Payday loans<\/strong><\/td>| $100 \u2013 $1,500<\/td> | $14 per $100 borrowed<\/span><\/td> | 1 - 62 days<\/td> | - Be at least 18 years old
- Have a valid ID
- Have a chequing account
- Have a steady source of income<\/td> | <\/td><\/tr> | Installment loans<\/strong><\/td>| $500 \u2013 $25,000<\/td> | 34.56% - 34.95%<\/span><\/td> | 12 - 84 months<\/td> | - Be at least 19 years of age
- Have an active chequing account
- Have a steady source of income<\/td> | <\/td><\/tr><\/tbody><\/table>What we like about Money Mart loans<\/h3>There are a number of benefits you can take advantage of with a Money Mart payday loan or installment loan:<\/p> - Easy application.<\/strong> You can apply for a loan online or in-store in a matter of minutes.<\/li>
- Fast approval.<\/strong> Money Mart e-Transfer times mean you may be able to get your money in as little as 24 hours after being approved.<\/li>
- Easy payout.<\/strong> You can collect your funds in person, through direct deposit or via Interac e-Transfer.<\/li>
- Unsecured loans.<\/strong> You won\u2019t need to put up any collateral, such as your home or vehicle, to secure your loan.<\/li>
- Bad credit doesn\u2019t matter.<\/strong> You\u2019ll usually be able to qualify for a loan as long as you have a steady form of income.<\/li>
- No fee for early repayment.<\/strong> You won\u2019t have to pay an additional fee to repay your loan early.<\/li>
- Physical branches across Canada.<\/strong> You can get a Money Mart loan at over 500 store locations across Canada.<\/li><\/ul>
What to watch out for<\/h3>- High cost of borrowing. <\/strong>Payday loans are one of the most expensive ways of borrowing money, and Money Mart loans are no exception.<\/li>
- Short repayment terms.<\/strong> Payday loans generally have very short repayment terms and don\u2019t give borrowers\u2019 finances much time to recover. If you need more time, you might prefer an installment loan.<\/li>
- Loan insurance.<\/strong> You might be offered a Loan Protection Plan if you\u2019re getting an installment loan. This is an optional<\/strong> product, and you are not obligated to get it. Loan insurance adds to the cost of your loan.<\/li>
- Fees.<\/strong> If you default on your loan, whether the payday loan or the installment loan, watch out for fees like NSF fees and late fees.<\/li>
- Payday loan regulations vary by province.<\/strong> Protect yourself as a borrower by knowing the regulations in your province. In Alberta, for example, you must repay a payday loan in installments.<\/li><\/ul>\n
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