PERSONAL FINANCE BLOG

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Money Mart Loan
16 May 2019

Open New Doors In Life With A Money Mart Loan

Everyone needs to eat, have a safe place to sleep, and pay their bills, but not everyone consistently gets enough money to do that. A Money Mart loan can potentially solve this issue for you by filling in the gaps in your income. You’ll get your money quickly and without much hassle, and you’ll have enough information from the start to know exactly what to expect. The only trouble you might encounter is if a sudden roadblock springs up. We’ll discuss this in further detail in the article below.

The Structure of a Money Mart Loan

There’s a lot of variation in what qualifies as a Money Mart loan. Their installment loans are their most cost-effective and multipurpose product. These come in amounts ranging from $1,000 to $15,000 and allow you 12 to 60 months for repayment. They also charge you between 29.9% and 46.9% interest per year. Both the amount and the rate that you as an individual will be offered will be based around how high and how stable your monthly income is as well as your credit score.

If you’re interested in something more short-term, that’s available too; they also provide cash advances (amounts ranging from $120 to $1,500) with a repayment period between 1 and 62 days depending on how frequently you get paid. The interest on these will inevitably be much higher, however, so it’s often in your best interest to apply for an installment loan first if you can and see what comes of that. If you can get away with just using one of those, you’ll probably be much better off in the long run.

Applying Is Easy

All you need to get a Money Mart loan is to be at least 19, have an active chequing account that you can deposit your funds into, and have what Money Mart refers to as a steady source of income. They are not specific about where that income has to come from, which is actually uncommon among lenders. From this, we can presume that they might be more open than most to lending to people with income derived from sources other than a job, such as self-employment income, disability income or pension income. Those groups often struggle the most to get a loan, so even if Money Mart hasn’t explicitly welcomed them to apply here, the lack of exclusion is promising.

If you meet the requirements, you can go ahead and start to apply. You can do this online or go into one of their many stores to fill out the paperwork by hand if you care to take the time to do that. Either way should be simple enough. You should get a response almost instantaneously upon submitting your application, and that will include the full terms of your loan including interest rates, amounts, and repayment terms. This should allow you to judge whether or not you still want to borrow from this lender based on what you can qualify for with them, then either accept or reject the offer. If you do accept it, you should be aware that this whole setup is conditional and that Money Mart may retract the offer at any time if it turns out that the information on your application was not accurate. They do conduct a thorough verification process, so if you do lie to them, they will know about it. Don’t stretch the truth in order to get more money or a better deal, because it will only hurt you in the end.

If you accept your loan, you’ll have to choose which method you want to use to receive your cash. There are three options available to you. You can go to a physical location to receive your cash and have it as soon as you can go pick it up – a fast option, to be sure, but not as convenient as it might be. If that doesn’t seem like a workable option for you, you can use either the direct deposit or Interac e-transfer options. The former will allow you to be paid in 1-2 business days, but the latter can cut that time down to just 2 hours or less. If you really want to put that money to use as soon as possible, you should probably go for that option; there is no additional charge attached to any of these choices, so go for what suits you.

So Many Stores, So Many Advantages

Getting a Money Mart loan is a smart decision for many reasons, but chief among them is the fact that this lender has hundreds of outlets all over the country. You can find at least one in practically any city of any appreciable size, and a few in smaller towns as well. You probably see their name quite frequently in your day-to-day life and are at least aware of them already, even as an outsider to borrowing. They undoubtedly have a lot of reach and excellent brand recognition, so they’re not a bad choice if you want to go with a lender that you know. Sometimes the comfort of a familiar name is a huge help to someone who is reluctant to take out a loan any other way.

That strong presence in the real world is also an advantage in the sense that it makes it easy to make contact with this lender in person. The application itself might as well be done online – if you’re reading this right now, you have all the technical skills you need to go through that process, and the end result will be faster and simpler for all involved. If you need support afterwards when you’re in the process of paying your loan, though, many people like to know that they have the option of speaking to a live person who is right in front of them and can help them out in a hands-on fashion. Many lenders now are online-only and couldn’t possibly offer that level of service, but that’s just one of the things that sets Money Mart apart from the others like it.

Should You Be Concerned About Money Mart’s Reviews?

Money Mart has been the subject of some rather poor reviews online especially when it comes to the customer service they offer through remote means like email or telephone. Before you judge it entirely on these findings, however, you should be aware that there is a mixture of reviews from both Canadian and American customers on that page, and that the American ones might not reflect what you would expect to see on the Canadian side of this business. It’s also important to keep in mind that some bad press is to be expected when you’re looking at a Consumer Affairs page, as that spot is specifically intended to house criticisms of whatever company is being talked about. General conversation about this lender is at least slightly more positive on the whole.

That said, there are a lot of reviews on that page, and as they come to a clear consensus on what you should expect from Money Mart (apparently, not much), it’s important not to discount them entirely. Treat them as a warning sign that there might be a higher-than-average tendency toward poor service with this company and act accordingly when you are applying for a loan with them or servicing debt you already owe them. It might take a bit more of a proactive response to minimize the impact that this could have on your experience, but it should remain manageable overall.

Should You Take Out a Money Mart Loan?

Getting a Money Mart loan has the potential to help you in many ways, but we can’t wholeheartedly recommend it in light of the warning signs that are floating around about it. You could potentially get a very easy loan with very good service if you push for it, but that extra effort might be something that some users are unwilling to give – and in fairness to them, they shouldn’t have to do that at all. Anyone who takes out one of these loans should be prepared to go into one of your local outlets and sort things out in person if need be. Because they’re all over the place, it shouldn’t be too difficult to do this if you’re okay with the idea in the first place. Before you apply, sit down and figure out what really matters to you in a loan, because your level of satisfactions with these ones depends very much on how well your desires match with this lender’s strengths.