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Find A LenderMoney Mart: Overview
Who Is Money Mart?
Founded in Edmonton, Alberta in 1982, Money Mart is a lending institution that specializes in different types of credit products and financial services, such as:
- Installment Loans
- Cash Advances
- Payday Loans
- Business Loans
- Currency Exchanges
- Western Union® Money Transfers
- Bill Payments
- Cheque Cashing
- Titanium+® Prepaid Mastercard
Today, Money Mart has more than 350 service locations and employs over 1,000 Canadians across the country. They also have a website where you can apply for financing and get approved in as little as two hours. So, if you’re looking to acquire some quick cash, Money Mart is a full-service provider with more than 40 years of experience in the financial industry.
Money Mart Loan Extension
Money Mart offers borrowers an option to extend their cash advance loan payments depending on how frequently they’re paid.
- Borrowers who are paid semi-monthly or more frequently can pay back their cash advance over three pay periods.
- Borrowers who are paid monthly or less frequently can pay back their cash advance over two pay periods.
Cash advance loan extension also depends on the province you live in. Currently, this service is only available in the following four provinces:
- British Columbia – Cash advance borrowers who are taking their third loan within 62 days have the option to repay in installments.
- Alberta – All cash advance borrowers have the option to repay in installments.
- Ontario – Cash advance borrowers who are taking their third loan within 63 days have the option to repay in installments.
- Newfoundland & Labrador – Cash advance borrowers who are taking their third loan within 62 days have the option to repay in installments.
Types Of Loans Offered At Money Mart
Money Mart currently offers two primary financial products:
Installment Loans
Ranging from $500 to $15,000, 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. Typically, this option is available in-store or online.
Cash Advance/Payday Loans
Ranging from $120 – $1,500, a Money Mart cash advance (also known as a payday loan) can be acquired via direct deposit within a few hours of applying. Once the money is in your bank account, you’ll have up to 2 months to repay it (plus fees and interest) if you receive your pay cheque monthly and qualify for EPP. Otherwise, the balance (plus fees) is due in a single lump sum on your next scheduled payday.
Other Products Offered By Money Mart
While installment loans and cash advances/payday loans are their main products, Money Money also offers the following loan options and financial services:
Business Loans
In partnership with Driven, Money Mart also offers small business loans that you can use to finance all kinds of short-term costs. Choose a repayment plan that works for you and get a no-obligation quote within 24 hours. If you qualify, you should receive your loan money within 3 – 5 days.
Cheque Cashing
This in-store 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, and post-dated.
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, online or over the phone and get all the advantages of a credit card without the usual interest charges and credit hassles.
Western Union® 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 26 different currencies, such as USD, EUR, and AUD. Rates are competitive and when you purchase Euros or US Dollars, you will receive Money Mart’s Buy Back Guarantee for only $4.99 (you’ll get the same rate when selling back your unused funds).
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.
Advantages Of Money Mart
There are plenty of benefits to using Money Mart, including but not limited to:
- Bad Credit is Accepted – Have a low credit score of 300 – 600? Don’t worry, Money Mart can approve you for financing if you have a sufficient income.
- Unsecured Loans Are Offered – You don’t have to risk losing any collateral or endangering a cosigner, because none of Money Mart’s loans require any.
- 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 a ton of service points 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:
- High-Interest Rates – Money Mart’s biggest downside is that they can charge higher interest rates (sometimes more than 45% APR).
- High Fees – Money Mart can also charge some pretty hefty service and administrative fees for their loans (around $150 for every $1,000 you borrow).
How Do You Qualify For A Loan With Money Mart?
Qualifying for a loan normally requires different levels of personal and financial aptitude. Thankfully, Money Mart has a simple application process that can be quickly done online or in person 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
Money Mart FAQs
Can I take out two cash advances/payday loans at the same time with Money Mart?
Can my credit score affect my ability to get approved for a Money Mart loan?
What expenses can I use my Money Mart loan to pay off?
- Financial emergencies (lack of 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.)
What is a loan agreement?
What’s the difference between an installment loan and a cash advance?
On the other hand, an installment loan is a longer-term loan that you pay back in installments over a set period. An installment loan allows you to spread out your costs, making it possible to cover expensive purchases through multiple payments.
