Money Mart payday loan review November 2018 |
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Money Mart payday loan review

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Do you need access to quick money? Consider getting a payday loan through Money Mart.

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?

Rates last updated November 21st, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
1 business day
Must have direct deposit and meet minimum income requirements.
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
1–2 days
Must have an active checking account, regular source of income and email address.
Check into Cash Payday Loan
With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
1–2 business days
You must be at least 21 and an American citizen and have a bank account, email address and phone number.
LendYou Short-term Loans
Apply online with this loan-connection company offering unrestricted short-term loans at high maximums — fast turnaround.
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
ACE Cash Express Short-term Loans
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
Varies by state
Generally receive the money the next business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

Compare up to 4 providers

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.

Frequently asked questions

Are payday loans available in my state?

Elizabeth Barry

Elizabeth is an editor for specialising in personal finance and fintech. She enjoys reading PDSs so you don’t have to.

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US Payday Loans Offers

Important Information*
Slam Dunk Loans

Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

LendUp Payday Loans

LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

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