Money Mart – A ReviewMarch 16, 2022
Who Are Money Mart?
Money Mart was founded in 1982 in Edmonton, Alberta, and is a lending institution that specialises in various types of credit products and financial services, such as:
- Loans on Installment
- Advances on cash
- Commercial Loans
- Exchange of currencies
- Western Union® Transferring Money
- Payment of Bills
- Cashing of Cheques
- Prepaid Mastercards Titanium+®
Money Mart has over 500 service locations and employs over 2,000 Canadians across Canada. They also have a website to apply for financing and get approved in two hours or less. So, if you need fast cash to pay for something important to you, Money Mart is a full-service provider with over 30 years of experience in the financial industry.
Money Mart Provides a Variety of Loans
An installment loan can arrive in your bank account the same day you apply, ranging from $1,000 to $15,000. They can have repayment terms ranging from 12 to 60 months and a variety of payment frequencies (weekly, bi-weekly, monthly, semi-monthly). Payments will be deducted automatically from your bank account. This option is typically available in-store or online.
You can obtain a cash advance via direct deposit within a few hours of applying, and amounts range from $120 to $1,500. Following the transferral of funds to your bank account, you will have up to two months to repay them (plus fees and interest) in one lump sum. Unfortunately, these loans are typically only available in-store (although exceptions may be possible during unexpected situations like COVID-19).
Money Mart also sells other products
Money Mart’s main products are installment loans and cash advances, but they also provide the following loan options and financial services:
Loans for Businesses
In collaboration with Thinking Capital, Money Mart also provides small business loans to assist with financing various short-term expenses. There are a variety of repayment plans to choose from, and you can receive a free quote within 24 hours. Provided your business meets the requirements, you should receive your loan funds within 3 – 5 days.
Cashing of Cheques
This in-store service allows you to cash various types of cheques right away, rather than having to wait several days as you would with a bank or credit union. Money Mart can cash a variety of cheques, including but not limited to government, insurance, personal, and post-dated checks.
Prepaid Mastercards Titanium+®
Unlike a traditional credit card, the Titanium+ Mastercard will allow you to load funds onto your card directly from your bank account. This way, you can shop in-store, online, or over the phone while enjoying all of the benefits of a credit card without the usual interest charges and credit hassles.
Money Transfers with Western Union®
Money Mart is linked to over 500,000 Western Union service locations in over 200 territories and countries worldwide. You can use this method to send and receive money both internationally and locally without the need for a membership, credit card, or bank account.
Money Mart allows you to exchange 26 different currencies, including USD, EUR, and AUD. Their rates are competitive, and when you buy Euros or US Dollars, you’ll get their Buy Back Guarantee for only $4.99, which means you’ll get the same rate when you sell back your unused funds).
Payment of Bills
Money Mart has an e-payment service that allows you to pay bills from over 2,400 different companies. Because this is safe and secure, there is no need for cheques, stamps, or envelopes. Instead, there is a $1.99 per bill payment fee, and Money Mart will handle the rest of the transaction.
Money Mart’s Benefits
There are numerous advantages to using Money Mart, including, but not limited to:
Acceptance of Bad Credit: Do you have a credit score of 300 – 600? Don’t worry; if you have a sufficient income, Money Mart can approve you for financing.
Unsecured Loans Are Available – Money Mart’s loans do not require a cosigner; therefore, you don’t have to worry about losing collateral.
Money Mart loans are deposited via Interac e-Transfer or direct deposit in as little as two hours after approval if you qualify.
Quick and Simple Application: Applying for a Money Mart loan is a simple process that you can complete online or in person in a matter of minutes.
No Prepayment Penalties: Unlike some lenders, Money Mart does not charge any additional fees for paying off your loan debt early.
Numerous Locations: In addition to the ability to apply online, Money Mart has a plethora of service points spread across many of Canada’s major cities and areas.
Money Mart’s Drawbacks
As beneficial as Money Mart can be, it is also important to consider their disadvantages:
Money Mart’s biggest disadvantage is charging higher interest rates (sometimes more than 45 percent APR).
High Fees: Money Mart may charge hefty service and administrative fees for their loans (around $150 per $1,000 borrowed).
Not Available in Every Province/Territory – While Money Mart’s services are available in many major cities, they are NOT available in Quebec, Yukon or Northwest Territories of Nunavut.
How Do You Get a Loan From Money Mart?
Qualifying for a loan typically necessitates varying levels of personal and financial aptitude. Money Mart, thankfully, has a simple application process that you can complete quickly online or in-person with minimal requirements. What you’ll need is as follows:
- You must be older than the age of majority in your province (at least 18 – 19 years old).
- Have a Canadian checking account (with direct deposit)
- Maintain a consistent source of income for at least a few months.
You are required to submit various personal and financial documents to complete the application and approval process, such as:
- Photo identification from the government (passport, driver’s license, etc.)
- A utility bill or other proof of permanent Canadian residency
- A VOID cheque or a pre-authorized debit form (for deposits and withdrawals)
- Recent bank statements, pay stubs, or further evidence of income
Money Mart Frequently Asked Questions
Can I get two cash advances from Money Mart simultaneously?
No, when you apply with them, you can only have one loan at a time, and you must completely pay off your first loan before you can apply for another loan. Loan “rollovers” are, in fact, illegal in most of Canada because they can lead to serious debt problems.
Can my credit score influence my ability to obtain a Money Mart loan?
Money Mart has no problem accepting clients with poor credit or a history of debt problems. However, there is a chance that when you apply, they will check your credit, and your credit score will influence the amount you can borrow, the length of your repayment term, and how high or low your interest rate will be. Essentially, if you have bad credit, it could be because you have a history of failing to pay your debts on time. As a result, they may view you as a riskier client and approve you for a smaller loan with a shorter term and a higher interest rate.
What expenses can I pay off with my Money Mart loan?
If you apply for a Money Mart installment loan or cash advance, the funds are deposited as cash into your bank account. As a result, you can use the funds for almost any expense that arises, including, but not limited to:
- Emergencies in finances (lack of rent, home repairs, etc.)
- Groceries and household items
- Payments and expenses for the vehicle (gas, maintenance, etc.)
- Vacations and travel expenses
- Unpaid debts and bills consolidation
- Other home-related expenses (property taxes, utilities, etc.)
What exactly is a loan agreement?
Your loan agreement is essential because it details the terms and conditions of your loan. This ensures that you understand the interest rate, fees, and loan amount you agree to. As a result, you should always read your loan agreement before signing it.
What is the distinction between a cash advance and an installment loan?
A cash advance is simply another term for a short-term loan. It is a short-term loan that your next paycheck must repay. Because of its lax requirements, it provides a quick cash fix when faced with a financial emergency. On the other hand, an installment loan is a longer-term loan that you repay in installments over time. An installment loan allows you to spread out your costs, allowing you to cover large purchases with small monthly payments.