Loan Details
Our Review
Customer Service:
Credit Reporting:
Company Reputation:
Fees & Interest:
MoneyKey is one of the less sneaky lenders out there so they are pretty close to offering the best installment loans. They are very upfront with all fees and repayment amounts. They also boast a 6 month loan term, which can be helpful to have manageable payment sizes.
However, they do have a very large APR for their loan sizes. A $500 loan from MoneyKey can end up costing you $1687.66 if paid in biweekly payments for six months. So while they offer short term loans for bad credit, it can actually end up being a huge burden.
What We Like
- Upfront and Transparent
- Easy Online Process
- Responsible Lender
From MoneyKey's website: This loan is an expensive form of credit and is not intended to meet long-term financial needs. MoneyKey urges you to use this product responsibly.
What We Don't Like
At the end of the day, the APR is really all that matters for a responsible borrower, and this one can really rack up a big bill.
The length of the loans is longer, but that gives more time for interest to accrue. Be prepared to pay back more than twice what you took out- this is a good example of how short term loans for bad credit can be upfront but still costly.
How to Apply
Just go to their website. Be sure to read all the fine print!