MoneyKey’s Line of Credit in Tennessee could give you access to cash whenever you need it. You can think of it as having money on standby in the case of an emergency. Our Tennessee Line of Credit provides all the benefits of a traditional loan but also gives you more control over how you manage your funds. You can withdraw any amount up to your credit limit and interest will only be charged on the amount of money you use.
MoneyKey is a direct lender in Tennessee, so when you take out a Tennessee Line of Credit, you’ll be doing business directly with us and your Line of Credit will be funded by us.
In addition to our user-friendly and secure online platform, you can call us to speak with our fully-staffed, friendly and knowledgeable Customer Care team. They are available 7 days a week to answer any credit-related questions you may have.
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Unlike a traditional installment loan, you only apply once for your MoneyKey Tennessee Line of Credit. If you are approved, you will have access to funds up to your credit limit, regardless of how many draws you make.
The amount of your Tennessee Line of Credit will range between $200 and $2,500. After we review your application, we’ll let you know if you’re approved and how much you may qualify for.
The total interest charges you will pay on your MoneyKey Line of Credit is made up of two charges:
| Interest Charge | Daily Rate | Annual Percentage Rate (APR) |
|---|---|---|
| Interest | 0.06575% | 24.0% |
| Customary Fee | 0.70000% | 255.5% |
| Total | 0.76575% | 279.5% |
The above interest charges will be calculated based on the Average Daily Principal Balance, i.e. you are charged interest at the daily rate, indicated above, for each day of your Billing Cycle. Interest charges are only charged on the amount you use (Outstanding Principal Balance), not your total credit limit.
You can withdraw the total credit available to you all at once, or in smaller amounts over time as you need it. When you request a draw, funds may be deposited into your bank account the same business day*.
Before your due date, you will be issued a Periodic Statement outlining how much you owe. You are required to make your Minimum Payment by your due date, and you can also pay more than your Minimum Payment to pay down your Outstanding Principal Balance.
Your Minimum Payment for each Billing Cycle will consist of 2 components:
The exact amount of your Minimum Payment and the corresponding due date will be outlined in your Periodic Statement.
This is the amount of money you’ve used or borrowed on your Line of Credit, not including any interest and/or fees you may owe.
This is calculated by adding up the Outstanding Principal Balance on each day of your Billing Cycle and dividing it by the total number of days in the Billing Cycle.
The period of time between Periodic Statements. Your Periodic Statement is generated a day after the billing cycle ends.
Periodic Statements contain a listing of all transactions and interest charges within a Billing Cycle. Your first statement will be generated on your first pay date after you make your first draw. Subsequent statements will typically be generated on each due date. You can access and download your Periodic Statements from your online MoneyKey account.
The Required Principal Payment is included in your Minimum Payment and is a mandatory contribution towards your Outstanding Principal Balance. It is calculated for each Billing Cycle based on your pay frequency.
Your Required Principal Payment as shown on your Periodic Statement will be 2% of your Outstanding Principal Balance as of the end of each Billing Cycle if you receive your income weekly, bi-weekly or semi-monthly.
Your Required Principal Payment as shown on your Periodic Statement will be 4% of your Outstanding Principal Balance as of the end of each Billing Cycle if you receive your income monthly.
MoneyKey is a state-licensed direct lender in Tennessee. Loans are funded by MoneyKey – TN, Inc. and governed by all applicable laws. For more information regarding the license status of MoneyKey - TN, Inc., please visit the National Multistate Licensing System website.
To qualify for a Line of Credit in Tennessee, you must:
Please note that we currently do not offer credit products with rates that allow us to lend to covered members of the US armed forces and their dependents.
No, this is not a payday loan. In fact, we don’t offer Payday Loans in Tennessee. A payday loan is a short-term loan that you pay back in full on your next payday. This is a Tennessee Line of Credit, which is different because it doesn’t require you to make a lump-sum payment on your next payday. Since a line of credit is an open-ended loan, you are only required to make your minimum payments to keep your account in good standing. MoneyKey recommends that you pay more than your minimum payments to pay off your line of credit sooner.
If you’re looking for an easily accessible loan, why not apply for an online loan through MoneyKey? Start your application online from anywhere you get internet, and you can complete your application in just a few short minutes.
If you’re approved, you’ll typically get your money the same business day* after we receive a draw request from you.
You can always log into your MoneyKey account to see your up-to-date account information.
Absolutely. MoneyKey encourages you to make additional payments above your Minimum Payment in order to pay down your Outstanding Principal Balance, increase your available credit and decrease your interest charges. If you’d like to make additional payments, please contact us at 1-866-255-1668 at least 24 hours prior to your due date.
You can cancel your loan or any draw with no penalty within three (3) business days of the effective date of your loan/draw. To cancel, call our Customer Care team at 1-866-255-1668 or email [email protected]. Note, if you cancel your loan/draw, you will be responsible for returning the amount borrowed, as applicable, to MoneyKey. Otherwise, you will be responsible for repayment in accordance with your agreement.
Sorry, the Tennessee Line of Credit is only offered to Tennessee residents. Whether you live in a remote part of the state, or major cities like Nashville, Memphis or Knoxville – we make applying for a Line of Credit in Tennessee fast and secure.
If you don’t live in Tennessee, please check our Products & Services to see if Lines of Credit and other products such as Installment Loans are available in the state that you currently live in.
Have more questions? Please refer to our general FAQs page or contact our Customer Care team at 1-866-255-1668.
No appointments will need to be made. Assuming that you have Internet access, you’ll be able to apply for online loans in Tennessee through MoneyKey when it suits you. To start your application, all you need to do is click here . Submitting a request for a Line of Credit in Tennessee is easy and it’ll only take you minutes to complete◆.
If you’d like to receive more details on this process, you can call us at 1-866-255-1668 and someone from the Customer Care team will be happy to help you.
When it comes to an installment loan, if you’re approved, you’ll receive your money in a lump sum. Your loan will then need to be repaid over the course of several pre-scheduled payments which will be spread out over a fixed period of time. Your payments will comprise of your principal payment along with interest and/or fees. After you’ve made all your payments successfully, your loan will be paid off.
A line of credit is a kind of revolving credit that works a little differently. Instead of getting a lump sum, you’ll have the option of drawing however much money you need from your credit limit, when you need it, as long as you have available credit. You’ll then be charged a certain amount of interest and/or fees that’ll be based on the funds you’ve borrowed. You will be required to make your minimum payments to keep your account in good standing, which may include a portion towards the principal along with any fees and/or interest charges.
Ultimately, a central difference between an installment loan and line of credit is that an installment loan is going to provide you with a particular amount of money all at once. Whereas, with a line of credit, you can borrow funds on a continuous basis. They each serve their own purpose, so you’ll need to consider what works best for you.
Yes, they may. If the payments you’re supposed to be making for your line of credit or your online installment loans in Tennessee are going to be reported to any of the major credit bureaus (or any credit bureaus in general), there’s a good chance that there’ll be some sort of impact on your credit score. The nature of how it’s impacted is going to come down to whether you’re making your online loan payments in a timely manner, or if you’re making late payments. In either scenario, your credit score could be affected. At the end of the day, it’s important that you ensure that the payments you’re making on your Tennessee online loans are being submitted on time.
You could be looking for anything from installments loans, lines of credit or whatever other type of personal loan. Regardless of the specifics, you may want to consider looking into online loans in Tennessee. Why? Well, you could reap benefits like:
When it comes to dealing with an online loan, you’ll go through the application process virtually. When you apply for a storefront loan, you’ll need to do it in person.
One of the big distinctions between these two types of loans is the convenience factor. With Tennessee online loans, you don’t need to worry about the hassle of being in a specific location to apply for a loan. With a storefront loan, it’s not always as easy to fit it into your schedule because of the necessary travel time.
Another key difference between storefront loans and online loans in Tennessee is the speed at which you’ll move through the application process. Generally speaking, the time need to apply for online loans is going to be fairly short when it’s done online. When you apply for a loan through a storefront, it can take a bit longer to physically fill out an application and then sit tight while the lender reviews your information.
If you’re facing a financial emergency and need money quickly, then you may want to consider applying for online loans in TN.
One situation in which you might consider applying for an online loan is if you’re facing a sudden medical expense. Medical expenses can be pricey, and if you don’t have health insurance or your insurance doesn’t cover the full cost of your medical treatment, then you may want to consider a personal loan like a line of credit or an online installment loan in Tennessee.
Another situation in which you might consider applying for a loan online is if you’re facing unexpected car repairs. If your car breaks down and you need it for work or other important activities, then you may need to get it repaired quickly. Lines of credit or online installment loans in TN can help you cover the cost of the repairs so that you can get back on the road.
Finally, if you’re facing a sudden and unexpected home repair or a major appliance replacement, then you may want to consider online loans. These expenses can be very costly, and if you don’t have the money on hand to cover them, an online loan may be a potential option.
Overall, a personal loan like a line of credit or online installment loan in Tennessee can be a helpful tool for people who are facing unexpected financial challenges. However, it’s important to carefully consider your options and make sure that you can afford to repay the loan before you apply.