Money Mart Loan Review for April 2021 | Finder Canada

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Money Mart payday and installment loans

Find out how you can get same-day approval for a payday or installment loan from this reputable lender. 

Money Mart
Please note: All information about Money Mart Payday Loan has been collected independently by Finder and this product is not available through this site.

If you need quick access to emergency cash, you might want to look into a payday or installment loan from Money Mart. This online lender can approve your application and deposit funds into your account in as little as two hours. You can also qualify for financing by visiting one of the thousands of physical branches across Canada.

While these loans can be a quick fix in a pinch, it’s important to note that they also come with very high interest rates. For this reason, you should only use them as a temporary solution to help with any short-term financial issues you might have.

How does borrowing from Money Mart work?

You can borrow up to $1500 with payday loans and $15,000 with an installment loan from Money Mart. To apply for financing, you can start an application online, over the phone or at a Money Mart store.

What types of loans does Money Mart provide?

Money Mart provides both installment loans and payday loans, depending on how much you want to borrow and how you want to receive your funds.

Installment loans

You can apply for these loans online or in-store and your funds will be deposited into your account via e-transfer within a couple of hours. The amount you may be able to qualify for ranges between $1,000 and $15,000, depending on your credit score and current financial situation. The annual interest rates you’ll pay on this amount are very high (sitting around 47% in most provinces) and you’ll typically have between 12 and 48 months to pay your loan off.

Payday loans (or cash advances)

You’ll be able to apply for a payday loan at one of Money Mart’s physical stores (which are located across Canada). You may be able to get as much as $1,500 in cash as soon as you apply with no credit check. Once you get your money, you’ll have up to two months to pay it back in one lump-sum payment. You’ll also pay a fee on top of this amount that varies based on how much you borrow.

What can I use my loan for?

You can use your Money Mart loan for any expenses you might have. These can include some of the following costs:

  • Emergency expenses. You’ll be able to pay for emergency expenses like car repairs or medical bills.
  • Monthly expenses. You may be able to use a Money Mart loan to cover monthly costs like your rent or car payments.
  • One-off payments. You can use the money you borrow to make one-off payments for large purchases like flights, wedding expenses and other costs.
  • Debt repayment. You may be able to use your newfound cash to make your minimum credit card payments or to consolidate the debts you owe.

What are the benefits of a Money Mart loan?

There are a number of benefits you can take advantage of with a payday or installment loan:

  • Easy application. You can apply for a loan online or in-store in a matter of minutes.
  • Fast approval. You should get your money within a couple of hours of being approved for your loan.
  • Easy payout. You can collect your funds in person, through direct deposit or via Interac e-transfer.
  • Unsecured loans. You won’t need to put up any collateral like your home or vehicle to secure your loan.
  • Bad credit doesn’t matter. You’ll usually be able to qualify for a loan as long as you have a steady form of income.
  • No fee for early repayment. You won’t have to pay an additional fee to repay your loan early.
  • Locations across Canada. You’ll be able to access one of Money Mart’s physical branch locations in almost every city across Canada.

What should I watch out for?

The main drawback of a payday or installment loan is the cost of borrowing. You’ll often pay hundreds if not thousands of dollars in additional charges on top of the amount you borrow by the time you pay back your loan.

For example, the annual interest you’ll pay on an installment loan can hover around 47%. This means that if you borrow $1,000, you’ll have to pay back almost half of this amount in interest over the course of one year. This works out to a total repayment of $1,470 on a $1,000 loan.

If you take out a payday loan, you’ll have to pay a high service fee that depends on the amount of money you borrow. For example, if you take out a payday loan in Ontario, you’ll likely owe an additional $150 in fees on top of every $1,000 you take out. This fee will get higher as you borrow more money.

What should I know before I apply?

Eligibility requirements

To apply for a loan from Money Mart, you need to meet the following criteria:

  • Be at least 18 years old (19 in some provinces) for payday loans and at least 19 years old for installment loans.
  • Have a Canadian bank account.
  • Earn a steady form of income.

Required documents and information

  • Proof of ID. You’ll have to show a government-issued piece of ID like your driver’s licence or passport to prove your identity.
  • Proof of address. You may need to submit a utility or cell phone bill to prove that you’re living at a stable address in Canada.
  • Pre-authorized debit. You’ll have to submit a direct deposit form to facilitate withdrawals from your account.
  • Income verification. You could be required to submit pay stubs, bank statements or other documents to prove your income.

How to apply

If you think you meet all the eligibility criteria and you’re ready to get started with your loan application, you just need to follow the steps below:

  1. Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
  2. Review and submit your application.
  3. Get verified and negotiate the terms of your loan if you meet the eligibility requirements.
  4. Choose how you’d like to receive your funds.

Bottom line

Money Mart is an online loan and cash advance company that will let you borrow as much as $15,000 in a matter of minutes. Just be aware that any money you borrow will come with very high interest rates and has the potential to lead you further into debt. Use this post to find out what you need to qualify and start your application today.

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call Credit Counselling Canada from 8:00am to 5:00pm Monday to Friday at +1 866-398-5999. Consider alternatives before applying for a payday loan:
  • Local resources. Government agencies, nonprofits and local charities often offer free financial services and help with food, utilities and rent for those in need.
  • Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you're behind on payments.
  • Side jobs. Today's digital marketplace offers the ability to more easily sell unwanted items, sign up for food delivery or drive for rideshare services.

Compare other payday loans

Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

Name Product Max. Loan Amount Serviced Provinces Turnaround Time Loan Term Interest Rate
iCASH Payday Loan
British Columbia
New Brunswick
Nova Scotia
In as little as 2 minutes with INTERAC e-Transfer® if approved.
14 - 62 days (varies by province)
Varies by province
Get up to 20% in cash back once your iCASH Payday Loan is fully repaid. Conditions apply.
Cash Money Payday Loan
British Columbia
Nova Scotia
In as little as 15 minutes with INTERAC e-Transfer® if approved
12-14 days (varies by province)
Varies by province
Apply for your first $300 payday loan at a $20 borrowing cost (excludes Saskatchewan applicants). Residents of Manitoba and New Brunswick cannot apply for a loan online (must apply in-store).
GoDay Payday Loan
Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, PEI, Saskatchewan
In as little as 2 minutes with INTERAC e-Transfer® if approved
Up to 62 days
Varies by Province
To apply for a GoDay payday loan, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.

Compare up to 4 providers

Maximum borrowing costs
You should always refer to your loan agreement for exact repayment amounts and costs as they may vary from our results. The table below shows the maximum allowable cost of borrowing under a payday loan for each province:
Province Maximum allowable cost of borrowing
Alberta $15 per $100 borrowed
British Columbia $15 per $100 borrowed
Manitoba $17 per $100 borrowed
New Brunswick $15 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Ontario $15 per $100 borrowed
Prince Edward Island $25 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)
Saskatchewan $17 per $100 borrowed

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