PERSONAL FINANCE BLOG

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Money Mart Installment Loan
21 Jun 2019

How Does a Money Mart Installment Loan Measure Up?

It’s no secret that people wanting to borrow money have plenty of options to choose from, but that just makes it all the more important to choose a lender that suits you best. Money Mart is one of the options in that lineup – is it the one for you? We’ll go over what a Money Mart installment loan looks like, what key features set it apart from the competition, and why you might choose to borrow from this lender specifically.

Lots of Money, But High Expenses Too

Taking out a Money Mart installment loan is an easy way to get enough cash in hand to make some major changes in your life. You can borrow up to $15,000 at a time if you like, and you’ll be asked to pay that sum back over somewhere between 12 and 60 months depending on the ultimate size of the loan. The interest rates that you’ll pay cannot be estimated with any real reliability without a full evaluation of your case. The top rate (that which is paid by the applicants with the worst financial profiles) is 44.90%, though, so that can give you some idea of what you might be facing in terms of costs.

This might look great next to the interest charges you usually find on payday loans (it’s uncommon for them not to reach up into the hundreds of percentage points), but it isn’t actually much of a deal at all. The difference between the two scenarios is that payday loans only require you to make payments during a very short period of time, so the interest is only usually charged once and then becomes irrelevant. With installment loans, you’re paying over a much longer stretch, and each payment will have interest fees applied. That’s why it’s even more important to be picky when you’re entertaining the idea of using these products than it is to do so when you’re looking for a short-term loan solution. Considering that Money Mart has drawn some criticism in the past for seemingly taking advantage of people who have fallen on hard times, it’s important that you look out for yourself first when dealing with this lender and maintain a healthy amount of skepticism at all times. They won’t do anything to try to deceive you or anything like that, but it’s easy to let their care-free advertising and promises lull you into a false sense of security. Only borrow from them if you’ve given the matter some serious thought first.

Don’t Worry About Waiting

When you do go through with the loan, though, you can expect a smooth and swift process that will cater to you in exactly the ways that you’re looking for. You can either pick your money up in person immediately from one of their many branches (you’re sure to have one relatively close by to you if you’re really set on taking this route), or you can wait 1-2 days to receive it by conventional methods instead. All things considered, this is a pretty good final turnaround time for these types of larger loans, since they have to be more careful about who they give them to than small payday loans have to. You might have to go out of your way a little to get the absolute fastest service possible, but expecting installment loans of any type to get to you as fast as payday loans do without a bit of extra effort on your part is somewhat unreasonable.

Repaying Your Loan

Since you’ll be living with this loan for a longer period of time, it’s also worth thinking about what it will be like to continue making your payments over time. The nice thing about these loans is that they work under an automatic repayment process, so at least you don’t need to worry about remembering to submit each installment on time. Month after month, your balance will fall all on its own – provided, of course, that you have enough money in the chequing account you’ve attached to your loan account to cover that charge. If not, the payment won’t go through and you will be considered to be behind on your payments. It’s imperative that you be very careful about keeping at least as much money as you expect to need when that time of the month rolls around, since otherwise you may be subject to non-sufficient funds fees that will drive up your overall costs. If you want your costs to still fit inside your budget as you projected, you’ll need to avoid those charges as best you can.

Getting Things Done In Person

Money Mart currently has over 400 stores in its ranks, and that impressive number means good things for you. Not only do you have the option of getting your loan more quickly by picking it up at any one of these many scattered locations, but you can also get easy support by stopping by any of these outlets to speak to a representative about anything you might need. By doing this, you can make sure that you never have to feel uncertain about anything that’s happening with your loan. You can get the answers you need straight from the source without waiting endlessly on the phone to be taken off of hold, and if you ever have something go wrong with a payment and need to plead your case, you may have an easier time doing so when you have someone in front of you to speak to. Not everyone will care about these things, but if you do, a Money Mart installment loan is not a bad idea for you.

Is a Money Mart Installment Loan Right For You?

Whether or not you should opt for a Money Mart installment loan comes down to a simple two-pronged question. It makes sense to choose them if you like the idea of having in-person support available to you whenever you need it, as well as if speed is an important consideration for you. If you’d rather focus on staying under budget, though, they might be less well-suited to your needs. Figure out which of these things matters most to you and you’ll know right away if borrowing from Money Mart is a good idea.