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.
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 |
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| Loan term |
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| Serviced provinces |
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| In-store application |
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| Eligibility requirements |
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| Customer reviews and reputation |
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Cash advances have flexible eligbility requirements just like payday loans and offer lower-cost options.
| Lender | Cost | Loan amount | Loan term | |
|---|---|---|---|---|
Cash Advance |
0% + monthly fee from $2 | $20 – $500 | Flexible | |
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Credit Line |
0% | $30 – $250 | 31 days, extendable | Go to site |
|
Early Pay |
0% | $20 - $750 | Next pay cycle (90 days max) | Go to site |
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:
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.
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.
Related: Loans like Cash Money
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.
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.
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:
Looking for a less expensive way to get the money you need? Consider these alternatives to payday loans:
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.
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