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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's application

Advertiser Disclosure

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

  1. Visit the Money Mart website and choose the amount and the type of 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. Submit your chequing account details.
  8. 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.

Money Mart application

FAQ

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

It could take only minutes after application submission to be approved. But if the lender needs some additional documentation to verify and evaluate, the approval may take a couple of days.

Make sure that all the provided information is accurate and up-to-date

How trustworthy is Money Mart?

It is claimed that the company does not collect any personal information about you unless you voluntarily provide it. Money Mart does not sell, rent or lease the customer lists to third parties. Money Mart cooperates with such respectable companies as Western Union. This company operates in the whole of North America, serves millions of clients, and is listed on BBB.

Does Money Mart verify income?

Yes, it does. You must have a steady source of income. Money Mart considers your credit report and payment history. Note: Manitoba residents should provide proof of income for the recent pay period and the full prior month.

Does Money Mart hurt your credit score?

It won't affect your credit score if you pay loans on time. If you default on your payments, you can face your credit score's decline and the action of collection agencies.

How do I apply for a Moneymart loan?

To request Money Mart to consider your loan application, you must fill in the form with basic personal and contact information and place of residence and provide information about the loan according to your needs and the conditions offered. Existing customers are already verified, so they follow a short application process that starts with logging into their personal account at Money Mart.

Financial products

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
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
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
Money Mart
The Titanium+® Prepaid Mastercard®
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

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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 05.02.2023
Loan amount
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Enter the desired loan amount

CAD
CAD
USD
150 C$
1500 C$
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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