PERSONAL FINANCE BLOG

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Money Mart Installment Loan
23 Apr 2019

Cover Some of Your Expenses With a Money Mart Installment Loan

When life starts demanding a little more money from you than you have to give, you always have the option of getting a Money Mart installment loan to help you out. These medium-sized loans are quick to get and come with the possibility of in-person help when you’re confused about something. They’re fairly expensive, but aside from that, they are not a bad option to deal with unexpected expenses.

What You Need To Know About These Loans

Money Mart installment loans don’t function too differently from their better-known payday loans. On this side of things, you can get loans from $1,000 all the way up to $15,000 depending on your needs, credit, income and other factors. Applying takes just a few minutes and can be done entirely from your computer or smartphone (with the occasional exception of needing to submit printed documentation to verify your income). If approved, you’ll pay somewhere between 29.90% and 46.90% in interest on your total loan amount, but you’ll get your money in as little as a few hours in some cases. You’ll be responsible for paying the entire principal sum as well as any interest you accrue within 12 to 60 months depending on the terms you agreed to during the signing process. You’ll be subject to automatic repayment processes for this, so don’t overspend around the time of your repayment date each month or you’ll end up with an overdrawn account and a world of troubles.

These loans are substantial and fairly easy to get, making them easy to reach for in your time of need. A credit check is included as part of the process, but it is not highly influential in the final outcome of your application. If you have bad credit or little credit to speak of, you should not feel discouraged from applying, because you will still stand a good chance of being approved. The factor that will carry more weight is your income at the time of applying, as well as the stability of your employment at that time. The more you make and the more predictable your paychecks are, the better your chances to be approved and to secure a high loan limit or lower interest rate as well.

The Pros and Cons: What Do Borrowers Think?

Choosing a loan is a serious process that demands some thought; consequently, there are both good and bad aspects to going with this lender. Money Mart is one of the most visible payday lenders in the country, with hundreds of outlets dotted across all the provinces. Because of this, it’s easy to apply in person if you like or get support for your loan in a one-on-one conversation.The company’s excellent brand recognition also helps them attract capable customer service agents who may be able to give you more detailed help than you’ll get from many others.

Unsurprisingly, though, there are still some slight downsides to choosing this lender. There are some complaints lodged with Consumer Affairs regarding both their Canadian and US operations, but these are admittedly mostly regarding their high-stress payday loans. Their installment loans have had much less said about them in this negative light. It’s just important that you know that not everyone is completely satisfied with these loans, even if you have every reason to think things will be different for you.

Should You Get a Money Mart Installment Loan?

If you need some money take care of urgent business and want to get it from a lender you know and trust, a Money Mart installment loan might be the right choice for you. This lender excels at providing in-person services and brand recognition to help consumers feel at ease in their hands. Their loans are nothing exceptional, but their position in the market is more than strong enough to make up for that lack of forward thinking. As long as you’re certain that you understand the costs involved, you shouldn’t hesitate to apply.