They will ensure that you get your money on the same day. You have the option of applying for a loan online or in person. Either way provides a straightforward and rapid means of obtaining the funds you require.
In this Money Mart review, I’ll go over their loan options and the services they provide in-store.
Let’s take a closer look.
What Makes Money Mart a Good Option?
Money Mart caters to a diverse range of customers. They do so by instilling flexible eligibility criteria and offering a wide range of lending solutions.
You can apply for a loan if you have a low credit score or have filed for insolvency in the past.
They provide payday loans if you need quick cash when you’re between paychecks. You can also apply for an installment loan, which they can approve and fund within one business day.
That said, in this Money Mart review, I’ll analyze all the products and services offered by this provider. This analysis should help you determine whether Money Mart is a good option for you.
The Pros and Cons of Money Mart
An integral part of this Money Mart review involves examining the advantages and disadvantages of their services. In this section of we will highlight these with an explanation for each.
The Pros
Here’s what users love about Money Mart.
Fast and Simple Application
The application process for a Money Mart loan is quick and easy. You can apply in person or online.
Several Physical Branches
There are over 500 Money Mart outlets across Canada.
Wide Range of Financing Solutions
You can take out an installment loan or a payday loan. You can also apply for financing if you’re a business owner.
They provide cheque cashing and mortgage brokerage services as well. And you can transfer money through Western Union or exchange currency at any of their physical branches.
Flexible Eligibility Requirements
You can apply for a loan if you have poor credit or have declared bankruptcy. In this instance, they will consider your credit score as well as other factors before approving you.
Quick Funding
You can receive the funds you applied for within the same day.
The Cons
Here’s what Money Mart could improve upon.
Limited Geographic Availability
If you live in Newfoundland and Labrador, New Brunswick, Prince Edward Island, Yukon, Northwest Territories, or Nunavut, you won’t get a cash advance. Also, you can’t apply for their mortgage brokerage service if you live outside of Ontario.
Expensive
Money Mart Installment Loans have APRs ranging from 29.9% to 46.9%. Compared to some of their competitors, this is considerably higher. And although their payday loans have a fixed interest rate per $100 borrowed, if you live in certain regions, the interest rate might be exceedingly high.
Range of Products and Services
This section of the Money Mart review will detail each of the critical products and services offered. I’ll also be sharing further information regarding the associated cost of each.
They offer three kinds of loans. Namely, cash advances, installment loans, and small business financing.
If you need a mortgage or want to access the equity in your home, you can use their mortgage brokerage service.
Also, you can deposit a check online or at one of their branches.
Although you can apply for a loan online, some transactions must be conducted in person. This includes filling out an application for a Titanium+® Prepaid Mastercard®. And using their currency exchange, Western Union® Money Transfers, and bill payments services.
Installment Loans
A Money Mart Installment Loan can be used for anything from unforeseen expenses to debt consolidation.
You can borrow as little as $1,000 and as much as $15,000. The term on an installment loan ranges from 12 to 60 months. And they provide weekly, bi-weekly, monthly, and bi-monthly payment frequencies.
You can pay this loan off early without incurring prepayment penalties.
There are a variety of ways to receive your funds. If you opt for instant funding, you’ll get your money within 15 minutes. Interac e-Transfer takes two hours, while a direct deposit can take 1 to 2 business days.
Associated Costs
A Money Mart Installment Loan has an Annual Percentage Rate (APR) ranging from 29.9% to 46.9%.
Cash Advance
Get an advance on your paycheck if an unexpected expense arises before payday.
Money Mart provides cash advances ranging from $120 to $1,500 with a term of 1 to 62 days.
You can apply online or in-store and receive your funds within two hours.
Associated Costs
The following are the fees levied on a cash advance loan, which vary by province:
- $15 per $100 borrowed in Alberta, British Columbia, Ontario, and Prince Edward Island.
- $17 per $100 borrowed in Manitoba and Saskatchewan.
- $19 per $100 borrowed in Nova Scotia.
- $21 per $100 borrowed in Newfoundland and Labrador.
Small Business Loans
Money Mart works with Thinking Capital to provide financing for small businesses.
You can get an unsecured small business loan of up to $300,000. You can choose a term of six, nine, or twelve months and make payments weekly or bi-weekly.
They calculate interest on a fixed basis. You choose an interest rate, then pay a specific daily amount based on the agreed-upon rate and the loan’s value. Depending on your situation, interest rates range from 8% to 22%.
Other Products and Services
Mortgages
Access a variety of home loan solutions, including refinancing and home equity lines of credit (HELOC), with Money Mart’s mortgage brokerage service.
You’ll benefit from having a professional mortgage expert by your side as you look for funding.
At the time of writing this review, this service is only available in Ontario.
Cheque Cashing
Money Mart’s cheque cashing service reduces the time it takes to get your money. Payroll, money orders, and small company cheques are among the types they cash.
They provide this service in-store and via their mobile app.
Is Money Mart Customer Service Good?
Despite conflicting reviews of Money Mart’s customer service, most of those who have worked with them have had favourable experiences, depending on the branch they visited.
Several reviewers appreciated the employees’ kindness and professionalism. Their responsiveness and ability to handle issues promptly were also a highlight of their service for a few.
According to nearly 2,000 Trustpilot evaluations, Money Mart can provide a positive experience for all of your borrowing needs.
In the following section of this Money Mart review, I’ll give you a step-by-step guide to getting started with this provider.
How to Get Started with Money Mart
Applying for a Money Mart loan online is simple. Once you’ve decided on what type of financing you need, click the ‘apply now’ button.
For the first step of the application, you’ll have to provide the following information:
- Your personal details, such as your full name, email address, and Social Insurance Number (SIN), should be provided. It’s not required to submit your SIN. However, they say that doing so will expedite your application.
- Your home address and whether you rent or own.
The next step is deciding how you want to apply. This can be ‘express’, in which case your information is auto-filled using Flinks®. Alternatively, you can opt for ‘standard’, wherein you manually enter your information.
If you choose ‘standard’, you will be sent to the section of your application where you must submit employment information. This includes your job status and when you receive your salary.
Money Mart will need to perform a credit check. Therefore, you’ll have to give them permission to pull your credit report.
After you’ve consented and created an account, you’ll select the loan you wish to apply for and submit your application.
Following the above steps in this Money Mart review should help you get started to secure the funds you need.
Required Documentation
When applying for a loan with Money Mart, you’ll need to provide:
- Valid identification. They’ll need a government-issued ID to verify your identity, such as a valid driver’s license or passport.
- Proof of income. You’ll need to prove that you can repay your loan. If you live in Manitoba, you must supply paystubs for the most recent pay period and the entire previous month.
- A void cheque or pre-authorization form from your bank. This will allow Money Mart to deposit your funds into your bank account and deduct payments automatically.
- Proof of residency. You’ll need to give them documents to prove that you’re a permanent Canadian resident, such as a utility bill.
Eligibility Requirements
To qualify for Money Mart’s financing solutions, you must:
- Be the age of majority in your province (at least 18 or 19 years old)
- Have a steady source of income.
- Have a chequing account.
Alternatives to Money Mart
In this Money Mart review, we’ve taken an in-depth look at the products and services offered by this financial services provider. However, after reading this Money Mart review, you may still feel that they aren’t the right provider for you.
While there are some characteristics of Money Mart that can’t be matched, you might consider other lenders for a loan. There’s no harm in exploring your options. You should choose a loan that best suits your situation.
Consider Fairstone to borrow more at a lower APR. They offer both unsecured and secured personal loans of up to $50,000. Their interest rates are lower than Money Mart’s, ranging from 19.99% to 39.99%. You can choose a term anywhere between 6 to 120 months.
Whether you have good or bad credit, Mogo can provide you with a personal loan online. You can borrow up to $35,000 with a term anywhere between 6 to 60 months. Interest rates start at 9.90% and go up from there, depending on the details in your application.
If you’re looking for a mortgage broker, consider Breezeful. They work with over 30 lenders to find clients a home loan that suits their needs and situation. You can use their service for free. And you’ll have a mortgage expert by your side from comparison until you close on your home.
Conclusion to Money Mart Review
My comprehensive Money Mart review has highlighted the good and bad associated with this provider. Based on the evidence gathered, I feel that Money Mart is a credible institution providing beneficial services to the public.
A conventional lender or a family member may not be the best option when you need cash immediately. Therefore, lenders like Money Mart can assist you when you’re in a tight spot or need to consolidate debt.
Although they have a fast funding time and have widespread physical branches, their interest rates can be high.
I recommend you shop around with multiple lenders and compare their rates before taking out a loan. In this instance, you can use a comparison website to make the process go faster.
Looking for a fast way to get financing? Read this Money Mart review to learn about the cash advances & installment loans they offer.
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