Money Mutual Review: Is Money Mutual Legit? Money Mutual is an online platform that claims to connect you with lenders who offer short-term loans, such as payday loans, installment loans, and bad credit loans. You may have seen their ads on TV or online, featuring celebrities like Montel Williams. But is Money Mutual legit? How does it work? What are the benefits and risks of using Money Mutual? And what are the alternatives to Money Mutual?
In this article, we will answer these questions and more to help you decide whether Money Mutual is a good option for you. We will also provide some tips and advice on how to use Money Mutual safely and responsibly, and how to avoid scams and frauds. Whether you need money for an emergency, a bill, or a personal expense, this article will give you all the information you need to make an informed decision.
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Money Mutual Review: Is Money Mutual Legit?
Money Mutual Review: Is Money Mutual Legit? Money Mutual is not a direct lender, but a lead generator. This means that Money Mutual does not lend you money, but connects you with lenders who may be willing to lend you money. Money Mutual is free to use, and you can apply online in minutes. You just need to fill out a simple form with basic information, such as your name, address, income, bank account, and loan amount.
Money Mutual then sends your information to its network of lenders, who will review your information and decide if they want to offer you a loan. If you receive a loan offer, you will be redirected to the lender’s website, where you can see the loan terms, such as the interest rate, fees, and repayment schedule. You can then choose to accept or reject the loan offer. If you accept the loan offer, you will need to sign a loan agreement with the lender, and the lender will deposit the money into your bank account, usually within 24 hours.
Money Mutual claims to have over 60 million satisfied customers, and to work with over 100 lenders who offer various types of short-term loans. Money Mutual also claims to help people with bad credit or no credit, who may have difficulty getting loans from traditional sources. Money Mutual says that its lenders offer loans ranging from $200 to $2,500, depending on your qualifications and state laws.
However, Money Mutual does not guarantee that you will get a loan offer, or that you will get the loan amount or terms that you want. Money Mutual also does not control or endorse the lenders that it works with and does not verify their legitimacy, reputation, or compliance with the law. Therefore, it is your responsibility to do your own research and due diligence before accepting any loan offer from Money Mutual or its lenders.
What are the fees and interest rates of Money Mutual loans?
Money Mutual Review: Is Money Mutual Legit: The fees and interest rates of Money Mutual loans are not disclosed upfront, as they depend on the lenders that you are matched with. Money Mutual is not a direct lender, but a lead generator that connects you with lenders who offer short-term loans, such as payday loans, installment loans, and bad credit loans. These types of loans typically have high fees and interest rates, sometimes exceeding 300% APR. The exact fees and interest rates of Money Mutual loans will vary depending on the loan amount, the loan term, the lender, and your credit history.
You will only see the fees and interest rates of Money Mutual loans after you fill out an online form and receive a loan offer from a lender. You should carefully review the loan terms and conditions before you accept any loan offer from Money Mutual or its lenders. You should also compare the fees and interest rates of Money Mutual loans with other options, such as credit cards, personal loans, or credit unions, to see if you can find a better deal.
Money Mutual loans are not available in all states, and some states have laws that limit the fees and interest rates of short-term loans. You should check the laws and regulations of your state before you apply for a Money Mutual loan. You should also be aware of the risks and consequences of taking out a Money Mutual loan, such as getting into a debt cycle, damaging your credit score, or facing legal action from the lender. You should only use Money Mutual loans as a last resort, and only if you are sure that you can repay the loan on time and in full.
What are the eligibility requirements for Money Mutual loans?
The eligibility requirements for Money Mutual loans are not set by Money Mutual, but by the lenders that it works with. Money Mutual is not a direct lender, but a lead generator that connects you with lenders who offer short-term loans, such as payday loans, installment loans, and bad credit loans. Therefore, the eligibility requirements for Money Mutual loans may vary depending on the lender, the loan type, and the state laws. However, according to the web search results that I have provided, some of the common eligibility requirements for Money Mutual loans are:
- Be 18 years or older
- Be a U.S. citizen or resident
- Have a regular source of income of at least $800 per month
- Have an active checking account in your name
- Have a working phone number and a valid email address
These are the basic eligibility requirements for Money Mutual loans, but they do not guarantee that you will get a loan offer, or that you will get the loan amount or terms that you want. You will need to fill out an online form on Money Mutual’s website, and then wait for a lender to contact you with a loan offer. You should carefully review the loan offer and the lender’s terms and conditions before you accept it.
You should also check the laws and regulations of your state before you apply for a Money Mutual loan, as some states do not allow or limit short-term loans. You should also be aware of the risks and consequences of taking out a Money Mutual loan, such as high fees, interest rates, and penalties, and the possibility of getting into a debt cycle or damaging your credit score. You should only use Money Mutual loans as a last resort, and only if you are sure that you can repay the loan on time and in full.
Pros and Cons: Money Mutual Review
Is Money Mutual Legit? Yes, Money Mutual is an online platform that connects you with lenders who offer short-term loans. Here are some of the pros and cons of using Money Mutual:
Pros:
- You can apply online in minutes and get a loan offer from a lender within 24 hours.
- You can access a network of over 100 lenders who offer various types of loans, such as payday loans, installment loans, and bad credit loans.
- You can get a loan even if you have bad credit or no credit, as long as you meet some basic eligibility requirements.
Cons:
- You may have to pay high fees and interest rates, sometimes exceeding 300% APR, for the loans that you get from Money Mutual’s lenders.
- You may not have control over the loan terms, such as the loan amount, the loan term, the repayment schedule, and the penalties for late or missed payments.
- You may face risks and consequences, such as getting into a debt cycle, damaging your credit score, or facing legal action from the lenders if you cannot repay the loan on time and in full.
How can I contact Money Mutual customer service?
You can contact Money Mutual customer service by email, phone, or mail.
- Email: customerservice@moneymutual.com
- Phone: 844-276-2063 or 800-567-0142
- Mail: Money Mutual, 8174 S. Las Vegas Blvd., Suite #109-432, Las Vegas, NV 89123
Are there any complaints or lawsuits against Money Mutual?
There are some complaints and lawsuits against Money Mutual, mostly related to high-interest rates, hidden fees, poor customer service, and fraudulent or abusive practices:
- In 2016, Money Mutual agreed to pay a $2.1 million settlement to the New York State Department of Financial Services for violating the state’s usury and licensed lender laws. Money Mutual was accused of advertising and selling illegal payday loans with interest rates as high as 1,304% in New York.
- In 2018, Money Mutual was sued by the Consumer Financial Protection Bureau for allegedly violating the Telemarketing Sales Rule and the Consumer Financial Protection Act. The CFPB alleged that Money Mutual sold consumers’ personal information to lenders who charged fees and interest rates that were not authorized by state law, and who engaged in unlawful and abusive collection practices.
- In 2020, Money Mutual was sued by the Federal Trade Commission for allegedly violating the FTC Act and the Gramm-Leach-Bliley Act. The FTC alleged that Money Mutual failed to protect consumers’ sensitive personal and financial information, and exposed it to unauthorized access and misuse by third parties, including hackers and identity thieves.
- Many consumers have also filed complaints against Money Mutual on various online platforms, such as ConsumerAffairs, ComplaintsBoard, and Ripoff Report. Some of the common complaints include receiving harassing phone calls or emails, getting scammed by fake or unlicensed lenders, and having difficulty repaying or canceling the loans.
Money Mutual Review: Is Money Mutual Legit: Conclusion
Is Money Mutual Legit? Money Mutual is not a direct lender, but a lead generator that connects you with lenders who offer short-term loans. Therefore, you should be careful and do your own research before accepting any loan offer from Money Mutual or its lenders. You should also check the laws and regulations of your state before applying for a loan, and compare the fees and interest rates with other options. You should only use Money Mutual as a last resort, and only if you are sure that you can repay the loan on time and in full. If you have any questions or concerns, you can contact Money Mutual customer service or the Online Lenders Alliance Consumer Hotline at 1-866-299-7585.