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 payday 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)
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 installment loans: Money Mart
Because of its availability, Money Mart takes the win here. Money Mart’s installment loans are available across Canada, except Quebec. Its APR also starts at 29.9%.
Best for speed: Cash Money
Cash Money is our top pick when it comes to speed. With Cash Money, you can learn your application status within the same business day for payday loans. This means it may take a step longer. Once you’re approved though, you can receive your funds in as little as 15 minutes via Interac e-Transfer® or via bank transfer, in cash in-store or loaded onto an Opt+ prepaid Mastercard.
When you apply for a Money Mart payday loan or installment loan, you choose between Express, which is as expedited as it gets and involves online bank verification, and Standard, which is a traditional manual review of your application. Collect your funds in person, through direct deposit or via Interac e-Transfer® within up to 24 hours from approval.
Best for easy application: Cash Money
We like that Cash Money gives you options when it comes to applying for a loan. You can choose to apply for a loan completely online, in-store or over the phone. The application process is completed within 10 minutes.
With Money Mart, your application process options are limited to online or in-store, whether you’re shopping for a payday loan or installment loan.
Keep in mind, in both cases, you’ll need to make sure each lender offers the loan you’re after in your province or territory first.
Best for payday loans: Tie between Cash Money and Money Mart
Payday loans are regulated by each province and territory, 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, from maximum loan amounts, fees per $100 borrowed and repayment terms. The only difference is that their availability varies by province. Bear in mind that you can apply for a Cash Money payday loan over the phone while you can’t with Money Mart.
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. With fees that range from $14 to $17 for every $100 borrowed (depending on the province you live in), payday loans come with a high cost of borrowing. These fees are equivalent to an APR of around 400%.
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.
Tons of extra charges. Beware of other fees payday lenders will 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 borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. 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). You may also want to consider payday loan alternatives.
Compare payday loans
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Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
Alternatives to payday loans
Looking for a less expensive way to get the money you need? Consider these alternatives to payday loans:
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 you’re 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.
They're both big brands with similar product offerings. Money Mart is better for installment loans, while Cash Money is better for speed and having an easy application. However, both brands offer high interest rates.
No. Cash Money and Money Mart are two different lenders that offer similar loan products.
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.
Read our guide to payday loan regulations in your province or territory.
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