Online Loans

The Benefits of an Online Loan

While there are a number of different types of online loans suitable for different purposes, and your experiences with different financial institutions may vary, there are a few general benefits that you may experience.

Convenience

When you apply for a traditional loan from a storefront lender, you’ll generally need to go down to a branch during open hours. Between work, errands, and all of your other responsibilities, finding the time to visit a storefront lender during the day can be tricky. Online loans remove much of the inconvenience of this process.

Generally, the entire application process is done online or, in part, over the phone. This means that you can fill in the application, get approved, and sign your loan agreement without needing to visit a physical location. It also means that in many cases, you can start the online loan application process any day or hour of the week. When you’re looking for money to help you deal with an emergency that just can’t wait, the quick nature of the online application process may be just what you need.

Qualification

While an online lender may still check your credit score, other factors may be considered as well. These could be things like your income and more.

To qualify for an online loan through MoneyKey, you must:

• Be of legal age to contract in your state of residence
• Be a US citizen or permanent resident
• Be a resident in the state where the product is offered
• Have an active bank account
• Have a regular source of income
• Have a valid contact number and an active email address

Easy to Compare Potential Options

When you’re in need of a loan, you’re going to want to know what your options are before you submit any applications. With online loans, this process can be simple. You can research online loans available in your state, review their rates, and compare your different options.

In general, the main focus of an online lender is to make the borrowing process as simple as possible. They generally offer a quicker application process than you’d find with a traditional storefront lender, you can get approved quickly, and get your money in as soon as the next business day in some cases.

Applying for an Online Loan

When you’re thinking of applying for an online loan, there are some questions you should be asking yourself before you start the process. Below are some basic questions to start with.

Why do I need this online loan?

Before you even think of applying for an online loan, you should always start by asking yourself why you need it in the first place. While it may be tempting to apply for some extra cash to make some cosmetic upgrades to your bathroom or to take that vacation you’ve always wanted, short-term online loans are not meant for these purposes. They’re strictly designed to help you when you’re facing an emergency expense that you don’t have the savings to cover, but needs to be dealt with right away. This could include things like an unexpected car repair, a surprise visit to the emergency room, or an essential household repair.

What is my credit score?

Many lenders may look at factors other than your credit score to assess you as a borrower. However, depending on the lender, your credit score may still play a factor. In some cases, your credit score could play a part in determining the loan amount you’re offered. Either way, it’s important to research the lenders you’re considering applying for an online loan with to understand how they operate.

If you’d like to check your credit score, you’re entitled to one free copy of your credit report, once a year, from each of the major credit reporting agencies: Equifax, Experian, and TransUnion.

Do I have the necessary documentation at the ready?

While you may be able to see how much you qualify for with an online loan from a lender by entering some basic personal information and answering a few questions, once you make the decision to submit an application for an online loan, you’ll need to have certain documentation at the ready. This may vary between lenders, but it can include things like proof of income and some form of valid identification.

If you’re facing an emergency that requires your immediate attention, having everything you need at the ready may help to speed up the application process and get you your funds as soon as possible.

Unsecured vs. Secured Online Loans

Online loans can typically be separated into two different categories: secured and unsecured.

With a secured loan, you’ll be required to put up some sort of collateral to qualify. This provides a sense of security for the lender, as they’ll still receive an asset in the case that you’re unable to pay back your loan. Depending on the type of loan, collateral can come in the form of your home, your car, or a number of other assets.

With unsecured online loans, you won’t be required to put up collateral to be approved. Depending on the lender, things like your credit score and income will be used to assess your application as a borrower.

Secured loans will generally have lower interest rates than unsecured loans, but you’ll have to risk losing an asset if you can’t make your payments.

Frequently Asked Questions

General Inquiries

Is MoneyKey a direct lender of online loans?

MoneyKey is a state-licensed direct lender in Delaware, Idaho, Kansas, Mississippi, Missouri, Tennessee, Utah and Wisconsin.

To learn more about online direct lenders, click here.

In Texas, MoneyKey is not the direct lender but is licensed as a Credit Services Organization (CSO) and a Credit Access Business (CAB). In this state, loans are funded by third-party lenders and serviced by MoneyKey.

The CC Flow Line of Credit is provided by CC Flow, a division of Capital Community Bank, a Utah Chartered bank, located in Provo, Utah, Member FDIC. Consumers can apply for a CC Flow Line of Credit through the MoneyKey website. The CC Flow Line of Credit is currently offered through MoneyKey in Alabama, Alaska, Arizona, Arkansas, Florida, Hawaii, Indiana, Kentucky, Louisiana, Michigan, Montana, Ohio, Oklahoma, and Wyoming.

Is working with an online loans direct lender the right option for me?

As a state-licensed direct lender in the above mentioned states, a licensed CAB/CSO in Texas and a servicer of the CC Flow Line of Credit, an online loan through MoneyKey provides an option for quick access to emergency expenses.

Application Inquiries

What states does MoneyKey offer online loans in?

As a direct lender and a credit services provider, MoneyKey offers or arranges online loans in:

• Delaware
• Idaho
• Kansas
• Mississippi
• Missouri
• Tennessee
• Texas
• Utah
• Wisconsin

The CC Flow Line of Credit is currently offered through MoneyKey in:

• Alabama
• Alaska
• Arizona
• Arkansas
• Florida
• Hawaii
• Indiana
• Kentucky
• Louisiana
• Michigan
• Montana
• Ohio
• Oklahoma
• Wyoming

How much am I allowed to borrow?

Online loans through MoneyKey range between $200 to $3,500. There are several factors that can affect the amount you may be eligible for, including things like your monthly income and the maximum loan amount offered in your state. To view the loan amount available in your state, see our Rates & Terms Page.

Will my personal information be safe?

We value your privacy and protect your personal information in accordance with lending industry standards. We have adopted secure socket layer (SSL) encryption and obtained Verified Site Certificates to protect your information as its transmitted between your computer and our servers.

Where can I find more information on online loans?

If you’d like to learn more about online loans, you can visit our Articles section and Blog page. There you’ll find information on different types of loans, how and when to apply, and different aspects of the borrowing process. You’ll also find helpful tips on budgeting and personal finance.

Do you have a specific question about MoneyKey or the products offered through MoneyKey? You can get in touch with us by phone or email! Speak to one of our Customer Care agents at 1-866-255-1668, or email us at [email protected]. You can also learn more by visiting our FAQs page.