If you’re looking for a payday loan or installment loan, Money Mart has got you covered. It’s been lending to Canadians for decades and is one of the most popular alternatives to banks and credit unions.
But Money Mart is not your only option if you’re looking for easy loan approval or quick funding. Here’s a look at alternative loans like Money Mart that may better suit your needs.
Like Money Mart, Loans Canada can help you get a loan even if you have a bad credit score. Submit an application to have a look at the installment loan options available to you from various lenders. Loans Canada 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.
Largest lender network in Canada
One application provides multiple loan offers
Free service to compare loan options
Borrow up to $50,000
BBB accredited with an A+ rating
High interest rates for bad credit
Limited to lenders partnered with Loans Canada
Credit check required
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds within as little as 24 hours.
Min. Credit Score
300
Fees
No application or origination fees.
Requirements
Canadian resident, age of majority in your province of residence
If you want flexible income requirements: LoanConnect
LoanConnect is a loan search platform, and like Money Mart, it can help you find a loan if you have low credit or non-employment income. Fill out one application to get matched with lenders who accept your income. Get pre-approved within minutes and choose the best offer for you.
Options for all credit scores
Apply for up to $60,000
Free to use
BBB accredited with an A+ rating
High rates for bad credit
Only receive quotes from lenders partnered with LoanConnect
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
Like Money Mart, KOHO doesn't do credit checks for its cash advance, so you can get approved even if your credit score isn't the best. KOHO also doesn't have any income or job requirements, which makes approval easy.
Lenient requirements
Instant funding
Easy online process
No interest
Repay at any time
Loan amount limited to $250
Must sign up for a KOHO account
$2/month subscription fee
Costs
0% + monthly fee from $2
Loan Amount
$20 – $250
Loan Term
Flexible
Credit Check
No
Turnaround Time
Immediately
Requirements
KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services
Apply online for an interest-free line of credit of up to $250 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99, get access to premium services, including funding in 1-30 minutes, credit monitoring and identity theft protection.
Easy application process
No credit check
No interest
Can improve your credit score
Roll over your loan
$11.99 for fast transfers, full credit report and other premium perks
Small loan amounts only
Costs
0%
Loan Amount
$30 – $250
Loan Term
31 days, extendable
Credit Check
No
Turnaround Time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Requirements
You must be 18 years or older and have a minimum monthly income of $1,000.
Like Money Mart, Bree offers small loans without a credit check, and instant funding is available. Unlike Money Mart, you'll pay no interest, but there is a $2.99 monthly subscription fee and an additional fee of up to $45.99 if you need access to express funding. Bree also has lower loan amounts.
Easy application process
No credit checks
No late fees
$2.99 membership fee
Extra fee for instant funding
Loan amount may not be enough for your needs
May not improve your credit
Costs
0%
Loan Amount
$20 – $500
Loan Term
Next pay cycle (90 days max)
Credit Check
No
Turnaround Time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and within 1 to 3 business days for standard delivery.
Requirements
You must have a bank account with regular income deposits and a Visa or Mastercard debit card with a CVV
High-cost payday loans are unsustainable for long-term borrowing, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, consider calling 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.
iCash is one of the biggest payday lenders in Canada, just like Money Mart. If you have a financial emergency day or night and you're looking for a payday loan online, iCash is worth checking out. 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
Loyalty program for repeat borrowers
Transparent pricing
Incredibly steep rates
Short repayment terms
Not available in all of Canada
Net income of at least $800/month required
Loan Amount
$100 – $1,500
Loan Term
7 - 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
AB, BC, MB, NB, NS, ON, PEI
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
Yes
Requirements
- At least 18 years old (for applicants in Alberta, Manitoba, Ontario and PEI) - At least 19 years old (for applicants in British Columbia, New Brunswick and Nova Scotia) - Canadian resident in a province that iCASH services - Valid cell phone number, address and email address - Net income of at least $800/month deposited into bank account - Receiving the same source of income for the past 3 months - Have a Canadian bank account that's been open for at least 3 months with online banking
- Be at least 18 years old in Ontario or 19 in BC - You must live and work in Canada - You must be employed and receive a regular, consistent income from your employer of at least $400/week ($1,600/month) - You must leave enough of your income each pay cycle in your account to be able to repay an advance - You must have a generally good banking history
$35 per hour on average (depends on chosen tasks & engagement)
Sign up in minutes
Instant cash-outs from $2
$5 sign-up bonus when you start your first task
How do Money Mart loans 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 $25,000, depending on your needs.
Apply online or in store in a matter of minutes.
Expect to get your cash within two 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.
Hundreds of physical storefronts across Canada.
Cons
Extremely high fees for payday loans and high interest rates for installment 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.
Not available in Newfoundland and Labrador, New Brunswick, Prince Edward Island, Yukon, Northwest Territories or Nunavut
Features of payday loans
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 within the same business day. Learn more about instant loans.
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. Read our guide to bad credit loans.
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 over 300%, payday loans are hands down one of the most costly ways to borrow money. They are often seen as predatory.
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 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
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.
Features of cash advance apps
Cash advance apps offer small, short-term advances designed to help cover expenses between paycheques. While each service works differently, they share several common features:
Small loan amounts. Cash advance apps typically offer modest advances ranging from $20–$500, depending on the platform.
No interest charges. Unlike payday loans, most cash advance apps don’t charge interest. Instead, they make money through subscription fees, express funding fees or optional premium plans.
Lenient eligibility. These apps don’t require a credit check; you typically just need some source of income and enough funds after your next paycheque to repay the advance.
May help build your credit. Cash advance app Nyble reports your payments to credit bureaus, which can help improve your credit score.
Fully online application. Applications, approvals, funding and repayment all happen through a mobile app or website. There’s no need to visit a store or deal with physical paperwork.
What do I need to watch out for with cash advances?
While cash advance apps can be a convenient and cheaper alternative to payday loans, they still come with features you should keep in mind before you borrow, such as:
Additional fees. Even though these apps don’t charge interest, you may still be required to pay monthly subscription fees or optional express-funding fees that increase your overall cost of borrowing.
Frequent borrowing. Because loan amounts are small and easy to access, it can be tempting to borrow repeatedly, which can make it harder to break the cycle of short-term borrowing.
Automatic repayments. Many apps automatically withdraw your repayment from your bank account on the agreed-upon due date. If your balance is low, this could trigger overdraft fees from your bank.
What is the difference between a payday loan and a cash advance app?
Payday loans and cash advance apps both provide short-term access to cash, but they work differently. Payday loans are loans of up to $1,500 from licensed lenders, with set repayment dates and fees regulated by provincial laws. Cash advance apps let you access a portion of your earned wages early, to a maximum of $250–$500, and offer more flexible repayment options. Cash advance apps typically charge no interest and just a small membership fee, making them a cheaper option than payday loans.
How to apply for loans like Money Mart
If you’re ready to apply for a payday loan, cash advance or installment loan, follow these steps:
Head to your lender of choice’s website and navigate to the application page.
Fill in the prompts on the application page. It typically starts with providing your full name, date of birth, mailing address and email address.
Continue with the application, filling in your employment status, monthly income and credit score (or Social Insurance Number if it’s requested).
When you do your application, you’ll verify your identity and income through instant bank verification, which involves little to no documents.
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 competitors. 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, like a cash advance app, if you don’t need to borrow much.
Frequently asked questions
Money Mart only offers its payday loans in provinces with strict payday regulations. This means the most they can charge is $14 per $100 borrowed.
Sites like Money Mart include Cash Money, iCash and Cash 4 You. Like Money Mart, these lenders offer fast online applications, short-term loans and flexible eligibility requirements for people with bad or limited credit histories. They also provide quick access to cash via Interac e-Transfer, but each platform differs in fees, loan amounts and repayment terms.
While both options are unsecured loans, payday loans are typically repaid by your next payday, whereas installment loans are repaid in installments over a few months to a few years. Payday loans cap out at just $1,500, and while installment loans come in smaller sums than traditional personal loans, you can still apply to borrow more than $1,500.
You can receive your loan in a number of ways, including the following:
Interac e-Transfer or direct deposit. Your lender can send your money via an Interac e-Transfer or direct deposit. If you opt for Interac e-Transfer, you'll need to be registered with your bank first.
Cash. If you're applying for a payday loan at a physical location close to you, you can apply for and receive your loan in cold, hard cash.
Yes, you can. For the most part, lenders allow you to repay some or all of your loan without incurring any prepayment penalties.
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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Leanne Escobal is a publisher at Finder with more than 12 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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Here’s how to get a $500 loan to see you through until your next payday.
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