* This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance.
(Ad) When I had a plumbing emergency a few months back and was hit with an $800 bill, a buddy of mine recommended Money Mutual.
I was a bit strapped for cash at the time and didn’t have the funds to cover the bill for another 3 weeks until I got paid, so I decided to check them out.
I had a great experience with Money Mutual and got the cash I needed in less than 24 hours.
After getting my loan approved, I decided to write this Money Mutual Review to share my experience and help others.
Below, I’ll explain what Money Mutual is and my experience using them, how to get a loan approved, and whether you should borrow from them.
Let’s get started.
What Is Money Mutual?
The first thing you should know about Money Mutual is that it isn’t a lender but an online marketplace that lets you connect with up to 60 different lenders.
It was founded in 2010 and aims to offer a quick, simple, and secure way of connecting those who want to borrow money with those who can help.
Money Mutual claims that anyone can apply to borrow between $100 and $5,000 and have the money in their account in as little as 24 hours.
Money Mutual’s three-step process starts with filling out a simple form that typically takes around 5 minutes to complete.
They will then share your information with lenders who may be able to help.
If a lender makes you an offer and you agree, you could have the money in your account as soon as the next working day.
Here’s a quick look at some of the features that make Money Mutual unique.
Money Mutual: Good Points
After using Money Mutual myself, here are some of the good points about it.
No credit check for filling out the form
Filling out a form and finding a lender is completely free, and Money Mutual does not run a credit check.
This means you can search for short-term lenders in bulk without worrying about hurting your credit score.
If a lender wants to work with you and you accept their offer, the lender will run a credit check and pay a small fee to Money Mutual, but this won’t cost you a penny.
Low minimum requirements
Unlike some payday loan marketplaces, Money Mutual has low minimum requirements and only requires that you:
- are 18 years old
- are a US resident
- make at least $800 per month (or equivalent)
- and have a credit score of 560 or higher.
These requirements are much lower than some other payday loan sites, making Money Mutual an excellent option for anyone with a low credit score.
Fast decisions on your payday loan
Money Mutual says its lenders offer fast decisions, and you should start receiving offers within minutes of submitting your form.
This is possible because your information is instantly shared with up to 60 potential lenders.
If a lender makes a loan offer and you’re happy with the interest rate, dates for repayment, and finance charges, you can accept it right away.
No obligations
With Money Mutual, the ball is in your court, and you can decide which lenders you want to borrow from.
As Money Mutual itself isn’t lending you cash, you’re free to choose which offer to accept.
Get cash quick
The lenders on Money Mutual’s marketplace all claim to be able to deposit cash directly into your account within 24 hours.
In some instances, like on weekends, holidays, or other non-business days, this may take a little longer, but in most cases, deposits happen on the next working day.
High security
Suppose you are wary about entering your personal and financial information into a website. In that case, you’ll be pleased to know that Money Mutual is a member of the Online Lenders Alliance (OLA) and takes security seriously.
If you are unhappy with any aspect of the process and want to make a complaint, you can call the OLA Consumer Hotline (1-866-299-7585) to get help.
While these features make Money Mutual a great place to find a payday loan, the site does have some drawbacks.
Money Mutual: Downsides
Money Mutual is a great place to search for a quick loan and can save you a ton of time and money.
But there are three downsides to the website that you should know about.
Not available everywhere
While Money Mutual accepts applications from most places in the United States, it isn’t available everywhere, like Connecticut or New York.
No guaranteed approval
Money Mutual says that its lenders offer quick and flexible loans, but there’s no guarantee that you’ll be approved.
Once you accept a lender’s offer, you work directly with the lender, not Money Mutual.
With more than 2 million customers, it’s fair to say that most people with a fair to poor credit score who use Money Mutual have a good chance of being approved, but it’s not 100% guaranteed.
Lenders do hard credit checks
The third drawback is that although Money Mutual doesn’t run credit checks when you complete their form, the lenders you connect with will run a soft or hard credit check.
These are typically done with one of the main credit bureaus: Experian, Equifax, or TransUnion.
You should be aware that hard credit checks can appear on your credit file and may affect your credit score.
To get a balanced view of Money Mutual, I decided to head online and read what others are saying about the company.
Money Mutual Reviews
Money Mutual has dozens of positive reviews from people who used the platform to find a short-term loan, and overall, most seem happy.
Take Rashonda, for example, who says her experience was fast, simple, and fuss-free.
She says that Money Mutual made her feel comfortable about sharing her information, and she was reassured that it was quick and secure.
Then there’s Nicole, who says it took just two minutes to find a lender on Money Mutual.
She got her loan approved in less than 30 minutes and was delighted by how fast and easy it was to get a cash loan.
Another reviewer on Yahoo! Finance, Pearl L, says that she loved being able to get her loan approved online and was happy with the terms she was offered.
She got approved fast and said she would definitely use the service in the future.
When I needed cash fast to pay off a plumbing bill, I decided to try Money Mutual, and here’s what happened.
My Experience with Money Mutual
Here’s what happened when I applied for a loan on Money Mutual.
True to its word, the application form did take me less than five minutes to complete.
I just had to select my state and enter my name, email, and zip code, followed by my contact number, my main source of income, my address, and whether I am a military veteran and own a car.
I was then asked to enter my monthly income, level of credit card debt, employment details, social security number, date of birth, and banking details. All the usual stuff that loan providers ask for.
What happened after filling in the form?
Within minutes, I had a bunch of loan offers from lenders willing to give me the money I needed.
Some of the offers were pretty bad and not even worth considering. But a few offers were pretty good for a short-term loan.
The offers were clear and easy to understand, so I was in no doubt about the payment terms and conditions or the cost of borrowing money.
I decided to go for a loan where I had to pay back $15 for every $100 borrowed and pay it back on my next payday.
I could also spread the payments out monthly, but the interest to pay back would have been higher.
Borrowing $800 meant I had to pay back $920, so the interest was $120, which I thought is not bad for a short-term payday loan.
The lender promised only to run a soft credit check as I didn’t want my credit score affected.
They asked me to complete their own application form, which went into more detail than the Money Mutual form but wasn’t too tricky.
My loan was approved within the hour, and I received the cash in my account the following day.
I was able to pay off the plumbing bill and pay the loan off a few weeks later on my next payday.
I was really happy with how quickly the process worked and how it could all be done online, which saved me time and money.
Should You Try Money Mutual?
Money Mutual really helped me out of a jam.
I was impressed with how simple and easy the whole process was and how fast I could get the money I needed.
I got some good offers from lenders and found all the terms easy to understand. I didn’t feel like anything was trying to be hidden from me in the small print.
Being a member of the OLA means that Money Mutual is trusted and makes it clear that they are customer focused.
I highly recommend checking out Money Mutual if you need cash in an emergency.
The application form is easy and free to complete and only takes a few minutes, so it may be worth filling out the form and seeing what offers are available to you from lenders, as it will vary from person to person.
*This article is provided by an advertiser and not necessarily written by a financial advisor. Investors should do their own research on products and services and contact a financial advisor before opening accounts or moving money. Individual results will vary. Foreign companies and investment opportunities may not provide the same safeguards as U.S. companies. Before engaging with a company, research the laws and the regulations around that service, and make certain the company is in compliance. For comprehensive guidance on U.S. investments and financial regulations, visit the Securities and Exchange Commission (SEC)’s Investor.gov.