Money Mutual Reviews [2021] – Is It a Good Option For Bad Credit Loans? – Blog


Sometimes when you’re in a rush and need fast cash you’re probably wondering where to find it. These uncertain times are hard for everyone. With the global pandemic hit, many people were left without a job and they’re going through hard financial times. A loan is an option that can help many people in situations like if the car breaks down or you need money to buy groceries.

These types of situations can happen to anyone and are very often. Due to this fact, many people are taking short-term loans. In these new times, even that’s possible. You can literally apply at the short-time loan companies and be able to pay this month’s rent or the unexpected bill.

For those purposes, we have found a payday loan network called Money Mutual. It claims to help its customers find the best lenders to do business with. Money Mutual offers a good short-term remedy with its wide range of loan lenders willing to work with people who even have bad credit loans.

Since the platform is very popular, and customer-approved loan lenders provider, we decided to do a detailed Money Mutual review. We will cover as much information as possible to let you know how the platform works, what are the conditions, which services and loans they offer. Based on multiple sources from their own website, and customer experiences, we hope this article will be helpful.

What is Money Mutual? 

Money Mutual is a short-term loan network whose main task is to connect people who need loans with borrowers that will give those funds. This website provides over 60 lenders and you can be easily directed by a few simple steps to a local loan provider. You can apply for different types of loans, which will talk a bit later.

The access to their  website is easy. If you want to apply for a loan, you must fill out a couple of necessary forms. The application will be sent to multiple lenders and you should wait until you start receiving different offers. This is an easier process for you because you are filling out only one form, not 60 times for each lender if you visit every single lending website.

This is the service that acts like a middle man who provides you with money in a quick and easy way. This network is great if you’re in need of short-term loans without having any additional expenses and fees. Even more interesting and attractive is the fact that Money Mutual has opened its doors even for the people who have poor or bad credit scores.

Key Points

  • Connects people with more than 60 short-term lenders
  • Clients need to fill out a form
  • Easy access to dozens of lenders at once
  • Educational resources for the clients to understand the loans
  • The website is easy to use
  • Once you apply for a loan, you have no more business with Money Mutual
  • No protection for loan issues that might crop up

How Does Money Mutual Work?

Money Mutual provides the ideal way of finding short-term loans from local lenders if you don’t want to call up dozens of potential lenders individually. Such an option can save your time of wandering around. Especially if it’s your first time, you might find it overwhelming to apply to 60 or more individual local lenders.

The users have the opportunity to access a loan by only filling an application form through the official Money Mutual website from where your offer will be directly sent out to all the 60 short-term lending companies. Once the application form is sent, you no longer have business with Money Mutual. This working model helped many people and it showed that it’s very useful and convenient.

Money Mutual doesn’t determine the amount of money offered, the interest rate, loan term, or any other important key points. More so, the users are the main people that must read the terms and conditions carefully before agreeing on anything or signing any form of contract. After reviewing the offer it’s your decision whether you want to accept the loan or you’ll keep looking for other offers.


  • No extra fee expenses
  • Simple application process
  • Borrowers will get the money within hours
  • The funding process is fast
  • Educational resources
  • More than 60 lenders
  • People with bad credit loans can also apply


  • Some loans may not be available in your state
  • No defense against loan issues after you sign

⇒ Visit the Official Website of money mutual

Services Offered By MoneyMutual 

This platform connects people with plenty of short-term loan providers that are offering several different loan types. The loans might not be ideal in terms of interest rates or satisfy your personal needs. However, everyone can find something that suits them and after receiving the offers it’s very important to do a thorough reading of the terms and conditions, and decide whether you want to sign a deal or move on and search for other offers.

One of the most common short-term loans is the payday loan. As its name says these loans are meant to provide borrowers with a short-term cash infusion to be able to make it to the next payday. Payday Loans are ideal if you want to pay for a bill, or buy groceries before payday comes around.

This type of loan might be cheaper when it comes to the interest rate than if you allow the bill to accrue a late fee or another loan rack up interest. If you apply for these loans through MoneyMutual you must keep in mind that they must be paid off on your next “payday” and you must provide a date when you seek access to their network. The process continues with your authorization to the lending company you’re borrowing money from to withdraw a payment from your bank account on your payday.

On the other hand, even though cheaper in one way, payday loans have extremely high-interest rates and very high finance charges. This might be an expensive way to borrow money, so make sure that you’ll always have money to pay them off the next day. This is crucial if you don’t want to be trapped in debts.

Installment loans are also very popular through the MoneyMutual network of lenders. These types of loans should be paid back over a set of a number of payments and you must agree on that condition. These are perfect for those who have discipline and ideal for people who want to avoid higher fees and interest rates common with payday loans.

When considering this type of loan and agreeing to take it, you must be very careful. Why? Because some of the loan’s terminology i.e., terms and conditions may guarantee that you must make some interest payments based on the loan repayment date.

Bad Credit Loans are identical like the previous loans simply said are qualified like them. These are loans with lower eligibility requirements with a potential higher rate and are more suitable for people with bad credit scores. MoneyMutual provides this service since people with bad credit scores need them the most. It’s easy to get those funds because the lenders will look for other factors rather than the credit score when deciding the worth of the loan.

The lender’s job is to examine the proof of your monthly income or other financial factors such as previous loans or any kind of debt. If everything is under control, you can secure yourself a loan to repair your car, buy something you need urgently, or pay the late bills that would otherwise charge you a fee you can’t afford.

Money Mutual is one of the best platforms for connecting people with lenders. People are satisfied and happy with its services, and the customer-friendly relationship; so this is why we are doing this Money Mutual review. Since bad credit loans demand has increased these past years, this network has helped many people who are actually in desperate need of finances.

This term is sometimes used interchangeably with payday loans. The difference between the previous loans and cash advance is that this one allows you to pull out a certain short-term loan of cash regardless of the borrower’s existing line of credit for bill-paying or similar purposes.

As an example, you can often take a cash advance with a credit or a debit card even if you’re at the credit limit. The MoneyMutual network will connect you with lenders that are offering only cash advances. Similar payday loans have high-interest rates and high fees. A cash advance is a great option for you if you need to make a payment in cash and there’s no option to rely on an electronic payment method.

Who is Eligible to Get a Loan from MoneyMutual?

Money Mutual doesn’t determine the requirements for each of the lenders, but it does have its own requirements. The basic eligibility criteria are standard and include:

  • You must be 18 years old
  • You must be a US citizen and permanent resident
  • You must have a regular source of monthly income
  • You must have a valid checking account

If you’re meeting these conditions your chance of getting at least a few loan offerings from many companies in the network is raised. The account is needed because the lenders should deposit your money quickly and in the case of payday loans or cash advances, so the lender is able to withdraw their payment on the payday.

Money Mutual’s Income Requirements

One of the requirements of MoneyMutual is the monthly income. They require that the borrower must earn at least $800 every month. You should also specify where you earn this money, and the source will determine the eligibility for a certain loan.

However, even if you fulfill these requirements, there’s no guarantee that you’ll be contacted by MoneyMutual’s network lenders. The decision is up to the individual agencies that determine the worth of the loan. Money Mutual won’t contact your employer, but the potential lender will.

Money Mutual’s Loan approval process

The MoneyMutual’ loan approval process is very simple, followed by multiple steps, and very straightforward. People these days tend to use this type of platform only because the application and loan approval processes are fast and free. Everything is done online, so you don’t need to go from an office to an office every day. The approval process takes place in several steps:

  • Write the zip code on their main website
  • Fill in your name, email, other identifying information
  • Enter the phone number for text updates
  • Explain the main source of income, address, and other information about the living situation
  • Provide the monthly income and proof of the same
  • Select the bank account, how often you’re paid, plus the next two pay date
  • Write the employer’s names and other identifying information
  • Enter the state’s ID number, driver license number, or state information
  • Enter your full bank routing number and account number
  • Submit all information

The approval should only take a couple of minutes if the application form has been completed. After they receive the form, they go through their own conditions and decide what type of offer they should send you. However, the entire process is fast, so you won’t be waiting too much for feedback.

How Long Does It Take To Receive Funds Through Money Mutual’s Lending Network?

Sometimes this process might be postponed, but you’ll be lucky if you’re connected with lenders within minutes. At the exact same moment when you apply for a loan, Money Mutual immediately begins the loan approval process by searching for lenders in its lender’s network.

Each person has a specific loan and the approval process will involve a review by both lender algorithms and human eyes before you receive a certain offer. Due to this fact, you will probably wait a couple of days. When it comes to the borrowers and Money Mutual clients, they don’t have a problem with this.

When you receive loan offers, you have a chance to choose and compare between them. You should read the terms and conditions since we don’t want you to get surprised later with the interest rates or fees.

After you have decided to accept the loan, the lenders will try to fund your account within 24 hours or at least a single business day. This is great because the funds will be immediately available for you to start using them. This is crucial for those people who really needed the loan. That’s why people love doing business with Money Mutual.

How Much Money Can You Borrow From Money Mutual’s Network?

This factor depends on many things. The exact amount of money mostly depends on the given loan. Money Mutual connects you with more than 60 lenders and there are many options in-game. People use this service mostly for bad credit loans and payday loans.

In some states, the laws allow capping the maximum amount of money you can get from a payday or short-term loan. You might not be allowed to get more than $1000 for a given payday loan according to the regulations of the state that you’re living in.

This service however advertises loans up to $2500 which is a good upper limit to expect. Also, they provide smaller loans beginning from $300 or $500, which are very common and most demanded.

Money Mutual’s Fees and Costs

Every user, client of Money Mutual is totally free of any kind of expenses. This platform offers free service for all borrowers, and you might find it surprising since you’re probably expecting to be charged for something. You have no expenses, but the lending companies have.

MoneyMutual earns money by charging small fees to the lending companies for their services of connecting them with many borrowers. This is another positive thing about this platform, and why people are happy using its services. Not only that, they feel safer and calmer when applying because they have no other worries of extra expenses.

Aside from the interest rates, you must be aware that many payday loan companies are charging small fees based on how much you borrow. You can expect an average of $15 to be added on top of every $100 you borrowed for a standard payday loan.

However, lenders are free to charge whatever fees they desire, including repayment, late, or administration fees. That’s legal and must be spelled out in any loan a company offers, and this is why you must carefully read the contracts to protect yourself from spending too much money.

Money Mutual’s Interest Rates

The interest rates are heavily dependent on the individual lender. Payday loans and cash advances have the highest interest rates compared to installment loans and bad credit loans. According to this service, the average rate for their lender’s bad credit and payday loans hover between 200% and 1300%.

Some states have laws that protect the borrowers by limiting the interest rates from getting too high. The terms in general are the following:

  • Terms for payday loans and cash advances are between 2-4 weeks
  • Installment loans typically have terms of one to six months, even go up to a year
  • Bad credit loans have short terms of a few months all the way up to a year

Why Choose Money Mutual Loans?

Money Mutual is a useful service that makes the approval process for bad credit or payday loans easier than everything. This platform tracks down different companies and compares them. By filling one form, Money Mutual compares the loans the companies offer and your situation. After that, a decision is created.

The website is straightforward and the loan approval process takes a few minutes. The overall site is secure and confidential so your identification, your bank account, and the rest are not put at any kind of risk.

The biggest advantage is that MoneyMutual doesn’t charge extra fees for the services which are very nice since for people with bad credit scores it would be more difficult to have any additional expenses. Especially, if you won’t get the feeling of being scammed or manipulated, even trying to take advantage of you.

If you ever feel like you don’t know enough about the loans or how everything works, MoneyMutual provides much educational information which can be very useful. You can read about the loan types, and all the tips that users practice to avoid predatory loans or fees that might trap them in higher debts.

The biggest strength of this platform is its speed. If you take a loan the traditional way you’ll spend many days going around and still won’t receive the appropriate service you need. That process is more complicated and many more factors will be considered. With this platform, you have the chance to be funded in less than 24 hours. Only the approval process may take a couple of days, but the users say that it’s not a big deal.

FAQs – Money Mutual For Personal & Payday Loans 

Q1. Is MoneyMutual Safe?

MoneyMutual is the number one option for many customers who have shown gratitude for using this website. It’s a legit and safe service that operates with more than 60 lenders. This means that it’s a proven platform in the loan market. This website is also part of the Online Lenders Alliance which guarantees that the lenders are part of this network by industry standards and don’t offer predatory loans.

The process made by MoneyMutual is secured by 256-bit encryption. Its operators perform daily scans to take care of the intrusions or prevent malware from giving out the client’s information. The security system is powered by Norton which is also a known antivirus company. Overall, MoneyMutual is more than a safe and confidential platform to use.

This is also proven by the users who have had amazing experiences. According to them, they felt safe while using it and also were served very fast. Another good thing that proves this is a high-quality website is the fact the users aren’t charged any additional fees. It’s very customer-friendly, easy, and simple to use.

Q2. Does MoneyMutuals’ Loans Require Soft or Hard Credit Checks?

They don’t cause these types of checks, but you should be aware of the lenders you’re connected with. They’ll check your credit score with one of the three big credit bureaus: Experian, Equifax, and TransUnion.

Certain lenders will need only soft credit checks while the others will require a hard credit check. What they prefer is often considered as the loan they’ll offer. However, the soft credit checks won’t impact the credit score, but the hard ones will do.

Q3. For Any Short-Term  Loan Taken, Does The Credit Get Impacted? 

No, it won’t. The short-term lenders don’t report to big credit bureaus just to take a loan out since the loan is often so short-lived that they don’t make an item for the credit report. In case the borrower doesn’t pay off the loan, then the lenders will report.

You must keep an eye on these kinds of things. As the loan term comes to an end you have to make sure it doesn’t get penalized unfairly. The first step here is for you to know how to understand the credit report. No matter if your credit score, good or bad, you’ll be given the money you need, but the only thing you must pay attention to is to pay off the loan on time.

Q4. Is MoneyMutual A Scam?

This platform is certainly not a scam. Just because it provides so many good services, and doesn’t charge for the use of the website doesn’t mean it’s a scam. We understand that many people are confused about the customer-friendly offers but that’s the purpose of this network, to help people who need finances.

However, let’s not forget that MoneyMutual isn’t a lending organization, meaning they aren’t giving you the loan. Their main task is to connect you with lenders who will actually consider your application and according to their requirements, the loan decision will be made. MoneyMutual acts like a middleman.

Conclusion: Money Mutual Loans Reviews

In this Money Mutual review, we can conclude that this company is the best choice for you. According to everything we have read, the client’s experiences, and all services this platform offers you’ll find every kind of loan you’re looking for. Applying for a loan has never been easier, with MoneyMutual you’re only a few steps away from getting that money.

As we’ve come to the end of this article, we have also realized that these days many people are looking for extra cash. Especially because we were hit by a global pandemic, people around the world just like in the US have been left without a job. Taking a loan was the only left choice for them.

Due to this fact, MoneyMutual has provided and secured many people with the funds they needed. To be more clear, this platform only helped them find a suitable lender with a loan offer that corresponds to the borrower’s personal needs.

If you need a short-term loan and you’re scared because of your bad credit score, the fear is over with this platform. MoneyMutual helps everyone. Visit their website, fill in the application form, wait for approval, and the funds will be transferred to you within 24 hours, or a single business day.


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