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Money Direct Review

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About lender

Money Direct is a Canadian financial services company that offers a range of solutions aimed at addressing various monetary needs. From payday loans to cheque cashing and money transfers, Money Direct positions itself as a convenient option for individuals facing financial challenges or seeking quick access to funds.

One of the primary services Money Direct provides is payday loans, offering customers an easy way to bridge short-term financial gaps until their next payday. The company emphasizes a straightforward application process, whether online or in-store, with the promise of providing cash on the spot.

In addition to payday loans, Money Direct offers cheque cashing services, boasting a high acceptance rate for various types of cheques, including payroll, bank drafts, and insurance cheques. This service aims to provide customers with quick access to their funds without the hassle of waiting for traditional banking processes.

Money transfers are another key offering, facilitated through partnerships with global money transfer platforms like MoneyGram. Customers can send or receive money from over 200 countries worldwide, providing a convenient solution for international transactions.

With a focus on customer service, Money Direct emphasizes its commitment to providing fast and friendly assistance. The company boasts coast-to-coast locations across Canada, extended hours including weekends and holidays, and a customer-centric approach aimed at addressing individual financial needs efficiently.

However, it's important to note the high costs associated with borrowing from Money Direct. In Ontario, for example, the cost of borrowing $100 is $15, with an APR of 391.07%. Similarly, in Nova Scotia, the cost of borrowing $100 is also $15. Payday loans are considered high-cost loans, and borrowers should carefully consider their options and the associated costs before taking out a loan with Money Direct.

Money Direct


  • Convenient Payday Loans. Money Direct offers payday loans with a straightforward application process, providing customers with quick access to funds to bridge short-term financial gaps until their next payday.
  • High Acceptance Cheque Cashing. With a 97% acceptance rate, Money Direct cashes various types of cheques, including payroll, bank drafts, and insurance cheques, offering customers a hassle-free way to access their funds without waiting for traditional banking processes.
  • Global Money Transfers. Through partnerships with platforms like MoneyGram, Money Direct enables customers to send or receive money from over 200 countries worldwide, providing a convenient solution for international transactions.
  • Compliance with Regulatory Standards. Money Direct prioritizes compliance with Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), ensuring that all transactions meet legal requirements. Customers engaging in transactions meeting certain thresholds are required to provide valid identification, reflecting the company's commitment to regulatory adherence and transparency.

Pros and cons


Speedy Access to Funds. Money Direct's services, such as payday loans and cheque cashing, offer customers rapid access to funds without the delays typically associated with traditional banking processes. This quick turnaround time can be especially advantageous for individuals facing urgent financial needs.

Wide Range of Accepted Cheques. Beyond the high acceptance rate, Money Direct accepts various types of cheques, including settlement and insurance cheques. This diversity allows customers to easily cash different kinds of payments, enhancing the flexibility and convenience of the service.

Global Money Transfer Reach. With partnerships enabling money transfers to over 200 countries, Money Direct offers customers a broad reach for sending or receiving funds internationally. This extensive network can be particularly beneficial for individuals with family or business connections abroad, providing a reliable and accessible way to transfer money across borders.

Customer-Centric Approach. Money Direct emphasizes its commitment to customer service, reflected in its friendly and knowledgeable tellers and coast-to-coast locations across Canada. This focus on customer satisfaction ensures that individuals receive personalized assistance and support throughout their financial transactions, contributing to a positive experience.

Compliance Assurance. By prioritizing compliance with regulatory standards such as the PCMLTFA, Money Direct offers customers peace of mind regarding the legality and security of their transactions. The company's adherence to stringent regulations helps mitigate risks associated with financial services and enhances trust in the reliability and integrity of its operations.


Higher Interest Rates. While payday loans offer quick access to funds, they often come with higher interest rates compared to traditional bank loans. This can result in increased borrowing costs for customers, especially if the loan is not repaid promptly.

Limited Service Offerings. Despite providing key financial services like payday loans, cheque cashing, and money transfers, Money Direct may not offer a comprehensive range of banking services available through traditional banks. Customers seeking a broader array of financial products may find the company's offerings limited.

Potential for Dependency. The convenience of quick cash solutions like payday loans may lead to a dependency on short-term borrowing, potentially exacerbating financial difficulties in the long run. Customers should exercise caution to avoid falling into cycles of debt when utilizing such services.

Identification Requirements. Compliance with regulatory standards such as the PCMLTFA necessitates strict identification requirements for certain transactions. While aimed at ensuring legality and security, these requirements may inconvenience customers who do not have the necessary identification documents readily available or who prefer more anonymous transactions.

Possibility of Transaction Holds. While Money Direct boasts a high acceptance rate for cheque cashing, there may still be instances where certain cheques are subject to holds or verification processes. This could lead to delays in accessing funds, potentially causing inconvenience for customers needing immediate access to cash.


Determining the reliability of Direct Loan can be challenging due to the absence of reviews on their website, information about certification, and the lack of reviews on external platforms like Trustpilot. The absence of customer feedback and transparency regarding certification may raise concerns about the company's credibility and track record. Without reviews or certifications readily available for assessment, potential customers may find it difficult to gauge Direct Loan's reliability and reputation in the lending industry. It's advisable for individuals considering Direct Loan's services to proceed with caution and conduct thorough research before engaging with the company.

How to apply for a Money Direct loan?

  1. Choose Your Application Method. Decide whether you want to apply online or in-store at one of Money Direct's locations.

  2. Online Application. Visit Money Direct's website and select your nearest branch from the list provided. Fill out the online application form with your personal information, including your name, contact details, address, and income information.

  3. Complete the Form. Provide accurate details, including references and income information, to ensure a smooth application process.

  4. Accept Privacy Terms. Before submitting the application, review and accept Money Direct's privacy terms and conditions to ensure your data's security and confidentiality.

  5. In-Store Application. If you're not near any of Money Direct's physical locations, you can still proceed with your application online by clicking the provided link.

  6. Visit Money Direct. If you choose to apply in-store, Money Direct's friendly staff will guide you through the process and assist with any questions you may have.

Conditions and requirements


  • Credit History. Money Direct may conduct a credit check to assess your creditworthiness. A positive credit history may increase your chances of loan approval, while a poor credit history could result in denial or higher interest rates.

  • Income Verification. Applicants may need to provide proof of income, such as pay stubs, bank statements, or tax returns, to demonstrate their ability to repay the loan.

  • Loan Amount Limitations. Money Direct  may impose limits on the maximum loan amount that borrowers can request based on factors such as income, credit history, and loan repayment capacity.

  • Interest Rates and Fees. Borrowers should review and understand the interest rates, fees, and other charges associated with the loan, as these can significantly impact the total cost of borrowing.

  • Repayment Terms. Loan repayment terms, including the duration of the loan, frequency of payments, and any grace periods or penalties for late payments, will be outlined in the loan agreement.

  • Collateral. Depending on the type of loan, Money Direct  may require borrowers to provide collateral, such as property or assets, to secure the loan. Failure to repay the loan could result in the loss of the collateral.

  • Legal Compliance. Borrowers must comply with all applicable laws and regulations governing lending practices, including those related to consumer protection, privacy, and anti-money laundering.

  • Loan Purpose. Money Direct  may restrict the use of loan funds for specific purposes, such as home improvement, debt consolidation, or personal expenses, as outlined in the loan agreement.

  • Documentation. Applicants must provide accurate and complete information and documentation as requested by Money Direct  to process the loan application effectively.

  • Approval Process. Loan approval is subject to Money Direct 's internal policies and procedures, and meeting the eligibility criteria does not guarantee approval.


  • Legal Age. Applicants must be of legal age in their province or territory of residence, usually 18 years old or older.
  • Proof of Identity. Valid identification is often required, such as a driver's license, passport, or other government-issued ID.
  • Proof of Income. Applicants typically need to provide proof of a steady income source, such as pay stubs, bank statements, or employment verification.
  • Bank Account. A valid bank account is usually required for loan disbursement and repayment purposes. This may include providing a void cheque or bank account information.
  • Contact Information. Applicants may need to provide current contact information, including a home address, phone number, and email address.
  • References. Some lenders may require references, such as contact information for friends or family members who can verify the applicant's character or financial stability.
  • Credit Check. While payday loans are often available to individuals with poor or no credit history, some lenders may still conduct a basic credit check as part of the application process.

Ways to receive the money

  • Direct Deposit. One common method is through direct deposit into the borrower's bank account. Once the loan is approved, the funds are electronically transferred directly into the borrower's designated bank account, providing quick and convenient access to the money.

  • Cash Pickup. In some cases, borrowers may have the option to receive the loan amount in cash by visiting a Money Direct branch or an affiliated partner location. This method is suitable for individuals who prefer or require immediate access to physical cash.

  • Cheque Issuance. Another option is to receive the loan amount via a cheque issued by Money Direct. The borrower can then deposit or cash the cheque at their bank or another financial institution of their choice.

  • Electronic Transfer. In addition to direct deposit into a bank account, some lenders may offer electronic transfer options, such as sending the funds to a prepaid card or a digital wallet service for immediate access.


  • Payday Loans. Need quick cash until your next payday? Money Direct provides hassle-free payday loans at everyday low prices. Whether it's an unforeseen expense or a desire for a little extra spending power, our easy online application process or in-store service ensures fast access to funds.
  • Pre-Authorized Debit (PAD). Say goodbye to the hassle and cost of re-ordering personal cheques. Money Direct now offers PAD services, allowing secure withdrawals on due dates with the option to "BUY BACK" if needed, all without the need for traditional cheques.
  • Cheque Cashing. With a 97% acceptance rate, Money Direct cashes various types of cheques, including payroll, bank drafts, and insurance cheques. Get your money now with our fast and convenient service, reflecting our commitment to being your "Friendly Neighbourhood Financial Services Partner."
  • Money Transfers & Orders. As a trusted agent for MoneyGram, Money Direct facilitates money transfers to over 200 countries worldwide. Whether supporting family abroad or paying bills with MoneyGram Money Orders, our friendly team ensures a seamless experience.
  • PCMLTFA Compliance. Money Direct prioritizes compliance with Canada's regulations on money laundering and terrorist financing. With stringent identification requirements, including driver's licenses, passports, or other approved forms, we ensure the security and legality of all transactions.

Reasons you may be denied a Money Direct loan

  • Insufficient Income. Money Direct requires applicants to have a steady income source to ensure they can repay the loan. If your income is deemed insufficient to cover the loan amount, your application may be denied.
  • Poor Credit History. While Money Direct may provide loans to individuals with poor or no credit history, a particularly low credit score or a history of missed payments may result in a denial of your loan application.
  • Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on your application form, such as incorrect contact details or income information, may lead to a denial of your loan request.
  • Existing Debts. If you already have outstanding debts or loans, Money Direct may assess your ability to manage additional debt. Having too many existing financial obligations could result in a denial of your loan application.
  • Failure to Meet Eligibility Criteria. Money Direct has specific eligibility criteria that applicants must meet to qualify for a loan. If you fail to meet any of these criteria, such as being of legal age or having a valid identification, your application may be denied.
  • Recent Bankruptcy or Default. If you have recently declared bankruptcy or defaulted on previous loans, Money Direct may view you as a higher risk borrower and deny your loan application.
  • Fraudulent Activity. Any suspicion of fraudulent activity, such as providing false information or attempting to manipulate the application process, will lead to an immediate denial of your loan request.

How to repay a Money Direct loan

  1. Review Loan Agreement. Before making any payments, carefully review the terms and conditions outlined in your loan agreement. Take note of the repayment schedule, including the due date, amount due, and any applicable fees or charges.

  2. Set Up Payment Method. Money Direct  offers various payment methods for loan repayment, including online payments, bank transfers, or automatic deductions from your bank account. Choose the method that best suits your preferences and convenience.

  3. Schedule Payments. Ensure that you make payments on time according to the repayment schedule specified in your loan agreement. Missing payments or making late payments may result in additional fees or penalties.

  4. Monitor Account. Keep track of your loan account and payment history to ensure that all payments are processed correctly and on time. Review your account statements regularly to verify payments and confirm that your loan balance is decreasing as expected.

  5. Contact Customer Support. If you encounter any issues or difficulties with loan repayment, don't hesitate to contact Money Direct 's customer support team for assistance. They can provide guidance on payment options, address any concerns, or help resolve any payment-related issues.

  6. Early Repayment. If you have the means to do so, consider repaying your loan early to save on interest costs and reduce your overall debt burden. Check your loan agreement for any prepayment penalties or fees that may apply.

  7. Confirm Completion. Once you have made all scheduled payments and repaid the loan in full, ensure that you receive confirmation of loan closure from Money Direct . This may include a final statement or notification indicating that the loan has been successfully paid off.

Editorial opinion

Money Direct's comprehensive range of financial products and services appears to cater to diverse monetary needs, offering solutions such as payday loans, cheque cashing, and money transfers. While the convenience and accessibility of these services are commendable, it's crucial to recognize the potential risks associated with high-interest payday loans and the importance of responsible borrowing. Additionally, the company's commitment to compliance with regulations like the PCMLTFA is reassuring, ensuring transparency and legality in financial transactions. However, there remains a need for transparency regarding loan terms, fees, and interest rates to empower consumers to make informed decisions. As with any financial institution, maintaining open communication channels and prioritizing customer education and protection should be at the forefront of Money Direct 's operations to foster trust and accountability within the community.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

  • Money Direct Customer Reviews



How to get a loan in Money Direct?

To get a loan with Money Direct , start by checking their eligibility criteria and gathering required documentation. Then, submit an application online or in person, providing accurate information about your personal and financial details. Review the loan terms carefully before waiting for approval. Upon approval, you'll receive the funds and must repay the loan according to the agreed terms. Stay in touch with Money Direct  for assistance throughout the repayment process.

How quickly the funds can be received?

The speed at which you can receive funds from Money Direct  can vary depending on factors such as the loan amount, application method, and verification process. In some cases, you may receive funds on the same day of approval, while in others, it may take a few business days. Money Direct  typically aims to provide fast access to funds to meet customers' urgent financial needs, but exact timing may vary based on individual circumstances and the loan processing timeline. It's best to inquire directly with Money Direct  about their specific turnaround times for fund disbursement.

How do you qualify for Money Direct?

To qualify for a loan with Money Direct , you typically need to be of legal age, provide proof of income, have a satisfactory credit history, and submit valid identification.

How much can you borrow from Money Direct?

The amount you can borrow from Money Direct  typically depends on factors such as your income, credit history, and the specific loan product you're applying for. Loan amounts can vary widely, ranging from a few hundred dollars to several thousand dollars. It's best to check with Money Direct  directly to see what loan amounts they offer and what you qualify for based on your individual circumstances.

Is Money Direct legit?

Determining the legitimacy of Money Direct  requires conducting thorough research. Check if they are registered and licensed to operate as a lender, read reviews from other customers, and assess their reputation through reliable sources. Always exercise caution and verify their legitimacy before engaging with any financial institution.

At Money Direct we are working hard every day to become your trusted money service store. Money Direct exists to serve you, the customer. We believe we are the best in the business, and that's because we put you the customer, first, every day. We understand the challenges of today's economic situation and we are committed to help in any way possible.

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