When you receive loan offers, you have a chance to choose and compare between them. You should read the terms and conditions since we don’t want you to get surprised later with the interest rates or fees.
After you have decided to accept the loan, the lenders will try to fund your account within 24 hours or at least a single business day. This is great because the funds will be immediately available for you to start using them. This is crucial for those people who really needed the loan. That’s why people love doing business with Money Mutual.
This factor depends on many things. The exact amount of money mostly depends on the given loan. Money Mutual connects you with more than 60 lenders and there are many options in-game. People use this service mostly for bad credit loans and payday loans.
In some states, the laws allow capping the maximum amount of money you can get from a payday or short-term loan. You might not be allowed to get more than $1000 for a given payday loan according to the regulations of the state that you’re living in.
This service however advertises loans up to $2500 which is a good upper limit to expect. Also, they provide smaller loans beginning from $300 or $500, which are very common and most demanded.
Money Mutual’s Fees and Costs
Every user, client of Money Mutual is totally free of any kind of expenses. This platform offers free service for all borrowers, and you might find it surprising since you’re probably expecting to be charged for something. You have no expenses, but the lending companies have.
MoneyMutual earns money by charging small fees to the lending companies for their services of connecting them with many borrowers. This is another positive thing about this platform, and why people are happy using its services. Not only that, they feel safer and calmer when applying because they have no other worries of extra expenses.
Aside from the interest rates, you must be aware that many payday loan companies are charging small fees based on how much you borrow. You can expect an average of $15 to be added on top of every $100 you borrowed for a standard payday loan.
However, lenders are free to charge whatever fees they desire, including repayment, late, or administration fees. That’s legal and must be spelled out in any loan a company offers, and this is why you must carefully read the contracts to protect yourself from spending too much money.
Money Mutual’s Interest Rates
The interest rates are heavily dependent on the individual lender. Payday loans and cash advances have the highest interest rates compared to installment loans and bad credit loans. According to this service, the average rate for their lender’s bad credit and payday loans hover between 200% and 1300%.
Some states have laws that protect the borrowers by limiting the interest rates from getting too high. The terms in general are the following:
- Terms for payday loans and cash advances are between 2-4 weeks
- Installment loans typically have terms of one to six months, even go up to a year
- Bad credit loans have short terms of a few months all the way up to a year
Why Choose Money Mutual Loans?
Money Mutual is a useful service that makes the approval process for bad credit or payday loans easier than everything. This platform tracks down different companies and compares them. By filling one form, Money Mutual compares the loans the companies offer and your situation. After that, a decision is payday lending Bridgeport created.
