If you’re searching for a payday loan, personal loan or other types of credit, both Money Mart and Cash Money are popular options in Canada. But how similar are they? Our guide takes stock of each payday lender’s key features and what differentiates them to help you decide which route to take.
Money Mart vs Cash Money loans
From the types of loans on offer to features like how much you can borrow, eligibility requirements and customer reviews, we stack the 2 lenders side-by-side to help you compare:
|Types of loans||Mainly payday loans and installment loans|
(Other products: cheque cashing, mortgage and small business loans)
|Payday loans and lines of credit|
|Serviced provinces online|
|Serviced provinces in-store|
|Customer reviews and reputation|
Money Mart vs Cash Money: Who is our pick?
When you’re seeking a loan, there are crucial factors you’ll want to zero in on. Here’s our top pick for key categories:
Best for installment loans: Money Mart
Because of its availability, Money Mart takes the win here. Money Mart’s installment loans are available across Canada, except Quebec. Its APR also starts at 29.90%.
Best for speed: Money Mart
Money Mart is our top pick when it comes to speed, too. When you apply for a payday loan or installment loan, Money Mart gives you a choice between Express, which is as expedited as it gets and involves online bank verification, and Standard, which is a traditional manual review of your application. Expect a speedy payout, too. You can collect your funds in person, through direct deposit or via Interac e-Transfer® within up to 2 hours from approval.
With Cash Money, you can learn your application status within the same business day for payday loans. This means it may take a step longer. Once you’re approved though, you can receive your funds in as little as 15 minutes via Interac e-Transfer® or via bank transfer, in cash in-store or loaded onto an Opt+ prepaid Mastercard.
Best for easy application: Cash Money
We like that Cash Money gives you options when it comes to applying for a loan. You can choose to apply for a loan completely online, in-store or over the phone. The application process is completed within 10 minutes.
With Money Mart, your application process options are limited to online or in-store, whether you’re shopping for a payday loan or installment loan.
Keep in mind, in both cases, you’ll need to make sure each lender offers the loan you’re after in your province or territory first.
Best for payday loans: Tie between Cash Money and Money Mart
Payday loans are regulated by each province and territory, so both payday lenders play by the same rules. This is why we’re calling this one a tie.
Both lenders have the same payday loan features, from maximum loan amounts, fees per $100 borrowed and repayment terms. The only difference is that their availability varies by province. Bear in mind that you can apply for a Cash Money payday loan over the phone while you can’t with Money Mart.
What to watch out for with Money Mart and Cash Money loans
We always urge caution to consumers thinking about taking out a payday loan, regardless of the lender they’re working with. That’s because payday loans are some of the costliest ways to borrow money.
Here are the key red flags to be aware of before you sign up for this kind of debt:
- Incredibly high APRs. With fees that range from $14 to $17 for every $100 borrowed (depending on the province you live in), payday loans come with a high cost of borrowing. These fees are equivalent to an APR of over 400%.
- Short repayment terms. Payday loans are typically repaid by your next payday, which is how they got their name. This doesn’t give borrowers much time to figure out a way to repay their loans and stay out of the red. If you need more time, you’re better off applying for a personal loan.
- Tons of extra charges. Beware of other fees payday lenders will tack on for issues like late payment, non-sufficient funds, bounced cheques, an account going into arrears, collection fees and statement fees. These will easily drive up the true cost of borrowing.
⚠️ Warning: Be cautious with payday loansHigh-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. 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.
Compare payday loans
Maximum borrowing costs of payday loans per provinceAlways refer to your contract for exact repayment amounts and costs as they may vary from our results.
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island||$15 per $100 borrowed|
|Manitoba, Saskatchewan & Nova Scotia||$17 per $100 borrowed|
|Newfoundland and Labrador||$14 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
If you’re in a financial pinch and you’ve decided a payday loan is your best course of action, take solace in knowing you’re in good hands with both Money Mart and Cash Money. The payday lending industry is rife with predatory lenders, but these 2 lenders are reputable options with significant reach across Canada.
The catch is in the payday loan itself – it’s one of the most expensive ways to borrow and you must have a clear strategy for how you’ll repay the loan without taking on more debt.
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