Money Mart loans review

What is Money Mart?

Money Mart is a large alternative lender that provides loans for people with fair to bad credit. It operates online and also has over 500 store locations across Canada. Money Mart was founded in 1979 and is headquartered in Malvern, Pennsylvania.

Is Money Mart legitimate?

Yes, Money Mart is a licensed lender. It’s a member of the Canadian Consumer Finance Association, and its website is verified by Entrust, a global leader in identities, payments and data protection. Money Mart has an on-call team of customer service reps that can give you a hand with managing your loan via a chat feature on their website, over the phone or in-store at a physical location.

What types of Money Mart loans are available?

Money Mart provides both installment loans and payday loans:

What we like about Money Mart loans

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

• Easy application. You can apply for a loan online or in-store in a matter of minutes.
• Fast approval. Money Mart e-Transfer times mean you may be able to get your money in as little as 24 hours after being approved.
• 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, such as 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.
• Physical branches across Canada. You can get a Money Mart loan at over 500 store locations across Canada.

What to watch out for

• High cost of borrowing. Payday loans are one of the most expensive ways of borrowing money, and Money Mart loans are no exception.
• Short repayment terms. Payday loans generally have very short repayment terms and don’t give borrowers’ finances much time to recover. If you need more time, you might prefer an installment loan.
• Loan insurance. You might be offered a Loan Protection Plan if you’re getting an installment loan. This is an optional product, and you are not obligated to get it. Loan insurance adds to the cost of your loan.
• Fees. If you default on your loan, whether the payday loan or the installment loan, watch out for fees like NSF fees and late fees.
• Payday loan regulations vary by province. Protect yourself as a borrower by knowing the regulations in your province. In Alberta, for example, you must repay a payday loan in installments.

Summary of Money Mart reviews

Money Mart reviews are largely positive. People leaving favourable reviews comment about the simple application process, quick approvals, helpful customer service and fast loan funding. However, customers who left negative reviews mentioned issues like poor customer service or problems with uploading documents.

Customer reviews verified as of August 29, 2023.

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*APR and loan term vary by province

Am I eligible for a Money Mart loan?

To qualify for a Money Mart payday loan or installment loan, you’ll need to meet the following requirements:

• Be the age of majority in your province or territory with valid ID.
• Have proof of a steady income.
• Have an active chequing account.

Should I get a Money Mart payday loan or installment loan?

Both are accessible to borrowers who need flexible eligibility criteria (but at the cost of higher rates). If you choose a payday loan, make sure you’ll have enough income left over to pay for your other debts and bills after repaying the payday loan on the due date. Otherwise, you might find yourself taking out another payday loan to cover the shortage.

In the example above, you’ll pay more interest if you choose one of the Money Mart installment loans, but your loan will be broken up into 12 payments. If you’re deciding between these two types of loans, ask yourself if it’s more manageable to have 12 or more smaller repayments or one large repayment (with enough income left for other expenses).

What are Money Mart’s e-Transfer times?

Money Mart processes and approves installment loan applications with Interac e-Transfer typically within two hours on Mondays to Fridays from 6am to 10pm ET and Saturdays from 6am to 9pm. Applications processed on Sundays and holidays usually receive email funding notice the next business day. The entire installment loan application and funding process can typically be completed within 24 hours. Money Mart payday loans are processed 24/7.

Here’s a quick summary of Money Mart’s installment loan funding times:

• Interac e-Transfer: as little as 24 hours (excluding weekends)
• Direct Deposit: deposited to your bank account within 1-2 business days
• In-store: same-day, cash or Interac e-Transfer

How to apply to Money Mart online

Apply with Money Mart online by following these steps:

1. Use the online application to provide personal information like your name, email address, residential address, phone number and housing situation.
2. Review and submit your application.
3. You’ll likely get an instant decision. You may be able to speed up the application process by logging into Flinks to connect your banking details.
4. Review your contract and sign it.

How to apply to Money Mart in-store

To complete an application in-store, follow these simple steps:

1. Visit a Money Mart location.
2. Speak with a Money Mart representative to begin the loan process.
3. Fill out the application and provide any required documents.
4. Read the loan agreement before signing.
5. If approved, receive your money before leaving the store via cash or e-Transfer.

What do I need to apply for a Money Mart loan?

Depending on the type of loan you apply for, you may need to provide the following documents when applying for a Money Mart loan:

• Proof of income (like your most recent pay stub that is not older than 30 days)
• A bank statement showing your bank account number and the last two direct deposits from a qualifying income source
• A pre-authorized debit form or a voided cheque
• A copy of valid government-issued ID (colour scan or photo)

In which provinces and territories is Money Mart available?

Money Mart loans are available across Canada except Quebec and Nunavut. You can apply online or in store for loans in these provinces:

How can I find a Money Mart location near me?

You can find a Money Mart location near you by following a few simple steps:

1. Visit the Money Mart website.
2. Select Find a Store in the top menu and enter your address, postal code or city.
3. Select how many kilometres you want to search within, then hit Search.
4. Choose the location you’d like to visit and select Full Store Details.

From here, you’ll find the store’s address, phone number, store hours and available loan products.

What can I use my Money Mart 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 minimum credit card payments or consolidate the debts you owe.

What other services does Money Mart offer?

Money Mart offers other services and products (but some may only be available in store):

• Business Loans
• Cheque Cashing
• Titanium+ Prepaid Mastercard
• Money Transfers
• Currency Exchange
• Bill Payments

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 could potentially lead you further into debt. Carefully consider the pros and cons to decide if applying for a Money Mart loan is the right step for you.