MoneyMutual: Services Offered by Money Mutual Review 2021

MoneyMutual is a website that offers lending services to those interested in payday cash advances, car equity loans, or other forms of short-term installment loans.

How does MoneyMutual Work?

MoneyMutual is a short-term loan connection service that has help more than two million borrowers find lenders that fit their needs. Rather than receive your loan directly through MoneyMutual, you’ll fill out a form. This is then used to connect you with a lender in MoneyMutual’s network.

But don’t be surprised if you don’t receive a loan of $2,500. Lenders generally won’t approve first-time borrowers for such a large amount. Instead, it’s more common to receive a payday or installment loan for $1,000 or less.

Using MoneyMutual can prevent time — you won’t got to research lenders or compare multiple options on your own. And as long as you make $800 a month and have an open checking account, you may be eligible for a loan.

This service is not available in New York or to New York borrowers thanks to the rate of interest under New York law.

What are the Services Offered by Money Mutual?

Short-term loans like cash advances and payday loans may seem dicey because you only find them at check-cashing stores and pawn shops instead of at more traditional financial institutions like banks and credit unions.

But Money Mutual’s online process now makes finding a short-term loan much safer, faster, and more private.

There’s no waiting around in a line, no complicated paperwork to fill out, and best of all, you can do it right from your favorite chair in your house instead of taking time off work.

Read: Installment Loans for Bad Credit 2020: Compared to Payday Loans

Let’s talk about the three loan options offered by Money Mutual:

Payday Loans

The king of short term loans, payday loans are the most common short term loan because:

• They’re easy to qualify for
• The application process is a breeze
• You can have funds as soon as the next business day

Taking out a payday loan may save you more money than letting a bill go to collections, getting charged multiple late fees, or paying the penalties for bouncing a check

While you’ll be given the full amount of your loan upfront, it will usually need to be paid off when you receive your next paycheck (hence the name payday).

In exchange for your loan amount, you’ll authorize your lending company to electronically withdraw a payment from your bank account on payday when you have funds deposited.

Payday loans may be the better option when faced with reconnecting fees and hits on your credit score, but this convenience doesn’t come cheap.

Sky-high interest rates and steep finance charges mean it’s one of the most expensive ways to borrow cash.

And it can lead to a never-ending cycle of debt if you don’t immediately pay them off and borrow responsibly.

The term payday loan and cash advance are sometimes interchangeable so let’s discuss that next.

Cash Advance

You’ll pay a higher interest rate on this cash advance amount (24% APR on average) and a fee for using the service.

Money Mutual’s wide lending network includes providers that offer similar cash advances.

Depending on the loan originator you choose, you may be expected to pay back your cash advance with your next paycheck or qualify for an installment plan which will allow you to pay off the cash advanced to you over a extended period of your time .

Just confine mind that the longer your loan term (or the quantity you’ve got to pay off your loan), the more you pay in total interest charges.

Bad Credit Loans

When your credit is a smaller amount than perfect, it are often almost impossible to qualify for a loan from a standard financial organization.

But Money Mutual’s lending network is there for people with bad credit when they need to borrow money in an emergency. Money Mutual doesn’t check your credit score before matching you with lenders.

Additionally, several lenders within the Money Mutual network will take proof of your monthly income rather than checking your credit score to approve you for a loan.

This is uplifting news for anyone struggling with a low or bad credit score, especially if you’ve been denied a loan in the past due to this one number.

Is it safe to use MoneyMutual?

Yes. MoneyMutual’s website is secured by 256-bit encryption and is scan daily for intrusions into its system.  This means your personal information are going to be protected as you’re entering it on the MoneyMutual’s site.

However, if you’re connected with a lender and redirected to a new website, you should ensure it’s similarly secured. A lock in the address bar of your browser is the first hint. But all legit lenders should have a section in their FAQs regarding the safety of its website.

But because MoneyMutual may be a connection service, your personal information could also be shared, rented or sold to 3rd parties as a part of the connection process.

This isn’t uncommon, but it is something that can make some borrowers wary.

If you aren’t comfortable with this type of activity, you may want to consider a direct lender instead.

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