Trust check
Is Money Mart legit?
Money Mart has been lending since 1982, is licensed in the provinces where they lend and publishes their privacy policy. However, they're not CLA certified and their BBB profile isn't rated.
Money Mart: Overview
Who Is Money Mart?
Founded in 1982, Money Mart is a Canadian financial services company that helps people get money when they need it the most. They have more than 360 branches across Canada, so you can get help in person or apply online.
Along with personal loans, Money Mart offers everyday services like cheque cashing, money transfers, currency exchange and a prepaid Mastercard. That makes them a one-stop shop for many people who don't use a traditional bank for everything.
Is Money Mart Right For You?
Money Mart can be a good fit if:
- You need a bigger loan and more time to pay it back. Money Mart's installment loans go up to $25,000 with terms of up to 84 months, so you can spread the cost out instead of repaying everything on your next payday.
- You'd rather talk to someone face to face. With more than 360 branches across Canada, you can apply in person, ask questions and even pick up your money, or apply online, in the app or by phone if that's easier.
- You want to know where you stand before a credit check. You can check if you're eligible without affecting your credit score, and on-time payments are reported to the credit bureau, which can help you build your credit history.
What Does Money Mart Offer?
Money Mart currently offers two types of personal loans: installment loans and Payday Boosts. Installment loans work best for larger expenses you want to pay off over time, while a Payday Boost is a small, short-term loan you repay on your next payday.
Installment Loans
A Money Mart installment loan lets you borrow between $500 and $25,000 and repay it over 6 to 84 months. Your repayments are scheduled to match how often you get paid, whether that's weekly, every two weeks or monthly, and they're automatically withdrawn from your bank account. You can have one active loan at a time.
If you miss a payment, your loan agreement will explain any penalties, which can include late fees, extra interest or NSF fees. Your bank may also charge its own fees, so if you think a payment could be tight, it's best to contact Money Mart before your due date.
| Loan Amount | $500 to $25,000 |
| Cost | 34.56% to 34.95% APR, depending on how often you pay |
| Term | 6 to 84 months |
| Funding Time | As soon as the same day: usually within two hours when you apply in a branch, or within 24 hours on weekdays when you apply online |
| Funding Method | Interac e-Transfer or direct deposit |
| Repayment | Weekly, bi-weekly or monthly, automatically withdrawn from your bank account |
| Where To Apply | Online through the website or the Money Mart app, in a branch, or over the phone at 1-866-223-3561 |
| Provinces Available | Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Saskatchewan and the Northwest Territories |
Installment Loan: Extra Features
- Payments That Match Your Payday - Money Mart lines up your payments with your pay schedule, whether you're paid weekly, every two weeks or monthly. Because payments are withdrawn automatically right after your pay goes in, it's easier to make them on time.
- No Prepayment Penalty - If you get extra money, like a tax refund, you can pay your loan off early without being charged anything extra. Paying early also means you'll pay less interest overall.
- Optional Credit Protection - Money Mart offers optional credit protection insurance with their installment loans. It can help cover your payments if something unexpected happens, so it's worth asking about the cost and what's covered before you add it to your loan.
- Help Building Credit - Your loan payments are reported to the credit bureau. Making them on time can help you build or improve your credit history over the life of your loan.
Payday Boost
A Payday Boost is Money Mart's name for a payday loan. You can borrow $100 to $1,500 and repay it in one payment on your next payday. It can help you cover a small bill or emergency when your paycheque is just a few days away, but because the full amount is due so soon, it's best for amounts you know you can repay right away.
Your Payday Boost payment is scheduled to match your payday, to help you make it on time. If you miss a payment, check what your loan agreement says about penalties. They vary from province to province and can include late fees, NSF fees and extra interest, and your bank may charge its own fees too.
| Loan Amount | $100 to $1,500 |
| Cost | $14 per $100 borrowed |
| Term | Your next payday |
| Funding Time | As soon as the same day, depending on the funding method you choose |
| Funding Method | Cash in a branch, or Interac e-Transfer or direct deposit online |
| Repayment | One payment, scheduled to match your next payday |
| Where To Apply | Online through the website or the Money Mart app, in a branch, or over the phone at 1-866-223-3561 |
| Provinces Available | Alberta, British Columbia, Manitoba, Nova Scotia, Ontario and Saskatchewan |
Other Services From Money Mart
Money Mart also offers services you can use for everyday money tasks:
- Cheque Cashing - You can cash many kinds of cheques in a Money Mart branch, including government, insurance, personal and business cheques. This can help if you need the money right away instead of waiting for a cheque to clear at a bank, but there's a fee that depends on your province.
- Money Transfers - Through MoneyGram, you can send and receive money in more than 200 countries from a Money Mart branch. It's an option if you support family abroad or need to send money to someone who doesn't have a bank account.
- Currency Exchange - You can buy foreign currency at a branch before a trip. If you buy US dollars or euros, you can add a Buy Back Guarantee, which lets you sell back unused money at the same rate within 30 days.
- Titanium+ Prepaid Mastercard - This prepaid card lets you load your own money and use it to shop in stores and online. Since you're spending money you've already loaded, there's no interest and no credit check.
- Bill Payments - With Money Mart's TelPay service, you can pay bills to more than 2,400 companies in a branch. It's useful if you don't have online banking or prefer to pay bills in person.
- Money Orders - You can buy a money order at a branch when someone won't accept cash or a personal cheque, such as for rent or a deposit.
How Fast Can You Get Your Money From Money Mart?
With either loan, you can get your money from Money Mart as soon as the same day. How fast it arrives depends on the loan, how you apply and how you choose to receive it.
For an installment loan, applying in a branch is usually the fastest option. If you choose Interac e-Transfer, you'll usually get your money within two hours of approval. If you apply online, your e-Transfer is usually sent within 24 hours on weekdays.
For a Payday Boost, your money is usually available as soon as the same day, depending on the funding method you choose.
How Do You Qualify For A Loan With Money Mart?
To qualify for a Money Mart loan, you'll need a steady income and a chequing account. The requirements are almost the same for both loans, except for the age rules.
Installment Loan Requirements
- Be at least 18 years old, or 19 in BC, NB, NL, NS and the NT
- Have a valid government-issued ID
- Have a chequing account
- Have a steady income
Payday Boost Requirements
- Be at least 18 years old, or 19 in BC, NS and the NT
- Live in AB, BC, MB, NS, ON or SK to apply online
- Have a valid government-issued ID
- Have a chequing account
- Have a steady income
Money Mart looks at your overall financial profile, including your credit, income and debts, to decide how much you can borrow. For a Payday Boost, you'll also need to earn a minimum amount of take-home pay, which depends on your province.
Documents Required
For either loan, you'll usually be asked for a few documents that show who you are and how much you earn:
- Your most recent pay stub, from within the last 30 days
- A bank statement that shows your last two direct deposits
- A voided cheque or pre-authorized debit (PAD) form
- A valid photo ID, as a clear scan or photo
Having these ready before you apply can help you get a decision faster.
How To Apply With Money Mart
Applying with Money Mart takes three steps, and you can choose the way that works best for you. Here's what to expect:
Step 1: See Your Loan Options
Start by checking which loans you qualify for, whether that's an installment loan or a Payday Boost. This step doesn't affect your credit score, so you can see your options before you decide to move ahead.
Step 2: Apply Your Way
You can apply online, in the Money Mart app, over the phone or in person at a branch. If you'd like help with your application or have questions, a branch or phone call lets you talk it through with someone. When you submit your full application, Money Mart runs a credit check, which may lower your score by a few points for a short time.
Step 3: Get Your Money
If you're approved, you could get your money as soon as the same day. Once you sign your loan agreement, the money is sent by Interac e-Transfer or direct deposit, or you can pick up a Payday Boost in cash at a branch.
How Much Does A Money Mart Loan Cost?
Money Mart installment loans have an APR of 34.56% to 34.95%, depending on how often you make payments. The longer your term, the lower each payment will be, but the more interest you'll pay in total, so it's worth choosing the shortest term you can comfortably afford.
Installment Loan Costs
| You Borrow | Term | Monthly Payment | Total Interest |
|---|---|---|---|
| $1,000 | 12 months | $99.94 | $199.26 |
| $2,500 | 24 months | $146.23 | $1,009.53 |
| $4,500 | 36 months | $203.43 | $2,823.66 |
| $10,000 | 60 months | $354.58 | $11,274.98 |
| $25,000 | 84 months | $799.85 | $42,187.63 |
These numbers are for illustrative purposes only. Actual numbers may vary.
Payday Boost Costs
A Payday Boost costs $14 per $100 borrowed in Alberta, British Columbia, Manitoba, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan. That's the same as the cost of a typical payday loan, and the full amount plus the fee is due on your next payday.
| You Borrow | Fee ($14 Per $100) | Total You Repay |
|---|---|---|
| $100.00 | $14.00 | $114.00 |
| $300.00 | $42.00 | $342.00 |
| $500.00 | $70.00 | $570.00 |
| $1,000.00 | $140.00 | $1,140.00 |
| $1,500.00 | $210.00 | $1,710.00 |
These numbers are for illustrative purposes only. Actual numbers may vary.
Is Money Mart Licensed?
Yes. National Money Mart Company, which operates as Money Mart, is licensed in the provinces where they lend, so they have to follow each province's rules on loan costs and how they treat borrowers.
What Do Customers Say About Money Mart?
Money Mart customers rate them highly, with 4.7 stars on Trustpilot from more than 8,000 reviews. Their Better Business Bureau (BBB) profile is currently not rated while they respond to past complaints, and while Money Mart isn't certified by the Canadian Lenders Association (CLA) under their own name, their parent company is. If you have a question about your loan, you can call 1-800-361-1407, email caresupport@moneymart.com, use the web chat or visit a branch.
From 8,018 customer reviews.
Not rated while they respond to past complaints. Not BBB accredited.
Their parent company, Momentum Financial Services Group, is CLA certified.
Advantages And Disadvantages Of Money Mart
What We Like
- Check your eligibility without a credit hit: You can see if you're eligible for an installment loan without it affecting your credit score. A full credit check only happens if you go ahead and apply.
- Money as soon as the same day: If you apply in a branch and choose Interac e-Transfer, the funding email usually arrives within two hours, which helps when a bill can't wait.
- Large loans with long terms: You can borrow $500 to $25,000 over 6 to 84 months, so the payments can be spread out to fit your budget.
- No prepayment penalty: If you can pay your loan off early, Money Mart doesn't charge you anything extra, and you'll save on interest.
What To Watch Out For
- Higher rates than a bank: While their APR of 34.56% to 34.95% is higher than a bank loan, it costs far less than a payday loan when you need more time to repay.
- One loan at a time: While you can only have one active Money Mart loan at once, that limit helps keep your payments manageable.
How Money Mart Compares
Comparing Money Mart, Cash 4 You and Spring Financial on loan amount, interest rate, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.
| Feature |  Money Mart Installment Loan Apply now Learn more |  Cash 4 You Installment Loan Learn more |  Spring Financial Personal Loan Apply now Learn more |
|---|---|---|---|
| Loan amount | $500 – $25,000 | $500 – $20,000 | $500 – $35,000 |
| Interest rate | 34.56% - 34.95% | Up to 34.37% APR | 9.99% – 34.95% |
| Term | 6 – 84 months | 6 – 84 months | 6 – 84 months |
| Available in | All provinces except QC | ON | All provinces |
| Funding time | As soon as the same day | Within 24 hours of approval | Same day for e-Transfers 2 – 3 days for EFT |
| Funding method |
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| Repayment |
| Automatic debit | Bi-weekly or monthly repayment plans |
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Figures are as listed by each lender and can change. Check the lender's site before you apply.
Final Thoughts
Money Mart is worth considering if you need a larger loan with time to pay it back, especially if you like having a branch nearby. You can check your eligibility without affecting your credit score, so there's no harm in seeing what you qualify for. Before you sign, compare the total interest on a few different terms so you pick a payment that fits your budget.
