MoneyKey > Frequently Asked Questions
General Questions
- What loan products are available through MoneyKey?arrow_drop_down
Installment Loans and Lines of Credit are available through MoneyKey. We are a direct online lender in Delaware, Idaho, Kansas, Mississippi, Missouri, Tennessee, Utah and Wisconsin. In Texas, we arrange loans as a Credit Access Business and a Credit Services Organization.
MoneyKey also services Lines of Credit offered by CC Flow. CC Flow is a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC. The CC Flow Line of Credit is provided by CC Flow. Additionally, CC Flow maintains the critical control over loan origination, underwriting approvals, and regulatory and compliance oversight management. MoneyKey is an authorized servicer of CC Flow. This means the CC Flow Line of Credit is available through MoneyKey and you will maintain your CC Flow loan account through MoneyKey.
MoneyKey will be your single point of contact for all questions and concerns with respect to loan products offered through the MoneyKey website.
Check out the Products and Services page to learn more about the loan product available in your state of residence.
- How do I apply?arrow_drop_down
We’re committed to a simplified application process. You can easily submit an application online in minutes◆. For additional information, call 1-866-255-1668 and a Customer Care agent would be happy to help.
- How much can I borrow?arrow_drop_down
Loan amounts/credit limits will vary by state. Please review our Products and Services page to learn more about the loan product available in your state of residence.
- What are your fees?arrow_drop_down
Fees/charges/interest will vary by product and by state. We strive to provide transparency about the cost of credit. With an online loan through MoneyKey, you will not be surprised with any hidden fees. Please refer to our Products and Services page for further details on the cost of the product available in your state of residence.
- I’m looking for a Payday Loan; can I get one?arrow_drop_down
MoneyKey currently does not offer Payday Loans. Please refer to our Products and Services to see if other online loans such as Installment Loans or Lines of Credit are available in the state that you currently live in.
- How is a payday or installment loan different from a line of credit?arrow_drop_down
A line of credit is a form of open-end credit. This means that you can usually withdraw money from a line of credit at any time, up to your available credit limit. For Lines of Credit offered through MoneyKey, you will only be charged on the amount of credit you use. If you have an outstanding balance, you’ll be required to make Minimum Payments to keep your Line of Credit account in good standing.
A payday loan is a traditional short-term loan that you pay back in full on your next pay date. An installment loan is also a short-term loan, with repayment in installments over time.
- Can I cancel/rescind my loan?arrow_drop_down
You can cancel/rescind your Loan/Line of Credit without penalty within 3 business days from the Effective Date of your Loan/Agreement. To cancel/rescind, call our Customer Care team at 1-866-255-1668 or email customercare@moneykey.com.
Note: if you cancel/rescind your Loan/Line of Credit, you will be responsible for returning any principal amount received back to us.
- Can I cancel my draw?arrow_drop_down
If you have a MoneyKey Line of Credit, you can cancel your draw within 1 business day from the Effective Date of your Draw.
If you have a CC Flow Line of Credit, you cannot cancel draws.
- Are upfront fees required as a condition of approval for credit products offered through MoneyKey?arrow_drop_down
MoneyKey will never ask you for application or approval fees. Completing an application is always free.
- Does MoneyKey accept gift cards as a method of payment?arrow_drop_down
Absolutely not. MoneyKey will never ask for gift cards as a condition of approval or as a method of payment.
- What is the web accessibility tool, UserWay?arrow_drop_down
UserWay is a leading web accessibility technology that provides an accessible interface to assist you in adjusting and customizing the website’s design for your individual needs. UserWay does not collect any personally identifiable information or behavioral data from MoneyKey.
Qualification Questions
- How do I qualify for a Loan or Line of Credit through MoneyKey?arrow_drop_down
To qualify for a Loan or Line of Credit you must:
- Be of legal age to contract in your state of residence
- Be a US citizen or permanent resident
- Be a resident in the state where the product is offered
- Have an active bank account
- Have a regular source of income
- Have a valid contact number and an active email address
Please note that currently no credit products offered through MoneyKey have rates that would meet the requirements applicable to lend to covered members of the US Armed Forces and their dependents.
- How do I know if I’m approved?arrow_drop_down
We will notify you via email if you are approved♦︎. You can also log into your account to view the status of your Loan/Line of Credit.
- Do I need a bank account?arrow_drop_down
Yes, you need an active bank account to qualify for credit through MoneyKey.
- Why do I need to verify my bank account?arrow_drop_down
Verifying your bank account helps to verify your identity and income and, if approved, ensures that funds are sent to the correct bank account.
- How can I verify my banking information?arrow_drop_down
There are a few ways to verify your banking information.
- Online Instant Account Verification: You may be able to verify your banking information electronically using DecisionLogic during the approval process. This process is secure and may be done in minutes without lengthy phone calls with your bank.
- Phone: Our friendly Customer Care agents may assist you by verifying your bank information over the phone with your bank. Please note, this process may take additional time due to bank wait times.
- What is DecisionLogic?arrow_drop_down
DecisionLogic is a free and secure service that provides a read-only snapshot of the recent transactions on your bank account to help process your request for credit quickly. Please note that you must currently use online banking to take advantage of this service and the service is not compatible with all banks.
Using DecisionLogic is:
- Secure: 256-bit encryption helps protect your personal and financial information.
- Fast: Instant account verification can help process your request faster – without lengthy phone calls with your bank.
- Private: DecisionLogic is a "read-only" service and will never display or store credential information.
- What additional information may be required during my application?arrow_drop_down
If your application requires additional information, which we are unable to verify online or over the phone, you may be asked to provide some documentation for verification purposes.
Additional documents that could be requested include, but are not limited to:
- Proof of bank account (e.g. void check)
- Proof of identity (e.g. driver’s license)
- Proof of income (e.g. bank statement)
- Proof of residence (e.g. utility bill)
Please note: documentation such as pay stubs or bank statements must be less than 30 days old, and renewable documentation such as a driver's license or other issued identification cannot be expired.
- How do I upload documents?arrow_drop_down
To securely upload a copy of your document(s), Log Into your account. Navigate to your Profile, scroll down and click on Upload Document. Next, select the document type and description, then Choose File which will allow you to upload the required documentation.
You can upload most images and/or PDF files, up to 5MB in size. If you are required to provide multiple documents, you will need to upload each document individually.
Having trouble uploading your documents? You also have the option to email a copy to us at verify@moneykey.com.
- I'm self-employed, do I still qualify for a loan?arrow_drop_down
Yes, of course. As long as we can establish a consistent pay frequency, you may qualify for a loan.
- Do I need to be employed to qualify for a loan through MoneyKey?arrow_drop_down
You do not need to be employed to be eligible for an Installment Loan or Line of Credit through MoneyKey. You will need to have a regular source of income to ensure you can repay your loan.
- Can I take out more than one loan?arrow_drop_down
You can only have one loan product at a time through MoneyKey. You will be required to pay off any existing loan you have through MoneyKey to be eligible to apply for another loan product.
- If my application is not approved, can I reapply?arrow_drop_down
Absolutely. You’re welcome to apply for a loan product in the future if your application is not approved.
- What type of account do I need to accept the funds?arrow_drop_down
You need to have a checking or savings account with a bank or credit union in order to accept the funds.
- When will I receive my funds?arrow_drop_down
If you’re approved for a loan product through MoneyKey, any requested funds may typically be deposited into your bank account the same business day, subject to the following funding cut-off times:
- If you have been approved for a MoneyKey Line of Credit on or after September 12, 2018, draws requested before 2:30 pm ET Monday to Friday will typically be deposited into your bank account the same business day, otherwise funds will be deposited the next business day.
- If you have been approved for a MoneyKey Line of Credit before September 12, 2018, draws requested before 7:00 pm ET Monday to Friday will typically be deposited into your bank account the next business day, otherwise funds will be deposited in two (2) business days.
- If you have been approved for a CC Flow Line of Credit, draws requested before 3:30 pm ET Monday to Friday will typically be deposited by CC Flow into your bank account the same business day, otherwise funds will be deposited the next business day.
- If you have been approved for an Installment Loan before 2:30 pm ET Monday to Friday, funds will typically be deposited into your bank account the same business day, otherwise funds will be deposited the next business day.
All funding cut-off times are subject to change. The date and time funds are made available to you by your bank are subject to your bank’s policies. If you require any assistance or for more information, contact Customer Care at 1-866-255-1668.
Payment Questions
- How do I check my next due date?arrow_drop_down
Log into your MoneyKey account to view your next due date.
- How do I make an early payment?arrow_drop_down
You can always make additional payments without penalties or fees, so long as your account is in good standing. Log into your secure account to make a payment online. Contact one of our Customer Care agents at 1-866-255-1668 if you have any questions.
- How do I pay off my loan in full?arrow_drop_down
You can pay your loan off in full at any time. Similar to making an early payment, you won’t be charged penalties or fees for paying off your full balance early. Log into your secure account to make a payment online. Contact one of our Customer Care agents at 1-866-255-1668 if you have any questions.
- How often will my payments be due?arrow_drop_down
Your payments will typically be set up on a bi-weekly, semi-monthly or monthly basis to coincide with when you receive your income. If you are paid weekly, your payments will be set up every other week. For example, if you get paid every Friday, your payments will be due every other Friday.
- What is an ACH payment and how does it work?arrow_drop_down
ACH (Automated Clearing House) payments are payments that are automatically debited from your bank account. You’ll need to provide authorization in order for any institution to take payments from your account via ACH. If authorization is provided, MoneyKey will electronically send a request to your bank to debit your bank account when a payment is due. The bank responds to the request through the ACH network and your bank account will be debited.
- Can I refinance my loan?arrow_drop_down
At this time, there is no refinancing for loan products offered through MoneyKey.
Account Questions
- How do I update my information?arrow_drop_down
You may update some of your information directly in your online account. If you need assistance, or are unable to update your details online, call Customer Care at 1-866-255-1668 and an agent will be happy to assist you.
- How does MoneyKey protect my information?arrow_drop_down
MoneyKey values your privacy and protects your personal information in accordance with lending industry standards. We have adopted secure socket layer (SSL) encryption and obtained Verified Site Certificates to protect your information when it is transmitted between your computer and our servers.
- Why am I not receiving emails from MoneyKey?arrow_drop_down
To make sure you receive emails from MoneyKey please add customercare@moneykey.com to your address book.
We send important emails, including payment reminders and account updates. If our emails are not making it into your inbox, please check your spam folder.
- How do I check my account status?arrow_drop_down
Log into your account to view your account status.
- How do I change or reset my password?arrow_drop_down
Log into your account to change your password or reset your password here.
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