Contributor, Benzinga
July 18, 2022

Almost everyone has been through a situation where they have run out of money, and it is never easy. Situations like these can make people really stressed. The worst part of the ordeal is that you might have trouble getting a loan from traditional financial institutions as they’re often wary of lending money to people with poor credit scores.

However, there’s no need to throw in the towel just yet. Certain brands care about you if you’re under such circumstances, and Money Mutual is one. You can use this marketplace to get a short-term loan if you run on bad credit. The company works mutually and connects the vendors to people worldwide looking for personal loans. So, say goodbye to insufficient credit.

This money mutual reviews article offers information on the brand and its services in detail. If you feel like you need a final push to decide to should go with Money Mutual or not, this guide would be what you need. Here is some information on who the company is for and who should avoid using it, along with its pros and cons.

Moreover, there’s a detailed section of services offered by Money Mutual and how they can benefit you.


Brand Overview: MoneyMutual Personal Loans For Bad Credit Marketplace Of 2022

A study once found that several Americans can not even come up with 400 dollars when they need cash in a rush. Thus, a marketplace that offered personal loans and those with bad credit scores was much needed. That is where Money Mutual comes into the picture.

The brand appeared in late 2010 in Las Vegas to act as an intermediary between the lenders and the loan vendors. As soon as you sign up and meet the eligibility criteria, the platform takes users to several available vendors from which they can select. 

The system derives these suggestions from the needs and requirements of an individual user. The company had no idea it would gain fame so rapidly since the basis was virtual, and not many people trust digital platforms. However, the brand quickly gained popularity with the rise of a digitally inclined economy. Moreover, people started using the services more than ever when the global pandemic hit. 

Money Mutual is a go-to place for anyone who has trouble saving money for emergencies. Moreover, the platform is for the ones who need instant cash in large amounts and can pay later when they have the finances to do so. It is unsurpassed for anyone looking for a completely secure private place to trade funds.

It remains one of the most reliable platforms for borrowing funds online in the US. The brand has gained enough users to have a high rating and good feedback from customers in a short period. So, if you are looking for a solution to your financial crisis, Money Mutual could very well be your gateway.

Pros & Cons Associated with Money Mutual


  • Quick and easy-to-use website
  • Safe and secure
  • No hidden fees
  • Easy loan approval process
  • Quick transfer of funds
  • Instructive resources available
  • Works for bad credit owners
  • Up to 60 vendors available 


  • Only available for a few states in the US
  • No upfront information on interest rates
  • Complicated screening process

How Does Money Mutual Work For Bad Credit Loan Approval?

Are you looking forward to finding out how the company does all the work quickly and efficiently? Here are the answers to the procedure for vendors and loan borrowers. There are three primary steps after you check the eligibility criteria of being over 18 and having an income source.

First of all, you need to fill out the form right from the official website of Money Mutual. This form includes all the personal information like your identity for verification purposes and financial details related to your income. A few distinctions depend upon the categories you choose here, and the site takes you to further stages accordingly.

However, since it is end-to-end encrypted, you do not have to worry about safety. The entered information must be correct and to the best of your knowledge because they send it for verification later. Once the system checks and validates the report, the system reviews to see if the user meets the eligibility criteria. If yes, then your application moves to the next step.

Next, the application becomes available for all kinds of lenders that suit your loan requirements. They get an option to review based on their needs, and if they feel like they can work with the user, you will receive a notification. This step usually takes a bit more time than the others in the process since the borrower at first has no rating and most lenders are not willing to take risks. However, as time goes on, it gets quicker.

Finally, it is time to receive funds if you get signed with a lender and make a deal. The lender deposits to your account - the same you provided to Money Mutual in step 1. It typically takes about twenty-four hours to receive money. However, if there is an issue, Money Mutual might not be able to interfere at this point. So, be sure to select your lender as carefully as you can to avoid wasting your precious time.

Services Offered by Money Mutual

Although several people complain about the limitations on services offered by Money Mutual, the reality is that there are so many options. If you want to get a variety of options in loans and finances, Money Mutual provides all the suitable options for you from which you can choose. So, you can select any loan offer that you feel suits you and continue with that.

Your credit score decides many interest rates when applying for a loan. However, if you feel like you are struggling with getting a loan, do not worry. Money Mutual offers several choices to cater to all kinds of people's needs. However, if you are interested in getting fair credits, you might want to look for leading companies.

Payday Loans

Payday loans are best for people looking for a short-term loan, and it is ubiquitous among those discussed further. Most people do not care about researching and most go with payday loans since they find it an easy option. However, there are a few downsides that come with this ease.

As you can extract from the name itself, payday loans need to be repaid around the next payday, making them short-term loans which last for a short interval. Payday loans are of great help to those who wish to pay their groceries and small everyday bills without the need to withdraw a large amount of cash.

When using Money Mutual for payday loans, the platform asks for the date to set it as a payday for you. Every time the date approaches monthly, it gives you a soft reminder that it is time to pay your bills. So, you must mark that date and look forward to it.

Although it may seem cheaper, payday loans have incredibly high-interest rates. Hence, it is a bit expensive. So, ensure that you only use this loan wisely to avoid getting yourself into an unnecessary and entirely avoidable debt.

However, aside from interest rates, you should also be aware that many payday loan companies charge small fees based on how much you borrow.

Installment Loans

If you have a tough time saving money and do not want to keep a massive amount in cash, you can go with this option.

Installment loans, unlike other loans, have fixed interest rates and fixed monthly payments. So, you do not have to care about exceeding the credit limit as in payday loans, and you get to choose the delay. For instance, you can pay $1000 in 5 monthly installments dividing each payment. Of course, the installment period can be significantly longer. It all depends on your peculiar situation, financial capabilities, and the total amount you borrowed initially.

An installment loan works best for people considering buying or spending money on expensive or more extensive things like cars and buying a home. Moreover, you should also consider choosing installment loans over others if you have a bad credit score. 

However, when using Money Mutual, you may come across a few terms and conditions, so read the form carefully before filling out the details. Often the brand asks for interest payments solely associated with the company's policy.

Cash Advances

If you have heard about payday loans, you must have come across the term 'cash advances'. They both are often confused with the same loan method. However, a minor difference makes a distinction between the two. 

A payday loan is one that you receive to settle immediate needs and you pay back on your next payday. More often than not, this type of loan requires you to leave personal information that would allow the lender to retrieve their money. This usually happens the instant you get paid at the end of the month. However, it could be modified to suit your needs whenever your wages come in. 

A cash advance, on the other hand, allows the borrower to withdraw some amount in advance. Therefore, this feature gives it an upper hand over the payday loans discussed before. So, now you can take as many cash advancements as you want until and unless you do not cross the set limit. Moreover, you can use a credit or a debit card for this.

However, it depends on the vendors in Money Mutual. You are good to go if you are fortunate enough to find a vendor who offers cash advances. Otherwise, you will need to proceed with the typical payday loan method. Once you get connected to the vendor, you are free to discuss the further procedure and interest rates.

However, keep in mind that like payday loans, these too have higher interest rates which may add up to a considerable amount if you skip paying. Granted, refusing to pay might not always affect your credit score, especially seeing as most lenders don’t report every loan given their short-lived nature. However, even if it doesn’t it could reduce your chances of getting a loan on the platform in the future. Therefore, it’s best to compare all the potential risks involved and deciding accordingly.

According to MoneyMutual themselves, the average interest rates for their lenders' bad credit and payday loans hover between 200% and 1300%.

Who Should Take Loans From Money Mutual?

Before you decide to take a loan from Money Mutual, it is an excellent point to find out who the brand is for and whether or not you fall into the category of its primary target market. Money Mutual has been around for a little over a decade. Their platform doesn’t require you to pay anything to create an account.

While the platform is free to join, you should know that Money Mutual has strict eligibility criteria that one must meet to start getting offers from available vendors.

The first of them is the age category to which you belong. If you are below 18 and looking to get some cash in a hurry, it would be a better idea to consider other methods of getting money as the company only serves legal adults. Apart from being above eighteen, another requirement to use Money Mutual is to be a resident of the United States.

Several people sign up without knowing that they are not eligible for the Money Mutual policy. So, it’s worthy of note that in addition to only serving residents of the US, Money Mutual only serves people in a select number of states where it operates. Their selectiveness with locations has more to do with federal and state laws as well as logistical issues than an actual desire not to expand. So, it’s best to check if Money Mutual serves your state before you sign up.

In addition to all these, Money Mutual is suitable for those who have proof of income. This must be provided when signing up to the platform itself and is practically non-negotiable. This is because the company needs to know that you’re financially capable of repaying the loan within the given period. After all, they are risking quite a bit by lending money to a person with a bad credit score.

You must also have a valid checking account to continue with Money Mutual. That way, the assets can be shifted to your checking account within 24 hours and withdrawn when needed.

Benefits of Using Money Mutual Loan Platform:

There are several reasons that Money Mutual works better than other alternative companies providing the same services. Here is a list of a few benefits you get when using Money Mutual for your loans:

Easy to Use Website: Money Mutual has an easy-to-use website that any person with a non-technical background can get the hang of quickly. One of the best features of the website is the detailed section where it carefully answers commonly asked questions. Benzinga considers this one of the best because a lot of people are often nervous when it comes to money and money lending platforms. The set of questions that Money Mutual provides answers to helps allay the borrower’s fears. Beyond that, there’s also a blog section where the company provides useful and in-depth finance-related topics that the audience would most certainly find useful in their research and learning process. 

Stress-Free Process: The best thing about the Money Mutual marketplace is the brand does not offer any charges when creating an account. So, you can check it and ensure if it suits you, then continue with the platform. 

Moreover, it calculates all the payday checks and loans by itself and makes the work for its users a lot easier. You only need to fill out the form, and the rest of the process is the system's task which should not concern you. Whereas several other loan marketplaces do not offer this approval procedure and customers do all the work themselves.

Safe and Secure: The platform uses a 256-bit encryption method to safeguard the privacy of its users. Moreover, in online lenders alliance, scamming and fraud are standard practices. Therefore, Money Mutual takes its user's privacy seriously and has a detailed policy that you can go through on how they use customers' personal information.

Less Time Taking: If you have ever gotten yourself into a loan-taking process, you might already know how complicated the procedure is. Thus, the time spent on Money Mutual is a lot less than that since the brand uses quick methods, and you get the money within 24 hours.

Who Should Refrain from Using Money Mutual Personal Loans?

Although many consider Money Mutual as their first platform whenever they need some emergency cash, it is not the platform for everyone. A few people should try looking for alternative options which will not suit them.

For anyone living in any other area other than the United States, Money Mutual will not work. Also, it is not functional in several states of the US, so you must confirm this first before signing up on the platform.

Moreover, it is not for you if you are not content with the middle man working on your finances. Money Mutual is a gateway that connects the borrowers to the lenders. As soon as you find the one and start the conversation Money Mutual closes the gate to interference and lets you keep the further work in privacy.

Apart from that, Money Mutual has eligibility criteria for you to meet to use the platform. If you are not a person who is currently earning or having a source of income, Money Mutual will not let you sign up. The brand needs to keep a record of those who can pay and return the funds in the future. So to get a loan, they should know you can pay it back.

Tips to Start:

Before starting with Money Mutual, knowing a few tips to make the most of it is essential. The first thing is learning your goal and understanding it. This way, you will not go towards loss and will be able to give the returns earlier. Hence, always plan your expenditures as they will come in handy in many ways.

Secondly, avoid going with a short-term strategy because that could potentially make the loan more difficult to pay. Establishing a positive mindset with a long-term earning mission would be best. Whenever people use a short-term plan, they take things in a hurry, leading to a significant loss in earnings.

Similarly, consider making decisions and following the route carefully. You need to know all the risk factors involved and avoid them. People often ignore the negatives, and this may lead to trouble later.

Where to Get Money Mutual Loan Services and Guarantees

Now that you see all the benefits associated with the brand and who it is suitable for, it is time to know where you can avail yourself of the services. Money Mutual is only applicable to those who live in specific states. So, if you are one of them, then continue reading below.

Whenever you are considering using a marketplace for short-term loans, it is a piece of good advice to always use the official means. As such, the best place to begin is the brand’s official website.

The brand cares about its customer's privacy. Thus, they offer a detailed section for anyone looking forward to accessing the loan borrowing services with them. They keep a strict policy since not many people feel comfortable using intermediary means for trading. You can take the help of this comprehensive section when deciding.

FAQs Regarding MoneyMutual Lending Platform: 

Here are a few common queries about Money Mutual:


Is Money Mutual a scam?


No, Money Mutual is not a scam, but many people are unsure of its services, and thus, they misconstrue it as a fraud platform. However, Money Mutual is a safe marketplace that provides complete privacy for its customers. 

The most evident factor that Money Mutual is not a scam is that they do not ask for any fees when creating an account, so even if you wish to give it a trial, you are free to do so. However, a few people do not consider anything offered for free as safe or legal. “Nothing goes for nothing,” they say. Although this is part of human nature, one must not judge everything based on the fees they take. It is not as if the platform itself gives you a loan; it instead lets you connect to someone who does.

Nevertheless, if you’re worried about how they remain profitable, there’s nothing wrong there. In that regard, we should let you know that while Money Mutual doesn’t charge you for its services, it charges the vendors. That way, it can make enough money to stay afloat without using high fees to send away the majority of its users – people like you.


Does a loan from Money Mutual require a soft or hard credit check?


No, Money Mutual does not offer loans directly, and hence there are no checks involved, whether it be a soft credit one or a hard-credit one. The company connects you to the people who are providing a loan. Thus, it would help if you were careful when choosing the vendor.

The loan offers indicate whether the vendor would like a soft credit check or a hard one. The soft credit checks do not affect your credit score. However, hard credit checks could affect your score.


Will my credit be impacted if I take a short-term loan credit?


In short, the answer is no. It would have no impact on your credit. The companies do not make a report for every loan since it is short-lived, and they do not feel the need to do so. However, if you cannot return the loan, it may lead to trouble in one way or another. So, always be careful and repay the loan on its due time.


Final Thoughts: Is MoneyMutual Legit Or A Loan Scam?

Sometimes taking a loan is the only choice left to us, but what brand should we trust with a bad credit score? That is the real question that arises. Consumers need someone to share their experience with the brand to get a hint of what they can expect from it before spending their money. Thus, that is where this guide would help you.

With thousands of positive reviews about Money Mutual, you can trust the brand as it helps consumers find all types of loans. Even if you want to borrow some cash these days, Money Mutual is good. Money Mutual offers an intermediary between the borrower and the lender while keeping everything safe and private.

Hence, you do not have to ponder a bad credit score twice since you have several options. So, it is time to give your worries a break and take the right step. It only takes 24 hours to get money and keep going with emergencies in your life.