Is Moneytree Good for Payday Loans?
- Thread starter FlintLocke9
- Start date
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Moneytree may not be the best option for payday loans due to high interest rates. Reviewers have reported extremely high APRs, with one mentioning a 750% interest rate. Another review highlighted that an $800 loan would require paying back $1,400, which is a significant amount. While the company may provide quick access to cash, the cost is very high, and there are concerns about predatory lending practices. Additionally, missing a payment can harm your credit score, even if you pay on time. It’s important to explore other options before considering Moneytree for a payday loan.
Rickey
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This post provides an overview of Moneytree, Inc., the company responsible for the website moneytreeinc.com. It includes essential information about the company's foundation, services, and recent developments.
Company Overview
Moneytree, Inc. was founded on October 31, 1983, and is based in Tukwila, Washington. The company offers a variety of financial services that include:
The CEO of Moneytree is Dennis Bassford, and the company has approximately 506 employees. Its estimated revenue is around $260.9 million.
Recent News & Developments
In recent years, Moneytree has made headlines for several reasons:
Regulatory & Legal Context
Moneytree engages actively in lobbying at the state level across multiple regions including Washington, Nevada, and Colorado. The company has faced scrutiny due to high annual percentage rates (APRs) on payday loans—reportedly as high as 482% in Idaho—and it has participated in discussions surrounding consumer lending laws.
Company Overview
Moneytree, Inc. was founded on October 31, 1983, and is based in Tukwila, Washington. The company offers a variety of financial services that include:
- Payday loans
- Installment loans
- Prepaid debit cards
- Check cashing
- Money orders
- Bill payment services
- Western Union transfers
- Auto equity and title loans
The CEO of Moneytree is Dennis Bassford, and the company has approximately 506 employees. Its estimated revenue is around $260.9 million.
Recent News & Developments
In recent years, Moneytree has made headlines for several reasons:
- In 2024, it was recognized by Newsweek as one of America’s Greatest Workplaces for Parents & Families, reflecting its commitment to employee-friendly policies.
- The same year saw a rise in hiring, particularly within customer service and support roles, indicating possible business expansion or increased demand for its services.
- Also in 2024, the company donated $25,000 to Nevadans for Financial Choice to oppose a proposed ballot initiative aimed at limiting interest rates on short-term loans to 36%. However, this initiative ultimately did not proceed as it failed to gather enough signatures by the deadline in November.
- By early 2025, Moneytree welcomed several new hires in IT operations and internal audit roles, further suggesting ongoing growth.
Regulatory & Legal Context
Moneytree engages actively in lobbying at the state level across multiple regions including Washington, Nevada, and Colorado. The company has faced scrutiny due to high annual percentage rates (APRs) on payday loans—reportedly as high as 482% in Idaho—and it has participated in discussions surrounding consumer lending laws.