Gone are those days when we were only dependent on friends & family and banks to get the loan. Nowadays we have multiple loan platforms to get the loan quickly. your loan can be sanctioned maximum within 24 hours. today we will focus on one digital loan app i.e. Money mart. In this post, we will cover How to Get a Personal Loan from Money Mart Online | Money Mart Loans Reviews?
Money Mart provides a very easy and fast way to get the loan as per your requirements.
We will learn in-depth about the Money Mart platform, its requirements, how does it work, and various other interesting things about this platform.
So, A lot to know and a lot to discuss. let’s begin…
Contents
What is Money Mart?
Money Mart is a digital platform and financial service company that gives you access to various financial services at your fingertips while you are on the go.
It offers various types of loans like Installment loans, Cash advances loans, and Small Business loans for the people of Canada.
Money Mart has also its Mobile Application using which you can apply for a loan anytime, anywhere.
Money Mart is a safe short-term loan and long-term loan direct lender that makes it easy for Canadian citizens to borrow money online in minutes.
It is a legitimate Canadian lender that provides loans online to Canadians in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Prince Edward Island, Ontario, Saskatchewan, and Nova Scotia.
Features & Benefits of Money Mart
There are a lot of features and benefits of Money Mart. you can some of the major ones mentioned below.
- You can apply for loan at Money Mart both online and Offline.
- It provides both short term and long term loan.
- Money Mart has their own stores where you can get every loan in cash.
- Most loans are processed and paid within 10 minutes or less. receive funds within 2 hours with e-transfer or direct depost to your bank account within 1-2 business days.
- It offers cash loans from $120 – $15000. (Payday loans up to $1500 ,personal loan or Installment loan up to $15000).
- Flexible term of Repayment ranging from 12 to 60 months depends on the borrowed amount.
Money Mart Loan Services
- Money Mart Installment Personal Loans
- Money Mart Payday Personal Loans
- Money Mart Small Business Loans
We will discuss each one of them mentioned above in detail.
Money Mart Installment Personal Loans
Installment loan you can choose when you need a large amount of money quickly. It is perfect for car or auto repairs, unexpected emergencies that appeared, or debt re-payment.
Installment loans offer more money than payday loans and allow you to pay your principal and interest back over several payments, rather than all at once. Money Mart offers installment loans up to $15000.
With a Money Mart installment loan, you have the option to pay back your loan in full at any time, without penalties or fees. If an unexpected expense just came, don’t worry – a Money Mart loan is there for you.
Money Mart Installment Loan Requirements
- Be a Canadian citizen with a valid ID
- Be at least 18 years old
- Have a steady source of income
- Have A chequing account
- Active Email ID and Mobile Number
- Social Insurance Number (SIN). It is not mandatory but it can help you to speed up the eligibility for a loan.
- Most recent pay slip (not older than 30 days), or other proof of income.
- A bank statement which shows the last 2 direct deposits from your qualifying income source and the bank account number.
Note: You may be required to submit additional documentation.
Features of Money Mart Installment Loans
- Get a loan ranging from $1000 to a maximum of $15000.
- The loan can be borrowed for a duration of 12 to 60 months.
- You can apply for loan online or at Money Mart Store.
- You can receive your funds within 15 minutes ,within 2 hours or 1-2 business days based on selected transfer mode.
- It provides loan protection facility by paying a little extra.
How to Apply for Money Mart Personal Installment Loan
You can apply for a Money Mart loan using 2 methods.
Method 1: Applying Online
- Visit Money Mart Official Website or you can register and Login to the Money Mart Mobile App.
- Select your Province and then click on the Apply button.
- On the next screen enter your personal details like your name, valid email address,your phone number etc. and click on the Next button.
- Follow the instructions further and apply for the Money Mart personal Installment Loan.
Method 2: Apply in a Money Mart Store
Apply at a nearby Money Mart store. find your store by clicking here
NOTE: Make sure to check if the store is providing a personal installment loan by calling customer care or by visiting the Money Mart store near you.
How Does a Money Mart Personal Installment Loan Work?
- Apply: Complete the installment loan application process with the relevant documents as mentioned above.
- Lending Decision: Once the application process is completed Money Mart will immediately process your application and provide you a lending decision in minutes.
- Sign Documents: If your loan amount is approved, select the loan amount, review it and sign your loan agreements.
- Get Cash: After signing the loan agreements, you will receive cash based on the mode you selected for fund transfer.
- Repay Loan Over Time: Depending upon the repaymnt terms your repayment scheduled will be determined, and your loan principal and interest will be scheduled for payments in installments over time between 12 to 60 months.
With an installment loan you get your loan amount in a lump sum and make payments periodically (usually bi-weekly or monthly).
Money Mart Loan Interest Rate
The actual rate is 29.90% or 46.90% depending upon credit score, credit usage, and history.
Installment Loan repayment terms range from 12 to 60 months based on the amount borrowed. For example, a $4500 loan paid in 36 monthly installments is $234.98 per month based on a 46.90% APR (Annual percentage rate).
How Money Mart Installment Loan Repayment Works?
The repayment process is very easy and flexible in Money Mart. Each payment will be automatically deducted from your bank account, so you will never have to worry about missing a payment.
If you prefer to pay in-store, this must be done at least three business days before the due date.
If somehow you got extra money You can make additional payments at any time and you can pay off your loan early without any early pay-off penalties or fees.
Money Mart Payday Personal Loans
A Payday is also called a Payday advance or Cash Advance loan. It is a small short-term loan generally paid back around the time of your next paycheque.
A payday loan from Money Mart is a quick and easy way to get money when you’re having any financial emergency.
Get the amount that you need today and pay back the amount borrowed plus a flat fee on your next payday.
Money Mart offers payday loans from $120 – $1500.
| NOTE: Not available in Newfoundland and Labrador, New Brunswick, Prince Edward Island, Yukon, Northwest Territories, or Nunavut. |
Money Mart Payday Loan Requirements
- Be 18 years old or older
- Valid Photo ID
- A chequing account
- A steady source of income.
- Most recent pay slip (not older than 30 days), or other proof of income.
- A bank statement which shows the last 2 direct deposits from your qualifying income source and the bank account number.
| NOTES: Additional documents may be required. Manitoba residents are required to provide proof of income for the most recent pay period and the full prior month. Age requirements may vary by province. |
Features of Money Mart Payday Personal Loans
- Get a payday loan up to $1500 within 2 hours.
- Apply online or at one of the Money Mart stores.
- Transparent and flat-rate fees.
- A Cash Advance loan or payday must be repaid by your next payday.
How to Apply for Money Mart Payday Loan?
You can apply for a Money Mart loan using 2 methods.
Method 1: Applying Online
- Visit Money Mart Official Website or you can register and Login to the Money Mart Mobile App.
- Select your Province and then click on the Apply button.
- On the next screen enter your personal details like your name, valid email address,your phone number etc. and click on the Next button.
- Follow the instructions further and apply for the Money Mart personal Installment Loan.
Method 2: Apply in a Money Mart Store
Apply at a nearby Money Mart store. find your store by clicking here
How Does a Money Mart Online Payday Personal Loan Work?
The steps are pretty simple and easy. just follow the steps below mentioned.
- Create a Money Mart account with your details like contact, employment and bank account information. If you are applying via Money Mart store fill the application form manually.
- Submit your application and get an instant lending decision in a minute.
- If approved, select the amount of money you’d like to borrow.
- Review and electronically sign your loan documents online.
- Choose to pick up your funds at a Money Mart store, or get your funds transferred directly into your bank account within 2 hours.
Money Mart Payday Loan Interest Rates
How much does money mart charge for a payday loan?
It varies from province to province. check below for your province.
| Provinces | Interest Charges |
|---|---|
| British Columbia | $15 per $100 borrowed |
| Alberta | $15 per $100 borrowed |
| Saskatchewan | $17 per $100 borrowed |
| Manitoba | $17 per $100 borrowed |
| Ontario | $15 per $100 borrowed |
| Nova Scotia | $19 per $100 borrowed |
| Prince Edward Island | $15 per $100 borrowed |
| Newfoundland and Labrador | $21 per $100 borrowed |
How Money Mart Payday Loan Repayment Works?
You will need to repay the full principal and fees on your next payday. When your scheduled payment is due, the money will be auto-debited from your chequing account. Money Mart will notify you of any failed payment.
Loans originated online are repaid by pre-authorized debit from your chequing account.
If you choose to pay in-store, you must pay at least three business days before the due date.
Money Mart Small Business Loans
Small business loans provide small and medium businesses with the working capital you need to secure or increase your inventory, fix or buy new equipment, launch effective marketing campaigns, carry out renovations, or expand your business to new locations.
Small Business Loan has its own repayment schedule and requires that you pay a fixed interest rate and principal.
| NOTE: Money Mart is in Partnership with thinking capital to provide Small business loans to Canadian citizens. As Thinking Capital will be a lender the services or products may vary based on the provinces. |
Features of Money Mart Small Business Loans
- Fast and Flexible Access to Funds.
- High Level Security to your data all the times.
- Dedicated Online and Offline Support 24/7.
- Repayment Plans is very flexible. you can pay daily, weekly, or bi-monthly payments.
- Get funds in as fast as within 48 hours.
- Get a credit decision quickly with no delaying.
- New customers can qualify for up to $300000 in minutes. while existing customers can get up to $500000.
Money Mart Small Business Loans Requirements
- Your business should be Canadian-based.
- You should be in business for at least 6 months.
- your average monthly sales should be greater than $7000.
Money Mart Small Business Required Documents
- New Customers: CRA documents will be required. Site visits will be required in most of the cases.
- Existing Customers: A site visit and CRA documents may be asked.
CRA = Canada Revenue Agency that provides proof of income statement.
Reasons to Take Small Business Loans
There are various reasons to opt for small business loans. check out a few of them mentioned below.
- Extra cash flow to cover he company daily, monthly or yearly expenses
- Upgrading or repairing your business equipment.
- Securing inventory and stocking up on inventory or raw materials.
- Renovating or upgrading your store.
- Moving your business to a new location
- Hiring or training new employees.
- Launching a new marketing or ad campaign.
- Paying off existing or overdue taxes.
- Paying supplier invoices in full.
- Purchasing or financing company vehicles.
How to Apply for Money Mart Small Business Loans?
You can apply for a small business loan by two methods.
Method 1: Applying Online
- Visit Money Mart Official website and choose Small Business Loans under Loans drop-down.
- On the next page click on the Apply Now button.
- Next, a new page will open of thinking Capital. Click on Get Started button.
- On the new page enter your personal details like name, business name, phone number, email etc. create your password and click on Get Started to set up your account.
- You may need to connect your business account to check the cashflow.
- Follow the instructions to proceed further.
Method 2: Applying in Money Mart Store
Apply by visiting a nearby Money Mart store. find your store by clicking here
Money Mart Small Business Loan Interest Rate
You can Consider Money Mart Loan is a fixed loan, and any has its own repayment schedule and requires you to pay a fixed interest rate and principal.
You will get a clear picture of the interest rate at the time of applying for a small business loan.
How does Small Business Loan Repayment Works?
A Thinking Capital Small Business Loan is considered a fixed loan, which includes specific terms and conditions.
You have to pay the fixed interest rate and principal as per your preferred repayment schedule on the borrowed amount.
These requirements differ from a traditional bank’s small business loan, where repayment is based on a minimum balance or the interest on outstanding balances only.
Money Mart Loan Agreement
The loan agreement is a contract between you and the Money Mart. you have to sign it generally before getting the fund to your bank account.
The loan agreement fully explains the terms and conditions of the loan. Based on the loan agreement you need to repay the loan.
It is important that you read and understand the terms and conditions of the agreement.
Money Mart Loan Extension
Generally, a Loan extension means that your repayment term will be extended as per the Money Mart terms & Conditions.
How Does the Money Mart Loan Extension Work?
It depends on the provinces how loan extension will work. so you must qualify first and then you must belong to these provinces.
Who qualifies?
- In Alberta, all customers will receive a Cash Advance repayable in installments.
- In British Columbia, customers taking their third Cash Advance in 62 days will qualify for an extended payment plan.
- In Ontario, customers taking their third Cash Advance in 63 days will qualify for an extended payment plan.
How many installments will I have?
- The number of installments will depend on your pay frequency.
- If you are paid semi-monthly or more frequently, you will have the opportunity to repay your loan in equal payments over 3 pay periods.
- If you are paid monthly or less frequently, you will have 2 pay periods to repay your loan.
How do Money Mart Loan Extension Work for Online Loan?
Option 1:
Repay your loan in equal payments over your next two or three paydays. The payments will be deducted from your chequing account on each of your next two or three paydays.
You will not be able to apply for another loan until all payments have cleared your account.
Option 2:
You always have the option to repay your loan in full in one payment. This payment will need to be made by cash or debit at a Money Mart store at least three business days prior to the due date.
You will be able to apply for another loan right away.
| NOTE: Repayment may span four paydays depending on timing and pay frequency. |
Money Mart Customer Contact Details
| Customer Contact Details | Number/Address/Email |
|---|---|
| Customer Care Number | 1-800-361-1407 |
| Titanium + Prepaid Master card customer care number | 1-866-914-5863 |
| Money Mart Head office Address | 74 Swedesford Rd., Suite 150, Malvern, PA 19355 |
Conclusion
In this article, we have discussed How to Get a Personal Loan from Money Mart Online | Money Mart Loans Reviews.
Money Mart is a great loan financial solution provider. It has every type of loan for individuals ranging from a Payday loan, personal loan to a Small business loan.
You can apply for a loan with Money Mart by visiting the lend direct store or Online.
If you have any questions related to the Money Mart you can call its customer care number and your queries will be addressed.
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FAQs
No, It is not a bank. It’s a financial loan provider.
yes, of course, you can pay off early if you have the extra money with you. It will save you money by paying less interest.
The transfer of funds depends on the transfer mode you have selected. check below.
Instant Funding: 15 minutes
Interac e-Transfer: within 2 hours
Direct Deposit: 1-2 business days
If you want to get a $15000 loan, you can go for a Money Mart Installment loan.
Yes, Money Mart makes your repayment easier by auto debiting the installment loan amount each month directly from your bank account.
Yes, It has a mobile application for both Android and iPhone.
