If you’re looking for a payday loan or installment loan, Money Mart has got you covered. But because it’s important to comparison shop before deciding on a lender, here’s a look at loan alternatives that are similar to Money Mart but may better suit your needs.
If you’re looking for a small no credit check loan: Nyble
If you’re looking for an installment loan: Loans Canada
If you’re looking for flexible income requirements: Cash Money
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.
If you're in a financial emergency, iCash is one of the fastest payday lenders in Canada. It offers an automated instant approval process, 24/7 customer support and delivers your cash via e-Transfer. Your application can be processed 24/7, 365 days a year.
24/7 application, 24/7 approval, 24/7 customer support
Accepts many types of income, including EI, CPP, disability and more.
Incredibly steep rates
Short repayment terms
Not available in all of Canada
Loan amount
$100 – $1,500
APR
Varies by province
Term
7 - 62 days
Min. Turnaround time
As little as 2 minutes with INTERAC e-Transfer®
How to apply
Online In Store
Credit Check
Yes
If you’re looking for a small no credit check loan: Nyble
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
Easy application process
No credit check
No interest
Can improve your credit score
Roll over your loan
$11.99 per month for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
If you’re looking for an installment loan: Loans Canada
With Loans Canada, submit an application to have a look at the installment loan options available to you from various lenders. It isn't a direct lender but acts as a specialty online platform you can use for free to connect with lenders that have already pre-qualified you. All consultations with Loans Canada are confidential and you're under no obligation to proceed with a loan.
Largest lender network in Canada so you have the widest range of options.
One application provides you with multiple loan offers.
Free service to help you compare options.
Apply for up to $50,000 without providing collateral.
Potential for excruciatingly high interest rates if you have bad credit.
No online quotes, so you'll have to speak to a customer service rep on the phone.
Only receive quotes from lenders partnered with Loans Canada.
Credit checks are required to qualify for a loan.
Loan amount
$500 – $50,000
APR
8% – 46.96%
Term
4 - 60 months
Min. credit score
300
Fees
No application or origination fees.
Origination fee
0
Turnaround time
Receive funds within as little as 24 hours.
If you’re looking for flexible income requirements: Cash Money
Cash Money accepts many recurring sources of income, including CPP, child tax credit, unemployment, disability and more, so you don't necessarily need to be employed to get approved. You'll just need to provide proof of income.
Apply online, in-store or over the phone
Get an instant decision
Receive your money in as little as 15 minutes via Interac e-Transfer.
Extremely high interest rates
Very short repayment terms, typically by your next payday
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
How does Money Mart compare?
You can read our review of Money Mart for more details, but here are the highlights:
Pros
Choose from payday loans of up to $1,500 or installment loans of up to $15,000, depending on your needs.
Apply online or in-store in a matter of minutes.
Expect to get your cash within 2 hours of being approved via Interac e-Transfer.
Bad credit or no credit doesn’t matter as long as you have a steady source of income.
More than 120 physical storefronts across Canada.
Cons
Extremely high fees for payday loans
If you default on your loan, whether it’s a payday loan or an installment loan, watch out for charges like NSF and late fees.
Features of payday loans like Money Mart
Places like Money Mart are one of the fastest ways to get your hands on cash when you’re facing a financial emergency. Here are the features common among payday lenders:
Fast turnaround time. A major selling point with payday loans is how quickly you can gain access to your funding. You can get your money immediately after approval if you apply in-store, and most online lenders will transfer approved funds to your bank account usually within the same business day.
Easy to apply for. Count on a range of options to apply for a payday loan, including via easy-to-use online applications, at in-person branches across the country or over the phone.
Use the money for any purpose. Once you’re approved for a payday loan, you have the freedom to use the money as you’d like as long as you use the funding for legitimate and legal purposes. Payday lenders don’t ask or keep tabs on how you’re making use of your loan.
Bad credit is okay. Payday loan providers will usually accept applications from people with poor credit histories because they prioritize your income and ability to repay your loan on time over your credit score.
What do I need to watch out for with payday loans?
Payday loan places like Money Mart come with notoriety for good reason. They should be treated as a last resort option because of these red flags:
Incredibly expensive. With APRs of 400% or more, payday loans are hands down one of the most costly ways to borrow money.
Short repayment terms. Make sure you have a solid repayment plan because you’ll need to repay your loan by your next paycheque without triggering a cycle of debt. Payday loans cap out at 62 days, but most lenders expect you to repay your loan by your next payday.
Caps on how much you can borrow. Payday loans cap at $1,500, so if you need more cash, this may not be your best option. Consumers in some provinces also can’t borrow more than 30% or 50% of their net income.
Disreputable lenders. Because payday loans are marketed to people in dire need of cash, the payday lending space has its fair share of scams. Not all lenders follow provincial or territorial laws regulating payday loans. Check to make sure the payday lender you’d like to work with is licensed and is legit before proceeding.
Features of installment loans like Money Mart
Installment loans are a type of personal loan available to borrowers of all credit types. The shared features of this type of loan include the following:
Smaller loan amounts. Borrowers typically qualify for smaller amounts with installment loans compared to conventional personal loans.
Shorter loan terms. Installment loans are repaid over the course of a few months to a few years at most.
Lenient eligibility criteria. It’s easier to qualify for an installment loan compared to personal loans from traditional lenders.
Repaid in installments. Just like a traditional personal loan, you’ll be responsible for paying back what you’ve borrowed within a required timeframe. Payments are usually on a monthly fixed schedule.
Unsecured. You don’t need to secure your installment loan with an asset.
What do I need to watch out for with installment loans?
While installment loan places like Money Mart provide borrowers with more breathing room to repay their loans compared to payday loans, they still have some features to be aware of:
High interest. Installment loans typically have higher interest rates than some other types of loans – especially if your credit isn’t in great shape.
Disreputable lenders. There are many disreputable lenders operating online who prey on people with bad credit, so make sure you evaluate the lender before you apply.
Direct debit repayments. Many lenders will automatically withdraw the loan repayments from your account. While this can make repayments easy, it can be a costly option if your account is overdrawn by your lender.
Compare installment loans
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How to apply for payday loans and installment loans
If you’re ready to apply for a payday loan or an installment loan, follow these steps:
Head to your lender of choice’s website and navigate to the application page.
Fill in the prompts on the application page. It typically starts with providing your full name, date of birthday, mailing address and email address.
Continue with the application, filling in your employment status, monthly income and credit score (or Social Insurance Number if it’s requested).
When you submit your application, you may need to verify your identity and income to proceed with your loan application. Provide information that documents your income like a letter of employment, pay stubs or bank statements that show direct deposits. You’ll also need a copy of your ID, such as a passport, to upload into the application system.
Bottom line
Be aware that any money you borrow will come with very high interest rates and has the potential to lead you further into debt, whether you’re applying for a payday loan or an installment loan via Money Mart or its contenders. Use this post to decide whether applying for a Money Mart loan is the right step for you or if another lender or loan type is a better fit.
Frequently asked questions about Money Mart alternatives
Money Mart charges varying amounts for payday loans based on where you live in Canada. Money Mart offers payday loans in AB, BC, MB, NS, NT, ON, SK, YT, which means you could pay anywhere from $14 to $17 per $100 borrowed in the provinces and up to $60 per $100 borrowed in the territories.
There are several sites like Money Mart, including iCash and Cash Money, that offer payday loans. If you're looking for an alternative installment loan, you can see similar options through sites like Loans Canada.
While both options are unsecured loans, payday loans are typically repaid by your next payday up to 62 days at most but installment loans are repaid in installments over a few months to a few years. Payday loans cap out at just $1,500, and while installment loans come in smaller sums than traditional personal loans, you can still apply to borrow more than $1,500.
You can receive your loan in a number of ways, including the following:
Interac e-Transfer or direct deposit. Your lender can send your money via an Interac e-Transfer or direct deposit. If you opt for Interac e-Transfer, you'll need to be registered with your bank first.
Cash. If you're applying for a payday loan at a physical location close to you, you can apply for and receive your loan in cold hard cash.
Loaded onto a prepaid card. A few payday lenders transfer funds directly onto a prepaid card tied to your payday loan account.
Yes, you can. For the most part, lenders allow you to repay some or all of your loan without incurring any prepayment penalties.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
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