Formerly Dollar Financial Group and founded in 1979, Money Mart Financial Services is a financial institution with over 700 major outlets in the US and Canada. Money Mart offers a wide array of financial services such as salary/payday loan, installment loan, prepaid cards, credit cards, local and international money transfer, bills payment and currency exchange.
Money Mart is what we can call one of the largest ‘grassroots’ banks in Canada especially because they focus on the underbanked customer types.
This article focuses on the two (2) major fast loan types offered by Money Mart to its Canadian customers: the Installment loan and Cash Advance/PayDay loans.
Getting Interesting? Please Read: “Card Declined by Issuing Bank” – Top 10 Reasons and How to Fix the Issues
Requirements Needed to Qualify for Money Mart Online Loans
|Installment Loan||Cash Advance/Payday Loan|
|Be at least 19 years||Be at least 18 years|
|Valid ID||Valid ID|
|A chequing/current account||A chequing/current account|
|A steady source of income||A steady source of income|
How to Sign Up to to Get Money Mart Online Loans
- Visit Money Mart Loan Page
- Enter your name, DOB, and email address
- Click Next
- Enter your address, bank account number, and other details
- Validate your email and log in
Money Mart Online Loan Types Compared
Here are a few indices by which the two online Money Mart loan types are compared by. Here are the two major loan types of Money Mart online loans and their features:
|Loan Comparison||Installment Loan||Cash Advance/Payday Loan|
|Description||Money you borrow and pay back with flexible repayment options.||A money advance to help meet short term financial needs. Typically repaid on your next payday which is why it is also referred to as a Payday Loan.|
|Available Loan Amount||$1,000-$15,000||$120-$1,500|
|Duration||12 to 60 months||1 to 62 days|
|Payback Flexibility||Multiple payments (or installments)||Single payment|
|In-store Pickup Option||Yes||Yes|
|In-store Payment Option||Additional payments only. (Regularly scheduled payments are automatically withdrawn from the bank account specified and cannot be made in store)||Yes|
|Builds Credit History||No||No|
|Availability||Online, by phone, and in-store for all provinces except QC.||In-store for all provinces except QC. Online for all provinces except QC and MB.|
|Typical Uses||Home improvement, bills & expenses, auto needs, moving expenses, education, debt consolidation, big purchases, travel & leisure||Unexpected expenses, bill payments, medical, rent expenses|
How to Apply for Money Mart Quick Loan
Applying for Money Mart online quick loans in Canada or the US is as easy as it gets. Money Mart online loans can be requested through the web or through their mobile application.
Here is a step-by-step guideline on how to apply for a Money Mart Online Loan through the web.
- Log in with your Email and Password
- Visit the Money Mart Loans page
- Choose the loan option by clicking Apply Now
- Enter your home address to confirm loan availability
- Agree to the terms and conditions
- Enter the loan amount required
Getting Interesting? Please Read: The 5 C’s Lenders are Looking for in Your Loan Application
Via Mobile App
- Download the Money Mart Mobile App to your device
- Log in with your username and password
- Choose loan type and enter amount
- Agree to the terms and conditions
Once this is done, the loan application is then processed back-end. Afterwards, a response on the approval or denial of the loan application is then issued to your registered email on the same day.
How/Where do I download Money Mart Mobile Applications?
For Android, you can download the app HERE
For iOS/Apple, you can download the app HERE
How long will it take to process a Money Mart Online loan?
How do I calculate my Money Mart Loan repayment?
You can do a simulation of repayments, principal, and charges of your proposed or existing loan on Money mart Website.