Moneytree offers small personal loans with no prepayment penalties so it’s a flexible option if you need cash fast. But remember Moneytree loans are only available in 5 states: Washington, California, Idaho, Colorado and Nevada. While the convenience of these loans is nice, be careful of the high interest rates which can be in the triple digits.

Pros and Cons

Pros

1. No Prepayment Penalty. Moneytree loans have no prepayment penalty so you can pay off your loan early without extra fees. This will save you money on interest over time.

2. Small Loans. Moneytree offers small loan amounts which can be helpful if you need cash to cover unexpected expenses or financial emergencies.

3. Bad Credit OK. Moneytree will work with borrowers who have bad credit so it’s an option for those who can’t get loans from traditional lenders.

Cons

1. Application Process. Some of the application can be done online but you may need to apply in person at a branch so if you don’t live near a Moneytree location it can be inconvenient.

2. High Interest Rates. Moneytree loans have very high interest rates often in the triple digits. This can be costly to borrow and lead to a debt cycle if not managed well.

3. Limited Availability. Moneytree personal loans are only available in 5 states: Washington, California, Idaho, Nevada and Colorado. This limited availability can be a drawback if you live outside these areas.

How to Apply for a Moneytree Loan?

1. Choose Your Application Method. Apply online or in-store whichever is more convenient for you.

2. Fill Out The Application. Fill out the application form and provide all required personal and financial information.

3. Have Your Documents Ready. Have government-Issued ID, proof of income and bank account information ready.

4. Submit Your Application. Once you’ve filled out the application and provided all required documents submit your application.

5. Wait For Approval. The review process is quick and you’ll be notified soon.

Conditions and Requirements

Conditions

• Loan Amounts. Loan amounts vary by location. For example in Nevada you can borrow $50 to $5,000. This allows you to borrow only what you need whether it’s for a small financial emergency or a bigger expense.

• Interest Rates. Moneytree loans have very high interest rates often in the triple digits. For example in Washington the annual percentage rate (APR) can be 391.07%. You need to consider the total cost of borrowing and explore other options if possible.

• Repayment Schedule. Moneytree doesn’t require monthly payments. Your repayment schedule will be based on your payday. If you’re paid biweekly or semi-monthly your loan repayment will follow that same schedule. This can be convenient since your payments will coincide with your income but you need to budget carefully to make timely payments.

Requirements

1. Age. You must be 18 or 19 years old to apply.

2. Residency. You must be a resident of the state you’re applying for the loan.

3. Government-Issued ID. Valid ID such as driver’s license or passport to verify your identity.

4. Proof Of Income. Pay stubs or bank statements to show your income.

5. Active Checking Account. You must have an active checking account where the loan funds will be deposited and payments will be withdrawn.

How to Choose a Lender

1. Check Licensing. Make sure the lender is licensed in your state. Verify this information with your state regulator or attorney general. This is important to avoid illegal lenders and protect your consumer rights.

2. Check Membership In Reputable Associations. Look for lenders that are members of reputable associations such as the Community Financial Services Association of America. Membership in these organizations means they are reliable and follow industry standards.

3. Review Terms And Conditions. Review all the terms and conditions of the loan contract. Read the fine print to understand the lender’s policies, fees and your obligations as a borrower.

4. Examine Interest Rates And Total Loan Cost. Examine the interest rates on the loan and make sure your contract has a detailed breakdown of the total cost of the loan. This will help you understand the full financial impact of borrowing and compare offers from different lenders.

5. Understand Your Right Of Rescission. Take advantage of your right of rescission which is usually 3 days after signing the agreement. Or use the “cooling-off” period to review the contract thoroughly and make an informed decision before committing to the loan.

Moneytree. Apply Online