The turnaround is hard to beat, but you won’t always be able to apply online.
Money Mart may not allow online applications in every state it services, but it does offer clear outlines of its terms. If you’re looking into a payday loan, then Money Mart may be a quick way to get the money you need.
|Product Name||Money Mart payday loan|
|Turnaround Time||1 business day|
|Requirements||Be at least 18 years old, have a valid government-issued photo ID, have an active phone number, have a checking account and have a steady source of income|
- Be at least 18 years old
- Have a valid government-issued photo ID
- Have an active phone number
- Have a checking account
- Have a steady source of income
What is Money Mart?
Money Mart is a lender that offers short-term loans to residents of seven states, but only a few are able to complete their application online.
The exact amount you qualify for — and the APR you receive — will depend on your state’s laws. As an example, if you take a $100 loan for 14 days in Alaska, you’ll end up paying $20 in finance charges. In Kansas, the same loan would result in a finance charge of $15. In Florida, the finance charge for the same loan would be $14.99. You can use the calculator on Money Mart’s site to get an estimate of your loan, but keep in mind that rates can change depending on your creditworthiness and financial situation.
In addition to the legally permitted finance charge, Money Mart can also charge rollover fees and collection related fees if you do not repay your loan on time, state laws permitting.
It generally takes no more than 15 minutes to complete the application process. If you applied in-store, you may be able to receive your funds within an hour. If you applied online, your loan will be deposited into your bank account by as soon as the next business day.
Where is Money Mart available?
Money Mart offers loans to residents of the following states:
However, it only offers online payday loans to residents of California, Hawaii, Kansas and Louisiana.
What are the benefits of borrowing a short-term loan from Money Mart?
- Transparency. You don’t have to worry about any hidden fees and charges when you take a payday loan through Money Mart. Its website has a simple tool that allows you to estimate the cost of a loan based on the amount you borrow and the state you live in.
- Almost no restrictions. Provided it’s legal, you can use your loan for a car repair, covering an unexpected bill or just about anything else. But make sure you can afford the cost — the steep fees associated with borrowing a payday loan might lead to a cycle of bad debt.
- Bad credit OK. Poor or bad credit doesn’t have to get in the way of you applying for a Money Mart payday loan. If you have a steady source of income and meet some basic eligibility criteria, you may be approved for a loan.
- Prepaid debt cards available. Money Mart offers the Momentum prepaid debit card to qualified borrowers. It can be reloaded with funds whenever you need, and you’ll be able to use your loan funds flexibly or add money from your own account with ease.
What to watch out for
- Limited state availability. Money Mart is only available in a few select states. If you aren’t a resident of Alaska, Arizona, California, Florida, Hawaii, Kansas or Louisiana, you won’t be able to apply.
- Online applications not available everywhere. Just because Money Mart offers loans in your state doesn’t mean you can apply online. You may have to visit a store to apply — which can be hard to work into a busy schedule.
- Not always Money Mart. Money Mart is owned by Dollar Financial Group, Inc., and it operates under a variety of names. While this can be convenient, it also means you may not always be dealing with the exact same company — which could lead to confusion.
How does a Money Mart payday loan compare to other lenders?
Be careful of high costsShort-term loans, and payday loans especially, are known for their high costs. While Money Mark clearly outlines the APR you might have if you borrow, it may not seem like much. But a fee of $10 to $15 for $100 borrowed often results in people being unable to repay a loan, especially with the quick turnaround of a payday loan.
Carefully consider other short-term loan alternatives. These are often less expensive and won’t lead to the cycle of bad debt that payday loans often do. If you do decide to take out a payday loan, make sure you can afford to repay it by the deadline. Otherwise, you may be charged multiple fees that can make your debt even more difficult to repay.
Are Money Mart loans safe?
Money Mart keeps the information you provide secure and protected from unauthorized access by employing security measures that comply with federal law. These measures comprise of safeguarding electronic data as well as physical information. Access to your nonpublic personal information is available only to Money Mart employees who require it to service your transactions.
What does the Internet say about Money Mart?
There isn’t much out there. Money Mart lacks a Trustpilot page, and there aren’t many reviews for its various locations on the Better Business Bureau (BBB) website. However, its headquarters page does have an A+ rating — though it isn’t accredited. It also only has one review, from 2016, which rated it one star.
Complaints against it are slightly more recent, but many have their details hidden. The few complaints that do have information attached have individualized responses, which is generally a good sign. However, the lack of reviews does mean that you’ll need to do a lot of the leg work yourself in figuring out if your local branch is up to your standards.
Am I eligible?
Money Mart doesn’t have a set minimum income, but it does have a few basic eligibility criteria you’ll have to meet in order to start an application online or in store.
- You must have a checking account
- You must have a valid government-issued photo ID
- You must have a steady source of income
- You must be at least 18 years old
- You must have an active phone number
How do I apply?
It depends on your state. Money Mart doesn’t accept online applicants from every state, so you may have to visit a storefront to complete your application.
Either way, you’ll have to provide some basic information, including:
- Your name, email address and phone number
- Details from a government-issued ID
- Details about your employment and income
- Your bank’s routing number and your bank account number
I got a short-term loan. Now what?
Once you have your loan, you can use it for just about anything. But that also means you have to think about repaying what you’ve borrowed.
If you apply in store, you may be able to leave a post-dated check that will be cashed on your due date. Otherwise, you can have Money Mart debit the amount directly from your bank account or pay with cash at a store.
Just be sure you have the money available. If not, you might incur a late payment fee from Money Mart and an overdraft fee from your bank.
And if you run into any problems or have any further questions, you can contact Money Mart at 800-361-1407, hop on its live chat or fill out its email form.
More about Money Mart
Money Mart began operations in 1982 as a Canadian financial services company. To accommodate the growing trend of convenience in the financial services sector, it opened a number of branches that operated outside business hours. In 1996, American based Dollar Financial Group took over Money Mart.
Money Mart has experienced steady growth since its inception. It had around 100 franchised and corporate branches in 1994. This grew to over 200 by the year 2000. Now it currently has about 800 branches open across the US.
While this business specializes in payday loans, its services also include check cashing, prepaid debit cards, cash for gold, money transfers, cash for debit and exchanging gift cards for cash. The exact services you can use will depend on your state, so check with a Money Mart employee if you have any questions.
Payday loans can be a useful tool when you find yourself facing a financial crisis, and Money Mart keeps things clear so you know exactly how much your loan might cost you.
That doesn’t mean it comes cheap. A payday loan from Money Mart will still be expensive, so it’s best you know your full payday loan options before committing to borrowing from Money Mart.