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Moneytree is a loan provider which provides various kinds of loans. The loans being offered and its costs vary by state. The loans include Payday, AutoEquity, Business, Title and Installment loans.
Moneytree majorly focuses on giving payday loans and they can be accessed at their shops and online. The rate of interest also depends on one’s location and the amount of the loan, but it often ranges from 391.07 to 460.16 percent APR for the repaying duration of fourteen days. For the loans which have no checking account, their interest rate goes up to 573.57 percent APR.
Requirements for applying for a loan
- Income source
- Contact details and location
- Social security and identification number
- Checking account
1st acceptance
After one requests for a loan at Moneytree, the status of his or her request will be communicated within one hour. Once one gets approval, he/she can ask for a certain amount of money, find out the means of getting the money and the terms of repaying it.
Fast access to funds
Funds may be gotten immediately through a prepaid card bought from Moneytree. The money can also be gotten in person by visiting any of the Moneytree branches. Better still, the money may be sent to a checking account within three days. In overall, the loan should be paid off within fourteen days however the repayment may still be done from nine to forty five days. But this depends on where one resides and his/her paycheck frequency.
Other offers
Moneytree additionally offers other services like prepaid cards; check cashing, bill pay, gold purchasing, wire transfer and money orders. All these offers come with a cost that varies as per where one resides.
The client support service is offered around the clock through telephone and email address. Customers get feedback to their inquiries within a very short time and the payment centre is accessible throughout working hours via an email form or telephone.
Disadvantages of the loans
- Availability is limited Moneytree products and services are accessible in only 5 regions which are: Washington, Idaho, California, Nevada, and Colorado. The company, however, has branches in Canada and British Columbia.
- Charges and rates Just like in all other payday lenders, Moneytree’s greatest disadvantage is its high rate of interest and extra charges. Even though its rates are a bit average, they are way high compared to yearly interest rates on other kinds of loans. The company is a bit upfront about the extra charges which come with its products and services. The charges mostly rely on the region requirements and they are often checked for delayed payments or inadequate money. Again there exist other alternatives and regulations for extending loans which additionally differ per state.
- Scam There is a scam warning at Moneytree which informs people whenever the company name is involved in illegal activities. The company also provides many ways of recognizing and reporting scammers.
Recommendation
People should think twice before considering getting an unsecured loan at Moneytree. The main reason is that the charges are high and there exists several other better alternative /options to consider.
The cost of the loans
The cost is never constant. Every region has a different cost and below is a summary of APRs charged on each offer. Repayment duration is fourteen days for all states apart from Colorado whereby customers can repay over 6 months.
California
- The charged fee is 17.50 dollars per 100 dollars.
- The amount paid on the loan of 200 dollars is 35.30 dollars.
- The APR is 460.16%.
Idaho (using checking account)
- The charged fee is 16.50 dollars per 100 dollars.
- The amount paid on a loan of 200 dollars is 33.00 dollars.
- The APR is 430.18%.
Idaho (without checking account)
- The charged fee is 22 dollars per 100 dollars.
- The amount paid on a loan of 200 dollars is 44.00 dollars.
- The APR is 573.57%.
Nevada (using checking account)
- The charged fee is 16.50 dollars per 100 dollars.
- The amount paid on a loan of 200 dollars is 33.00 dollars.
- The APR is 430.18%.
Idaho (without checking account)
- The charged fee is 22 dollars per 100 dollars.
- The amount paid on a loan of 200 dollars is 44.00 dollars.
- The APR is 573.57%.
Washington
- Idaho (using checking account)
- The charged fee is 13 dollars per 100 dollars.
- The amount paid on a loan of 200 dollars is 30 dollars.
- The APR is 391.07%.
Colorado
- The amount paid on a loan of 200 dollars is 143.77 dollars.
- The APR is 216.91%.
The charges for Colorado are:
- 45 percent yearly interest
- 20 percent origination amount of a maximum of five hundred dollars and 7.5 percent afterwards
- 7.5 percent monthly maintenance charges of a loan of a maximum of thirty dollars, omitted the 1st month
Note that even if Colorado loan charges are high the APR is low. This is so since people can repay over 6 months and not 14 days like the other states.
An APR of 400 percent is extremely high. Even if a person’s credit is really bad, he/she can do better than that. Besides that, if a person sets automatic payments from his/her checking account, he/she will be exposed to bounced check charges. The charges are fifteen to twenty five dollars on top of the bank charges.
The second issue with Moneytree offers is the high charges and short-term mature of quick money. It can leave people stuck in a vicious cycle. The people should borrow more so that they repay the loan.
There is still another trap when one needs money urgently. If a person with bad credit takes an emergency loan, it will not build his/her credit score since Moneytree does not communicate to the bureaus. A person’s credit will remain the same yet one needs good credit to get an affordable loan.
