It’s not uncommon to have some points of confusion about what’s happening when you’re getting a loan, even when you’ve committed to doing it. Opting for a provider who can back you up in times of uncertainty is a good way to cope with that anxiety. Getting a Money Mart loan is a convenient method of borrow some money fast that even first-timers can enjoy without too much stress, even in spite of the expensive price tag they come with. For many, they will be worth that money and then some.
Outlining the Structure of a Money Mart Loan
Even if you’re probably already familiar with Money Mart themselves, you may not know for certain what they loans actually look like. In that case, it’s a good thing that we’re here to help. These are basic installment loans for the most part and follow a pattern that should be familiar to you if you’ve ever looked into this sort of thing before. A Money Mart loan can be anywhere from $1,000 to $15,000 and will give you between 12 to 60 months to pay it back, with longer repayment periods usually being reserved for larger amounts. You don’t have to meet any minimum income standards in order to be considered, but you do have to make a fairly high amount in order to be eligible for the bigger loans, so keep that in mind if that’s what you need. It doesn’t hurt to apply regardless, but you probably won’t be offered a loan the size of what you’re expecting unless Money Mart is 100% certain that you will be able to pay them back for it without stretching your budget too thin.
It’s a good thing that they do tailor their loan offers to their customers’ situations, because high costs are just a reality of doing business with them. With a blanket APR of 44.90% for all their loans, a Money Mart loan is an expensive thing, and there are no discounts for having good credit or having borrowed from them before. This is especially something to be concerned about with these bigger loans, since you’ll be paying them off for a longer period of time and will therefore be paying interest on them over many consecutive months. Paying back $1,000 in a year might be easy in concept, but it can get much harder when that number balloons larger and larger due to interest fees accumulating on it. This only gets worse if you miss a payment, since this puts you in the position of having to catch up to where you were supposed to be in your payments by paying extra and also causes you to owe additional fees for your poor compliance with your loan agreement. If you’re going to borrow from this lender, you should be absolutely certain that you can handle the responsibility you are taking on. That means having a detailed plan to pay it all back, sticking to it, and only borrowing as much as you really need to in the first place. Borrowing money is a tempting prospect and there are times when you can justify doing it mostly just for fun, but this is not one of those occasions.
Familiarity and Transparency Make For a Great User Experience
One great thing about Money Mart is that there is almost no one out there who is wholly unfamiliar with it. Because the company is so large and so widespread, everyone has heard of it or seen the logo at one point or another – older people included, since this lender has been around since 1982. Even immigrants from the United States will recognize the brand because they operate in America as well. Since borrowing is at its core founded on trust between customer and institution, this is a big advantage to choosing them for your next loan. You’re not heading into something completely unfamiliar, just exploring the potential of a brand that has been in the background of your life for some time now. That should make it easier to relax and focus on what really matters: using and repaying your loan.
Money Mart also makes a point of assuring their customers that they will never pay any hidden fees or charges, with the obvious exception of any late fees that will be charged in cases of non-payment. Every borrower should be prepared to pay those and should never be acting in such a way that they will probably incur them, though, so that’s completely understandable and does not count for the purposes of that claim. What this means is that as long as you take care to make your payments in the manner you agreed to do and you stick to whatever plan you initially had to repay this sum, there shouldn’t be any extra expenses that you didn’t originally account for. It’s extremely useful to be able to accurately predict how much money you’re going to need to surrender over time, and since no one likes to find a surprise on any bill they get, the peace of mind that gives you is definitely worth something as well.
Check Out What They Can Offer You In Person
Because most of the aspects we’ve discussed are common things that you’ll get from most loan outlets that you might borrow from, it’s important to focus in on one of the things that Money Mart specifically does better than most loan chains you’ll come across: in-person support. One of their major claims to fame is the sheer scope of their presence, which spans all across the country and is only growing by the day. There are many Money Mart outlets in almost every major city in Canada right now, and even smaller cities aren’t excluded from that wide range of presence. No matter where you live, you can probably find one within a 20-minute drive from your home, and most people will be much closer to one than that. You don’t really have to go out of your way to seek them out, so they are undeniably very conveniently located for their customers.
This gives you the unique opportunity to take advantage of the good parts of both sides of the online and offline lending process. You can apply online and send over all your documents electronically if you wish, minimizing the hassle for you and keeping things running smoothly by leaving it mostly in the hands of technology. However, you also have the option of going to a store location and filling out the appropriate forms in person, just as you might have done in the years before doing things online was ever an option. Some people like the predictability and comfort of that option, and it makes it much more realistic for older people who are uncomfortable with technology to be able to actually use these loans should they happen to need them. What’s even better, though, is that if you then have a complicated question about your loan while you are still in the middle of paying it back, you can then choose to drive over to your nearest Money Mart outlet and get the help you need in person.
Even if you don’t think you’ll need the extra assistance, it’s best not to discount the value of having it available if you need it. It’s not as uncommon as you might think to have questions about your loans, especially if you’re new to the process. Many lenders will assist you with these sorts of things over the phone, which is helpful but markedly inferior to doing it face-to-face. When you’re right in front of someone knowledgeable and competent and you can physically show them what’s wrong or where you need something corrected, you usually have the best chances of getting your issue resolved in a satisfactory manner.
Does It Make Sense For You To Choose a Money Mart Loan?
Most readers will probably understand that a Money Mart loan is not a good choice if you are trying to get a good deal on the rates you’ll be paying, so that aspect of the choice is hardly worth commenting on. It’s more important to think about whether or not this lender’s strengths matter to you. The amount of support you can get isn’t most people’s first priority when they’re thinking about getting a loan, but it’s not a bad thing to know it’s there just in case. If you’re prepared to pay a high price anyway, it would never be a bad decision to at least think about using Money Mart for your loans. You may never need the extra help they can give, but if you do, you’ll be glad to have the option.