PERSONAL FINANCE BLOG

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Money Mart Loan For Financial Pressure
20 Sep 2019

A Money Mart Loan Can Take the Financial Pressure Off Your Life

It’s sadly not unusual to run short of money as an average Canadian consumer. Without any money to your name, though, your life can grind to a halt – no splurging on treats, no going out for fun with friends, and you might not even be able to make large but necessary purchases or pay your basic monthly bills.  The other two are unpleasant but of no real concern; however, the last two are major problems that you must rectify immediately. You may be able to get out of this predicament with a Money Mart loan.

The Relevant Details About Money Mart Installment Loans

A Money Mart loan is a highly flexible product that could encompass many different things depending on your needs and your status as an applicant. The full amount you could borrow ranges between $1,000 and $15,000, with the higher amounts going to those with greater incomes and genuine need for larger amounts of cash. Most applicants will be approved for something on the lower end of that range. Repayment periods also vary, lasting anywhere from 12 to 60 months. Again, the longer lengths typically go to those who have more to pay back, so don’t count on getting the full 5 years of time if you only want to borrow a small amount.

It should be noted right that these loans are far from cheap; at a standard 29.90% to 46.90% APR for all Money Mart installment loans, you’ll be paying a high price to use these products if you choose to do so. The one good thing about that is that there are no hidden fees to pay, so as costly as borrowing this way might be, you’ll at least know what you’re getting into right from the start. All the same, you should be sure to price out the final cost of your loan and maybe even project how much you could save if you were to approach your repayment obligations aggressively and make larger payments than you really need to. In many cases, the savings will be substantial, and that might be enough of an incentive to get you to prioritize paying down this debt and reducing its costs.

This is particularly relevant because Money Mart uses an automatic repayment process in order to collect each payment from their customers when it comes due. This means that repaying is going to require slightly different behaviour from you in this case than it might for a loan that you would have to manually repay yourself. Instead of worrying about actually submitting the payment funds each month in order to keep yourself in good standing, you’ll need to closely monitor your bank account and make sure that you have enough money in there to get the payment to successfully go through when it is automatically requested. If you don’t do this and you do run low on funds, you could face additional fees that will make your loan even more costly. With so much interest piling on to what is probably a fairly substantial starting balance, your payment installments can get rather large – and the larger they get, the less room for error you will have in managing your bank account. It’s safer to be proactive and pay the balance down as much as possible right from the start, resulting in smaller and more manageable payments.

You’ll Have an Easy Time Applying

Applying for a Money Mart loan is easy and can take as little as five minutes if you’re quick about it. You can do it all online at any time of day and hear back about the status of your application almost instantly when you’re done, which cuts down on a lot of the unnecessary stress that is often involved with borrowing. You can also apply at one of their man branches if you feel like it, although that will take longer (both because you’ll need to fill out many tedious forms and because that paper document will have to be looked over by busy human staff members during standard business hours only). If you go that route, it may take a few days to find out if you’ve been approved and/or how much you’ve been offered. A credit check does take place as part of this process, but it’s done very quickly and the results don’t count for much in terms of their final decision, so there is no need to stress out about that.

It’s not uncommon for borrowers to have little time to lose when they apply for their loans. A Money Mart loan is an excellent choice for those caught in this predicament. This lender boats a very short approval process if you do everything digitally, and you can come and pick up your money as soon as you are approved if you don’t mind heading out to a physical location and receiving your funds by cheque. Since most people would probably prefer to wait it out and receive the money by direct deposit, though, you should also know that you can expect to receive your funds that way in another business day or two. This is a competitive turnaround time either way and you can expect to never be kept waiting on your funds when you deal with this company. After decades spent serving countless Canadians, they know what it takes to keep their customers satisfied.

Why You Should Stick To Money Mart Online

One of the best features of Money Mart as a lender is their heavy presence in the real world. They have dozens of retail locations in cities all over the country, and they offer service to all of their applicants and current clients through each of them. If you want to, you can visit them at any of these places at any time during their hours of operation and get help for any process or problem that you like.

It’s always great to have the option to go in to a loan outlet in person if you really need to – say, if something ends up going awry in your loan paperwork or if you come across something in your loan documents that you do not understand. However, you should keep in mind that doing this will require you to take time out of your day to actually find a Money Mart location, travel to it, meet with an associate, and return to your home. This can be a fairly quick process if you’re close to a location already and all goes well on your way, but even at the best of times, it will never be as quick as just going online.

If you choose to apply to Money Mart online instead, you won’t have to go anywhere to see the application process through from start to finish. That already cuts out a lot of travel time, but on top of that, going online will allow you to use the streamlined digital application process that Money Mart has perfected over all their time in business. Then, once that’s done, you’ll also have a shorter waiting period to hear about the results of the application too. It just makes perfect sense to stick to online applications at first and only head out to a branch if it proves truly necessary – but it’s nice to have that option if it does come to that.

When To Choose Money Mart Installment Loans Over Money Mart Payday Loans

As you probably already know, Money Mart is a diversified lender that also offers its clients the chance to apply for payday loans from them (they also refer to these loans as cash advances in many of their marketing materials). When one lender offers multiple different products like this, you may not always be sure of which one is best for your needs at the moment. As a general rule, you’ll want to use payday loans only for very small emergencies that need to be dealt with in the next day or two, since they will typically be very expensive. For example, one would be helpful in dealing with a week where you weren’t given as many hours at work and still need to pay the bills. Installment loans are better for most other circumstances, giving you access to more money and more time to pay them back. You can use the money from products like this to purchase appliances, make down payments, or pay for necessary services like physical therapy. Knowing which product to pick for which purpose will help you to manage your debt better and avoid getting yourself into unnecessary trouble.

Yes or No on a Money Mart Loan?

You now know everything you need to in order to make an informed decision about taking out a Money Mart loan. They typically are not a good choice for the price-conscious, but at least Money Mart makes no secret of this fact. In return for your cash, you’ll get to work with a lender that is flexible, easy to use, and open to accepting clients that others might turn away. As long as you really do need to borrow money and aren’t just doing it on a whim, you could certainly do worse than to choose this lender.