It is possible to repay a loan through a pre-authorized debit from the customer's chequing account or in cash in one of the Money Mart stores across the country. If you choose the second payment method, it must be used at least three working days before the due date. After that, you will be able to apply for a new loan.
According to the reviews on the internet, loan renewals with Money Mart are easy and comfortable. On the contrary, there are many negative reviews on BBB regarding billing and collection action.
Conditions of loan extension
The company applies the extended payment plan for cash advances for Alberta, British Columbia, Newfoundland & Labrador, 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 can 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, Newfoundland & Labrador: customers who get the third cash advance within 62 days qualify for the extended payment plan.
- In Ontario: customers taking their third Cash Advance in 63 days qualify for the extended payment plan.
Note: in all other circumstances, your loan must be paid off in full on the due date.
Early payoff
Customers can repay their loans early without any penalties. Once the payment has been obtained and processed, you can reapply for another Money Mart loan in Canada. There is always an option of repaying the credit in full in one payment.
