About Lender
Money Mart is a long time financial service provider with a variety of quick and easy loan products. Known for its simple application process, Money Mart allows you to get funds fast by combining online tools with in-store service. You can start the application online and visit a store near you to finish the process, they put customer service and convenience first. Online and in-store access so you can get the cash you need fast.
Money Mart has a variety of loan products to meet the needs of different customers, with options that vary by state to comply with local laws. Cash advance loans can be applied for in-store with direct deposit for approved loans. Borrowers must provide valid ID and proof of income so loans are given responsibly and based on the borrower’s ability to repay. This localized customer focused approach allows Money Mart to offer relevant and accessible financial solutions in every community.
Key Features
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Short Term Loans. Money Mart has a variety of short term loans including payday loans, installment loans and title loans to help you cover unexpected expenses.
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Online Applications. You can also apply for loans and other services online so you don’t have to leave your home to get the cash you need.
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Extended Payment Plans. Money Mart may offer extended payment plans if you can’t pay on time.
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Financial Education Resources. Money Mart has financial education resources to help you learn how to manage your finances and avoid debt.
Pros and Cons
Pros
Convenience. Over 700 stores across the US and online applications, Money Mart is near you when you need cash fast.
Multiple Services. Money Mart has a wide range of financial services including short term loans, check cashing, money transfers and prepaid debit cards if you need more than one service.
Fast Funding. You can get funds as soon as next business day, if you need cash fast.
Cons
High Interest Rates. Money Mart loans come with high interest rates and fees (over 700% in some states) so you may not be able to repay on time and end up in long term debt.
Debt Trap. The high interest rates and fees of Money Mart loans can trap you in a debt cycle if you can’t repay on time.
Limited Loan Amount. Money Mart loans are limited to $500 so may not be enough to cover bigger expenses or emergencies.
No Credit Reporting. Money Mart does not report loan payments to credit bureaus so on-time payments won’t help improve your credit score.
Reliability
Longevity and History. Money Mart has been in business in the US for over 40 years so it has a long history in the financial services industry.
Licensed and Regulated. The company is licensed and regulated by state and federal authorities so it complies with industry regulations.
BBB Rating. Money Mart has an F rating from the Better Business Bureau (BBB) the lowest rating possible, due to numerous customer complaints and issues with their lending practices.
Customer Complaints. The BBB has received many complaints from customers about Money Mart’s lending practices including high interest rates, fees and aggressive debt collection.
How to Apply for a Money Mart Loan?
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Visit Website. Use the website's tool to choose your state of residence. This is important because loan offerings and conditions vary by state, ensuring that you are presented with the correct information and options available in your location.
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Determine Loan Amount. Decide how much money you need. The website may offer a slider or a tool to select the loan amount you're interested in applying for, based on the loan products available in your state.
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Find a Store. Since the website currently mentions that online applications are not being processed, you will need to use the store locator tool to find a Money Mart near you where you can apply in person.
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Gather Necessary Documents. Prepare the required documents to take with you to the Money Mart store. At a minimum, you will need a valid photo ID and a paystub. It's a good idea to bring any other relevant financial documents that might support your loan application.
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Visit the Store. Go to the nearest Money Mart store with your documents. The address and operating hours for stores can be found using the store locator tool on the Money Mart website.
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Complete the Application. Once at the store, a customer service representative will assist you with the loan application process. They will review your documents, answer any questions you may have, and guide you through the application.
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Wait for Approval. After submitting your application, you will need to wait for it to be reviewed and approved. The company does not specify the exact time frame for this process, but customer service at the store may provide you with more details.
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Receive Your Loan. If your loan application is approved, you will receive your cash. The website mentions the possibility of getting money by direct deposit in select states, so ask the customer service representative about the options available to you.
Conditions and Requirements
Conditions
High APR. The Annual Percentage Rate (APR) for Money Mart loans can be up to 460.1% so you pay over a year.
Loan Amount. Loan amounts from $50 to $500 depending on your state of residence and eligibility.
Short Term. A single payday advance has a repayment term of 2 to 4 weeks and you must repay by your next payday.
Requirements
Age And Residency. Applicants must be 18 years old and a resident of a state where Money Mart operates.
Valid Photo ID. A valid photo ID is required to verify the borrower’s identity during the loan application process.
Paystub. You need to provide a recent paystub as proof of income which is required to determine loan eligibility.
Employment Status. You must have a steady income, usually shown by a paystub, to qualify for a loan.
In-Person Application. Currently, applications must be done in person at a Money Mart store as online applications are not being accepted.
Income Eligibility. Loan eligibility is based on your income so accurate financial information must be provided during the application process.
Ways to Receive the Money
If you are approved for a loan with Money Mart, there are several ways to get the money. If you apply in-store, you can pick up the money in person once approved. Or you can have the money direct deposited into your bank account. Money Mart transfers the money electronically which may take 1-2 business days to process. For those without a bank account, Money Mart may offer the option to have the money loaded onto a prepaid debit card so you can use it to make purchases and cash out at ATMs. Please note that these options may vary depending on the type of loan and other factors and you should review the loan agreement to understand any fees and restrictions.
Products
Loans. Money Mart offers various loan products which may include cash advance loans, payday loans and other short term financial solutions. Loan types may vary by state.
Check Cashing. They cash various types of checks including payroll, government and personal checks. This service gives you immediate access to your money.
Western Union®. Money Mart is a Western Union agent and allows you to send and receive money domestically and internationally.
Money Orders. As an alternative to checks, Money Mart offers money orders. This product is useful if you need to make secure payments.
Small Business Services. Money Mart serves small business owners by offering check cashing, money transfers and other financial solutions to support your business.
Prepaid Cards. They offer prepaid debit cards such as the Momentum® Prepaid Mastercard® which you can use for purchases, bill payments and managing your money without a traditional bank account.
Other Personal Loans
Reasons for Loan Refusal
There are several reasons why a loan application with Money Mart may be denied. You must meet the age and residency requirements, be at least 18 years old and a resident of the states where they operate. You must also have a valid photo ID for identification purposes. You need to bring a paystub to show your income, you must be employed or have a stable income source. Since they only accept in-store applications, if you can’t visit a store, you may be denied. Inaccurate financial information or not meeting income eligibility criteria may also be a reason for loan denial.
How to Repay a Money Mart Loan?
Paying your loan with Money Mart is easy, the due date is clearly stated on your loan documents. If you want to pay in cash you can visit any Money Mart store to pay. But if you can’t visit a store, don’t worry. Depending on your state, Money Mart may offer alternatives such as depositing your check or electronically withdrawing the payment from your checking account.
Loans like Money Mart
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full Money Mart Account Review
- How to Apply for a Money Mart Loan
- How to Repay a Money Mart Loan
- Money Mart Mobile App
- Money Mart Customer Reviews
- All Money Mart Coupons and Promo for January 2025
