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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 pay off

Finanso.Multilogin™

Repayment of a loan

It is possible to repay a loan by a pre-authorized debit from the customer's chequing account or by cash in one of the Money Mart stores across the country. If you choose the second payment method, it needs to be used at least three working days before the due date.

Conditions of loan extension

The company applies the extended payment plan for cash advances for Alberta, British Columbia, 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 will have the possibility to 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: customers who get the third cash advance within 62 days qualify for the extended payment plan.

Note: in all other circumstances it is required for your loan to 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 will be able to reapply for another Money Mart loan in Canada. There is always an option of repaying the credit in full in one payment.

FAQ

How do I make a payment on Money Mart?

The funds are automatically deducted from your bank account according to the specified loan schedule. You can pay in-store by cash, but ensure you have 3 working days before the due date.

What happens if you don't pay back Money Mart?

If you know that the payment will be missed, you should contact the company's customer services by emailing CustomerCare@MoneyMart.ca at least three working days in advance to discuss alternative arrangements.

Can you pay Money Mart early?

Yes, you can. It's penalty-free to make early or additional repayments or settle up the entire loan.

Can Money Mart sue you?

Yes, it can. The company claims that unless payment is received, it will consider all options permitted by law to pursue the collection of the debt. Unpaid loans could be collected in court.

If you aren't able to make a payment, call 1-800-361-1407 to discuss your payment options.

Borrowing with alternative lenders, especially payday loans should be considered only as of the last solution.

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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Recommended FinScore™
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Recommended FinScore™
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Effective interest rate on the product

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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
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
$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 20.08.2022
Loan amount
i

Enter the desired loan amount

CAD
CAD
150 $
1500 $
Loan term
i

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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