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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Money Mart

Finanso.Multilogin™

About Money Mart

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.

Nowadays, the company offers a diverse range of financial products that include long, medium, and short-term loans, cheque cashing, money transfers, currency exchange, and prepaid debit 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.

Features

The company suggests currency exchange and different financial services. Moreover, it offers supporting products through a technology-enabled website with all the necessary clients' content. All these guarantees the customers of Money Mart have the opportunity to finance their immediate financial needs in a very comfortable way. The lender offers:

  • Easy to use app that allows the clients to check their Money Mart loan details at any time and any place;
  • Easy and fast access to funding;
  • Flexible repayment conditions;
  • Easy and convenient cheque cashing;
  • Numerous stores across the country.

Advantages

  • Lending is suitable for clients with bad credit history and available for all purposes;
  • No hidden fees;
  • Mobile cheque cashing;
  • Loans for small businesses;
  • Protection against gift card scams.

The payday loan amount is from $120 to $1,500, and the term is between 1 and 62 days; APR varies by province. Currently, 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%.

Conditions for the first loan

The first loan is at 0% APR for new clients. 

Methods of a loan granting

Financing can be received with Interac e-Transfer, a direct deposit, or in cash in one of Money Mart stores across Canada.

Requirements

  • Stable income for the past few months;
  • Valid chequing account and a recent bank statement;
  • Be a resident of Canada;
  • Age of at least 18 years old;
  • Recent proof of permanent income (e.g., payslip);
  • Valid government-issued photo ID;
  • Valid email address and a mobile phone number.

If you need help or things go wrong, you can contact and create a request to the customer services team by calling at 1-800-361-1407 and get professional assistance.

You can send an email just by clicking "Send a message" on the "Contact us" page on the official site.

  1. Visit the Money Mart website and choose the amount and the type of a loan.
  2. Select the required province, term, and payment frequency. After that, the system will show the monthly payment amount and the loan details.
  3. Click on "APPLY NOW".
  4. Fill in your personal and contact information, including your first name, last name, date of birth, Social Insurance Number, current address, active email address, and mobile phone number. You also need to state whether you rent or own a home. After that, click on the "Next" button.
  5. The next stage requires information about your financial situation. The income is significant. You need to specify such things as the employment status, the name and address of the employer (if applicable), how much you earn after taxes each month, and when you are paid next time.
  6. Once the application has been submitted, Money Mart will check your details with third-party sources. If it believes you are trustworthy for receiving a loan, you will get a pre-approval offer on-screen. It will determine how much you can borrow and what interest rate you will pay on loan.
  7. Enter your chequing account details.
  8. Read the digital loan agreement, pay particular attention to any additional fees that might be charged. Once the agreement is signed, Money Mart transfers the funds with the specified method.

Reasons for rejection

The system analyses the client's income, bill payments, credit history, payments to other credit companies, and other factors and may reject the loan application for one or several of these reasons.

How long are applications considered?

Applicants are provided with an instant decision about payday loans and the same-day decision regarding installment loans issuance upon the application submission.

How quickly can funds be received?

Financing can be received with one of the following methods:

  1. Interac e-Transfer. A customer receives an email letter to accept funds transfer within 2 hours.
  2. In-store. A customer can get funds the same day in cash or use Interac e-Transfer.
  3. Direct deposit. Funds are deposited to the borrower's chequing account within 1 or 2 business days.

The funding period depends on the bank. In some cases, 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.

It is possible to repay a loan by a pre-authorized debit from the customer's chequing account or by cash in one of the Money Mart stores across the country. If you choose the second payment method, it needs to be used at least three working days before the due date.

Loan extension

The company applies the extended payment plan for cash advances for Alberta, British Columbia, and Ontario residents. The conditions depend on the province of the client's residence. The number of installments depends on the pay frequency. If you make bi-monthly or more frequent payments, you will have the possibility to pay off the loan in equal installments over three pay periods. In case of making monthly or less regular payments, the loan should be repaid over two pay periods.

  • Alberta: all customers get funding which can be repaid in installments.
  • British Columbia: customers who get the third cash advance within 62 days qualify for the extended payment plan.

Early repayment

Customers can repay their loans early without any penalties. Once the payment has been obtained and processed, you will be able to reapply for another Money Mart loan in Canada. There is always an option of repaying the credit in full in one payment.

How can I find out the remaining balance?

You can create a request to customer services by emailing [email protected]

What to do if I missed the payment?

If you know that the payment will be missed, you should contact the company's customer services by emailing [email protected] at least three working days in advance to discuss alternative arrangements.

What to do if the payment has failed?

The situation may arise when the customer has made the payment, but it is not transferred to the Money Mart account. In this situation, the borrower needs to contact customer services by calling 1-800-361-1407. The financial services specialists will help solve the problem.

Having an account on the official website allows clients:

  • Always stay informed about products and financial services of Money Mart;
  • Apply for a new loan and repay the existing lending;
  • Get information about updated content for borrowers, promo and special offers.

    How to register an account?

    Every client is allowed to have only one account in the system of Money Mart. Therefore, for signing up, you need:

    1. Fill in your details in the registration form on the official site. They include your first name, last name, as well as date of birth.
    2. Specify your mobile number, email and select a security question.
    3. Create and confirm a strong password.

    How to reset a password?

      You can easily reset the password yourself using the following method:

      1. Visit the company's official website or open the mobile application and click on the "Sign Up" button.
      2. Click on the "Forgot password" link below the password field.
      3. Choose the way for account verification. Next, answer the security question you have specified during the registration. After that, put your last name, email address, and birth date. Finally, click on the "Continue" button.
      4. Check the email box for a password reset letter and follow the instructions.

      In case you have difficulties or questions, contact customer services by calling 1-800-361-1407 and follow the instructions.

      How to delete an account?

      To delete an account, then you should send a request to [email protected] or contact customer services by calling 1-800-361-1407 if things go wrong.

      Once the request is approved, or the account is deleted, you will be notified by email. More information you can find on the official website.

    Money Mart has a mobile app for iOS and Android. With its help, customers can:

    • Submit an application for a cash advance or an installment loan;
    • Receive a quick decision about the application and get financing the same day;
    • Make money transfers and cheque cashing;
    • Learn about the provided financial services;
    • Get information about the currency exchange rate.

    FAQ

    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?

    What is a loan agreement?

    What’s the difference between an installment loan and a cash advance?

    How long are applications considered in Money Mart?

    Applicants are provided with an instant decision about payday loans, and the same day decision regarding installment loans issuance upon the application submission.

    How quickly can funds be received?

    Financing can be received with one of the following methods:

    • Interac e-Transfer®. You will receive an email letter to accept funds transfer within 2 hours.
    • In-store. You can get funds the same day in cash.
    • Direct deposit. Funds will be deposited to your chequing account within 1 or 2 business days.

    The payment period depends on the bank. In some cases it can take up to 48 hours to transfer money to the chequing account. At working days this process usually takes 1 working day. On weekends funds transfer can take longer.

    Company documents

    Privacy Policy
    Terms and Conditions

    Calculate loan payments in Money Mart

    Money Mart calculator will allow you to calculate an approximate payment schedule for the cash advance loan

    Loan amount
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    Enter the desired loan amount

    CAD
    CAD
    150 $
    1500 $
    Loan term
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    days
    months.genitive
    1
    62
    Province

    What to pay attention to when applying for a loan from Money Mart

    1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
    2. You can check the availability of the relevant license (copy) at the branch of the lending company.
    3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
    4. Availability of lending policies.
    5. The procedure for applying for a loan.
    6. The procedure for concluding the loan agreement and receiving the payment schedule.
    7. Other conditions for granting loans.

    We recommend

    1. To check out the interest rates and frequency. 
    2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
    3. Check whether the loan agreement contains information about the total cost of borrowing.
    4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
    5. Speed of loan processing.
    6. Accessibility – alternative lenders often operate where there are no bank branches.
    7. For the borrower - high interest on the loan.
    8. For an investor, the safety of funds is not guaranteed by the state.

    What distinguishes Money Mart from banks:

    1. Simplicity - loan processing is less formalized than in a bank.
    2. Fast loan processing.
    3. Accessibility.
    4. For the borrower - high interest on the loan.
    5. For an investor, the safety of funds is not guaranteed by the state.
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    All Money Mart’s reviews by May 2022