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 approval or quick funding. Here’s a look at alternatives to 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 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 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
9.99% – 35%
Term
3 - 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 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 without providing collateral.
High rates for bad credit
Only receive quotes from lenders partnered with LoanConnect
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
Highly rated app
Easy online process
Small loan amounts only
Must sign up for a KOHO account
Loan amount
Up to $250
APR
Starting at 0%
Term
Flexible
Fees
0% interest with a subscription fee starting at $2/month
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 , 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
for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
Up to $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest with optional fees
Origination fee
$11.99
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
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 membership fee. Bree also has lower loan amounts.
Easy application process
No credit checks
No late fees
$2.99 monthly membership fee
Loan amount may not be enough for your needs
Extra fee for fast transfers
May not improve your credit
Loan amount
Up to $500
APR
Starting at 0%
Term
Next pay cycle (65 days max)
Fees
0% interest with a $2.99 monthly membership fee
Turnaround time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery.
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. 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.Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.
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.
GoDay provides access to payday loans quickly via an easy-to-follow online application with instant decisions. You can apply whether you have bad credit or a low income. Like Money Mart, GoDay is a well-known payday lender in Canada.
Apply online in just five minutes to receive an instant decision on your loan request.
Once approved, receive your funds within the hour via Interac e-Transfer.
Borrowers with bad credit, no credit and alternative forms of income can apply.
High interest rates and short repayment terms
First-time borrowers can only get approved for up to $500.
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 $18,000, 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.
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. 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 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.
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:
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 birthday, 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 will 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 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
Money Mart charges varying amounts for payday loans based on where you live in Canada. Money Mart offers payday loans in AB, BC, MB, NS, NT, ON, SK, YT, which means you could pay anywhere from $14 to $17 per $100 borrowed in the provinces and up to $60 per $100 borrowed in the territories.
Sites like Money Mart include Cash Money, iCash and Cash 4 You.
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. See full bio
Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
Compare lenders that provide emergency loans in Canada in as little as one hour.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
