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Money Mart Installment Loans Review
21 Nov 2018

Money Mart Installment Loans

When you come upon a sudden expense that you can’t cover on your own, it can be hard to know where to turn. In this type of situation, Money Mart installment loans can be the perfect solution.

Borrow up to $15,000 from a lender you already know and trust.

You are interested if

You need a fairly large amount of money fairly quickly and would prefer not to resort to an unknown lender option.

 

Key Points

Brief Description Money Mart installment loans are somewhat sizable loans available at somewhat decent rates and that come with plenty of opportunities for in-person support.
Limits and Deadlines Loans are available in amounts ranging from $1,000 to $15,000 and can be repaid in 12 to 60 months depending on customer preferences.
Urgency If you’re within reach of a Money Mart store location, you can pick up your money there the same day you are approved. If not, your money will be deposited to your bank account in 1-2 business days.
APR Range All Money Mart installment loans are extended with a 44.90% APR.
Closing/Origination Fees None – Money Mart has pledged never to surprise their customers with any hidden fees.
Early Payment Fees None.
How to Contract the Product You can apply for these loans in person if you wish, but most people will have an easier time applying online on Money Mart’s website.
Main requirements Money Mart installment loans require you to be at least 19 years old, have an active bank account, and have some sort of steady income. There is no minimum income level needed to apply, but if you earn very little, you may still be turned down or be granted a very small loan amount.

About Money Mart Installment Loans

Main Features

Money Mart installment loans are available in much larger amounts than their usual payday loans – up to a full $15,000 if you qualify for the maximum amount. The eligibility calculator available on their website can be very useful in helping you determine if you’ll qualify and, if so, how much you may be able to get. If you decide you do want to submit an application, you’ll be able to get the entire process done in less than an hour, leaving aside time for verification. This means that you’ll never have to worry about getting your money on time if an emergency comes up. You will be forced to pay quite a bit to do it – 44.90% APR is not cheap – but the swiftness and reliability of these loans does arguably make the high rates worth it.

With the money this product can secure for you, you can make all kinds of positive changes to your life. You might be able to pay down some bills you’ve been letting slide for too long, for example, or sign your child up for that enriching extracurricular activity they have been wanting to try. There is also one more significant benefit to consider. Because this is a longer-term type of loan, the process of paying it back can also positively impact your credit score if yours is a little lower than you might like it to be. For most people, this probably will only be a secondary goal next to getting the money you’re after, but it’s nice to know that you’re getting something else out of it too.

How Does It Work?

Unsurprisingly, the process used to get these loans is quite similar to that which Money Mart uses for their payday loans. Applicants must apply online by using an application form that only takes a few minutes to complete. When finished, you’ll hear back about whether you’ve been approved and for how much within minutes, then be given the opportunity to submit any documents Money Mart needs.

Once you’ve been accepted, had your information verified and signed the agreement papers, you’ll be able to get your hands on your money. You can choose to pick it up yourself from any of Money Mart’s many outlets (you’ll rarely be very far from one) as soon as you like, or waiting a day or two for an electronic deposit to be processed. Which one each customer uses is entirely up to them and affects nothing about the loan or its terms.

When it comes time to repay, all you’ll have to worry about is making sure there is enough money in your account to cover the charge; repayment happens automatically, so as long as nothing bounces due to insufficient funds, you’ll never miss a payment or be late making it. If you do run short of money, however, you can expect to pay fees to both Money Mart and likely the bank as well, so you’ll want to avoid this if it’s at all possible.

Conclusions

Money Mart installment loans are a fairly predictable product that work pretty much exactly as you’d expect. This lender distinguishes themselves mainly by their significant real-world presence, a feat which few online lenders can hope to match. Price-sensitive applicants may not be as happy with this lender as they could be with another, but those who prefer an easy process and a readily available helping hand will find just what they need here.

Money Mart: One on Every Corner

If you’ve spent any time in urban and suburban Canadian areas, you’ll almost certainly be familiar with the red and white logo of Money Mart. They first opened a single branch in Alberta in 1982, and they are now one of Canada’s most prolific bad credit lenders with hundreds of branches all over the country. They are committed to staying constantly available to their customers and can be contacted for help at any time via phone, email or live chat service.

What We Think

Money Mart installment loans are largely unacceptable, but they’re familiar, serviceable, and completely adequate for most borrowing needs. This lender’s ability to offer services in person through their real-world outlets is a huge point in their favour, too, at least with certain populations. While there are certainly options out there with better rates, you know what you’ll be getting with Money Mart installment loans, and that’s enough for us to feel confident recommending them.