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Find A LenderMoney Mart: Overview
Who Is Money Mart?
Founded in 1982, Money Mart® is a leading provider of financial solutions, serving communities across North America. They are committed to creating a financial fresh start for customers, connecting them to money when they need it most.
Available financial products include: instant personal loans, cheque cashing, money transfers, currency exchange, and the Titanium+® Prepaid Mastercard®.
- Installment Loans
- Payday Boosts
- Cheque Cashing
- Currency Exchange
- International Money Transfers
- Koodo prepaid phone plans
- Titanium+® Prepaid Mastercard
As part of the Momentum Financial Services Group family, Money Mart® empowers individuals and families with accessible, flexible financial tools tailored to meet their needs. With over 350 locations in Canada and a dedication to serving the communities of its customers, Money Mart® is here to help when it matters most.
Money Mart currently offers two instant personal loans:
Installment loans
Ranging from $500 to $18,000, a Money Mart installment loan can be funded the same day you apply. They can have repayment terms of 6 – 60 months and payment frequency will be scheduled to match your pay frequency. Payments will be automatically debited from your bank account. This option is available in-branch or online.
Money Mart also offers an optional Loan Protection Plan* that allows you to protect your loan for those ‘just in case’ moments. For just pennies a day, the Loan Protection Plan provides peace of mind in the event of injury, sickness, death, or involuntary unemployment.
Advantages Of Money Mart
There are plenty of benefits to a Money Mart installment loan, including but not limited to:
- Credit challenges – Have a low credit score of 300 – 600? Don’t worry, Money Mart can approve you for financing if you have a sufficient income. Plus, making consistent payments on time can help you build or improve your credit history.
- Unsecured Loans Are Offered – With Money Mart, there’s no need to provide collateral or involve a cosigner to get approved.
- Fast Funding is Available – If you qualify, Money Mart loans can be deposited via Interac e-Transfer or direct deposit in as little as two hours after approval.
- Quick and Easy Application – Applying for a Money Mart loan is relatively simple and can be completed online or in person within a few minutes.
- No Prepayment Penalties – Unlike some lending companies, Money Mart does not charge any extra fees for paying your loan debt ahead of schedule.
- Numerous Locations – Not only can you easily apply online, but Money Mart has over 350 locations scattered across many of Canada’s major cities and areas.
Disadvantages Of Money Mart
As helpful as Money Mart can be, it’s also important to consider its drawbacks:
- Interest Rates – Money Mart’s biggest downside is their interest rate of 34.28%. The higher cost of borrowing is competitive within the industry for providing financing to customers with varying credit profiles.
How Do You Qualify For A Loan With Money Mart?
Qualifying for a loan normally requires different levels of general requirements. Thankfully, Money Mart has a simple application process that can be quickly done in-person at one of their 350+ locations, or online with minimal requirements. Here’s what you’ll need:
- Be past the age of majority in your province (at least 18 – 19 years old)
- Possess a Canadian chequing account (with direct deposit)
- Have a source of verifiable income for at least a few months
To complete the application and approval process, you may also have to submit various personal and financial documents, such as:
- Government photo identification (passport, driver’s license, etc.)
- A utility bill or other proof of your permanent Canadian address
- A pre-authorized debit form or VOID cheque (for deposits and withdrawals)
- Your most recent bank statements, pay stubs or other proof of your income
Other Products Offered By Money Mart
Money Mart also offers the following loan options and financial services:
Payday Boost
Ranging from $120 – $1,500, a Money Mart Payday Boost (also known as a payday loan) can be acquired via direct deposit within a few hours of applying or in any Money Mart branch. Once the money is in your bank account, the balance (plus fees) is due in a single lump sum on your next scheduled payday. In certain provinces, you can have up to 2 months to repay it (plus fees and interest) if you receive your pay cheque monthly and qualify for an extended payment plan.
Cheque Cashing
This in-branch service can help you cash different kinds of cheques right away, instead of having to wait several days like you would with a bank or credit union. The types of cheques Money Mart can help you cash include but aren’t limited to government, insurance, personal, post-dated and cheques payable to your business.
Money Transfers
Money Mart is connected to more than 500,000 Western Union service locations in over 200 territories and countries across the globe. This way, you can transfer and receive money internationally or domestically.
Currency Exchanges
Use Money Mart to exchange 25 different currencies, such as USD, EUR, JPY and AUD. Rates are competitive and Money Mart offers an optional Buy Back Guarantee when you purchase USDs or Euros (where you’ll get the same rate when selling back your unused funds – see details in stores)
Titanium+® Prepaid Mastercard
Unlike a normal credit card, the Titanium+ Mastercard allows you to add funds from your bank account directly onto your card. This way, you can shop in-store or online and get the advantages of a credit card without the usual interest charges and credit hassles.
Bill Payments
You can also use Money Mart’s TelPay e-payment service to pay your bills from more than 2,400 different companies. Safe and secure, no need for cheques, stamps or envelopes, all you have to do is pay a standard fee of $1.99 per bill payment and Money Mart will handle the rest of the transaction.
Money Mart FAQs
What expenses can I use my Money Mart loan to pay off?
- Financial emergencies (to pay for rent, home repairs, etc.)
- Groceries and household supplies
- Vehicle payments & expenses (gas, maintenance, etc.)
- Vacations & travel costs
- Consolidation of unpaid debts & bills
- Other home-related costs (property taxes, utilities, etc.)
Can my credit score affect my ability to get approved for a Money Mart loan?
What is a loan agreement?
What’s the difference between an installment loan and a Payday Boost?
