MoneyKey Installment Loans
Borrow $200 to $2,500 with fixed monthly payments over 5 to 12 months. MoneyKey installment loans offer a predictable repayment schedule for borrowers with bad credit.
How MoneyKey Installment Loans Work
A MoneyKey installment loan gives you a lump sum deposited into your bank account. You repay the loan through a series of fixed, scheduled payments over a set period. Each payment includes a portion of the principal balance plus interest charges.
Unlike payday loans that require full repayment on your next pay date, installment loans spread the cost over several months. This makes individual payments more manageable, though the total cost of borrowing remains high due to MoneyKey's elevated APRs.
| Feature | Details |
|---|---|
| Loan Amount | $200 – $2,500 |
| APR | Up to 295% |
| Repayment Term | 5 – 12 months |
| Payment Schedule | Fixed payments aligned with your pay dates |
| Funding Speed | Same business day (if approved before 2:30 PM ET) |
| Origination Fee | None |
| Late Fee | None |
| Prepayment Penalty | None |
States Where MoneyKey Installment Loans Are Available
MoneyKey operates as a licensed direct lender for installment loans in the following states:
Loan amounts and specific terms vary by state. Check the MoneyKey Products and Services page for details about your state.
Sample Payment Schedule
The table below shows a representative amortization for a $1,000 installment loan at 275% APR over 10 months, using the standard installment-loan formula. Actual schedules will vary by state, exact APR, and any first-payment adjustments the lender applies.
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $262.62 | $229.17 | $33.45 | $966.55 |
| 3 | $262.62 | $213.71 | $48.91 | $883.02 |
| 5 | $262.62 | $190.06 | $72.56 | $758.53 |
| 7 | $262.62 | $155.42 | $107.20 | $573.72 |
| 10 | $262.62 | $58.99 | $203.63 | $0.00 |
Total repayment: $2,626.20. Total interest: $1,626.20. Cost per dollar borrowed: $2.63.
How ACH Auto-Debit Works
MoneyKey collects installment payments by ACH auto-debit from the checking account you used to receive the loan. Each payment is aligned with your pay date so that funds are typically available in the account when the withdrawal runs. If your pay schedule changes — for example, you move from bi-weekly to monthly — you can call customer service to have the payment schedule adjusted so that debits do not fall between pay dates.
A failed ACH withdrawal triggers a returned-payment fee from MoneyKey (typically $15–$30) and often a separate NSF fee from your own bank ($27–$35 on average). Two consecutive failed withdrawals can move the account into an early collections timeline, so if you know a payment will fail, call before the due date rather than after.
State-by-State Maximum Amounts
Because installment lending is regulated at the state level, the maximum loan amount MoneyKey can offer varies. The state caps below are set by state law or by MoneyKey’s licensed operating maximum; both are subject to change if a state updates its lending framework.
| State | Typical Max | Notes |
|---|---|---|
| Delaware | $1,500 | Installment loan under Delaware Licensed Lenders framework |
| Idaho | $2,500 | Installment loan under Idaho Credit Code |
| Kansas | $2,000 | Kansas Uniform Consumer Credit Code |
| Mississippi | $2,500 | Small loan license, Mississippi Credit Availability Act |
| Missouri | $2,500 | Missouri small loan lender license |
| New Mexico | $5,000 (statutory) | Subject to New Mexico consumer lending reform APR cap of 36%; product may be limited or unavailable |
| Tennessee | $2,500 | Tennessee industrial loan and thrift license |
| Utah | $3,000 | Utah consumer credit license |
| Wisconsin | $2,500 | Wisconsin licensed lender |
Rollover and Refinance Policy
MoneyKey does not permit rollover of an active installment loan into a new loan — a payment is a payment, not an opportunity to extend the balance for another fee cycle. Once your existing loan is paid to zero, you may be eligible to apply for a new loan; some states also permit refinancing an existing MoneyKey installment loan into a larger balance if your income supports it. Because MoneyKey uses simple-interest accrual with no prepayment penalty, refinancing early into a lower-APR product (a credit union PAL at 28%, a bad-credit personal loan at 36%) will always save you money if you can qualify.
Compared to Payday Loans and Lines of Credit
An installment loan is not the same product as a payday loan or a line of credit, even though all three are common bad-credit options.
- Payday loans require full repayment on your next pay date, typically 2–4 weeks out. This makes each installment loan payment smaller than a payday loan payment for the same borrowed amount, but the total interest paid on a multi-month installment loan is usually higher.
- Lines of credit (revolving) let you borrow, repay, and re-borrow up to a credit limit. There is no fixed payoff date — only a minimum monthly payment. This is more flexible but can extend for years if only the minimum is paid, dramatically increasing total cost.
- Credit union PALs at 28% APR beat MoneyKey’s installment loan on cost by 6–12x on the same borrowed amount, and should be your first check if you can access a credit union.
Hardship, Collections, and Credit Reporting
If you cannot make a scheduled payment, contact MoneyKey before the due date and ask about hardship options: a one-time due-date adjustment, a partial-payment arrangement, or in some cases a temporary hardship reduction. MoneyKey reports account status to the credit bureaus (typically Clarity Services / Experian); on-time payments help build a positive record on your consumer report, while missed payments will typically appear on your report within 30–60 days of the missed date and remain for up to 7 years.
Collections practices are governed by the federal Fair Debt Collection Practices Act (FDCPA). If a MoneyKey collector contacts you outside of the allowed hours (before 8 AM or after 9 PM local time), uses abusive language, or refuses to send written verification of the debt, that is a violation you can report to the CFPB.