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Money Mart review: Payday and installment loans
Find out how you can get same-day approval for a payday or installment loan from this legitimate lender.
If you need quick access to emergency cash, you might want to look into a installment loan or payday loan (“cash advance”) from Money Mart. This online lender can approve your application and deposit funds into your account in as little as 2 hours.
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.
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.
|Loan type||Loan amount||Interest rate||Loan term|
|Money Mart Payday Loan||$120 – $1,500||Varies by Province.||By your next payday|
|Money Mart Installment Loan||$1,000 – $15,000||46.90%||12 to 60 months|
What provinces and territories is Money Mart available in?
Money Mart loans are available across Canada except for Quebec and Nunavut, but the type of loan available varies by province.
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 2 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.
- Past bankruptcies are OK. Money Mart can consider your application if you’ve been discharged from bankruptcy.
- Physical branches across Canada. You can get loan at over 120 store locations across Canada.
What should I watch out for?
- High cost of borrowing. Money Mart payday loans have an annual percentage rate (APR) of over 400% and should only be a last resort. Installment loans also have a steep interest rate at 46.90%.
- Payday loan not available in certain provinces. You can’t apply for a payday loan if you live in Newfoundland and Labrador, New Brunswick, Prince Edward Island, Yukon, Northwest Territories or Nunavut.
- Age requirements vary by province. You’ll need to be the age of majority in your province, which is either 18 or 19.
- Loan insurance. You might be offered the Loan Protection Plan. This is an optional product, and you are not obligated to get it. Loan insurance adds to the cost of your loan.
⚠️ Warning: Be cautious with payday loansPayday loans are expensive. 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). Consider alternatives instead of a payday loan:
- Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
- Debt relief companies. There are services to help you reduce your debt payments.
- Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
- Side jobs. Sell unwanted items online, sign up for food delivery and more.
Compare payday loans
Maximum borrowing costs 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||$17 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
Is Money Mart legitimate?
Yes, Money Mart is a licensed lender. Its website is verified by Entrust, a global leader in identities, payments and data protection. It is also a member of the Canadian Consumer Finance Association.
Money Mart has over 120 stores locations across Canada, and you can contact its customer support team or privacy officer for any questions or concerns.
What should I know before I apply?
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 chequing 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:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and negotiate the terms of your loan if you meet the eligibility requirements.
- Choose how you’d like to receive your funds.
Where is Money Mart located?
Here’s how it breaks down (click on each province to view a complete list of Money Mart locations):
|Alberta||Installment loans and payday loans|
|British Columbia||Installment loans and payday loans|
|Manitoba||Installment loans and payday loans|
|New Brunswick||Installment loans|
|Newfoundland & Labrador||Installment loans|
|Nova Scotia||Installment loans and payday loans|
|Ontario||Installment loans and payday loans|
|Prince Edward Island||Installment loans|
|Saskatchewan||Installment loans and payday loans|
|Northwest Territories||Installment loans and payday loans|
|Yukon||Installment loans and payday loans|
Information as of September 2021.
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:
- Visit the Money Mart website.
- Click Find My Store in the dropdown menu and enter your address, postal code or city.
- Select how many kilometres you want to search within, then click Search.
- Choose the location you’d like to visit and click Full Store Details.
From here, you’ll find the store’s address, phone number, store hours and products available.
How does getting a payday loan at Money Mart work?
To complete an application, follow these simple steps:
- Visit a Money Mart location with the information listed below.
- Speak with a Money Mart representative to begin the loan process.
- Fill out the application and read all the loan agreements you’re given before signing.
- If approved, receive your cash before leaving the store.
You can also apply online by visiting the website and selecting your province of residence.
What do I need to apply?
You’ll need to have the following information and documents with you when you apply at a Money Mart location:
- Proof of steady income, such as a pay stub or benefits letter
- Government-issued photo ID, such as a passport or driver’s license
- Bank account information
- Email address and phone number
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 other services does Money Mart offer at its stores?
Money Mart offers other services and products (but some may only be available at its stores):
- Cheque cashing
- Small business loans
- Money transfers
- Currency exchange
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 decide whether applying for a Money Mart loan is the right step for you.
Frequently asked questions
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