer you cheaper interest rates on loans. However, if your score falls outside of the allowed levels (often below 600), you may find that employers are unwilling to entertain your application.
- Payday loans
One of the most prevalent loans offered by these lenders is a payday loan. Payday loans must be repaid with your next salary if you receive one. As a result, most lenders demand a specific date for the upcoming payday.
The ability to avoid late fees on other bills is a compelling motivation to use this loan. Pay attention to the APR because this is usually a costly method of borrowing money. Nevertheless, if you play your cards well and pay off the loan on your next salary, you can break the debt cycle. As a result of the short repayment period, payday loans only provide a small sum (a few hundred dollars).
- Installment loans
You might think of an installment loan as a payday loan paid overtime. Installment loans typically have cheaper interest rates than other types of borrowing. However, you must exercise self-control to make your scheduled payment on time. If you miss the due date, you may be charged additional fees. On the other hand, some lenders grant their customers a grace period during which they do not charge them.
These loans might run anything from three months to a year. You may normally give more money on these loans because they are paid back over a longer time. You can use this form of loan, for example, to buy a car. Installment loans have a maximum loan amount of $5,000.
- Bad credit loan
Both of the loans mentioned above are bad credit installment loans. This is an excellent option if you’ve been denied a bank loan. The interest rates may climb in the lower eligible alternatives. Due to various other factors being taken into consideration, this is not always the case. When applying for a loan, MoneyMutual requires this information.
- Cash advance
Payday loans are a common comparison for a cash advance. You can still get a loan from them even if you have bad credit on your credit card. If you’re wondering what your bank account’s credit limit means, look at this alternative explanation.
You can connect with lenders who offer cash advances using MoneyMutual’s services. The interest rates are far higher than they are for the rest of the population. If you need to pay for something that isn’t tied to your credit card, they could be a good option.
What’s The Difference Between Payday Loans And Installment Loans For Bad Credit?
You should avoid payday loans because they typically have a short repayment period. To ensure that customers pay back their loans as quickly as possible, payday lenders often demand greater fees.
Because of their more flexible payback schedules, lower interest rates, and fewer restrictions, installment loans are an excellent solution for most people who need short-term financial assistance. Instead of payday loans, we recommend taking out installment loans.
- Eligibility criteria
A few requirements set forth by MoneyMutual must be met to be approved for a loan. Lenders, on the other hand, have additional requirements for their service. Therefore it’s not a rule that lenders would respond with an offer. However, if you meet the requirements set forth by MoneyMutual, you are more than likely to receive an offer.
To begin with, to be eligible for a loan of any kind, you must be a resident of the United States and at least 18 years old. In addition, you must show confirmation of a regular source of income to them. It’s also necessary that you have an active bank account so that your lender may transfer the money to you.
The source of income must meet certain conditions. If you make less than $800 a month, you can’t get a loan. Financial resources must be identified, regardless of obtaining them (e.g., through regular work, pension, social security, or disability benefits).
You may need to supply the name and phone number of the person who will be responsible for your income to some lenders (employer or institution that provides you the money). To get a loan, you’ll need to give this information. Although MoneyMutual does not need to contact the employer, a potential lender’s method may include doing so.
Why Opt For Money Mutual?
One form for multiple loaners
As a result, you may have found yourself in a predicament where you are compelled to apply for loans from many different institutions. In other words, you have no notion who can provide you with the best deal on loan. By completing a single form, Money Mutual can track down and compare all relevant data for numerous companies.
The companies decide after they have examined your condition. Filling out a single form and having it compared to the offers of several businesses saves you time while also providing superior results. In this way, Money Mutual is both fair and helpful.
Easy & quick applying
On Money Mutual’s official website, you can apply quickly and easily. The whole site is simple and safe, so anyone may use it without putting their bank account at risk. If you apply for a loan the old-fashioned manner, you’ll have to wait weeks or months before finding out if you’ve been approved. It takes just a few days to get approved on this platform.
Approves loans for bad credit
People with poor credit scores can now get a loan from Money Mutual more easily than ever before. You don’t have to provide your credit score to the lender to get a loan. Borrowers with poor credit can benefit greatly from this feature.
No extra fees for the service
The most significant benefit of Money Mutual is the absence of service costs. Since people with poor credit or payday loans are more likely to be charged additional fees, this is an excellent gesture. When a corporation charges an additional fee for a service, many customers believe they are being taken advantage of.
Drawbacks Of MoneyMutual
Although MoneyMutual is well-known for its competitiveness and affordability, we believe that it might benefit its customers more if it allowed them to compare multiple loan offers on a single screen. It would be a fantastic benefit to the end-users. We’d like to see this implemented by the company. You may want to think about implementing it to save time and avoid complicated calculations.
We must figure out what the maximum yearly percentage rate is. We believe it’s time to set an industry standard and enable other businesses to follow suit by imposing a cap on how much creditors can charge.
- Costs and fees of MoneyMutual’s services
Using MoneyMutual’s service is free. If you thought you’d have to pay, you’re mistaken. To obtain a loan, there is no fee. Nevertheless, the small fees this business charges to the lenders allow it to stay in business.
It doesn’t look like you’ll save much money because you indirectly pay for MoneyMutual’s services. You’ll pay a fee based on that amount if you borrow money. They charge 15% of the whole loan amount, as an example. You will be required to pay lending businesses a fee of $150 for a $1,000 loan.
As a result, the total cost is fairly substantial. Despite the lenders’ stated interest rate, you should be prepared to pay additional fees. An annual percentage rate, or APR, can represent the three values (interest rate, lender costs, and middleman fees).
- Interest rate
The lender charges for the lending service in terms of interest called a “rate.” If you’re a borrower, you’ll want to look for the lowest interest rate possible. Most banks provide personal loan rates of up to 25%, depending on a person’s credit rating. On the other hand, online lenders can increase that percentage to 36%. The amount is a cap in many places, and loans cannot have interest rates higher than that.
- Annual percentage rate
The APR (annual percentage rate) is more complicated than the interest rate. Depending on the lender and MoneyMutual’s expenses, it may be more expensive than the interest rate charged by the bank. First, multiply the loan amount by the interest rate, dividing that result by the administrative expenses. The next step is to multiply the result by 365, equal to the number of days remaining on the loan period. APR is an annual rate. Therefore you have to divide it by 12 to get the total. Once you have the final value, multiply it by 100 to convert it to a percentage.
The annual percentage rate (APR) on a typical payday loan is 400 percent. When compared to the APRs on credit cards, that’s a lot. Many governments have a percentage rate cap to prohibit lenders from raising these figures.
Factors We Considered While Choose Money Mutual As One Of The Best Online Lenders
Factors We Considered While Choose Money Mutual As One Of The Best Online Lenders-IMAGE
When you use MoneyMutual’s services, the entire loan application and approval process is a breeze. They serve as an intermediary between you and various lenders who can provide you with a loan. Performing this service on your own is an excellent option. Individually submitting more than 60 inquiries to lenders is impossible.
- Easy to use
What’s the point of sending so many emails? On the other hand, your circumstances can change depending on a variety of things. Lenders typically don’t offer the best interest rates, so you’ll need to research to find the ideal one for you. With so many options to pick from, you won’t have to put in any effort to find the best deal.
- Free of charge
Another major factor in our decision to use this platform was that it is completely free. The potential of a scam is also a concern for many people. However, this is not the case with MoneyMutual’s lending network.
To get a loan, you first need to educate yourself on the process. If you visit their website, you’ll find a wealth of information regarding their loans, fees, and other terms. Many unscrupulous lenders are out there, and they want to educate people about the dangers of taking out a loan from them. There has been an increase in loan companies in recent years due to a lack of funds for many people.
Scams are possible when you try to borrow money from a company you don’t know. You’ll be able to see the signs if you pay attention to the directions they provide you. Your loan cannot be funded until the lender receives an advance payment from you. These firms aren’t on MoneyMutual’s list of approved lending institutions.
The Online Lenders Alliance also prohibits MoneyMutual from working with lenders who are eager to defraud customers. With 256-bit encryption as a backstop, their safety is a top priority. This group keeps tabs on questionable lenders and alerts its members when one is found. As of this writing, they’ve had more than 2,000,000 satisfied consumers.
How Can MoneyMutual Improve Its Services
There are a slew of companies that MoneyMutual’s platform can compete with. However, even with one of the world’s most renowned corporations, certain drawbacks exist. Even though we believe that this platform is extremely beneficial to both borrowers and lenders, we will discuss them.
You’re taken to the lender’s side first when you take out a loan. As a result, the assistance provided by MoneyMutual will come to an end. However, since the corporation is an intermediary, it can’t do anything. They did what they could and enlisted the help of one of the most trustworthy lenders.
As soon as you register or submit personal information to the website, you agree to allow them to share that information with third parties. This means that to find a loan, you may receive phone calls and emails from various financial institutions. You can always unsubscribe from this service if you don’t like it. On their website, you can find instructions on unsubscribing from all of their mailing lists.
Borrow Upto $5000 With Money Mutual
MoneyMutual connects you with internet lenders that can lend you up to $5,000. It is, however, constrained by the laws of each state, which differ greatly. You should check your state’s legislation before applying for a loan with MoneyMutual.
Which lender offers the best price is entirely up to you. Make a list of potential lenders and visit each one to find out their lowest rate. Another option is to compare numerous payday lenders at once using the online loan finder.
You will be grateful for your decision when you compare how much you spend on monthly expenses with how much you could have saved if you had asked for a higher-priced loan, despite the many reasons lenders do not offer the maximum amount feasible.
Who Is Eligible to Get A Bad Credit Loan From Money Mutual?
Some lenders aren’t subject to Money Mutual’s strict guidelines, but the company has its requirements. The following are the primary eligibility requirements:
- You must be at least eighteen years of age to participate.
- You must be a legal resident of the United States and a US citizen.
- You must have a regular monthly revenue source.
- You must have an active bank account to participate.
To get at least a couple of loan offers from the network, you must meet these requirements. You must have a bank account to get a payday loan or cash advance because the money should be deposited right away. That way, the lender will be able to take their money out of their account on payday.
Does Money Mutual Work For Free?
Because the lending companies are paid for their work, this service may be free. You’re paying them in advance even though technically there is no cost going to Money Mutual. Depending on your credit score, the annual percentage rate (APR) is the amount of money you will have to pay back on your loan.
Because there is no conventional range like 24 percent, a person with a poor credit score may be eligible for an offer of 5 percent a year, resulting in higher expenses. Check both sides before agreeing to an APR above this range from lenders. Before committing to this service, reading the fine print is always a good idea. Don’t approach terms if they don’t fit your definition of acceptable.
Extra Facts About Money Mutual
You can use Money Mutual to connect borrowers and lenders for free. Neither Money Mutual nor its affiliates are involved in the loan-making process. When the company saw that four out of five Americans couldn’t come up with $400 in an emergency, they decided to come up with a solution to this problem.
Its mission is to provide people with a resource to help them find answers to the financial challenges that life throws at them and promote best practices and education in short-term lending.
In 2010, they spotted a gap in the market and set out to fill it. Most Americans rely on loans each month to deal with the challenges that life throws at them, but selecting the correct lender may be time-consuming, complicated, and even stressful.
Therefore, Money Mutual developed its online marketplace, which gives lenders easy, rapid, and safe access. Money Mutual’s online marketplace. Having a single location where you can fill out a secure form and perhaps find a lender is a huge benefit.
Conclusion: Get Bad Credit Loans With Guaranteed Approval By Money Mutual In 2022
According to a 2017 study on the financial well-being of American households, four out of ten Americans could not come up with $400 in an emergency. Many people are in terrible situations, and dealing with unexpected debts may be quite stressful. If you need a loan for a modest bit of money and need it immediately, you should use an online lending business.
We hope our Money Mutual review has helped you better understand the loans and why you should use them. Pay attention to one piece of advice we’ll provide you: avoid becoming caught in a debt cycle and pay back what you can in the most effective way possible.