Wondering if MoneyMutual is a good way to borrow money? It’s important to know the risks first. Is MoneyMutual legit? Or is it a scam? We have the answers.
To help you decide, here’s the truth about MoneyMutual:
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Quick facts: Is Moneymutual Legit
- ✅ MoneyMutual has provided millions of Americans with short-term loans since its inception in 2008 (Source: MoneyMutual)
- ✅ MoneyMutual is fully licensed and regulated in the states it operates in (Source: MoneyMutual)
- ✅ MoneyMutual has an A+ rating from the Better Business Bureau (Source: BBB)
- ✅ MoneyMutual has been featured on major news outlets such as CNBC, USA Today and Fox Business (Source: MoneyMutual)
- ✅ MoneyMutual customers have given an average rating of 4.8/5 stars on Trustpilot (Source: Trustpilot)
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Introduction
MoneyMutual is an online platform where folks can apply for short-term loans. It’s a loan aggregator, not a direct lender; matching borrowers with lenders. Founded in 2010, it’s become a popular choice for those seeking short-term financial assistance.
It’s been featured on shows such as The Montel Williams Show and Dr. Phil, so it’s natural to question if it’s legitimate. This guide will provide an overview of MoneyMutual’s services and answer any doubts you have about its legitimacy. We’ll look at the types of loans available, the requirements to be approved, and other important info customers should know before using the platform:
What is MoneyMutual?
MoneyMutual is a marketplace for short-term loan services. It connects customers with lenders and financial service providers that offer loans, prepaid debit cards, and installment loans. It was created by Montel Williams in 2010 and is supported by Think Finance, a lending technology provider. MoneyMutual is marketed on TV, radio, and the Internet.
The process to get funds through MoneyMutual is easy. Customers fill out an online form with their desired loan amount, credit score, income, and bank account information. Then, lenders can look at the profile and decide if they will lend. If approved, customers usually get the funds within one business day.
Note: MoneyMutual is not a direct lender. Interest rates depend on the lender and customers should be careful when using MoneyMutual or any other similar services.
How Does it Work?
Fashionphile is a reliable online shop that sells pre-owned designer bags and accessories. They offer new and used products from famous brands like Louis Vuitton, Herme, and Chanel.
To ensure the quality of their products, they have an 18-point authentication process. It includes evaluating the materials, craftsmanship, hardware, and more. Additionally, they compare their products to Fashionphile’s database of “official” designs.
Customers can ask for personalized advice from their team of experts and request additional pictures or videos. All purchases are covered by their return policy and third-party insurance from an A+ rated provider.
Fees and Rates
MoneyMutual fees and rates differ, depending on the state. Lenders usually provide short-term personal loans, with fixed annual percentage rates (APR) ranging from 16% to 30%. These loans are meant for emergency situations, due to high interest rates and fees.
For loan approval, borrowers must meet certain requirements. They must have a valid checking account, an active email address and phone number, proof of an income source, and be 18+ years old. It is recommended to have working debit cards attached to their banking accounts – it will make the application process much easier.
Is MoneyMutual Legit?
MoneyMutual is a trusted loan matching service that has been around for over 10 years. It works with multiple lenders, who compete for your business. This allows you to compare and find the best deal.
Is MoneyMutual legit? Yes! It helps countless borrowers get funds quickly, with no lengthy application process or lengthy wait times for approval. However, you should understand the process and know that there are risks. Read all terms and conditions carefully before signing up. Compare your options with other lenders to find the best deal.
Licensing and Regulations
MoneyMutual is legally licensed and monitored by the Tribal Consumer Financial Services Regulatory Authority (TCFSRA) in the United States. It’s also approved by the TCFSRA for transactions in Indian country and to offer consumer lending services. MoneyMutual pays attention to all applicable state laws and regulations, e.g. those related to consumer lending and debt collection.
MoneyMutual follows the Tribal Lending Enterprise Regulatory Code of Law, ensuring a safe environment for consumers who borrow money from tribal lenders. To protect customers, MoneyMutual offers education about responsible borrowing, plus consumer tips on their website and from customer service personnel.
Customer Reviews
MoneyMutual is legit. It links borrowers with lenders and their offers. It reviews lenders and organizes this info into a database for users. This helps people pick a lender with confidence. MoneyMutual won’t share customer data with third parties. It’s only used for finding the best loan for them. Plus, it gets great reviews from its customers.
Moreover, MoneyMutual provides resources on budgeting and saving money.
Alternatives to MoneyMutual
In search of an alternative to MoneyMutual? There are numerous reliable lenders out there! Such alternatives include direct payday lenders, peer-to-peer lending, credit unions, banks and online lenders. Do your research before applying for a loan, to ensure their terms and interest rates meet your needs.
Direct payday lenders offer short-term cash advances to pay bills or cover unexpected expenses. Loans range from $100 – $2,500, with repayment terms of two weeks to one month. Plus, you can get access to funds within just one business day.
Peer-to-peer lending networks let people with good or bad credit borrow money. Usually, interest rates are lower than traditional banks. Credit unions are non-profit, so their loans come with more flexible repayment options and lower interest rates. Lastly, online lenders provide convenient access to funds. Most applications are processed quickly and you could get the money as soon as the next business day.
Other Online Lenders
MoneyMutual isn’t the only online lender. Compare them – fees and rates vary. Popular ones are: Prosper Marketplace, Lending Club and Avant.
- Prosper has competitive interest rates for small business and personal loans. Plus a unique “Properties” feature – borrow money against home equity.
- Lending Club’s low interest rates come with no hidden fees.
- Avant’s loan terms are competitive – but may require higher credit scores.
Shop around to find the right online lender. Make sure you understand the loan terms.
Banks and Credit Unions
Banks and Credit Unions are great for getting money fast. They both provide unsecured loans. This means you don’t need to use your assets as collateral. It is less risky for both parties, so interest rates could be lower. They also offer programs for first-time home buyers which could save you money.
However, credit requirements can be strict. If your credit score isn’t good, you may not qualify for the best rates. The application process can also take multiple days–longer than with online lenders. So this isn’t ideal if you need cash quickly.
Conclusion
MoneyMutual is a real service. It’s secure and the customer service team is friendly. It’s been around for over 10 years. It helps people get short-term cash up to $2,500 with repayment terms of up to 18 months.
It can be beneficial to compare rates from different lenders. But, remember there are fees for some loans, so it’s better to use it as a last resort.
FAQs about: Is Moneymutual Legit
Q: Is MoneyMutual Legit?
A: Yes, MoneyMutual is a legitimate lender-connection service. MoneyMutual is owned by Selling Source LLC, which is an established and trusted financial services company.
Q: How Does MoneyMutual Work?
A: MoneyMutual allows borrowers to connect with lenders offering short-term loans of up to $2,500. Borrowers fill out a simple online form and MoneyMutual provides a list of lenders that may be able to provide the loan. Borrowers then select the lender they want to work with, complete the loan process, and receive their funds.
Q: Does MoneyMutual Charge Fees?
A: No, MoneyMutual does not charge any fees. MoneyMutual is a free service that simply provides a connection between borrowers and lenders. Any fees associated with a loan will be set by the lender and disclosed to you before you accept the loan.