Lender
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1.0

Apply For Money Mart

Advertiser Disclosure

Money Mart is a prominent player in Canada's financial landscape, offering a variety of loan products tailored to meet diverse needs. From installment loans to cash advances, Money Mart provides accessible financial solutions for individuals and businesses alike. With over 500 locations across Canada and a user-friendly online platform, the company prioritizes convenience and reliability, ensuring quick access to funds and streamlined application processes. Customers often choose Money Mart for its efficient loan services, solidifying its reputation as a trusted financial partner in the industry.

How to Apply for a Money Mart loan

  1. Easy Application Process. Applying for a loan with Money Mart is hassle-free and accessible. You can choose between filling out a straightforward online application form or visiting any of our numerous physical locations to apply in store.

  2. Tailored Loan Options. Money Mart provides a diverse array of quick loan options to suit your specific financial needs. Whether you're seeking an Installment Loan, a Cash Advance loan, or support for your small business, our range of offerings is designed to accommodate various requirements.

  3. Convenient Selection Process. Once your application is submitted and approved, you'll have the flexibility to select your preferred bank account and method for receiving the loan amount. This allows you to customize the process according to your personal preferences and financial circumstances.

  4. Timely Disbursement. At Money Mart, we understand the importance of prompt access to funds. Upon approval, you can anticipate receiving your cash swiftly. Depending on your chosen method, funds can be available in as little as 15 minutes, within 24 hours, or up to 1-2 days, ensuring you receive the financial support you need without unnecessary delays.

  5. Comprehensive Assistance. Whether you require a modest sum to cover unexpected expenses or a larger amount for significant purchases, Money Mart is committed to providing comprehensive assistance to address your financial requirements effectively. Our dedication to facilitating a seamless lending process underscores our commitment to customer satisfaction and financial well-being.

Conditions

  • Loan Amount Range. The minimum and maximum loan amounts offered by Money Mart are determined based on your eligibility and the specific loan type you apply for.

  • Interest Charges. Money Mart loans may accrue interest, the interest rate vary based on factors such as the loan amount and type. It's crucial to review and comprehend the applicable interest rates before agreeing to a loan.

  • Loan Repayment Terms. The duration and frequency of loan repayments are outlined in the loan agreement. Adhering to this schedule is essential to avoid penalties or extra fees.

  • Additional Charges. Certain fees, like origination fees or late payment charges, may apply to Money Mart loans. These fees are detailed in the loan agreement, and understanding them beforehand is important.

  • Eligibility Requirements. To qualify for Money Mart loans, you must meet criteria such as minimum age, holding an active chequing account, and having a steady income. Failure to meet these standards could lead to loan rejection.

  • Approval Process. Money Mart verifies the information provided in your loan application, including identity and income details. Additional documentation may be necessary for verification.

  • Credit Assessment. Money Mart may conduct a credit check during the loan application process to evaluate your creditworthiness. However, some loan options may be accessible without a traditional credit check.

  • Borrower Obligations. Before accepting a loan offer, borrowers must thoroughly understand the loan terms and conditions. This includes comprehension of repayment responsibilities and potential consequences for non-compliance.

  • Loan Renewal or Extension. Depending on the loan type and regulations, you may have the option to renew or extend your loan. However, this could result in additional charges, so careful consideration is advised.

Requirements

  • Age Eligibility. To apply for a loan, you must be at least 19 years old and provide a valid ID as proof of age.

  • Active Chequing Account. Having an active chequing account is necessary for depositing and withdrawing loan funds.

  • Stable Income. You need to demonstrate a steady source of income to qualify for a loan. This could be from employment, government benefits, or other verifiable sources of revenue.

  • Documentation Verification. During the application process, you may need to provide additional documents to verify your identity, income, and other relevant information.

Reasons for rejection

  1. Insufficient Income. Money Mart mandates that applicants showcase a consistent income source to ensure their capability to repay the loan. If your income falls short of the minimum criteria or is deemed unstable, your loan application might face rejection.

  2. Inadequate Identification. Providing proper identification is crucial for verifying your identity and adhering to regulatory standards. Failure to furnish valid identification or discrepancies in the provided information could lead to rejection of your loan application.

  3. Poor Credit History. Although Money Mart caters to individuals with diverse credit backgrounds, a negative credit history may hinder eligibility for certain loan products. Applicants with records of missed payments, defaults, or bankruptcy might encounter hurdles in securing approval.

  4. Incomplete Documentation. Neglecting to submit all required documents or furnishing inaccurate information during the application process can result in denial of your loan application. It's vital to ensure all documents are complete, accurate, and submitted promptly.

  5. Existing Debt Obligations. Money Mart takes into account your existing debt commitments when assessing your loan application. Significant outstanding debts or a high debt-to-income ratio may raise concerns about your ability to handle additional debt responsibly.

  6. Employment Status. Holding stable employment or having a dependable income source is pivotal for loan approval. If you're unemployed, underemployed, or unable to provide income proof, your loan application may be turned down.

  7. Age Requirement. Money Mart stipulates a minimum age requirement of 19 years for loan eligibility. Failing to meet this criterion will render your loan application ineligible.

  8. Bank Account Requirement. Possessing a valid chequing account is indispensable for loan disbursement and repayment. If you lack an active chequing account or if your account isn't in good standing, your loan application could be declined.

Additional resources

Sources

FAQ

How long does it take to get approved by Money Mart?

The time it takes to get approved by Money Mart can vary depending on factors such as the type of loan you're applying for, the completeness of your application, and the verification process. In some cases, approval can be granted within minutes of submitting your application, especially for smaller loans like cash advances. For larger loans or those requiring additional documentation, approval may take longer, typically within 24 hours or up to a few business days. It's essential to provide accurate information and ensure all required documents are submitted promptly to expedite the approval process.

How quickly funds can be received?

The speed at which you can receive funds from Money Mart depends on several factors, including the type of loan you've applied for and the method of disbursement. For certain loan products, such as cash advances or installment loans, funds can be deposited into your bank account within as little as 15 minutes of approval. However, for other loan types or specific circumstances, it may take up to 1-2 business days to receive the funds. Money Mart strives to provide expedited access to funds to meet your financial needs promptly, and the specific timeline will be communicated to you during the loan application process.

How trustworthy is Money Mart?

Money Mart is widely regarded as a trustworthy provider of financial services, including loans and business loans. With a history spanning over four decades, Money Mart has earned a reputation for reliability and transparency in its dealings with customers. Money Mart's loans, including installment loans and cash advances, are designed to meet the diverse financial needs of individuals, with transparent terms and fair lending practices. Additionally, Money Mart offers business loans tailored to small businesses, providing them with the necessary financial support to manage cash flow, cover operating expenses, or pursue growth opportunities. As a regulated financial institution, Money Mart adheres to strict industry standards and compliance measures, ensuring that customers can trust in the integrity and legitimacy of its services.

Does Money Mart verify income?

Yes, Money Mart typically verifies income as part of the loan application process, especially for products like cash advance and cheque cashing services. Verifying income helps Money Mart assess your ability to repay the loan and ensures responsible lending practices. Income verification may involve providing recent pay stubs, bank statements, or other documentation to demonstrate your financial stability and ability to meet repayment obligations. This verification process helps safeguard both the borrower and the lender, ensuring that loans are provided responsibly and in line with regulatory requirements.

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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.

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All Money Mart’s reviews by may 2024
Leave feedback
1
Advantages
How's your name on it that's it
Disadvantages
Bad customer service they can never fix your problems. I've also been waiting 2 months for a deposit from the hotel to be refunded to my card and that's very common with them I wouldn't suggest this card to anyone use it as your last resort
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Overall company rating
1.0
/ 5
1 reviews
Execution of an application
1.0
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1.0
Mobile app
1.0
Service quality
1.0
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1.0
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