MoneyKey is an online payday loan service that offers small-dollar cash advances to San Antonio residents who may not be able to get a traditional bank loan or credit card. Your credit score has no effect on whether you're approved for a loan from MoneyKey. In fact, all you need is proof of income and a bank account in good standing – and you must be at least 18 years old. This lender offers installment loans, which are sometimes preferable to payday loans.
Rather than being forced to pay back the money you borrow, plus the fees and interest, in only 14 or 30 days, you repay your installment loan over a longer period of time, which makes it a bit easier to repay because the amount of each payment is smaller. The overall cost of the loan is still expensive, as are any payday loans, but because of the flexible terms, it may be a better solution for short-term cash needs.
MoneyKey is a Credit Access Business (CAB), which means it works as a liaison to find a lender willing to loan you the money you need. You'll pay relatively low interest to the lender, but you also pay a CAB fee to MoneyKey. This is where the high cost of the small-dollar loan lies. The average annual percentage rate (APR) for a payday loan is about 391 percent, and MoneyKey's loans are quite a bit higher than that.
You can get an extension on your loan if you can't pay it all back in the allotted time, but be aware that MoneyKey is going to charge you more fees over that extra time. In fact, the faster you pay back the loan, the less you'll pay in fees. It's important to understand that these installment loans are like payday loans in that they're extremely expensive. Credit cards and traditional bank loans are significantly less expensive in the long run, so you should seek other avenues before you take one of these "last resort" loans.
You can borrow up to $1,000 from MoneyKey, but this largely depends on how much money you earn. In San Antonio, there are limits to the amount of money you can borrow and how many rollovers or extensions you can take out. These limits were implemented as ordinances to protect you, the consumer. MoneyKey makes it clear on its website how much a loan will cost you.
MoneyKey offers an alternative to the traditional payday loan companies you can find in San Antonio. You can borrow money and you have several months to pay it back in small amounts, rather than one lump sum after only two or four weeks.