They currently have more than 500 service locations and employ over 2,000 Canadians across the country. They also have a modern website where you can apply for any of their financial services. Money Mart is a legitimate lending company with more than 30 years of experience in the financial industry.
In this review, we will take a closer look at installment loans offered by Money Mart and what you should expect when you apply for one.
What are Installment Loans?
An installment loan is a loan that is paid back in a series of payments. It is a form of an unsecured loan, which means that there is no collateral required to secure the loan. It is also a short-term loan that is typically paid back within a few months. Installment loans are a popular form of short-term credit because they are easy to apply for, and have a quick approval process.
Installment Loans Offered by Money Mart
Money Mart offers an installment loan ranging from $1,000 to $15,000 that can be funded on the same day you apply. Their interest rate is between 19.90% up to 46.90%. They have a repayment term of 12 to 60 months and various payment frequencies such as weekly, bi-weekly, monthly, and semi-monthly. Payments will be automatically debited from your bank account, and you can apply for a loan both in-store and online.
Pros & Cons – Applying for Installment Loans at Money Mart
Here are the main advantages of applying for an installment loan at Money Mart:
Advantages
- Quick and Easy Application: The loan application is relatively simple and is available online or in person. Approval can be as fast as 15 minutes.
- Fast Funding Available: Loans will be deposited in your account in as little as two hours upon loan application approval.
- Numerous Locations: Apart from the convenience of applying online, Money Mart has hundreds of service points all over Canada’s major cities and regions.
- Bad Credit Accepted: Money Mart doesn’t mind if you have a low credit score as long as you have sufficient monthly income.
- Unsecured Loans: There is no need to risk losing any collateral or putting a cosigner in danger as Money Mart does not require any of it.
- No Prepayment Penalties: Unlike other lending companies, there is no extra charge for paying your loan debt ahead of schedule.
Disadvantages
- High Fees: Money Mart can charge high fees for their services. For instance, for every $1,000 you borrow, the fee is around $150.
- High-Interest Rates: Another downside to Money Mart is they charge very high-interest rates, which can go as high as 46.9%.
- Not Available in Every Province/Territory:
Although they have hundreds of service locations all over Canada, there are still locations and regions where they are not available. For example, money Mart does not operate in Quebec, Yukon, Nunavut, and Northwest Territories.
Money Mart’s Competitors
Fairstone
Fairstone offers installment loans of up to $30,000 with a repayment term of 6 months to 120 months and an interest rate of up to 39.99%.
514 Loans
514 Loans is another Canadian lender that offers short-term installment loans of up to $3,000. They charge an APR in between 22% to 32% and have a loan repayment term of up to 120 days.
Teka Loan
Teka Loan offers loans of up to $1000 with a repayment term of up to 90 days. They charge an APR of 23% and an interest rate of 1.74% per month if you fail to pay the loan on time.
Frequently asked questions
What are the eligibility requirements to qualify for an installment loan at Money Mart?
What are the requirements needed to apply for a Money Mart installment loan?
What expenses can I use my Money Mart installment loan to pay off?
Is it safe to take out an installment loan from Money Mart?
Why should you choose Money Mart?
Does Money Mart have good customer service?
The Bottom Line
With the increasing demand for online installment loans, Money Mart is definitely one of the top lending companies in Canada. They offer quick and easy loan applications and fast funding. Apart from their online services, they have hundreds of locations across the country, which makes it convenient for their customers to get their loans anytime and anywhere.
Piggyy
״The secret of happiness, is not found in seeking more, but in developing the capacity to enjoy less״ - Socrates
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