Lender
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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.

Money Mart

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About Lender

Money Mart presents itself as a reliable financial services provider, catering to various needs through its diverse range of services. The company's commitment to offering simple, fast loans, implying a straightforward application process and quick access to funds. Money Mart's dedication to customer service is evident in its instruction for potential applicants to visit their nearest store for application processing, showcasing a blend of online convenience with in-person service.

Money Mart offers a variety of loan products, tailored to meet the needs of different customers. The loans offered may vary by state, suggesting a tailored approach to comply with local regulations and meet specific community needs. Potential borrowers can use the website's tools to select their state of residence and determine how much money they qualify to borrow, although the site currently directs users to complete the application process in-store. This localized approach allows Money Mart to offer relevant financial solutions, such as cash advance loans, which are indicated as available for application in-store, with the possibility of direct deposit for approved loans.

The conditions and requirements for obtaining a loan from Money Mart are designed to be simple yet comprehensive, ensuring a balance between accessibility and responsible lending. The necessity of bringing a valid photo ID and paystub when visiting a store to complete the application process. This requirement suggests that employment status and proof of income are crucial factors in the approval process. Furthermore, the site mentions that loan eligibility depends on the borrower's income, highlighting a focus on the borrower's ability to repay.

Key Features

  1. Short-Term Loans. Money Mart offers a variety of short-term loans, including payday loans, installment loans, and title loans, to help customers cover unexpected expenses.

  2. Check Cashing. Money Mart offers check cashing services, allowing customers to cash their checks without waiting for them to clear.

  3. Money Transfers. Money Mart offers money transfer services that allow customers to send and receive money domestically and internationally.

  4. Prepaid Debit Cards. Money Mart offers prepaid debit cards that can be used like a traditional debit card, making it easy to make purchases and manage finances.

  5. Multiple Store Locations. Money Mart operates over 700 stores across the US, making it easy for customers to access their services in person.

  6. Online Applications. Customers can also apply for loans and other services online, making it easy to get the money they need without leaving their homes.

  7. Extended Payment Plans. Money Mart may offer extended payment plans to help customers manage their loan payments if they are unable to pay on time.

  8. Financial Education Resources. Money Mart provides financial education resources to help customers learn how to manage their finances and avoid debt.

Pros and Cons

Pros

Convenient Access. With over 700 stores across the US and online applications available, Money Mart is easily accessible to customers who need quick access to funds.

Multiple Financial Services. Money Mart financial services is wide, including short-term loans, check cashing, money transfers, and prepaid debit cards, which can be convenient for customers who need a variety of financial services.

Fast Processing Times. Customers can receive funds as soon as within one business day, which can be helpful for those who need money quickly.

Cons

High-Interest Rates. Money Mart's loans can come with high-interest rates and fees (over 700% in some states), making it difficult for customers to repay their loans on time and resulting in long-term debt.

Risk of Debt Trap. The high-interest rates and fees associated with Money Mart's loans can put customers at risk of getting trapped in a debt cycle if they cannot repay their loans on time.

Limited Loan Amounts. Money Mart's loans typically offer limited loan amounts of up to $500, which may not be enough to cover larger expenses or emergencies.

Limited Credit Reporting. Money Mart does not report loan payments to credit bureaus, which means that making on-time payments may not help improve a customer's credit score.

Reliability

  1. Longevity and Established Presence. Money Mart has been operating in the US for over 40 years, demonstrating its longevity and established presence in the financial services industry.

  2. Regulatory Compliance. The company is licensed and regulated by state and federal authorities, indicating its commitment to compliance with relevant regulations governing the financial industry.

  3. Track Record. Money Mart has a strong track record of compliance with regulations, which is indicative of its commitment to operating within legal boundaries and ensuring customer protection.

  4. BBB Rating. Money Mart currently holds an F rating from the Better Business Bureau (BBB), the lowest possible rating, reflecting numerous customer complaints and issues with its lending practices.

  5. Customer Complaints. The BBB has received numerous complaints from customers regarding Money Mart's lending practices, including concerns about high-interest rates, fees, and aggressive debt collection tactics.

  6. Lawsuits and Regulatory Actions. Money Mart has been subject to lawsuits and regulatory actions by state and federal authorities, indicating potential legal and compliance issues surrounding its operations.

  7. Cautionary Advice. While Money Mart is a licensed and legitimate financial services provider, its F rating from the BBB and history of legal and regulatory scrutiny suggest that customers should exercise caution and carefully consider the terms and conditions of any financial product they are considering.

How to Apply for a Money Mart?

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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

  1. Loan Amounts. The maximum loan amount is up to $500, but it may vary depending on the state.

  2. Interest Rates. The loans may come with extremely high Annual Percentage Rates (APR), reaching as high as 782.1%.

  3. Repayment Term. A single payday advance is typically for two to four weeks. It's important to note that payday advances are not recommended as long-term financial solutions.

Requirements

  1. Age and Residency. Borrowers must be at least 18 years old and residents of the states where the company operates: Alaska, Arizona, California, Florida, Kansas, and Louisiana.

  2. Valid Photo ID. Applicants must provide a valid photo ID when applying for a loan, which is a standard requirement for verifying the identity of the borrower.

  3. Paystub. Applicants are required to bring a paystub when visiting a store to complete the application process. This serves as proof of income, which is crucial for determining loan eligibility.

  4. Employment Status. The mention of needing a paystub suggests that applicants should be employed or have a steady source of income to qualify for a loan.

  5. In-Person Application. Currently, the website indicates that online applications are not being processed. Applicants must visit a Money Mart store in person to apply.

  6. Income Eligibility. Eligibility for a loan depends on the borrower’s income, emphasizing the importance of providing accurate financial information during the application process.

Ways to Receive the Money

If you are approved for a loan with Money Mart, there are several convenient ways to receive the funds. Firstly, if you apply for a loan at a Money Mart store, you can opt for in-store pickup and receive the funds in person once your application is approved. Alternatively, you may have the option to receive the funds via direct deposit into your bank account. Money Mart typically transfers the funds electronically, which may take one or two business days to process. Lastly, for those without a bank account, Money Mart may offer the option of receiving the funds on a prepaid debit card, allowing for easy purchases and cash withdrawals at ATMs. It's important to note that the availability of these options may vary based on the type of loan and other factors, and borrowers should carefully review the loan agreement to understand any associated fees or restrictions.

Products

  • Loans. Money Mart provides various loan products, which may include cash advance loans, payday loans, and other short-term financial solutions. The availability of specific loan types can vary by state.

  • Check Cashing. The company offers check cashing services for various types of checks, including payroll, government, and personal checks. This service provides customers with immediate access to their funds.

  • Western Union®. Money Mart facilitates Western Union money transfers, allowing customers to send and receive money domestically and internationally.

  • Money Orders. As an alternative to checks, Money Mart provides money orders. This product is useful for customers needing to make secure payments.

  • Small Business Services. Money Mart caters to the needs of small business owners by offering services that may include check cashing, money transfers, and other financial solutions designed to support business operations.

  • Prepaid Cards. The company offers prepaid debit cards, such as the Momentum® Prepaid Mastercard®, which customers can use for purchases, bill payments, and managing their money without the need for a traditional bank account.

Other Loans

Reasons for Loan Refusal

Check Credit Score

There are several factors that could lead to the refusal of a loan application with Money Mart. Firstly, applicants must meet the age and residency requirements, being at least 18 years old and residents of specific states where the company operates. Additionally, providing a valid photo ID is essential for identity verification. Furthermore, applicants need to present a paystub to demonstrate their income, highlighting the necessity of being employed or having a stable income source. Since Money Mart currently only accepts in-person applications, inability to visit a store could result in refusal. Lastly, inaccurate financial information or failure to meet income eligibility criteria may also lead to loan denial.

How to Repay a Money Mart?

Repaying your loan with Money Mart is a straightforward process, with the due date clearly indicated on your loan documents. If you prefer to repay in cash, you can easily visit any Money Mart store to settle your payment. However, if visiting a store isn't convenient for you, there's no need to worry. Depending on your state, Money Mart offers alternatives such as depositing your check or electronically withdrawing the payment from your checking account.

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Editorial Opinion

Money Mart appears to position itself as a versatile financial services provider, offering a range of products designed to meet the immediate financial needs of its customers. Money Mart caters to a broad spectrum of financial requirements, particularly for individuals who might not have easy access to traditional banking services. While the convenience and accessibility of such services are undeniable, potential customers should approach with caution and awareness of the terms, especially given the typically high costs associated with short-term loans and cash advances. Money Mart's emphasis on locality and tailored services per state suggests a degree of responsiveness to community needs, yet it's imperative for consumers to consider the long-term financial implications of using such services and to explore all available options for their financial well-being.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. 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.

  2. 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.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. 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.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

How Do you Qualify For a Money Mart Loan?

If you are at least 18 years old, live in an eligible state, and have a steady source of income, you can apply for a Money Mart Cash Advance, also known as a payday loan. To apply, you will need to provide a recent bank statement from a valid checking account, a personal check from your checking account, and recent proof of steady income, such as a pay statement. You will also need to present a valid government-issued photo ID and a utility bill if applying in-store or a valid email address if applying online.

How Much Can You Borrow From Money Mart?

The amount you can borrow from Money Mart depends on the type of loan and the state where you live. For payday loans, the loan amount typically ranges from $100 to $500, while installment loans and title loans may offer higher amounts. The specific loan amount will also depend on your income and ability to repay the loan. It is important to note that payday loans, installment loans, and title loans can come with high-interest rates and fees, adding up quickly and making it difficult to repay the loan. It is important to carefully read the loan agreement and understand the total cost of borrowing, including any fees or interest charges. It is also important to explore all available options for managing your finances and to borrow only what you can afford to repay.

Does Money Mart Approve Everyone?

No, Money Mart does not approve everyone who applies for a loan. While Money Mart has relatively lenient eligibility requirements compared to traditional banks and credit unions, the company still evaluates each application on a case-by-case basis. Money Mart takes into account factors such as the customer's income, credit history, and ability to repay the loan when making a lending decision. Even if a customer meets the basic eligibility requirements, they may still be declined for a loan if they do not meet the company's specific lending criteria. It is important for customers to carefully consider the terms and conditions of any loan they are considering and to explore all available options for managing their finances.

Is Money Mart a Legitimate Company?

Yes, Money Mart is a legitimate company that provides financial services to customers in the US and Canada. Money Mart is a registered and licensed lender and check cashing provider in the states where it operates. The company has been in business for over 40 years and has a presence in over 700 locations. While Money Mart's loans can come with high-interest rates and fees, the company operates within each state's regulations and provides clear terms and conditions for its financial products. Money Mart has also been accredited by the Better Business Bureau and has an F rating, which is the lowest possible rating. The BBB has received numerous customer complaints about Money Mart's lending practices, including high-interest rates, fees, and aggressive debt collection tactics. Money Mart has also been the subject of lawsuits and regulatory actions by state and federal authorities over its lending practices. While Money Mart is a licensed and legitimate company that provides financial services to customers, its F rating from the BBB suggests that customers should exercise caution and carefully consider the terms and conditions of any financial product they are considering. It is also important for customers to explore all available options for managing their finances and to borrow only what they can afford to repay.

Is Money Mart a good lender?

Whether Money Mart is a good lender or not depends on individual circumstances and financial needs. Money Mart offers a range of financial products and services, including payday loans, installment loans, check cashing, money transfers, and prepaid debit cards. However, some of these products can come with high-interest rates and fees, making it difficult for customers to repay the loan and resulting in long-term debt.

Money Mart has also received negative customer reviews and complaints regarding its lending practices, including aggressive debt collection tactics and hidden fees. Additionally, Money Mart has an F rating from the Better Business Bureau, indicating a high volume of customer complaints and unresolved issues.

Overall, customers should carefully consider the terms and conditions of any financial product they are considering and explore all available options for managing their finances. It is important to borrow only what you can afford to repay and to research lenders thoroughly before taking out a loan.

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Money Mart® is a trusted brand that answers our customers’ needs. And fast.

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Financial products
Money Mart
Payday Loan
Rating by Finanso®
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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.

Recommended FinScore™
0
300
650
1000
50.00 – 500.00 $
Rate
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Effective interest rate on the product

0.50 – 0.75 %
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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.

Recommended FinScore™
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100.00 – 20000.00 $
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Effective interest rate on the product

from 0.05 %
Term
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Loan term for the financial product

5 days – 3 months
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100.00 – 4000.00 $
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Recommended FinScore™
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2000.00 – 100000.00 $
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Effective interest rate on the product

6.34 – 35.89 %
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Loan term for the financial product

2 months – 72 months
Rating by Finanso®
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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.

4.25
(20 Ratings)
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$500-$4,000
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Effective interest rate on the product

up to 160%
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Loan term for the financial product

9-18 months
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