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Lender
Rating by Finanso®
i

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 lender

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.

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;

  • 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;

  • 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

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%.

The first loan is at 0% APR for new clients. You can only have one loan outstanding: pay off your loan in full before applying for a new one.

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 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. 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.

FAQ

What is Money Mart?

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

Who owns Money Mart?

It's a private corporation established in 1982 and incorporated in 2011 in Ontario, Canada. Now it's owned by the Money Mart Financial Services Group. Each branch of National Money Mart has its professional license. There are over 500 locations in Canada with the headquarters situated in Etobicoke, Ontario.

How do you qualify for Money Mart?

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.

How much can you borrow from Money Mart?

There are different minimum and maximum loan amounts depending on the loan type.

  • Installment loans: $1,000 — $15,000

  • Payday loans: $120 — $1,500

Is Money Mart a legitimate company?

Yes, it is. The company started in 1982 and was bought by Money Mart Financial Services Group. It's one of the largest providers of services to financially underserved consumers and businesses in North America. There are more than 2,000 employees in Canada and over 500 stores nationwide.

Money Mart has a 4,5 rating based on 2,900 reviews on Trustpilot.

Company documents

Privacy Policy
Terms and Conditions

We are a financial services company that began with the belief of putting people first. From the moment we first opened our doors, to the company we are today – we have always stood by our goal to set the highest standards for customer service, convenience, and quality financial products and services.

© National Money Mart Company

Financial products

Money Mart
Installment loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$1,000-$15,000
Rate
i

Effective interest rate on the product

up to 46.9%
Term
i

Loan term for the financial product

up to 60 months
Money Mart
Cash advance
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$120-$1,500
Rate
i

Effective interest rate on the product

up to 575%
Term
i

Loan term for the financial product

up to 62 days
Money Mart
Small business loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$10,000-$300,000
Rate
i

Effective interest rate on the product

up to 22%
Term
i

Loan term for the financial product

up to 12 months

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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.

Recommended FinScore™
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from 0%
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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.

Recommended FinScore™
0
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650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

up to 39.99%
Term
i

Loan term for the financial product

up to 84 months
Cash Money
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Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$500-$10,000
Rate
i

Effective interest rate on the product

up to 46.93%
Term
i

Loan term for the financial product

up to 60 months
Cash Money
Payday loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
50$ - 1500$
Rate
i

Effective interest rate on the product

up to 391%
Term
i

Loan term for the financial product

1 - 62 days

Calculate loan payments in Money Mart

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

Money Mart calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 11.08.2022
Loan amount
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Enter the desired loan amount

CAD
CAD
150 $
1500 $
Loan term
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Specify the loan term for the calculation

days
months
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 August 2022
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