Applying for a Money Mart loan involves selecting your state, deciding on a loan amount between $50 to $500, and either visiting a store or, in select states, applying online. The process requires providing a valid photo ID, a recent paystub to prove income, and completing the application in person, as online applications are currently not accepted. If approved, borrowers can receive their cash quickly, but should be mindful of the high APR, which can reach up to 460.1%.
How to Apply for a Money Mart Loan
Select Your State. Use the slider on the Money Mart website to choose your state of residence, which will help determine your eligibility and available loan options.
Decide Loan Amount. Decide how much money you need by adjusting the loan amount slider. Ensure the amount fits within your budget and repayment capabilities.
Find A Store. Use the store locator on the website to find the nearest Money Mart location. In select states, you can apply online and receive your funds through direct deposit.
Apply For A Loan. Visit the store or apply online for your Cash Advance loan. Provide the required information and submit your application.
Get Your Cash. If your loan is approved, you can receive your cash quickly, either in-store or via direct deposit, depending on your location and application method.
Conditions
High APR. The Annual Percentage Rate (APR) for Money Mart loans can be as high as 460.1%, reflecting the cost of borrowing over a year.
Loan Amount Range. Loan amounts available range between $50 to $500, depending on your state of residence and eligibility.
Short-Term Duration. A single payday advance typically has a repayment term of two to four weeks, requiring repayment by your next payday.
Requirements
Age And Residency. Applicants must be at least 18 years old and residents of states 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. Applicants need to provide a recent paystub as proof of income, which is essential for determining loan eligibility.
Employment Status. Having a steady source of income, typically demonstrated by a paystub, is necessary to qualify for a loan.
In-Person Application. Currently, applications must be completed in person at a Money Mart store, as online applications are not being processed.
Income Eligibility. Loan eligibility depends on the borrower's income, so accurate financial information must be provided during the application process.
Reasons for Rejection
Insufficient Income. If your annual income is below the required minimum, your application may be rejected due to an inability to meet the repayment obligations.
Lack Of Required Documentation. Failure to provide necessary documents, such as a copy of your paycheck stub, can result in your application being denied.
No Bank Account Or Credit Card. Not having a bank account or credit card as an alternative payment method can lead to rejection since it is a mandatory requirement.
Employment Verification Issues. Inaccurate or unverifiable employment information, such as discrepancies in your employer's details or job title, can cause your application to be rejected.
Age Restriction. Applicants under the age of 18 are not eligible for the program, and any application from individuals below this age will be automatically rejected.
How long does it take to get approved for a Money Mart loan?
Approval times vary, but in many cases, you can receive a decision and your funds on the same day, especially if applying in-store.
Can I apply for a Money Mart loan if I am self-employed?
Yes, self-employed individuals can apply, but you will need to provide proof of income, such as bank statements or other documentation, instead of a traditional paystub.
Is there a credit check required when applying for a Money Mart loan?
Money Mart may conduct a credit check as part of the application process, but their loans are often accessible to those with less-than-perfect credit.
