MoneyMutual Review: Should You Consider Their Bad Credit Loans?

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Written By
Julija A.
May 15, 2024
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MoneyMutual is a lender-matching service that connects borrowers with willing lenders. One of the most suitable providers for people who need cash fast but can’t qualify for traditional loans, MoneyMutual reviews each applicant instantly and finds the perfect lender for them. 

If you’re considering turning to MoneyMutual for a loan, read on for an in-depth review of the service. We’ll cover everything from the application process to loan amounts, fees, and more.

Loan amounts
$200 to $5,000

Quick funding; loan marketplace for bad credit

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Depends on the lender
Depends on the lender
Payday loans, bad credit installment loans
24 hours
Depend on the lender
pros thumb up Strengths
  • Fast application process
  • No obligation
  • Responsive support
pros thumb up Weaknesses
  • Lack of transparency regarding rates and fees
  • Not available in New York and Connecticut

MoneyMutual Overview 

MoneyMutual is a Las Vegas-based online loan marketplace designed to help individuals who are struggling with emergent financial issues. Whether you need to cover unpaid medical bills or sudden car repair, MoneyMutual has got you covered. 

Launched in 2010, is an online marketplace that connects borrowers with proven lenders who offer short-term loans. Since MoneyMutual is not a lender, but a network that brings together all popular lenders in one place, its users have a chance to apply for various loan offers through one application form and choose the offer that fits their needs. 

The first thing you should know about MoneyMutual is that it’s a short-term loan network. This means you can apply for loans that are typically repaid within a short period of time, usually between two and four weeks. Clients often use these loans to settle unforeseen expenses or to get the funds they need until the next payday. 

Secondly, MoneyMutual doesn’t charge anything for its services. It’s a completely free platform, allowing you to quickly find diverse MoneyMutual loan offers and then cover your emergency expenses. 

Thirdly, MoneyMutual is praised as one of the best places to go for a loan if you have bad credit. The loan amount, rates, and repayment terms depend on the specific lender you choose, with MoneyMutual playing a key role in enabling you to get versatile loan offers for bad credit. 

MoneyMutual is trusted by more than two million people, which says a lot about this company. Although it’s not BBB accredited, MoneyMutual has earned a A- score on this site. In our opinion, MoneyMutual deserves to be considered one of the best places to go for emergency loans. Here’s what we found about MoneyMutual loans for bad credit.

How Does MoneyMutual Compare to Other Lending Marketplaces?

MoneyMutual Logo
APR range


Loan amounts

$100 - $5,000

5KFunds Logo
APR Range

5.99% - 35.99%

Loan amounts

$1,000 - $35,000

CashUSA Logo
APR range

5.99% - 35.99%

Loan amounts

$500 - $10,000

MoneyMutual Financial Products 

MoneyMutual collaborates with dozens of online lenders that offer short-term loans. On the whole, you can choose between two types of loans: payday loans and installment loans. According to online reviews, both options are available for borrowers with a bad credit score. However, a bad credit loan usually comes with a high interest rate, so you should read the terms closely before accepting the loan offer. 

Payday Loans

The MoneyMutual payday loan is a short-term, high interest loan intended to tide the borrower over until their next payday. This loan is typically used only for small amounts, in most cases $500 or less. The main advantage of payday loans is that they are relatively easy to obtain. You can usually get a loan within 24 hours, which can be helpful if you need money fast for an emergency expense.

MoneyMutual offers several payday loan options: 

Bad Credit Loans: MoneyMutual offers payday loans specifically for people with bad credit. These loans have higher interest rates and shorter repayment terms than regular payday loans.

Online: MoneyMutual provides payday loans specifically for people who need money fast and can’t wait for a traditional loan to be approved. 

24-Hour Payday Loans: MoneyMutual offers payday loans that can be approved and funded within 24 hours. If you need money fast, this might be a good option.

Military Loans: MoneyMutual offers payday loans specifically for members of the military. If you are in military service, don't forget to mention that in your application because lenders have a special offer for this category of customers. 

Payday loans should be used cautiously and only as a last resort because they come with a high interest rate. Based on MoneyMutual loan reviews, payday loan APRs can be steep, which means you could end up paying back far more than you borrowed. 

If you’re considering a payday loan, be sure to compare lenders and loan terms to find the best deal. You should also look for alternatives to payday loans, such as using a credit card.

Installment Loans

An installment loan allows you to borrow a fixed amount of money and then repay it over a set period of time. According to MoneyMutual reviews, this online platform offers installment loans with terms of up to six months. This type of loan can be a good option if you need more money than what you can borrow with a payday loan, but you still want the convenience of a quick and easy loan.

Installment loans can serve for a range of purposes, such as consolidating debt, covering unanticipated expenses, making a large purchase, or anything else you may need extra cash for. Most importantly, the installment loans offered through the MoneyMutual platform are suitable for borrowers with a bad credit score.

MoneyMutual Application Process and Basic Requirements

MoneyMutual is a marketplace with a wide network of lenders so that you can apply for multiple loan offers with one MoneyMutual application. 

Getting Started 

To use the MoneyMutual service, you need to go to the MoneyMutual website, where you can start filling in your loan application. The whole process is simple and fast, so you can do it from any device - your laptop, tablet, or smartphone. Click on the Get Started button to begin the procedure. 

The first thing you’ll need to do is pick your state from the drop-down menu. Then, enter your personal details - name, surname, address, ZIP code, and email address. 

The next step is to provide your bank details so that the platform can confirm you have a checking account open for when you make an agreement with your chosen lender. Many people wonder if MoneyMutual is safe when it comes to leaving your bank account details. The answer is yes; you don’t need to worry about scammers and hackers, as the site is fully protected with the latest security features. 

Basic Conditions 

Each lender determines its loan requirements, but there are some common criteria for all MoneyMutual lenders that you have to meet:

  • Be at least 18 years old 
  • Provide proof that you are a US resident
  • Stable income or proof of employment 
  • Income of at least $800 per month 
  • An active checking account

In some cases, a lender can accept social security or pension as a source of income. Additional requirements include credit score, credit history, and other lender-specific criteria.

MoneyMutual will then list various lender options. Once you’ve selected a particular loan offer, you’ll continue with the application on the lender’s website. From there, your lender will send you the forms and documents you need to file. Before accepting the loan offer, be sure to read the small print and accept the offer only if you agree with all details. The lender will also contact you via phone or email to verify your personal information.

Loan Approval 

One of the best things about MoneyMutual partners is that they provide fast funding. Most lenders will deposit money into your account within 24 hours of the loan approval. If everything goes well with your agreement,  there will be no delays in depositing the funds.

MoneyMutual Loan Features 

One of the downsides of the MoneyMutual website is a lack of transparency when it comes to MoneyMutual rates, fees, and other loan details. It’s understandable to a certain extent because MoneyMutual offers loans from various lenders, but the site could be more informative. 

Loan Amount 

As we already mentioned, MoneyMutual offers only short-term loans. As such, those personal loans are small ones, ranging from $200 to $5,000. If you need more money, you can look for some other marketplace, like 5kFunds, or apply for an additional loan through MoneyMutual. 

APR and Fees 

When it comes to APR and loan fees, you need to check them with the lender. The MoneyMutual interest rate varies from lender to lender and depends on many factors that you’ll find out when you choose a lender. 


The good thing about MoneyMutual is that it offers short-term loans you can use for various purposes. It means that most lenders don’t impose any rules on how you’re going to use the money. Here are some of the expenses you can cover with a loan:

  • Emergency expenses
  • Medical bills
  • Car repairs or home improvements
  • Gas, groceries, or similar costs
  • Travel 


MoneyMutual offers its services in all states except Connecticut and New York. 

MoneyMutual Repayment Terms 

MoneyMutual loans are provided by various lenders, so it’s logical to expect different repayment terms. There is no additional information about term length because it will depend on the loan amount, interest rate, and many other factors determined by each lender. 

Advantages of MoneyMutual Services 

MoneyMutual offers a number of advantages for borrowers. First, its loans are typically much easier to qualify for than traditional bank loans, as MoneyMutual loans don’t require a good credit score for eligibility.

Second, MoneyMutual loans can be obtained much faster than traditional bank loans. MoneyMutual partner lenders approve most loan applications quickly, which is why borrowers can typically receive their loan funds within 24 hours.

Another advantage of MoneyMutual funds is that they can be used for diverse purposes. Whether you need extra cash to cover unexpected expenses or you want to consolidate your debt, a MoneyMutual loan can help.

Finally, MoneyMutual doesn’t require any obligation or commitment from borrowers. You can simply apply for a loan, and if you don’t receive an offer you find acceptable, you’re not obligated to accept it.

MoneyMutual Client Reviews

Reviews on the MoneyMutual service are divided. There are clients who praise this online platform for its fast application process and polite customer support. On the other hand, some users have written negative reviews due to MoneyMutual’s aggressive marketing campaigns. Others were dissatisfied with the loan offer they received.

Payday loans typically come with very high interest rates, but a former user claimed he had received a loan offer with 500% interest, which is exorbitant even for payday loans. 

Alternative Marketplaces 

MoneyMutual has a longstanding reputation for providing fair terms to customers, as well as a wide range of loan options to choose from. However, there are also other marketplaces that can compete with MoneyMutual. 

For example, Monevo is an online lending platform with more than 11 years of experience providing personal loans. Unlike payday loans by MoneyMutual, Monevo personal loans are flexible when it comes to borrowing. Monevo partner lenders offer loans up to $100,000 with flexible repayment terms and affordable rates. However, most Monevo lenders have strict credit score requirements. Conversely, with MoneyMutual, you can apply for a loan even if you have bad credit, but you should expect high rates. 

MoneyMutual Customer Support 

MoneyMutual has a great customer support team that is always willing to help. They are quick to respond to questions and concerns and always go the extra mile to ensure that their customers are satisfied. You can contact the support team via email or phone. 

The Bottom Line 

In our MoneyMutual review, we explained how this marketplace works and what its advantages and shortcomings are. All in all, MoneyMutual is a good option if you have bad credit but need funds quickly. MoneyMutual allows you to access various payday loans so that you can cover unexpected costs promptly. However, you can expect loan offers with very high rates, so make sure you understand the loan terms and agreement before signing anything.


Is MoneyMutual a legit site?


Yes, MoneyMutual is a legit site. The company behind it has been in business since 2010 and has helped over two million people get access to cash. MoneyMutual is a member of the Online Lenders Alliance and is licensed in all states where it operates.

Is MoneyMutual a good loan?


It depends on your needs and financial situation. While MoneyMutual is a short-term loan company that can help you get the money you need in a pinch, they are not a long-term solution to financial problems. That said, if you’re facing an emergency and need cash fast, MoneyMutual may be a good option.

Does MoneyMutual do a hard credit check?


No, MoneyMutual does not do a hard credit check. However, every lender collaborating with MoneyMutual reviews your application from scratch, and it may perform a credit check with a consumer reporting agency when you submit your loan request. MoneyMutual's lenders use various types of credit checks, such as database reports and FICO scores, in their credit decision process.