The exact amount that you can borrow depends upon the loan amount. As we know, the money mutual will connect the borrowers to the network of 60 lenders.
Little variations are seen in the different types of loan offers by different lenders at Money Mutual. But the main services by all lenders are for payday loans or bad credit loans.
However, there are some states that allow borrowers to take the maximum loan amount through a payday loan, whereas some states are not permitted to take more than a $1000 payday loan. In this Money Mutual real reviews we are going to tell you about the borrowed money that you can take from the money mutual.
Fees and costs associated with money mutual
As money mutual provides the best user lender-connected services, they are expected to charge some fees for this. But the good thing is that mutual money is free to use.
- There are no additional charges or fees associated with it. Instead, the network of money mutuals charges some fees to lenders if they contact good and worthwhile borrowers.
- However, you should know that there are some lending companies that charge fees on payday loan borrowers based on money that they borrowed.
- For example, you borrow a payday loan amount of $300, but you repay the loan total of $345 with the top interest rates.
- Along with this, lenders at money mutual are free to charge fees, like prepayments, administration, fees, etc.
Interest rates of Money Mutual networks
The interest rates that apply to your loan amount are based on the lender from whom you take a loan. Usually, cash advances and payday loans come with a high rate of interest than bad credit loans or installment loans.
According to money mutual real reviews, the average interest rates for payday loans and bad lender credit range from 200 to 1300%. Some states have set certain policies to protect their borrowers from the high-interest rates, but not all.
Where the money mutually needs to improve
There are many things where the money mutual is performed right, and many services of money mutual improve for borrowers. But still, there are some things in which the money mutual need to improve.
- Estimates or ranges of loan provided on the website does not sometimes match the borrower’s financial conditions.
- If you face any issues after taking the loan, you must contact your lender, and money mutual is not responsible for anything.