Money Mart loans at a glance
- Payday loans and installment loans available
- Fast approval and funding
- Established lender
- High interest rates
- Availability in provinces varies in-store and online
What is Money Mart?
Money Mart is a large alternative lender that provides loans to people with fair to bad credit. It operates online and also has over 500 store locations across Canada. Money Mart was founded in 1982 with headquarters 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 email, 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:
|Money Mart loan||Loan amount||Interest rate||Loan term||Eligibility requirements|
|Payday loans||$120 – $1,500||Varies by province: $15 to $21 per $100 borrowed||1 - 62 days||- Be at least 18 years old|
- Have a valid ID
- Have a chequing account
- Have a steady source of income
|Installment loans||$1,000 – $15,000||29.90% - 46.90%||12 - 60 months||- Be at least 18 years of age|
- Have an active chequing account
- Have a steady source of income
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. You can get your money within 2 hours of being approved via e-transfer.
- 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 a Money Mart loan at over 500 store locations across Canada.
What to watch out for
- High cost of borrowing. Money Mart online payday loans have a borrowing cost between $15 and $17 for every $100 borrowed, depending on your province. It can be more if you live in a territory. Payday loans have an APR of over 400%. Money Mart installment loans also have steep interest rates at 29.90% - 46.90%.
- Short repayment terms. Payday loans in general 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 the Loan Protection Plan if you’re getting the 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 that’s the payday loan or 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 of your province. In Alberta, for example, you must repay a payday loan in installments.
⚠️ 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 payday loan alternatives:
- 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 Money Mart loans to other loans
Click on the tabs to compare Money Mart payday loans and installment loans to other lenders.
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 & Nova Scotia||$17 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||Up to $60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
Am I eligible for a Money Mart loan?
To qualify for a Money Mart payday loan or installment loan, you’ll need the following:
- Be at least 19 years old with valid ID.
- Have proof of steady income.
- Have an active chequing account.
How does Money Mart operate online?
When you begin your application, Money Mart gives you a choice between Standard and Express. Express is the faster option and involves retrieving your information via online bank verification. You’ll need to log into an encrypted portal called Flinks to authorize your bank to send Money Mart copies of your bank statements.
If you choose Standard, you’ll manually input your information and send your bank statements to Money Mart yourself. If you need a loan in a few hours, you’ll need to choose Express.
You can get your Money Mart loan via Interac e-Transfer (funding in 2 hours) or direct deposit (funding in 1 to 2 business days). Money Mart loans are typically repaid by pre-authorized debit from your chequing account.
How much does a Money Mart payday loan cost vs. an installment loan?
Let’s say an Ontario resident needs to borrow $1,000 and is considering Money Mart’s payday loan and installment loan.
|Payday loan||Low interest installment loan||High interest installment loan|
|Cost to borrow||$15 per $100 borrowed||29.9%||46.9%|
|Loan term||14 days||12 months||12 months|
|Total interest paid||$150||$169.26||$271.83|
|Total loan cost||$1,150||$1,169.26||$1,271.83|
If you look solely at the dollar amounts, the payday loan is about $20 to $120 cheaper overall than the installment loans. However, the installment loan requires much smaller monthly repayments to pay back compared to the large, one-time lump sum payment of the payday loan.
You can also look at the APR, which is how much the loan would cost in a year. The payday loan is the most expensive, with an APR of 391.07% (vs. 29.9% and 46.9% for the installment loans). This is because the payday loan has a steep borrowing fee and incredibly short loan term.
Should I get a Money Mart payday loan or installment loan?
Both are accessible to borrowers who need flexible eligibility criteria (but at a price of higher rates). If you choose a payday loan, when you repay it on the due date, make sure you’ll have enough income left over to pay for your other debts and bills. 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 2 types of loans, ask yourself whether it’s more manageable to have 12 or more smaller repayments or 1 large one-time repayment (with enough income left for other expenses).
What is Money Mart’s e-transfer times?
Money Mart processes and approves installment loan applications with Interac e-Transfer Mondays to Fridays from 6am to 10pm ET and Saturdays from 6am to 9pm. Applications processed on Sundays and holidays receive email funding notice on the next business day. Money Mart payday loans are processed 24/7.
How to apply to Money Mart online
Apply with Money Mart online by following these steps:
- Use the online application to provide personal information like your name, email address, address, phone number and housing situation.
- Choose between Express or Standard. If you choose Express, you’ll need to log into Flinks to connect your banking details. If you choose Express, you’ll need to enter information such as employment, income and how often you get paid.
- Review and submit your application.
- If you opted for Express, you should get an instant decision. If you opted for Standard, you may need to wait a few hours.
- Review your contract and sign.
How to apply to Money Mart in-store
To complete an application in-store, follow these simple steps:
- Visit a Money Mart location.
- Speak with a Money Mart representative to begin the loan process.
- Fill out the application and provide any required documents.
- Read the loan agreement before signing.
- If approved, receive your money before leaving the store via cash or e-transfer.
What do I need to apply to get a Money Mart loan in-store?
You’ll need to have the following documents with you when you apply at a Money Mart location:
- Proof of steady income, such as your most recent pay stub
- Bank statement that shows your bank account number and 2 direct deposits of your income
- Government-issued photo ID, such as a passport or driver’s licence
- Blank voided cheque
What provinces and territories is Money Mart available in?
Money Mart loans are available across Canada except Quebec and Nunavut. The types of loans available online and in-store vary:
|Money Mart payday loans||Alberta, British Columbia, Manitoba, Nova Scotia, Northwest Territories, Ontario, Saskatchewan, Yukon||Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Saskatchewan|
|Money Mart installment loans||Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Northwest Territories, Ontario, Prince Edward Island, Saskatchewan, Yukon||Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Saskatchewan|
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 a Store in the 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.
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 your minimum credit card payments or to 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 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 about Money Mart
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