Money Mutual has become one of the largest online providers for unsecured, short-term loans. This lender has been helped (and they helped themselves) by hiring Montel Williams who, as part of a marketing agreement, has provided his image to all the branded images tied to Money Mutual.
You might be wondering how and why a large online lender, using a well known celebrity would be discussed and reviewed by a site dedicated to reviewing Native American loans.
The answer is not too complex...
Money Mutual actually does not issue any loans or provide any debt structure to any of their customers. Instead, the company has established a large network of lenders who will be matched with the applications that are electronically filled out and routed to Money Mutual.
Basically Money Mutual sits in the middle between their stream of customers (new and returning) and their network of lenders. It is Money Mutual that will match these loan requests to an appropriate lender in their group of lenders. Money Mutual receives a fee (or potentially more than one fee) for this service and that's how they make their profits.
Money Mutual does not make money directly from borrowers repaying loans with interest payments built into them. So the plan is basically to market these loans and do so at a successful rate. Money Mutual pays for marketing personnel and services, and they pay for the marketing itself (digital mostly these days) and then they make money as people move to sign-up for the program.
Advice on whether to use the products offered? You already know the answer. Even the best of online lenders do not conjure much of a support from this site, but a company that has the mission of just pulling in people to distribute to their network of undoubtedly high interest lenders, that's not anything that I can support. Once again, the same drumbeat here, you will do better to borrow money from a friend or family member, even your employer if possible, rather than jumping onboard with low quality operators like this company. I would advise everyone, no matter how desperate for cash, to steer clear of Money Mutual. Even if you are a fan of Montel Williams.
Comments
You can follow this conversation by subscribing to the comment feed for this post.