Moneytree Loan Review

Moneytree is a direct lender offering payday, installment, title, auto equity, and signature loans, as well as additional services. The company only operates in California, Colorado, Idaho, Nevada, and Washington.

Although the lender can help you get money quickly, there are several considerations regarding its products. Here’s everything you need to know about Moneytree loans before applying for them.

Moneytree Loans Pros & Cons

Explore key advantages and drawbacks before you turn to Moneytree:

Pros:

• Early repayment without fees;
• Bad credit is allowed;
• Fast transactions;
• Professional customer care;
• Additional services, such as wire transfers, check cashing, money orders, and prepaid cards.

Cons:

• Available only in 5 states;
• High interest rates;
• A hard credit check is performed;
• Scam alerts reported by former borrowers;
• Difficulties with income proof.

What are Moneytree Personal Loan Terms?

The terms and conditions of Moneytree loans depend on the type of product, the state, the repayment schedule, and a borrower’s creditworthiness. Below is a short breakdown on the loan terms by state:

• California: Only payday loans are available. The maximum cash advance loan amount is $255, with an average APR of 460.16% and a fee of about $17.65 per $100 borrowed. The repayment period is typically 14 days.
• Colorado: Only installment loans are offered. The loan amounts available are $100 or $325 (but no more than 25% of your gross monthly income). An approximate annual percentage rate is 100.92%, and the average repayment period is 6 months.
• Idaho: Payday, installment, title, auto equity, and signature loans are offered. Depending on the loan type, the maximum amount can be $500, $1,000, $5,000, or $25,000. APRs may be between 159.76% and 625.71%. The repayment terms vary by the loan type.
• Nevada: Payday, installment, title, and signature loans can be obtained. Depending on the type of loan, the maximum amount can be $1,000, $5,000, or $25,000, and the APRs range from 201.44% to about 573%. The repayment terms vary.
• Washington: Payday, installment, and signature loans are available. With payday loans, you can borrow up to $700, while installment loans can help you get up to 30% of your gross monthly income (but no more than $700). For signature loans, the maximum amount is $500, with an average APR of 391.07%. The repayment terms vary depending on the type of borrowing.

Eligibility Criteria to Meet

Applicants need to provide the following documents and information to apply for Moneytree loans:

• State-issued photo ID, such as a driver’s license or ID card;
• Social security number (or alien registration number or ITIN);
• Physical address & contact phone number;
• Documents to verify the source and amount of your income to verify your ability to repay;
• Checking account information.

How to Apply for a Loan from Moneytree?

Borrowers from California, Colorado, Idaho, Nevada, and Washington can apply for loans online or visit the company’s physical locations. The application process is quite simple. Here’s what you need to do:

1. Fill out a form. Complete an online application form and upload copies of documents via the website. If you need human interaction, visit one of the company’s branches and provide all the required information in person.
2. Get an approval decision. Once Moneytree receives your loan request, it will review your application details for eligibility. The process involves a hard credit check, which may temporarily affect your credit score.
3. Receive the funds. If approved, you need to review your loan agreement terms and sign the contract. Then, you can receive your money via instant funding to your debit card or through an ACH bank deposit. Another option includes a pick-up at a branch if there’s a physical location in your city.

Other Services Provided by Moneytree

Moneytree also offers additional services, such as:

• Western Union wire transfers: You can send money abroad and pay bills through Western Union’s quick collection service.
• Money orders: Moneytree allows you to buy orders of up to 1,000 dollars for a small fee, often lower than those that traditional banks charge.
• Prepaid cards: This service allows you to purchase the Netspend Visa Prepaid Card for $4.95. There are two types of plans, with one of them charging no monthly fees.
• Personal and business check cashing: You may cash all types of checks quickly and conveniently for a small fee of 1.99% to 6.99%, depending on the check type.
• Selling postage stamps and bus passes (only for Las Vegas and Los Angeles areas): Pricing varies; get more information at the US Moneytree Branches.

Customer Service

The Moneytree team is customer-friendly and does its best to meet clients’ needs and expectations. Borrowers can contact customer support by phone, e-mail, or via the Web Form on the website. Managers typically answer in minutes.

If you have questions about the company’s products, contact its Customer Service Team Member at 1-800-745-1011. This department provides 24/7 support. If you want to make payment arrangements on late payment, defaulted loan, or returned check, call a Payment Representative at 1-888-516-6643. The working hours are Monday till Thursday – 7:00 AM – 8:00 PM PT, on Fridays – 7:00 AM – 7:00 PM PT, on Saturdays – 8:00 AM – 4:30 PM PT.

Community Feedback

For over 35 years, Moneytree has been helping its customers through hard times. It supports organizations working with kids and families, animal shelters, medical studies, and first responders.

Former customers say the branch managers are friendly and professional. The application process is quick and easy to complete, and the check cashing services are fast. However, many borrowers complained about extremely high interest rates and scam calls about late payments that were made allegedly on behalf of the company. Some borrowers note their bank statements, tax returns, and 1099 forms were not enough to get approved for a loan, so you may face problems with income verification.

You can read more Moneytree loan reviews on BestCompany, TrustPilot, and Yelp platforms to find out whether the company can meet your expectations.

Social Media Presence

Moneytree has a good profile on Facebook, where it shares useful information with its customers. The page contains both educational and entertaining content and provides users with financial advice, lending product overviews, and the company’s news. Moneytree’s YouTube channel is also part of the lender’s social presence designed to teach followers financial responsibility.

Alternatives

Consider these alternative options if Moneytree loans don’t work for you for some reason:

• Wise Loans: First-time borrowers who apply through Wise can get from $200 to $1,500. The service operates only in 10 states, and the minimum eligible age to get a loan is 21.
• LoanNow: The service provides installment loans and quick loans for emergencies. The available amounts vary between $2,500 and $5,000. The APR may be high, ranging from 29% to 229%.
• CashNetUSA: The company offers payday loans to people with no credit or bad credit. In some states, the APR can reach 579%, making their loans quite expensive. Still, they offer borrowing options with no credit check via major credit bureaus.

Frequently Asked Questions

What is Moneytree?

Moneytree is a direct lender offering small personal loans to borrowers with less-than-perfect scores. It is known for its accessible loan products, fast funding times, and high interest rates.

Is Moneytree legit?

Yes, Moneytree is licensed to operate in five states: California, Colorado, Idaho, Nevada, and Washington.

Does Moneytree check credit?

Moneytree will check your credit reports while reviewing your loan application. It may temporarily affect your credit score.

What are Moneytree fees for loans?

In some states, origination fees of about 8% can be applied. They will be deducted from your initial loan amount.

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