Money Mutual reviews: Best bad credit loans marketplace for payday loans approval (2022)

8:41 AM, Jun 28, 2022

As life is very hectic and unpredictable, emergency expenses often occur. Unfortunately, many people are having financial struggles daily and can’t afford to make necessary purchases. In that situation, taking a loan is a good option. However, if your credit score is not ideal, obtaining a loan from a financial institution is not an easy task. Searching for a reliable lender, waiting to submit paperwork, and waiting to receive the loan can be equally exhausting and stressful.

Luckily, some companies understand such struggles and match the borrowers with potential lenders who can give them loan offers despite their credit scores, and one of them is MoneyMutual. In this MoneyMutual review, we will talk about the services this well-known company offers and how you can apply for and obtain a short term loan in a short period of time.

Brand Overview: MoneyMutual Leading Payday Loans Company

MoneyMutual was established in 2010 after the founders recognized the need to provide those in need of bad credit loans with financial assistance, so they were able to face the challenges that life throws at them. The company understands how confusing, stressful, challenging and time-consuming the process of applying for and obtaining a loan can be, so they wanted to provide a quick and easy way of getting a loan.

MoneyMutual is not a direct lender, meaning that the company doesn’t give you a loan after you apply. Instead, it works as an online marketplace where borrowers get matched with potential lenders who can provide them with a loan offer based on their financial situation. The borrowers don’t need to go from one place to another but can fill out an online form and find a potential lender in a short period of time in one place.

This company has an extensive range of lenders willing to provide loan offers for borrowers with different credit scores. Once you send an application, MoneyMutual works as a middleman and connects you with more than 60 potential lenders who review your situation and decide whether they would like to offer you a loan.

MoneyMutual’s history

The Las Vegas-based company has provided financial services to more than 2 million people. They are available in all states within the US, except for New York. MoneyMutual has an excellent reputation in the loan industry, and the company is a member of the Online Lenders Alliance, which is a well-known organization dedicated to promoting the best practices in the loan industry. The company’s spokesperson Montel Williams has also inspired millions to live better lives and make better financial decisions.

Pros and Cons: Money Mutual Bad Credit Loan Services


  • The company has been successfully in the business for years
  • MoneyMutual has helped millions of people overcome financial hardships 
  • The application process on MoneyMutual is simple and quick 
  • Once you send an application, you can get matched with borrowers within minutes
  • The company matches you with multiple potential lenders based on the data you give 
  • The loan services on MoneyMutual are free of cost
  • There are no hidden or upfront costs when you apply for a loan on MoneyMutual 
  • The lenders can provide loan offers for people with both good and bad credit scores
  • On MoneyMutual, you can apply for different types of personal loans 
  • After you accept a loan offer, the funds are mainly transferred within 24 hours
  • MoneyMutual’s lenders provide loans with reasonable terms
  • The repayment terms for the loans are often very flexible 
  • The company’s website is user-friendly and very informative 
  • The loan process on MoneyMutual is safe and secure 


  • MoneyMutual’s loan services are not available in all states in the US
  • After you get matched with a lender, the company is no longer responsible 
  • The borrowers don’t have an opportunity to compare loan terms before applying 

=> Click here to visit the official website “MoneyMutual”

Who Should Apply For A Loan On MoneyMutual?

MoneyMutual is a company that understands a large percentage of the population within the US need financial assistance at some point in their life. For that reason, the company is dedicated to providing loan services for those in need, regardless of their credit score. Even though the requirements for obtaining a loan vary from one lender to another, the company does have some eligibility criteria that you need to meet.

Eligibility requirements

To be able to get a loan from MoneyMutual, you need to be at least 18 years old and a citizen or permanent resident of the US. One of the requirements of MoneyMutual for taking a loan is a regular source of income. As a borrower, you need to have at least $800 of income each month and specify the source of the income as well as provide proof.

Additionally, you are required to have a valid checking account in your name so that the lender can transfer your money directly into your bank account upon loan agreement. However, it is significant to mention that even if you meet all of these requirements, you are not guaranteed a loan offer. Still, meeting all of these criteria significantly improves your chances of getting a loan offer from MoneyMutual’s network of lenders.

How Do MoneyMutual’s Loan Services Work?

Now that we have given some vital details about the company in our MoneyMutual review, we can proceed to talk about the process of obtaining a loan from the lenders. If you have decided to apply for a loan from MoneyMutual’s lenders, you can do so by filling out an application form that you can find on the company’s official site.

The application is simple to understand and can take you only a couple of minutes to complete. Another good thing is that the whole process is implemented online, so you don’t need to go from one office to another every day.

Application process

To complete the online application form, you will need to select the loan amount that you would like to get and provide some personal and financial information. All borrowers are required to provide a zip code, name, email, and other identifying information, as well as a phone number to receive text updates.

In addition, you will need to enter your address and give additional details about your living situation. You are also required to provide the amount of regular monthly income you receive along with proof.

Then, you will be asked to select a bank account and give details about your employment situation and information about your employer. Furthermore, it is necessary to provide documents of identification, driver’s license number, and state information, along with a bank routing number and account number.

Approval process

In the same way as the application process, the loan approval process on MoneyMutual is quick and should take only a couple of minutes. This is very important, as waiting for days to get funds can be very stressful, especially if you need to cover emergency expenses. After you submit the application form, the lenders review your information and determine whether they would like to give you a loan offer.

Each lender has its requirements that you need to meet to get a loan. Once you receive a loan offer, you will be redirected to the lender’s page, where you complete a form and review the loan terms and conditions. Having said that, it is of utmost importance to review the loan terms and conditions very carefully as they contain essential information such as the total loan amount, repayment dates and amounts, interest rates, and other loan costs.

After thoroughly examining the loan terms and conditions, you can decide whether you would like to accept the offer and finalize the loan process. Most of the time, the lenders transfer the funds directly into the borrower's bank account within only 24 hours after the loan agreement is made.

How Much Money Can You Get When You Apply For A Bad Credit Loan?

MoneyMutual enables borrowers to apply for a loan starting from $200 to up to $5,000. However, the amount of money you can receive is determined by several factors, including your credit rating. Also, some states in the US have a maximum limit that you can get when it comes to getting a payday or a short-term loan. Therefore, it is necessary to get familiar with the laws in your state before you send an application form for any type of loan.

Services Offered by MoneyMutual

As we have already mentioned in this MoneyMutual review, the company specializes in connecting borrowers with a list of lenders who can provide them with a loan offer. MoneyMutual gives borrowers access to several types of loans they can apply for. Let’s have a look at the types of payday loans you can get from applying for a loan on MoneyMutual and what they offer.

Installment loans

Installment loans are very popular among lenders. For this type of loan, you will need to pay back a set number of payments that are previously determined. Installment loans are ideal for those who want to avoid high fees and interest rates that often come with other types of loans.

However, you need to be familiar with all the loan terms and conditions before you accept a loan offer, as if you make late payments, the fees that you will need to pay can increase. What is more, installment loans often come with flexible repayment terms of 3-12 months, and since they take longer to repay them, the borrowers can request more funds.

Payday loans

Payday loans are one of the most common short term loans that borrowers apply for. As the name of the loans suggests, they are intended to provide the borrowers with short-term cash so they can make it to the next payday. They are suitable for those who need to buy groceries or pay their bills until the next payday comes.

It is important to mention that these types of instant loans need to be repaid on the next paycheck, and they often come with high-interest rates. Additionally, they come in smaller amounts of money, so if you need a higher loan amount, this type of loan might not be suitable for you.

According to MoneyMutual themselves, the average interest rates for their lenders' bad credit and payday loans hover between 200% and 1300%.

Bad credit loans

Bad credit loans, as their name suggests, are intended for those who require a loan but whose credit score is not ideal. Unfortunately, getting a loan from a financial institution when your credit score is less than stellar is very challenging.

Luckily, companies such as MoneyMutual have a broad network of lenders that provide loan offers for borrowers even if their credit score is bad. For this type of loan, the lender looks at other requirements such as income, employment history, balance and others rather than the credit score to determine whether to present you with an offer. With that being said, as the eligibility requirements are lower, the interest rates for this type of loan may also get high.

Cash advances

Cash advances are a good option for those who need to make payments in cash. Cash advances are often associated with same day payday loans.

However, the difference between them is that cash advances are a way of borrowing money when there is a certain credit on the borrower’s credit card. For this type of loan, MoneyMutual connects you with lenders who provide only cash advances. Often, you can take a cash advance with a credit or a debit card, even if you are at a credit limit.

Interest Rates and APRs

The interest rates for a loan from MoneyMutual vary from one lender to another and the type of loan that you get. Payday loans and cash advances often come with higher interest rates compared to bad credit loans and installment loans.

The general average rate for bad credit and payday loans from MoneyMutual’s lenders varies from 200% to 1300%. It is recommended for the borrowers to seek the lowest interest rates when it comes to getting a loan. Some states also have laws that limit the interest rates and refrain them from getting too high to protect the borrowers, but they often come with specific terms.

When it comes to the APR, it is a higher number in comparison with the interest rate and depends on the money-lending platform and the lender’s fees. Moreover, the annual percentage rate that you will need to pay also depends on your credit score. An average payday loan comes with a 400% APR, but generally, the APRs for payday and bad credit loans range between 200% to 1300%.

Fees, costs and loan terms

MoneyMutual’s clients are free of any fees when it comes to getting financial assistance from this company. The company doesn’t charge for connecting you with potential lenders, but the lenders do charge fees which are significant to be aware of before accepting a loan offer. This is convenient for many borrowers as they don’t have to worry about paying additional expenses while they are dealing with financial hardships.

The lenders can charge late, repayment, or administration fees along with some other additional costs. For this reason, it is essential to carefully read all of the loan terms and conditions of the loan before accepting the offer from the lender to avoid accepting an offer that is not affordable for you and spending much more money than intended.

On top of that, borrowers who make late payments can also encounter penalties, which is important to avoid if you are dealing with financial difficulties. The repayment terms for a loan from MoneyMutual are often flexible but depend on the amount of loan that you get and your credit score, as well as depend on the lender.

More details about MoneyMutual

For many people obtaining a loan and making payments on time is a way to gradually improve their credit score. However, MoneyMutual is not a direct lender and, during the approval process, takes into consideration the monthly income rather than your credit score.

The company has excellent customer service -ready to help with any issue or inquiry the clients might have. Even though MoneyMutual is no longer responsible after you connect with a lender, the company does have strict policies that all of the lenders need to adhere to, so you don’t need to worry about your information being stolen or compromised. As the whole loan process is done online, the borrowers can apply for a loan at a time that is convenient for them from the comfort of their own homes.

This might be an expensive way to borrow money, so make sure that you'll always have money to pay them off the next day.

What Can You Use the Loans Platform from MoneyMutual For?

MoneyMutual connects borrowers with a wide range of lenders who provide loan offers to those in need of funds. Based on the type of loan that you would like to obtain, the lenders can provide you with funds to cover emergency expenses, pay medical or unexpected bills, purchase gas, groceries, or other essentials.

Additionally, installment loans can be used to pay for special occasions such as holidays, weddings, traveling, repairing cars or remodeling homes, and many other reasons. The no credit loans approved by MoneyMutual’s lenders can be used for a variety of reasons, with a couple of exceptions.

However, if you are unsure whether you can use the loan for a specific reason, we recommend contacting the company for more information. MoneyMutual also gives you freedom, meaning that you are not obliged to accept a loan offer if it is not suitable for you.

MoneyMutual’s Website

When requesting a loan online, it is significant for the borrowers to be able to do that effortlessly. Therefore, the company has a very user-friendly website that allows the MoneyMutual’s clients to easily find what they are looking for. Once you visit their site, you will easily find the application form along with details about the company. MoneyMutual’s site is very informative, so you can find information about each type of loan that you can get from MoneyMutual’s lenders.

Many people avoid applying for a loan online as they don’t feel safe providing personal and financial information. However, MoneyMutual values their client’s experience and they implement safety measures to protect their client’s data.

All of the processes on MoneyMutual are secured by 256-bit encryption, while the operators enforce daily scans to prevent malware and prevent the information from being provided to hackers and other malicious third parties. Moreover, the security software of MoneyMutual is protected by Norton, which is a well-known and well-reputed antivirus company.

Why Choose MoneyMutual When You Are In Need Of Bad Credit Loan Approval?

Nowadays, applying for a loan online has never been easier, thankfully, for companies such as MoneyMutual. The application and the approval process on MoneyMutual are very quick, so you don’t have to search for a reliable lender or wait to get accepted for a loan by a financial institution. The site is secured, meaning that all of the information you provide is protected.

One of the biggest advantages of MoneyMutual is that the company doesn’t charge any fees for its services which is very significant for all borrowers who are looking for a way to overcome financial struggles. The borrowers who meet the eligibility criteria have high chances of obtaining a loan from MoneyMutual’s lenders, even if their credit score is less than ideal.

The company also provides educational material that can be very useful for all borrowers, especially for those who are applying for a loan for the first time. You can read information related to any type of loan the company provides, as well as how to avoid getting scammed and tips you need to be mindful of to avoid predatory loans.

You should also be aware that many payday loan companies charge small fees based on how much you borrow.

Additional information

The company is very transparent about the financial services it provides, so there is no hidden cost when applying for a loan. MoneyMutual partners with a professional network of lenders who provide reasonable loan terms for the borrowers, despite their credit rating. Another great thing about MoneyMutual is the fast loan process.

When you apply for a loan in a traditional way you may need to wait for days and not receive the service you require; MoneyMutual approves bad credit cash loans in a matter of minutes; it matches them with potential lenders, and when a loan agreement is reached, they can transfer the funds in just 24 hours.

Where can MoneyMutual improve?

MoneyMutual doesn’t have a lot of drawbacks, which speaks volumes about the services they provide. However, there are certain things where this company can significantly improve. MoneyMutual doesn’t allow the borrowers to compare loan offers before they apply for a loan, but it does connect you with suitable lenders who provide loan offers based on the information you have provided in your application.

Also, after the company matches you with a lender, it is no longer responsible for the issues that appear with the loan. For that reason, it is important to read all loan terms and conditions before you make a loan offer to make sure that you are familiar with the whole loan amount, the fees, interest rates, and other costs before you agree to any offer.

What Do Clients Say About MoneyMutual?

In this MoneyMutual review, it is necessary to mention the reviews from MoneyMutual’s clients. We were able to find numerous positive comments stating how this company has helped them during difficult times in their life. Some borrowers stated they were able to get approved and receive an emergency loan shortly after they made a loan offer agreement when they were rejected for a loan offer from a financial institution.

We found positive feedback about the quick and simple application process as well as the quick funds transfer and the security measures that the company implements. Many clients have also stated they were very satisfied with the loan terms provided by the MoneyMutual’s lenders, while others were impressed with the free-of-cost service and the fast loan process. Many borrowers also like that the whole process is done online, which has saved them a lot of time and money.

Money Mutual Review: Is It A Good Bad Credit Loans Option?

Given all of these points into consideration, we can conclude that MoneyMutual is an excellent option for those looking for a loan with reasonable terms. The company has been in the business for years and has successfully provided loan services to numerous clients. It provides a quick and convenient way of connecting borrowers with different credit scores with lenders who can provide them with a loan offer.

Suppose you worry that you won’t receive a loan offer because of your credit score. In that case, you can still apply for one on MoneyMutual, as the company is dedicated to providing financial assistance for everyone, regardless of their credit score. After you make a loan agreement with a lender, the process is finalized, and the funds can be transferred into your account in just 24 hours.

We hope this article will guide you through the whole loan process and give you all the necessary details about what the MoneyMutual platform offers. If you are looking for a way to cover emergency expenses or make significant purchases, then a loan product by MoneyMutual might be the best option for you.

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