How to apply for a Money Mart loan?
You need to perform several simple steps to obtain any of Money Mart's loans. If any of these steps is causing you trouble, do not hesitate to contact the company's support service. You can do this online and in-store in any Money Mart location. To locate the nearest branch, use the Find Us option on its official website. To do it online, hit the "GET YOUR MONEY" button.
Requirements
To take out a Money Mart loan, you have to comply with a set of requirements:
- Age of majority
- A steady source of income
- Canadian residency
Note: Money Mart Canada may collect, verify, use, and share your personal information with certain third parties.
What do you need to apply for a Money Mart loan?
First and Last Name, Mailing Address, E-mail Address, Address, Phone Number, Employer info, Valid government-issued photo ID, Social Insurance Number, Income details like your recent pay stub (not older than 30 days), Valid chequing account and a recent bank statement (Manitoba residents must provide proof of income for the most recent payments and the full prior month.), Billing and credit card information (This information is used to complete the purchase transaction).
You may be asked to provide additional documents and details when you apply, for example, proof of income, employment, and address. In your application, you will be asked to specify your loan amount.
Application details
Applicants are provided with an instant decision about payday loans or cash advance, and the same-day decision regarding installment loans issuance upon application submission. The funds are typically deposited into your bank account after you receive an Interac e-Transfer or obtained via direct deposit. As for business loans, you may be required to wait around 3-5 business days as, typically, a more comprehensive review is needed in these cases.
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. If the client has not reached the age of majority, this can make this loan request unsuccessful.
How to apply for a Money Mart loan
- Visit the Money Mart website and choose the amount and the type of loan.
- Select the required province, term, and payment frequency. After that, the system will show the monthly payment amount and the loan details.
- Click on "APPLY NOW".
- 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.
- 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.
- 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.
- Submit your chequing account details.
- Read the digital loan agreement, and 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.
