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 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 two lenders side-by-side to help you compare:
Category
Money Mart
Cash Money
Types of loans
Mainly payday loans and installment loans
(Other products: cheque cashing and small business loans)
Payday loans and lines of credit
Loan amount
Payday loans: $100 – $1,500
Installment loans: $500 – $25,000
Payday loans: Up to $1,500
Line of credit: $1,000 – $10,000
Loan term
Payday loans: 1 - 62 days
Installment loans: 12 – 84 months
Payday loans: Up to 62 days
Line of credit: Open-ended
Serviced provinces
Payday loans: AB, BC, NS, ON, SK and MB
Installment loans: AB, BC, MB, NS, NB, ON, PEI and SK
AB, BC, MB, NB, NL, NS, ON and SK
In-store application
Available
Not available
Eligibility requirements
Be at least 18 years of age. Proof of ID required
Canadian resident. Proof of address required
Have an active chequing account. Submit a direct deposit form
Have a steady source of income. Income verification required
Be at least 18 years of age. Proof of ID required
Canadian resident. Proof of address required
Have an active chequing account. Submit a direct deposit form
Have a steady source of income. Income verification required
Contact information. Active phone number and email address
Customer reviews and reputation
4.7 stars out of 5 on Trustpilot. Out of more than 7,180 reviews
1 out of 5 stars on Better Business Bureau (average of 11 reviews). Bear in mind, Money Mart is not BBB accredited
4.4 stars out of 5 on Trustpilot. Out of more than 8,120 reviews
1.2 out of 5 stars on Better Business Bureau (average of 10 reviews). Like Money Mart, Cash Money is not BBB accredited
Alternative
KOHO offers a cash advance service, which may be cheaper than payday loans.
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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 loan amounts: Money Mart
Money Mart’s installment loan takes the win here. You can borrow $500 – $25,000 over 12 – 84 months, and you can apply for one if you’re in any of these provinces: AB, BC, MB, NS, NB, ON, PEI and SK.
Best for flexibility: Cash Money
Cash Money is our top pick for flexibility because of its line of credit. You can borrow only what you need, up to $10,000, and pay interest only on funds you use. However, given its high interest rate, it’s best to pay off the balance as fast as possible.
We like that Money Mart offers both online and in-person options for applying for a loan. You can apply on its website or app, or at one of its many branches across Canada.
With Cash Money, you can apply through its website, app or over the phone.
Best for payday loans: Tie between Cash Money and Money Mart
Payday loans are regulated by each province, 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, including maximum loan amounts, fees per $100 borrowed and repayment terms. The only difference is that their availability varies by province, and you can’t apply for a Cash Money payday loan at a branch.
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. Expect to pay $14 for every $100 borrowed, which may work out to an APR over 300%.
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.
Extra charges. Beware of other fees lenders may 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 loans
High-cost payday loans are unsustainable for long-term use, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, call Credit Counselling Society for free financial counselling (Mon–Fri, 8am–5pm at 1-888-527-8999). Also consider payday loan alternatives.
Compare payday loans
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Alternatives to payday loans
Looking for a less expensive way to get the money you need? Consider these alternatives to payday loans:
Cash advance apps. Apps like KOHO, Bree and Nyble allow you to get a small no-interest loan.
Credit card cash advances. The interest rate for credit card cash advances is usually higher than for purchases. But it’s still lower than payday loan APRs. Aim to repay what you borrow as soon as possible to avoid accumulating interest costs.
Bad credit personal loans. If your credit score is below 560, you can apply for a loan from lenders that cater to bad credit borrowers. Lower APRs and longer repayment terms make this an option worth considering if you need money now and don’t qualify for funding from traditional lenders like banks.
Auto title loans. Borrow against your vehicle’s equity to secure a loan. You must fully own your car to qualify for an auto title loan, but you don’t necessarily need excellent credit.
Bottom line
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.
Leanne Escobal is a senior publisher at Finder with more than 13 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.
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