MutualMoney is a free portal that connects people who need loans with lending companies. Its interest rates are quite high to prevent borrowers from taking too long to repay.
More information about Money Mutual
The available services
1. Payday loan
This type of loan is very common since:
- It has a few requirements
- The process of applying for it is simple
- The money is received one day after applying
After applying for this loan, a customer will be given the whole amount upfront but it must be repaid when the customer receives his/her next paycheck.
On getting the loan, the borrower allows the lender to deduct the funds from his/her account when money gets deposited.
Payday loan, however, comes with very high interest charges. Because of this, the customer might end up with an unending debt when he/she fails to pay.
2. Cash advance
Credit cards and debit cards normally allow customers to get the cash advance which is separate from their credit limit or bank account. So, when a customer’s maximum credit card is 2,000 dollars, he/she can withdraw a maximum of 200 dollars as cash besides the line of credit.
The interest rate for this loan is also high, twenty four percent APR. A customer is additionally required to incur some fee when using this service.
Depending on which lender will lend you, you might be required to repay using your coming paycheck or you may choose an installment plan that allows repaying over some time.
Customers should, however, note that if the term is long, the interest will be more. Money Mutual additionally has an offer for people whose credit score is poor.
3. Bad credit loan
It is difficult for people with bad credit to get loans. At Money Mutual however, one’s credit score will not be checked. Besides that, there are many lenders on that network and most of them only ask for evidence of the customer’s income.
The steps for borrowing a loan
After customers ask for any loan at Money Mutual Network, what follows is matching a customer with lending companies that suit them.
Customers then get directed to the site of the company that is willing to lend them money. At the site, the customer will read all the specified requirements for the loan and decide whether it is suitable or not.
The lender will contact a customer through e-mail or telephone to request for other details. And once the lender acquires all the details needed to qualify for loans, the application will get finalized and the funds can be sent to the borrower. Customers are given a documentation explaining everything about their loan. That includes the interest rate, funds borrowed, due date, terms, and all additional charges.
A customer is required to analyze the information contained in the document very well and know what he/she is agreeing to. At this point, Money Mutual will have finished its work and won’t be involved with the customer or lending company anymore.
A customer is free to reject a loan if he/she feels it is not suitable. But once a person accepts the loan and signs an agreement, the funds can be sent to his/her checking account.
At Money Mutual network, there are more than sixty loan providers and each of them functions differently.
What is more confusing is that various states cap the maximum loans so that the highest amount that can be borrowed is below three hundred dollars, 500 dollars or 1,000 dollars. But the maximum loan amount advertised by Money Mutual is 2,500 dollars.
The highest amount that customers can borrow depends on many other factors besides where one resides and the lending company requirements.
Some of the factors are related to the customer’s financial history like income and employment.
In most cases, the amount that can be borrowed ranges from 100 dollars to 2,500 dollars. 350 dollars is usually the maximum that customers can borrow in payday option.
The loan providers
The loan providers found in Money Mutual network are those that follow the required lending rules, offer fraud protection and adhere to strict code of conduct.
Money Mutual’s job is to connect borrowers with loan providers. Each of the providers has its own offers, terms, charges and amount of funds which will be borrowed.
- A person must be above eighteen years old.
- A person must be earning at least eight hundred dollars each month.
- A person must present evidence of his/her income source.
- A person must be having a checking account.
- Money Mutual is a trustworthy resource where customers can get short-term lenders fast.
- The network leads customers to trusted lenders.
- This network is also part of OLA which expects them to adhere to good practices when protecting customers’ personal information.
- The network also uses the best encryption to protect customers’ personal information.
The client support service at Money Mutual often gets high ratings from customers. When a customer gets stuck when requesting for a loan, he/she can contact a support representative through email. The emails get responded to within a very short time.
The main thing that customers complain about at Money Mutual is the interest rates. Most lenders in this network have very high interest rates.
Whether customers should use Money Mutual or not
If a person needs money to do something yet his/her payday is still far, Money Mutual will help him/her find a great lender. A person will only need to fill in the application form available at the website. After this, he/she will be directed to various lenders who offer the service he/she is interested in.
Money Mutual network offers a quick, simple and secure way of borrowing some money without queuing at a lending store. Even if the interest rates can be too high, short-term offers are a good alternative than lacking money to do something that one needs to do urgently. A person only needs to borrow responsibly and ensure to repay within the specified period.