Money Pup Loans Review 2021: Potentially Scary APRsPersonal Loans
- Money Pup Loans
- Best For: People who have bad credit and have been denied elsewhere.
- Pros: Money Pup will match you up with lenders even if you have poor credit. It’s a free service, and they don’t have strict qualification requirements.
- Cons: The interest rates for short-term loans are astronomically high. Money Pup Loans does note that in addition to their listed requirements, lenders might have other ones as well. There may be states where people can get loans through the lenders who work with Money Pup.
Short-term loans may be 200 - 2,290%
- MINIMUM CREDIT
Depends on lender
- ORIGINATION FEE
Depends on lender
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If you’ve had serious trouble with your credit in the past and have problems getting conventional loans, you might benefit from a lending platform like Money Pup Loans that doesn’t have strict requirements.
They can help link you to a lender who is willing to overlook your credit score and issue you a loan anyway. That can be a relief when you need money but know that your past handling of finances has been spotty.
This Money Pup Loans review will show the highlights and pitfalls of doing business with this company.
Money Pup Loans Overview
What Is Money Pup Loans?
While Money Pup Loans isn’t a lender, it can help introduce you to companies that will lend you money. They’ll collect some information about you and what you want.
Then they’ll funnel it to the circle of lenders they work with.
You’ll look over the terms of any agreements that are sent to you by interested prospective lenders. You may decide you want to proceed with the loan, or you may tell them you’re not interested.
That’s up to you, and there’s no obligation to accept any of the offers sent to you.
Money Pup Loans Highlights
Money Pup Loans can hook you up with a small loan or a big one. The loans range from $100 to $50,000.
Some lending platforms don’t give consumers the ability to get loans that are that large.
If you decide to apply, know that the lender might not give you the full loan amount you requested. If you ask for $5,000, they may offer you $500.
It just depends on how much of a repayment risk they think you are.
Money Pup Loans Details
We have the lowdown on Money Pup Loans, so you can be armed with information.
Money Pup Loans doesn’t disclose on its website how long the terms of the loans offered by their lenders are. But it does say you might be given a short-term loan. Those loans may carry anywhere from 200 to 2,290 % interest.
You should look for any way out of your financial hardship rather than agree to that. Consider selling some of your belongings or begging family members for a loan.
Anything is better than agreeing to pay that much interest.
What isn’t clear, however, is if the lenders who work with Money Pup Loans also offer better rates. It’s likely they don’t or Money Pup Loans would be wise to list that information on their website as well.
They’ll scare off a lot of would-be borrowers if they only list the APRs for payday loans on their website, but also have lenders with more favorable terms.
Fees are an important component of whether you should accept a loan because they can add hundreds to the cost. Money Pup Loans doesn’t charge any fees for submitting your information or dispersing it to the affiliate lenders.
But it’s hard to determine what the fees will be through their affiliate lenders. They don’t give any indication on their website as to what you can expect regarding prepayment or origination fees.
But if the listed APRs are any indication, it might not be good.
Money Pup Loans may not mention much about the rates and fees you can expect, but it does offer other information.
They make it a cinch to contact them by providing a “Contact Us” page that has an online form to submit, as well as a phone number. That’s encouraging since some of the lending platforms we’ve reviewed in the past don’t make their contact information as accessible.
It also has an “About Money Pup Loans” page that goes over more details, such as the encryption they use so you have quite a bit of information about them at your fingertips.
Since they are a lending platform and don’t issue loans themselves, Money Pup Loans won’t be able to assist you if you have difficulty making payments.
They can’t offer you a forbearance. They’ll do what all lending platforms encourage consumers to do if they’re struggling — contact the lender directly.
If a fast loan is what you want, Money Pup Loans can deliver in that capacity. If you’re timely about reviewing your loan offers, you can have your cash the next business day after you accept the loan conditions.
The speed with which these types of loans are given makes them attractive for those who need a quick infusion of cash.
There are multiple states where you can’t use Money Pup Loans, including Arkansas, Arizona, Georgia, Connecticut, Virginia, West Virginia, Maryland, New York, North Carolina, New Jersey, Pennsylvania, Massachusetts, Vermont, and Ohio. You also can’t use the service if you live in the District of Columbia.
Since this information isn’t prominently displayed on their website, you might go through part of the application form before being told you’re not eligible based on geography.
Although the geographical restrictions limit Money Pup Loans’ accessibility, the rest of the requirements are easy to adhere to. They include:
- Earning a minimum of $800 a month through a job or benefits.
- Being at least 18 years of age.
- Having a checking account in your name.
- Being a permanent U.S. resident.
But beware, they do note on their website that certain lenders might have additional requirements for eligibility. So, just because you meet the requirements of Money Pup Loans doesn’t mean you’ll be qualified in the eyes of all their lenders.
How to Apply at Money Pup Loans
The application process is simple to do, even for those who hate technology.
Step 1: Fill Out the Form
Go to Money Pup Loans’ website and choose how much money you need from the blue boxes they show on the screen. From there, they’ll give you a short series of questions to answer, such as your name, last four numbers of your Social Security number, birth year, and Zip code.
Step 2: Check Any Offers
If you are approved, you’ll need to read through any offers you get to ensure you understand the APRs, loan length, and any hidden fees. Reject the offer if you’re not comfortable with it, or proceed if you think you can stomach the terms.
Step 3: Check Your Bank Account the Next Day
It’s likely your money will reach your account by the next business day.
Money Pup Loans Consumer Reviews
Reviews from other customers can be an insightful tool to use, as long as you remember that a lot of customers don’t leave reviews. Those that do sometimes have an ax to grind.
Sometimes their feedback is legitimate, but other times they might be angry at the company for refusing them a loan.
So, read the reviews but do so using your own judgment.
Better Business Reviews
There are no Better Business Bureau reviews yet for Money Pup Loans. That’s not necessarily a bad thing — it only means there haven’t been any inquiries or complaints yet.
Other popular consumer review sites, such as Trustpilot, also don’t have any reviews listed for Money Pup Loans.
Money Pup Loans Pros and Cons
If you don’t know whether you should take the leap and join the ranks of Money Pup Loans’ customers, a pros and cons list might help you sort it out.
Money Pup Loans Pros
- Free: The service won’t cost you anything.
- Easy to use: Even if you avoid computers and prefer to do business face-to-face, it’s simple to use.
- Poor credit accepted: Even if you have a low credit score, there is a chance you’ll be offered a loan through one of the lenders that work with Money Pup Loans.
- Easy qualifications: Most people can meet these application qualifications. The income requirement, at $800, is lower than some other lending platforms.
Money Pup Loans Cons
- Not open to every state: There are multiple states in which you’re not eligible to use Money Pup Loans.
- Super high APRs: These APRs are just about the worst-case scenario that you would expect to find.
- May be additional requirements: Certain lenders may have more requirements for application approval than the ones listed here.
Money Pup Loans Frequently Asked Questions
These questions may contain the answers you’re looking for about going through Money Pup Loans.
- Why can’t Money Pup Loans state what the APR for a loan will be?
Since Money Pup Loans is a lending platform instead of a lender, it won’t issue a loan to you. Instead, it will send out your information to the multiple lenders it works with. These lenders will carry different loan terms and rates.
What rate you qualify for will depend upon things like the state you live in, your income, and your credit score. Since Money Pup Loans doesn’t know which of its lenders will offer you a loan, they have no way of knowing exactly what APR you’ll be offered. So, on its website, it lists the full range offered by all its affiliate lenders.
- Why can’t Money Pup Loans work in all states?
There are some states where you’re not eligible to use Money Pup Loans, and it can be frustrating for you. It’s likely that you live in one of the states that has stricter rules about what kinds of loans can be offered to people.
Some states don’t allow payday loans that they consider predatory because of the high APRs you’ll have to pay. Those laws are there to protect you from interest rates that take advantage of your financial situation. Although it can be frustrating not to be eligible for these loans, lawmakers are trying to do the right thing by placing tighter regulations around loans like these.
- What happens if I don’t like the terms of a loan agreement that is sent to me?
First off, it’s a great thing that you’re being responsible and carefully reviewing the terms of the proposed loan. That will help you avoid hidden fees or high interest rates that might cost you a small fortune.
If you’ve reviewed the contract before you’ve accepted it, there’s still time to act. You don’t have to agree to the loan terms. If you’re uncomfortable at all with any of the terms, you can contact the potential lender and ask if there is a way the terms can be changed. If they say no, let them know you want to turn down the loan offer.
- I have a terrible credit history. Do I seriously have a chance of being accepted, or is applying going to be a waste of my time?
There’s no crystal ball that will predict whether you’ll be offered a loan or denied. But this company does have a history of working with people who have poor credit. And with the astronomical rates they change, there probably aren’t many people with good credit who would take a loan through one of the companies Money Pup Loans works with. They would be foolish to do so when they can get better rates somewhere else.
So, if you have a really low credit score, you’re the demographic this company is probably trying to reach. You may very well be accepted, even if you don’t think you will be. But you may not get as big of a loan as you’re trying for. They may counter with a lower loan amount.
- Can I do the entire process online, or will I have to meet with a lender face to face?
With Money Pup Loans, you can do the entire process quickly from your own home, with never having to speak with a “live” person. The application is sent online, not through the phone. You’ll receive your proposed contract through email, and if you decide to go ahead with it, you’ll agree to it electronically as well.
This type of loan -- where you don’t actually have to visit a bank -- is becoming quite popular. It helps those who are too busy to adhere to the hours set by traditional banks or are too intimidated to fill out extensive paperwork in-person.
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Shannon is a mother of two and an award-winning journalist and freelancer who lives in Illinois. She obtained a bachelor’s degree in English from Illinois Wesleyan University before beginning her 20-year career in newspapers. When she’s not spending time with her children, she is often pursuing her favorite hobbies — running, metal detecting, kayaking, and reading about personal finance.
Logan is a practicing CPA, Certified Student Loan Professional, and founder of Money Done Right, which he launched in 2017. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.