Do you need access to quick money? Consider getting a payday loan through Money Mart.
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If you have bad credit and find yourself in a financial emergency, you might be looking for an alternative to a traditional bank loan. A payday loan could be the solution. If you are considering a payday loan but are unsure about the process, this review of Money Mart’s payday loan will give you the information you need to make your decision. The most important thing to keep in mind is that a payday loan is a temporary fix, not a long-term solution.
What is a payday loan?A payday loan, also known as a cash advance loan, is a short-term personal loan (typically $500 or less) that usually must be repaid within two weeks to a month. The repayment date is determined by your pay schedule. Because payday loans come with steep finance charges, it is not a long-term solution, but a temporary fix to an unexpected financial situation. Rules and regulations for payday loans vary from state to state, and are even not permitted in some states.
How does a Money Mart payday loan compare to other lenders?
How does borrowing from Money Mart work?
Money Mart provides payday loans to residents of Alaska, California, Florida, Hawaii, Kansas, Louisiana, Missouri, Oklahoma, Virginia and Washington. Its online payday loans are only available to residents of California, Hawaii, Kansas and Louisiana.
Whether applying online or in-store, it takes no more than 15 minutes to complete the application process. Once your application is approved, if you apply in-store, you can receive your funds within an hour. With online applications, money is deposited into your bank account within 1 business day, and may take up to 48 hours.
You have to repay the loan in full by the due date specified in your loan contract, usually on your next payday. You can repay using cash in-store or, depending on your state, have Money Mart deposit a check you provide when you apply or have the payment withdrawn from your bank account electronically.
Why should you consider taking out a Money Mart payday loan?
- Transparency. You don’t have to worry about any hidden fees and charges when you take a payday loan through Money Mart. The loan contract gives you a clear indication of exactly how much your loan will cost. The Money Mart website gives you access to an easy-to-use tool that tells you how much you’ll have to pay depending on the state you live in and the amount you wish to borrow.
- Quick and easy process. You can apply for a Money Mart payday loan in under 15 minutes. If you apply online, the approved funds can get to your bank account by the next business day. With an in-store application, you can get the money you need almost immediately.
- Use money for different reasons. Money Mart does not place any restrictions on how you can use proceeds from the loan, as long as you use the money for legitimate purposes.
- Bad credit is OK. Poor or bad credit does not 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 eligible.
- Live chat. If you have any questions or require information, you can contact a Money Mart representative via live chat.
How much does it cost to borrow from Money Mart?
Most states where payday loans are legal have their own set of laws setting the fees lenders can charge. Another factor that affects the cost of the loan is the amount you borrow.
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 Virginia, the finance charge for the same loan would be $22.62.
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.
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.
Ready to apply with Money Mart? Here’s how:
If you live in a state where Money Mart accepts online applications, you can apply online. To begin now, fill out the online application. If you reside in a state where you cannot apply online, you’ll have to visit your nearest Money Mart store. To apply, you have to meet these eligibility criteria:
- You are at least 18 years of age
- You have a regular source of income
- You are an American citizen or a permanent resident of the U.S.
- You have an operational checking account
Completing the application successfully requires that you provide some basic information:
- Your name, email address and phone number
- Details from an acceptable form of ID such as your driver’s license or passport
- Details about your income
- Your checking account details
Who is 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.
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.