Loans Like Money Mart to Get Fast Funding

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.

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Compare payday loans like Money Mart

Related: Best payday loans in Canada

How do Money Mart loans compare?

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

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 365%, 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–$750, 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:

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 birth, 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 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

• How much does Money Mart charge for payday loans?

  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.

• What are some sites like Money Mart?

  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.

• What is the difference between a payday loan and an installment loan?

  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.

• How do I get my loan money?

  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.

• Can I pay off a loan early?

  Yes, you can. For the most part, lenders allow you to repay some or all of your loan without incurring any prepayment penalties.