Financial emergencies have a way of creeping up on us when we least expect it. It could be you have suddenly fallen ill and need medical attention, or your car breaks down, and the repair cost is simply over the roof.
You are almost going nuts brainstorming where to get money to settle these bills. You need a solution, and you need it fast!
Relax.
Most people have been in your situation at some point in their life. In fact, according to a report by the Federal Reserve System, nearly 40% of Americans were found not to have the capacity to cover a financial emergency that would require up to $400 within 24 hours.
It is often more than not, a case of being stuck between a rock and a hard place. Because you do not have an emergency fund, you might not be qualified to receive a loan from a traditional lending institution such as your bank.
But all hope is not lost. Thankfully, there are several options available today that may not have existed in the past. These have made it easy for borrowers to get quick short-term loans to cater to their financial needs.
One such option is the MoneyMutual online lending platform that connects you to dozens of potential lenders.
Who Should Use MoneyMutual?
Personal Loans are debts that must be paid back eventually and with interest. Therefore, you need to be sure that your intended purpose for the loan is worth it and that you can afford it.
If not, it is easy to find yourself in a much bigger predicament in the long run due to unpaid debts.
Therefore, this begs the question, what qualifies as a good use for a loan or, rather, who should use MoneyMutual to get a personal loan?
Examples of some viable scenarios of when one should use MoneyMutual include:
Unexpected Emergency Expenses
Urgent emergency expenses that might require you to get a personal loan might include:
– covering a sudden medical bill due to illness or injury
– paying for accrued medical bills, you would otherwise not be able to pay for
– paying for a loved one’s funeral.
These are real situations that are not easy to plan for in hindsight. Hence, if they occur, it would require you to get financial assistance from a lending platform such as MoneyMutual.
Anyone Looking to Consolidate a Debt
Debt consolidation is one of the best reasons for taking out a personal loan.
If you have several existing debts in your name – e.g., a student loan, car loan, credit card debt, mortgage loan, etc. you can take up a personal loan to pay off all these debts.
You, however, need to have a solid plan on how you are going to make this last debt payment; otherwise, this could end up being a very bad idea.
The advantage of consolidating debts is that it is easier to keep track of a single loan than multiple debts.
If You Are Making a Home Renovation
Homes are considered assets; therefore, renovating your home is part of adding value to an already existing asset.
But, of course, if push comes to shove, you can always sell your home, downgrade to a more affordable house, and then use the extra cash to settle your financial needs.
If You Are Financing a Large Purchase
Large purchases require more finances, which also attract more interest rates. Therefore, before making any large purchase, you need to consider how important the purchase is.
Examples of large purchases include:
– Buying a house.
– Paying for your wedding expenses.
– A dream luxury vacation.
– Buying home furniture or electronics.
Sometimes, weighing the pros and cons of these purchases might or might not make financial sense. But, in the long run, you have to decide whether to go ahead with the purchase or delay the purchase until you can afford it.
To Cover Moving Costs
Life happens, and you might need to relocate, maybe even to a different state. Of course, such circumstances come unexpectedly, but you still need to make a move, and it might need extra cash to cover the cost of hiring movers to pack and transport your items to your new home.
Similarly, when looking for a new apartment, you might need to pay the first and last month’s rent and keep a security deposit.
In such a circumstance, getting a personal loan would make sense to help you have a smooth moving experience.
=> click here to visit the official website of “MoneyMutual”
MoneyMutual Brand Overview
MoneyMutual is a free online lending platform. The company was first founded in 2010 after identifying a financial need in the market. Their research discovered that when faced with financial emergencies, most people do not have the personal capability to help themselves.
They came up with their platform from this realisation, whose main aim is to provide easy access to short-term loans. They have a stellar satisfaction rate, having served over 2 million people across the States to date.
Please note that they are not lenders, but rather they only work as a middleman. Their role is to link borrowers to potential short-term lenders. Once a borrower accepts an offer from their suggested lenders, their role ends there.
It also means they are not involved with any loan specifics, including loan terms, amount offered, interest and annual percentage rates, etc. All these depend on the lenders, and they tend to vary from one lender to another. Therefore, borrowers should review all the terms and conditions with lenders before accepting any loan offer.
Consider MoneyMutual as a one-stop shop. Instead of applying severally to different lenders, it is as easy as filling out one application form, which they will submit to their wide pool of lenders – they have over 60 lenders registered on their site.
Although they do have a physical address in Las Vegas, Nevada, most, if not all, of their transactions are done online. As a result, they have a professional, easy-to-use, and updated website. Similarly, they have a professional team of customer service personnel always on standby to help with any assistance you might require.
What we like most about MoneyMutual is their level of respect and protection of people’s privacy. There is a lot of personal information one needs to provide when applying for a loan. It, therefore, makes sense for anyone to feel reluctant to share this information online to protect themselves from cybercrimes such as identity theft.
With MoneyMutual, you can rest assured your information is well protected. In addition, Norton 256-bit highly protects their website. The high-level encryption protects access to people’s personal information by any unauthorized person.
Pros and Cons
Pros
– It is free to sign up and fill out the loan application forms on their platform.
– Higher chances of getting a loan offer since they have a wide pool of lenders.
– Loan applications and approval are fast and easy.
– They are registered members of the Online Lenders Association (OLA) and are trustworthy.
– They offer free financial education resources on their website.
– No limitations on loan use.
– The website is encrypted to protect clients’ information.
Cons
– Once you move forward with a lender, they back out. You will not receive any help from them in case any issues arise.
– Not available in some states.
– Unclear screening process
– There is no upfront information about interest rates as it varies from one lender to another.
=> Click here to visit the official website “MoneyMutual”
How Does MoneyMutual Work?
As highlighted before, we already know that MoneyMutual is an online lending platform. More like a middleman whose purpose is to connect borrowers with short-term lenders.
Their loan application is a fast and easy 3-step process making them a preferred choice among their competitors.
Step 1: Loan Application
Applying for a loan on the MoneyMutual platform is as easy as filling out an online application form. However, the form will require you to fill out some personal information.
Lenders will use the information you provide to determine your loan eligibility by lenders, who will then choose whether to present you with an offer or not.
Some basic eligibility criteria for qualifying for a loan at MoneyMutual include:
– Be at least 18 years or older
– Must be a legal and permanent citizen of the U.S. (proof might be required)
– Provide a valid home and work phone number and email address
– Have a verifiable source of regular income of at least $800 per month
– Provide employers phone number and email address
– Have a valid checking account
Meeting these requirements is necessary as it increases your chances of getting loan offers. After submitting your loan application form, it will be presented to different lenders who will determine your suitability for the loan.
It is possible and common to get a request to provide more information. However, if this happens, it will be based on an individual lender as requirements differ by lender.
Step 2: Lender Review
Determining your compatibility with anyone lender is the most important aspect of the whole process.
Once your application is submitted, you will get access to their wide network of lenders. You are likely to be presented with so many offers from the website that it might feel overwhelming. However, you need to take your time and carefully review the finer details to understand what each is offering.
You need to consider the loan amount, interest rates, penalties, repayment schedule, additional fees, costs, etc. Borrowers need to note that they are under no obligation to accept any offer from a lender if it does not suit their needs. It is okay to suspend the process and try another time.
Sometimes, MoneyMutual can link you up with other lenders outside of their network if you do not find a lender you are compatible with within their network.
Step 3: Loan Approval
Once you find a lender, have gone through their terms and conditions, and are satisfied, the next step will be to sign the loan acceptance form. By accepting the lender’s offer, you give them the go-ahead to start processing your loan.
Usually, it is an easy process, and you can get the money deposited into your bank account within 24 hours or 1-2 business days.
Lenders’ loan amounts on the MoneyMutual platform could range from as low as $200 to a high of $5000. How much you are offered depends on your information, enabling lenders to assess your risk level and guide their decisions. For example, they might consider credit score, the purpose of the loan, repayment period, etc.
Benefits of Using MoneyMutual
Applying for a loan has never been easier than it is now with the MoneyMutual online lending platform. It eases down on the rather intimidating scrutiny process involved when applying for a loan. MoneyMutual also offers a fast and reliable solution to anyone looking for urgent financial assistance.
These are just a few of the many advantages you enjoy with MoneyMutual. Other benefits include:
Easy Loan Application And Approval Process
The loan application process with MoneyMutual is a fast and easy 3-step process. First, lenders will review your application and present you with offers within a few minutes. Then, the lender will have the funds deposited directly to your bank account upon accepting a loan offer. This whole process can happen within 24 hours.
It is such a great advantage to anyone looking for a fast solution for an emergency.
Suitable For People With Good Or Bad Credit
MoneyMutual is ideal for anyone seeking financial assistance regardless of whether you have bad or good credit. However, you will only be eligible for lower loan limits with bad credit, and the interest rates might be higher than with a good credit score.
At least once a year, you can request your credit score report from any major credit agency, Equifax, TransUnion, and Experian.
They Offer Different Types Of Loans
Lenders on the MoneyMutual platform offer different loan types, and you get to select your preferred option based on your specific needs. Available loan offers include;
Payday Loans
These are short-term loans offered to borrowers to help them sort out their bills – they are the most common type of loans. Ideally, lenders will need to be paid off as soon as you get your next paycheck with this loan.
However, a downside to payday loans is that they usually attract high-interest rates. Hence it would help if you were sure you would be capable of making the payment as soon as it is due.
Installment Loan
Quite similar to payday loans, only that instead of paying in one settlement, you can spread out the payment plan and pay back the loan in installments.
This loan type is ideal for anyone seeking to borrow a huge loan that they cannot repay in a single installment.
Bad Credit Score Loans
Most suitable for borrowers with a low credit score – below 579. In such an instance, lenders will consider other factors, such as proof of monthly income, to determine your eligibility.
The only disadvantage with bad credit loans is that they attract high-interest rates since you present a bigger risk to the lender.
Cash Advance
Also, similar to payday loans only that with a cash advance, you can take out an advance even when you have reached your credit or debit card limit.
Unfortunately, this loan type attracts a high-interest rate and has a high service fee attached for using the services.
No Loan Limitation
MoneyMutual lenders do not limit their clients to what they can use the money towards. They offer loans for car repairs, holidays, groceries and gas, unexpected bills, medical emergencies, etc.
Once the funds are deposited into your account, you can do with it as you please. Only that you have to make sure you make the repayment when it’s due.
Who Should Refrain from Using MoneyMutual?
Getting a personal loan is a great option when strapped for cash and you need to settle life expenses – unexpected or not.
However, these loans are not inexpensive; hence you need to be very careful about how you spend the money because, in the end, you will still need to pay it back with interest. Hence you have to make sure it is worth it.
When in dire need of money, you could come up with a handful of reasons you need to get a personal loan to sort out your financial woes.
But, if you further look into the bigger picture, you might start to question whether it is necessary. Sometimes, this does not happen until it is time to pay back, and you start to question if it was worth it.
So, here are a few instances where you should refrain from using MoneyMutual to get a personal loan,
If You Do Not Have A Clear Plan For The Money
Not having a budget leads to misallocation of funds. As a result, you might spend money on less important things and deplete your resources before settling the most important bills. Consequently, this leads you to seek loans to fill these gaps.
One advice that could work for you is only to take out a loan if it is a real emergency. Anything else, you can plan and save for it and only make the purchase when you have enough cash at hand.
You Have An Unstable Job
Part of the eligibility requirements for getting a loan is proof of income. It is used to determine your ability to pay back the loan. Therefore, if you know your job is unstable, you might want to refrain from taking a personal loan because anything can happen.
For example, your employer might fail to pay you or lose your job; consequently, you will be unable to pay back your loan in good time.
Missed payments often attract penalties, and your credit score will affect your credit score in the long run.
Low Credit Score
It is an open secret that low credit score ratings often attract higher interest rates as they present a greater risk to the lender. Not only this, but you will also only qualify for a lower loan limit that might not be enough to cover the expenses you need to sort out.
If you have bad credit, you might want to consider other friendlier loan options such as borrowing from friends and family, credit advances, budgeting, credit unions, etc.
In the meantime, work towards bettering your credit score by paying off all your existing loans, making timely payments of bills, getting a secured credit card, etc. You can read more about this here.
Tips to Start
Consider Your Credit Score
Before applying for a personal loan, you should know your credit score rating. You can request a credit report free from major credit agencies such as Experian and Transunion.
However, please note they charge a fee to generate your credit score; therefore, keep your requests at a minimum, preferably once a year.
Knowing your credit score will help you know if you meet loan eligibility requirements. However, this does not matter to most lenders since they have other factors they can use to consider your suitability for a loan.
Either way, having a good credit score will go a long way in ensuring you get the best deals from lenders regarding loan limits and interest rates.
Determine How Much You Need
Applying for a loan on MoneyMutual makes you eligible for a loan limit of $200- $5,000. This limit is a decent offer compared to what other companies might be offering.
However, the specific amount you get will depend on a lender based on their assessment of the information you provide.
They might come up with a loan offer way above what you need, and sometimes, what they are offering might not be enough to cover your expenses.
If the loan limit is more than you need, do not feel compelled to take it all because the higher the amount, the higher the interest rate.
On the other hand, if the lenders offer less than you need, you can also opt not to take the loan and find other solutions.
Take Note of The Interest Rates
Lenders must disclose this in their terms and conditions to enable a borrower to decide. If you do not agree with any of the terms and conditions, do not go ahead to accept the loan offer.
Interest rates often vary from one lender to another and are dependent on several factors such as your credit score, amount requested, payback period, etc.
Generally, interest rates might range from as low as 3.49% to 29.99%. Low-interest rates are likely to be applied when you have good credit score ratings and have a short repayment period.
Additional Fees
Although MoneyMutual is a free to use online money lending platform, Lenders registered with them might charge borrowers certain fees during the loan approval process – such as origination fees and bank transfer fees.
However, these are often charged as a one-time, flat-rate fee; hence you will receive your amount minus the fee.
You should avoid working with lenders who charge these extra fees if possible.
Ensure You Meet All the Requirements
Unlike traditional lending institutions, online money lending platforms do not have stringent rules for approving loans.
With an online money lending platform such as MoneyMutual, there are a few eligibility criteria to be met, and upon approval, your loan is processed. Therefore, to increase your chances of getting a loan, you should meet all these requirements.
In addition, having your documents ready will further fasten the loan approval process, and you can get the funds deposited into your account within 24 hours of application.
How to Access MoneyMutual
MoneyMutual is an online money lending platform whose sole purpose is to link borrowers with potential lenders. They fully operate online through their official website.
Alternative ways of contacting them include:
Visiting their main office
Address: 2510 E. Sunset Rd., Ste 6, #85, Las Vegas, NV 89120
Contacting the Customer Care line via
Call: 844-276-2063
Email address: [email protected]
=> click here to visit the official website of “MoneyMutual”
In Conclusion: Sign Up With MoneyMutual
Suppose you have decided that a Personal Loan is the best solution for your financial needs. In that case, you have to make sure you get on board with a financial partner you can trust, which is what MoneyMutual offers – a fast, easy, transparent, and smooth loan application experience. It is for this reason that the MoneyMutual reviews stand mostly positive.
In addition, they have a wide network of lenders registered to their site. Finally, their excellent track record working with clients before has made them the preferred choice among borrowers within the U.S.
There are a lot of positive online reviews from their previous clients, which confirm all we have been saying about this company.
Therefore, if you are looking for a loan, whether you have bad credit or not, we advise you to consider signing up with MoneyMutual and have your financial problems laid to rest in a few easy steps.
Lastly, we would advise you to make a plan for your financial life to avoid finding yourself in unpleasant situations. First, plan to pay back as much of your debts as possible and avoid getting into more debt.
Make a budget for your money to enable you to use your earnings wisely, and finally, work on building your credit score to get favorable loan offers when you need to take a loan.
