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4 loans like Money Mart

Find payday and installment loan places like Money Mart to expand your options beyond this popular lender.

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Bree Early Pay

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  • Access up to $250
  • No interest or required fees
  • No credit check required
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If you’re looking for a payday loan or installment loan, Money Mart has got you covered. But because it’s important to comparison shop before deciding on a lender, here’s a look at loan alternatives that are similar to Money Mart but may better suit your needs.

4 loans like Money Mart

  • If you’re looking for 24/7 funding: iCash
  • If you’re looking for a small no credit check loan: Nyble
  • If you’re looking for an installment loan: Loans Canada
  • If you’re looking for flexible income requirements: Cash Money
⚠️ 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.

If you’re looking for 24/7 funding: iCash

iCash Payday Loan

$100 – $1,500
Loan amount
7 – 62 days
Loan Term
2 minutes
Min. Turnaround Time
If you're in a financial emergency, iCash is one of the fastest payday lenders in Canada. It offers an automated instant approval process, 24/7 customer support and delivers your cash via e-Transfer. Your application can be processed 24/7, 365 days a year.
  • 24/7 application, 24/7 approval, 24/7 customer support
  • Accepts many types of income, including EI, CPP, disability and more.
  • Incredibly steep rates
  • Short repayment terms
  • Not available in all of Canada
Loan amount $100 – $1,500
APR Varies by province
Term 7 - 62 days
Min. Turnaround time As little as 2 minutes with INTERAC e-Transfer®
How to apply Online
In Store
Credit Check Yes

If you’re looking for a small no credit check loan: Nyble

Nyble Credit Line
Not yet rated
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Nyble Credit Line

$30 – $150
Loan amount
Starting at 0%
APR
30 days, extendable
Term
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
  • Easy application process
  • No credit check
  • No interest
  • Can improve your credit score
  • Roll over your loan
  • $11.99 per month for fast transfers, full credit report and other premium perks
  • Small loan amounts only
Loan amount $30 – $150
APR Starting at 0%
Term 30 days, extendable
Fees No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time 1-30 minutes with a paid membership or 1-3 business days with a free membership.

If you’re looking for an installment loan: Loans Canada

Loans Canada Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
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Loans Canada Installment Loan

$500 – $50,000
Loan amount
8% – 46.96%
APR
4 - 60 months
Term
With Loans Canada, submit an application to have a look at the installment loan options available to you from various lenders. It isn't a direct lender but acts as a specialty online platform you can use for free to connect with lenders that have already pre-qualified you. All consultations with Loans Canada are confidential and you're under no obligation to proceed with a loan.
  • Largest lender network in Canada so you have the widest range of options.
  • One application provides you with multiple loan offers.
  • Free service to help you compare options.
  • Apply for up to $50,000 without providing collateral.
  • Potential for excruciatingly high interest rates if you have bad credit.
  • No online quotes, so you'll have to speak to a customer service rep on the phone.
  • Only receive quotes from lenders partnered with Loans Canada.
  • Credit checks are required to qualify for a loan.
Loan amount $500 – $50,000
APR 8% – 46.96%
Term 4 - 60 months
Min. credit score 300
Fees No application or origination fees.
Origination fee 0
Turnaround time Receive funds within as little as 24 hours.

If you’re looking for flexible income requirements: Cash Money

Cash Money Payday Loan

$100 – $1,500
Loan amount
5 – 40 days
Loan Term
15 minutes
Min. Turnaround Time
Cash Money accepts many recurring sources of income, including CPP, child tax credit, unemployment, disability and more, so you don't necessarily need to be employed to get approved. You'll just need to provide proof of income.
  • Apply online, in-store or over the phone
  • Get an instant decision
  • Receive your money in as little as 15 minutes via Interac e-Transfer.
  • Extremely high interest rates
  • Very short repayment terms, typically by your next payday
  • Not available in all of Canada
  • Doesn't accept social assistance in Manitoba
Loan amount $100 – $1,500
APR Varies by province
Term 5 - 40 days
Min. Turnaround time As little as 15 minutes with INTERAC e-Transfer®
How to apply Online
In Store
Credit Check Yes
Browse more installment loans
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

How does Money Mart compare?

You can read our review of Money Mart for more details, but here are the highlights:

Pros

  • Choose from payday loans of up to $1,500 or installment loans of up to $15,000, depending on your needs.
  • Apply online or in-store in a matter of minutes.
  • Expect to get your cash within 2 hours of being approved via Interac e-Transfer.
  • Bad credit or no credit doesn’t matter as long as you have a steady source of income.
  • More than 120 physical storefronts across Canada.

Cons

  • Extremely high fees for payday loans
  • If you default on your loan, whether it’s a payday loan or an installment loan, watch out for charges like NSF and late fees.

Features of payday loans like Money Mart

Places like Money Mart are one of the fastest ways to get your hands on cash when you’re facing a financial emergency. Here are the features common among payday lenders:

  • Fast turnaround time. A major selling point with payday loans is how quickly you can gain access to your funding. You can get your money immediately after approval if you apply in-store, and most online lenders will transfer approved funds to your bank account usually within the same business day.
  • Easy to apply for. Count on a range of options to apply for a payday loan, including via easy-to-use online applications, at in-person branches across the country or over the phone.
  • Use the money for any purpose. Once you’re approved for a payday loan, you have the freedom to use the money as you’d like as long as you use the funding for legitimate and legal purposes. Payday lenders don’t ask or keep tabs on how you’re making use of your loan.
  • Bad credit is okay. Payday loan providers will usually accept applications from people with poor credit histories because they prioritize your income and ability to repay your loan on time over your credit score.

What do I need to watch out for with payday loans?

Payday loan places like Money Mart come with notoriety for good reason. They should be treated as a last resort option because of these red flags:

  • Incredibly expensive. With APRs of 400% or more, payday loans are hands down one of the most costly ways to borrow money.
  • Short repayment terms. Make sure you have a solid repayment plan because you’ll need to repay your loan by your next paycheque without triggering a cycle of debt. Payday loans cap out at 62 days, but most lenders expect you to repay your loan by your next payday.
  • Caps on how much you can borrow. Payday loans cap at $1,500, so if you need more cash, this may not be your best option. Consumers in some provinces also can’t borrow more than 30% or 50% of their net income.
  • Disreputable lenders. Because payday loans are marketed to people in dire need of cash, the payday lending space has its fair share of scams. Not all lenders follow provincial or territorial laws regulating payday loans. Check to make sure the payday lender you’d like to work with is licensed and is legit before proceeding.

Features of installment loans like Money Mart

Installment loans are a type of personal loan available to borrowers of all credit types. The shared features of this type of loan include the following:

  • Smaller loan amounts. Borrowers typically qualify for smaller amounts with installment loans compared to conventional personal loans.
  • Shorter loan terms. Installment loans are repaid over the course of a few months to a few years at most.
  • Lenient eligibility criteria. It’s easier to qualify for an installment loan compared to personal loans from traditional lenders.
  • Repaid in installments. Just like a traditional personal loan, you’ll be responsible for paying back what you’ve borrowed within a required timeframe. Payments are usually on a monthly fixed schedule.
  • Unsecured. You don’t need to secure your installment loan with an asset.

What do I need to watch out for with installment loans?

While installment loan places like Money Mart provide borrowers with more breathing room to repay their loans compared to payday loans, they still have some features to be aware of:

  • High interest. Installment loans typically have higher interest rates than some other types of loans – especially if your credit isn’t in great shape.
  • Disreputable lenders. There are many disreputable lenders operating online who prey on people with bad credit, so make sure you evaluate the lender before you apply.
  • Direct debit repayments. Many lenders will automatically withdraw the loan repayments from your account. While this can make repayments easy, it can be a costly option if your account is overdrawn by your lender.

Compare installment loans

1 - 6 of 6
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Fat Cat Loans Personal Loan
Finder Score:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 84 months
Requirements: min. income $1,000/month, min. credit score 300
Spring Financial Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Loans Canada Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.00% - 46.96%
$500 - $50,000
4 - 60 months
Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoanConnect Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
32.00%
$500 - $2,500
3 - 6 months
LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Requirements: min. credit score 300
LoansLoans.ca Installment Loan
Finder Score:
★★★★★
28.00% - 32.00% + broker fee
$500 - $1,000
3 months
Requirements: min. income $1,200, 2+ months employed. No credit check required.

Note: You may be charged a broker fee up to $300.
SkyCap Installment Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
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How to apply for payday loans and installment loans

If you’re ready to apply for a payday loan or an installment loan, follow these steps:

  1. Head to your lender of choice’s website and navigate to the application page.
  2. Fill in the prompts on the application page. It typically starts with providing your full name, date of birthday, mailing address and email address.
  3. Continue with the application, filling in your employment status, monthly income and credit score (or Social Insurance Number if it’s requested).

When you submit your application, you may need to verify your identity and income to proceed with your loan application. Provide information that documents your income like a letter of employment, pay stubs or bank statements that show direct deposits. You’ll also need a copy of your ID, such as a passport, to upload into the application system.

Bottom line

Be aware that any money you borrow will come with very high interest rates and has the potential to lead you further into debt, whether you’re applying for a payday loan or an installment loan via Money Mart or its contenders. Use this post to decide whether applying for a Money Mart loan is the right step for you or if another lender or loan type is a better fit.

Frequently asked questions about Money Mart alternatives

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