MoneyMutual review: A personal loan marketplace for bad credit

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In a Nutshell

MoneyMutual aims to connect you to short-term loan options, even if you have bad credit. But there’s no guarantee you’ll get a loan offer, and you won’t know what interest rates or terms you might get until you’re matched with a lender.
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We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.

Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.

Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.

Pros

  • Can get funds quickly
  • Small and mid-size loans may be available
  • May have options even with bad credit

Cons

  • No upfront info on interest rates
  • Options depend on which lenders reach out to you
  • Unclear screening process

What you need to know about a MoneyMutual personal loan

MoneyMutual is an online marketplace that connects borrowers to lenders from across the country. You can use it to find short-term loans — including installment loans and payday loans — that you might qualify for even if you don’t have great credit. But be careful: There are signs that interest rates and costs can be extremely high.

Once you fill out an online form, lenders will review it to decide within minutes whether to make a loan offer. Loan amounts can range from $200 to $5,000.

If you choose to accept a loan offer after checking the interest rate and other terms, you’ll then work directly with the lender (not MoneyMutual) through the rest of the application, approval, funding and repayment process.

Can receive funds quickly

After you accept a loan, you might be able get your money via direct deposit in as little as 24 hours. This is a huge plus if you’re in a hurry to cover an emergency expense like a car repair or medical bill.

No upfront info on interest rates

MoneyMutual is an online marketplace and not a direct lender — and its website doesn’t give any info on the range of interest rates its partner lenders offer. To find out, you’ll have to fill out the online form and wait for lenders to contact you.

There are clues that costs could be high, though. With MoneyMutual, your options may include payday loans  —  and payday loans typically come with fees that equate to an APR of nearly 400%, according to the Consumer Financial Protection Bureau.

Also, MoneyMutual has been barred from operating in the state of New York since 2015, when a Department of Financial Services investigation revealed that MoneyMutual’s partner lenders were charging APRs from 261% to 1304%, exceeding the state’s legal limit.

Unclear screening process

MoneyMutual states that “your information is reviewed instantly by lenders to determine if they are able to work with you.” But there are no specific details on the screening process.

Loan options may be limited

MoneyMutual will try to match you with lenders, but there’s no guarantee you’ll get any loan offers. Also, you may only get one or two offers rather than several, making it tough to loan shop in a meaningful way.

A closer look at a MoneyMutual personal loan

Here are a few more details to keep in mind if you’re interested in a MoneyMutual loan.

  • No cost for shopping: You won’t have to pay to use the MoneyMutual marketplace — it will work to match you up with lenders without charging any fees. Just remember that any lenders you connect with may have fees of their own associated with their loan offers.
  • Can be used for a variety of purposes: MoneyMutual loans can be used to pay for just about any expense, from unexpected bills to groceries or car repairs.
  • Educational info: The MoneyMutual website offers some free reading material, including a bad credit loan guide and information on payday loans and cash advances.
  • No help once you move forward with a loan: If you move forward with a lender, you’ll work with that lender directly on everything from that point onward. MoneyMutual won’t assist with any problems that may come up.
  • Not available in all states: MoneyMutual isn’t available in Connecticut or New York. In addition, as of November 2021, MoneyMutual was ordered to stop operating in Illinois unless it gets properly licensed by that state, according to a complaint and settlement with the Illinois attorney general and Illinois Department of Financial and Professional Regulation.

Who is a MoneyMutual loan good for?

Since MoneyMutual is free to use and you don’t have to accept any loan offer, it could be one way to compare lenders and loan offers, especially if your credit isn’t in the best shape and you don’t have a ton of options.

But be careful before you commit to any loan agreement. Look closely at the interest rate, terms and fees so you know exactly what you’re getting into and what the costs will be. The steep repayment terms of payday loans and other high-cost loans can trap borrowers in cycle of financial hardship, and these loans should be considered last-resort options.

If you think you have no choice but to grab a high-cost loan for a true emergency, remember that the faster you can pay it off, the better.

How to apply with MoneyMutual

To use MoneyMutual, you’ll have to fill out a short online form asking for personal information like the state you live in, your ZIP code and your email and phone number. Other info you’ll have to provide includes …

  • Your employer’s identity and phone number
  • Your banking information

Once you complete the form, lenders will review your information and may reach back to you with an offer. If a lender contacts you, you’ll be referred to that lender’s website so you can further review the offer and accept it, if you want. You may get your money through direct deposit in as little as 24 hours.

Not sure if MoneyMutual is right for you? Consider these alternatives.

  • Fiona: If you’d like to easily search for loans based on your credit score, Fiona is an online marketplace that can allow you to do so.
  • Possible Finance: Possible Finance advertises itself as an alternative to payday loans. But Possible loans may not be available in all areas, and the amount you can borrow depends partially on which state you live in.

About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt Un… Read more.