About company
Money Mart is a financial company that appeared in 1982 in Edmonton, Alberta. The lender has always aimed to set the highest customer service standards, convenience, and quality of financial services and products from the opening.
The company offers various financial products, including long, medium, and short-term loans, cheque cashing, money transfers, currency exchange, and prepaid cards. It has more than 2,000 employees and over 500 stores in Canada. Over a million customers use the services of Money Mart every year. Money Mart® is part of the Money Mart Financial Services family of brands, one of North America's leading providers of financial resources. Now it is known as Momentum Financial Services Group. They serve two million clients through hundreds of locations and mobile and online platforms.
Features
One of the most noticeable things about Money Mart is that this financial institution functions across North America. It is a pretty famous and reputable financial organization. The Canadian Money Mart website FAQ section is comprehensive; you can choose your topic and find an answer to almost any request of yours.
Money Mart provides a variety of ways to contact its team to obtain more information on its products or get help: on Facebook, Twitter, and Instagram, as well as via phone. You can also visit any of its branches. You can find information on the nearest one by hitting the Find Us button to locate the most convenient store.
There are many positive reviews on the company's business. The clients highlight the velocity and smoothness of the application process, especially the loan renewal. Customer service is also pretty often praised by customers. Still, some users mention technical difficulties and a lack of appropriate support, strongly criticizing these drawbacks.
Businesses can also enjoy the services of Money Mart: business loans and business check cashing. You can also receive support from business experts.
This lending company allows you to choose whether you wish to apply through a Standard or an Express procedure. The latter is the option for those who are in urgent need of cash, which implies obtaining your information through online bank verification. In this case, you must access an encrypted portal, Flinks, to authorize your bank or credit union to provide Money Mart with copies of your bank statements. If you decide to go through the Standard procedure, you will be asked to input all your information manually and send your bank statements to Money Mart. This option can be considered if you do not need your funds urgently to pay for some pressing things. If everything is not clear, you can still contact the support team.
Money Mart products
Among the products of the company, there are:
- Western Union® Money Transfers
- Cash Advances
- Cheque Cashing
- Installment Loans
- Business Loans
- Titanium+® Prepaid Mastercard®
- Currency Exchange
- Bill Payment
There is a difference for a borrower between a payday and an installment loan. However, if you take out a payday loan, ensure you’ll have enough income left over to cover other debts and bills on your due date. Otherwise, you might be obliged to apply for another payday loan to bridge the gap.
With an installment loan, your debt will be broken up into several payments, typically 12. So, when deciding between these two types of credit products, ask yourself whether it’s more manageable to have many less significant repayments or one single large repayment.
One of the most popular Mony Mart products is its Titanium+ Prepaid Mastercard is a reloadable card providing access to funds you loaded earlier. With the Titanium+ Prepaid Mastercard, you can choose between the Standard Plan and the Premium Plan, with monthly fees of $6.50 and $12.99, respectively. The Premium Plan allows you to avoid fees for certain transaction types. Peoples Trust Company issues the card.
Pros and Cons
Pros
- Lending is suitable for clients with bad credit history and available for all purposes;
- No hidden fees;
- Mobile cheque cashing;
- Loans for small businesses;
- Extensive FAQ section;
- Protection against gift card scams.
Cons
- High-interest rates;
- Available only in British Columbia, Manitoba, Nova Scotia, Ontario, and Saskatchewan;
- A stable source of income is required;
- Loan insurance;
- NSF fees;
- Credit history and credit score are evaluated;
- Bank statement and pay stub are verified;
- If paid out by direct deposit, it may take up to 2 business days.
Loan conditions
To apply, you have to comply with several basic conditions:
- Reach at least 19 years old and provide a valid piece of ID
- Have an active chequing account
- Be able to provide proof of a steady source of income
However, remember that you may be asked to provide additional documentation. Your credit report is crucial for the lender's team to decide on your approval. Rather, they check your application's accuracy and payment history for several credit products.
The payday loan amount is from $120 to $1,500, and the term is between 1 and 62 days; APR varies by province. Money Mart payday loans are available for British Columbia, Manitoba, Nova Scotia, Ontario, and Saskatchewan residents.
The installment loan amount is from $1,000 to $15,000, and the term is between 12 and 60 months; the APR range is from 29.9% to 46.9%.
The first loan is at 0% APR for new clients. You can only have one outstanding loan: pay your loan in full before applying for a new one.
For example, suppose you take out a $4,500 loan from Money Mart with a term of 36 months. Your monthly installment will equal $234.98 at a 46.90% APR.
As for the loan repayment, you must set pre-authorized debit from your chequing account to repay your loan. However, if you prefer to pay offline, in-store, you have to make a payment at least three business days before your loan's due date so as not to incur late payment fees.
If your details have changed, you should do the following:
- Visit a Money Mart store to provide updated information supported by the necessary documents
- Contact Customer Service at 1-800-361-1407 if you have an active loan
- You can change your information in your online account, but only if you do not have an active loan
It is worth mentioning that you can pay off your loan anytime without incurring early payment penalties.
Methods of loan funding
Financing can be received with Interac e-Transfer, a direct deposit, or in cash in one of Money Mart stores across Canada. Financing can be received with one of the following methods:
- Interac e-Transfer. A customer receives an email letter to accept a funds transfer within 2 hours.
- In-store. A customer can get funds the same day in cash or use Interac e-Transfer.
- Direct deposit. Funds are deposited to the borrower's chequing account within 1 or 2 business days.
The funding period depends on the bank. Sometimes, it can take up to 48 hours to transfer money to the chequing account. On working days this process usually takes one working day. On weekends funds transfer can take longer. With a mobile app, you can cash your check or receive the borrowed funds in minutes. Its app is available and free to everyone. Note: In Saskatchewan, you cannot connect to your bank for quick transactions through the mobile app. In general, the app boasts such attractive features as the possibility to manage your finances on the go. For example, you can make payments, apply for a loan, and view your account details. With the Money Mart mobile app, quick approvals and fast funding are at your fingertips. On AppStore, its rating is pretty high - 4.7 out of 5.
