This review covers Money Mart\u2019s loan products, fees, eligibility requirements, and how they compare to other borrowing options in Canada.<\/p>\n
Who Are Money Mart?<\/h2>\n
Money Mart is a Canadian financial services provider offering short-term borrowing options (including payday-style products in some provinces), installment loans, cheque cashing, money transfers, bill payment services, and prepaid cards.<\/p>\n
Money Mart was founded in 1982 in Edmonton, Alberta, and is a lending institution that specializes in various types of credit products and financial services, such as:<\/p>\n
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- Installment Loans<\/li>\n
- Cash Advances<\/li>\n
- Commercial Loans<\/li>\n
- Exchange of currencies<\/li>\n
- Western Union\u00ae Transferring Money<\/li>\n
- Payment of Bills<\/li>\n
- Cashing of Cheques<\/a><\/li>\n
- Prepaid Mastercards Titanium+\u00ae<\/li>\n<\/ul>\n
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. Money Mart operates as a full-service alternative financial provider with over 30 years of experience in Canada.<\/p>\n
If speed is the main priority, review instant loans in Canada<\/strong><\/a> to understand typical approval steps, funding times, and what affects delays.<\/p>\n
Quick Answer: Is Money Mart Legit in Canada?<\/h2>\n
Money Mart is a real Canadian financial services brand with physical branches and online applications. Still, you should confirm you\u2019re on the official website, review the total repayment amount in the agreement, and compare alternatives if you need longer repayment.<\/p>\n
Before you apply, do these 5 checks:<\/p>\n
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Use the official site and double-check the domain (moneymart.ca).<\/p>\n<\/li>\n
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Confirm the product type you\u2019re applying for (for example, Money Mart markets \u201cPayday Boost\u201d as a payday-style option in certain provinces).<\/p>\n<\/li>\n
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Review the total repayment amount and due date in the agreement (don\u2019t rely on ads).<\/p>\n<\/li>\n
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Check third-party complaint patterns (BBB can show complaint history and resolutions).<\/p>\n<\/li>\n
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If you\u2019re using it for bills you can\u2019t cover next pay, compare installment options first (a longer term can reduce payment pressure).<\/p>\n<\/li>\n<\/ol>\n
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Money Mart is a real Canadian lender \u2014 but for many borrowers, it remains a high-cost option compared to longer-term installment products.<\/p>\n<\/blockquote>\n
Money Mart Provides a Variety of Loans<\/h2>\n
Installment Loans<\/h3>\n
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.<\/p>\n
Cash Advances<\/h3>\n
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).<\/p>\n
For smaller short-term needs, some borrowers also compare $1,500 loan<\/strong><\/a> options to see whether a structured repayment plan is available.<\/p>\n
![\"Apply](\"https:\/\/www.fatcatloans.ca\/blog\/wp-content\/uploads\/2024\/11\/FatCatLoans-Canada-1024x229.png\")
<\/a><\/p>\nMoney Mart also sells other products<\/h2>\n
Money Mart’s main products are installment loans and cash advances, but they also provide the following loan options and financial services:<\/p>\n
Loans for Businesses<\/h3>\n
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 \u2013 5 days.<\/p>\n
Cashing of Cheques<\/h3>\n
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.<\/p>\n
Prepaid Mastercards Titanium+\u00ae<\/h3>\n
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.<\/p>\n
Money Transfers with Western Union\u00ae<\/h3>\n
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.<\/p>\n
Currency Exchange<\/h3>\n
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).<\/p>\n
Payment of Bills<\/h3>\n
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.<\/p>\n
Money Mart’s Benefits<\/h2>\n
There are numerous advantages to using Money Mart, including, but not limited to:<\/p>\n
Acceptance of Bad Credit:<\/strong>\u00a0Do you have a credit score of 300 \u2013 600? Don’t worry; if you have a sufficient income, Money Mart can approve you for financing.<\/p>\n
If your credit score is under 600, you can also compare bad credit loans<\/strong><\/a> from multiple lenders to check eligibility without relying on a single provider.<\/p>\n
Unsecured Loans Are Available \u2013 Money Mart’s loans do not require a cosigner; therefore, you don’t have to worry about losing collateral.<\/p>\n
Money Mart loans are deposited via Interac e-Transfer or direct deposit in as little as two hours after approval if you qualify.<\/p>\n
Quick and Simple Application:<\/strong>\u00a0Applying for a Money Mart loan is a simple process that you can complete online or in person in a matter of minutes.<\/p>\n
No Prepayment Penalties:<\/strong>\u00a0Unlike some lenders, Money Mart does not charge any additional fees for paying off your loan debt early.<\/p>\n
Numerous Locations:<\/strong>\u00a0In 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.<\/p>\n
Money Mart’s Drawbacks<\/h2>\n
As beneficial as Money Mart can be, it is also important to consider their disadvantages:<\/p>\n
Money Mart’s biggest disadvantage is charging higher interest rates (sometimes more than 45 percent APR).<\/p>\n
If you need more time to repay, compare installment loans in Canada<\/strong><\/a> to see options with fixed payments and longer terms.<\/p>\n
High Fees:<\/strong>\u00a0Money Mart may charge hefty service and administrative fees for their loans (around $150 per $1,000 borrowed).<\/p>\n
Not Available in Every Province\/Territory \u2013 While Money Mart’s services are available in many major cities, they are NOT available in Quebec, Yukon or Northwest Territories of Nunavut.<\/p>\n
How Much Does Money Mart Cost? (Payday Loan Rules in Canada)<\/h2>\n
If you\u2019re comparing payday-style borrowing, Canada\u2019s pricing rules matter more than marketing.<\/p>\n
In Ontario, the prescribed limit on the cost of borrowing<\/strong> for a payday loan is $14 per $100 advanced<\/strong>.
Consumer Protection BC also explains BC\u2019s maximum as $14 per $100 borrowed<\/strong>, and shows how a 14-day payday loan can display a very high APR when annualized.
FCAC (Government of Canada) explains how payday loans work, what they cost, and what questions to ask before borrowing.<\/p>\nEasy cost examples (if the cap is $14 per $100):<\/strong><\/p>\n
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Borrow $300 \u2192 Fee: ~$42 \u2192 Total repayment: ~$342<\/p>\n<\/li>\n
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Borrow $500 \u2192 Fee: ~$70 \u2192 Total repayment: ~$570<\/p>\n<\/li>\n<\/ul>\n
Why the APR looks so high: payday loans are short-term, so converting a short fee into an annual percentage can look extreme. Always compare lenders using the total repayment amount<\/strong> on your actual due date, not just APR.<\/p>\n
Example: Payday Loan vs Installment Loan Cost (Simple Comparison)<\/h3>\n
To understand the difference in structure, consider this simplified example:<\/p>\n
If you borrow $500 as a payday-style loan in a province capped at $14 per $100, you may repay about $570 in roughly 14 days.<\/p>\n
If you borrow $500 as a short installment loan over several months, your total cost may be lower or higher depending on the interest rate and term \u2014 but your payments are spread out instead of due all at once.<\/p>\n
The key difference is repayment pressure:<\/p>\n
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Payday-style loan \u2192 full repayment on your next due date<\/p>\n<\/li>\n
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Installment loan \u2192 fixed payments over time<\/p>\n<\/li>\n<\/ul>\n
Always compare both the total repayment amount<\/strong> and the payment schedule<\/strong>, not just the advertised rate.<\/p>\n
How Do You Get a Loan From Money Mart?<\/h2>\n
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:<\/p>\n
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- You must be older than the age of majority in your province (at least 18 \u2013 19 years old).<\/li>\n
- Have a Canadian checking account (with direct deposit)<\/li>\n
- Maintain a consistent source of income for at least a few months.<\/li>\n<\/ul>\n
You are required to submit various personal and financial documents to complete the application and approval process, such as:<\/p>\n
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- Photo identification from the government (passport, driver’s license, etc.)<\/li>\n
- A utility bill or other proof of permanent Canadian residency<\/li>\n
- A VOID cheque or a pre-authorized debit form (for deposits and withdrawals)<\/li>\n
- Recent bank statements, pay stubs, or further evidence of income<\/li>\n<\/ul>\n
Online vs In-Store: What to Expect (Funding Time + Common Delays)<\/h2>\n
Money Mart offers both online and in-store journeys depending on the product and your province. On its website, Money Mart describes applying online and checking eligibility, and it shows example pricing such as a loan fee per $100 borrowed<\/strong> and APR examples in disclosures.<\/p>\n
Common reasons approvals or funding take longer (with any lender):<\/p>\n
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Your name\/address doesn\u2019t match your banking profile<\/p>\n<\/li>\n
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Income deposits are irregular or too recent to verify<\/p>\n<\/li>\n
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Your bank flags the account (new account, frequent NSF activity, unusual transactions)<\/p>\n<\/li>\n
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Email\/SMS notifications delay e-Transfer steps<\/p>\n<\/li>\n<\/ul>\n
Tip: apply using the chequing account where your pay (or benefits) are normally deposited and make sure your personal details match exactly.<\/p>\n
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- Prepaid Mastercards Titanium+\u00ae<\/li>\n<\/ul>\n