What Do I Need For A Money Mart Payday Loan? Here’s what you need: You must be at least 18 years old, have a bank account, and a steady income.
Life happens and, sometimes, we all need cash quickly to cover unexpected expenses, such as car repairs or an unexpected bill. Money Mart is here to help with a payday loan – but what do you need to get one? Let’s take a look.
A payday loan is a small short term loan you can use to cover expenditure until your next payday. You can apply online and the decision to loan you the money is made almost straight away.
What Can a Payday Loan Cover?
Payday loans can help cover a variety of expenses. You may need money to fix your car, pay for a medical emergency, or an unexpected bill came up. However, keep in mind that payday loans are not meant to be a long-term solution for money problems.
Who’s Eligible for a Payday Loan?
To get a payday loan from Money Mart, you need to meet the following eligibility criteria:
Age: You must be 18 years of age or older to participate.
Bank Account: You will need a bank account.
Income: You must have a job or other source of income.
How Do I Apply for a Payday Loan?
Applying for a payday loan with Money Mart is easy. You can do it online or in person. Here’s how:
Online: Visit the Money Mart website and fill out the application form.
In Person: Go to any Money Mart location and apply in person.
Benefits of Money Mart Loans
If you decide to get a payday loan or an installment loan from Money Mart, they come with numerous benefits:
Easy Application: Apply online or in store, it takes just minutes!
Fast Approval: If approved, you could get your funds within 24 hours.
Easy Payout: You can access your money by dropping by, direct deposit, or Interac e-Transfer.
Unsecured Loans: There is no need to provide collateral with the equity you have on hand in your home or car.
Bad Credit Doesn’t Matter: As long as you have a steady income, you can usually get a loan.
No Fee for Early Repayment: You can repay your loan early without incurring additional fees.
Many Locations: Money Mart has more than 500 stores all across Canada.
Is Money Mart Legitimate?
Yes, Money Mart is a licensed lender. They are a member of the Canadian Consumer Finance Association and their website is verified by Entrust, a data protection company. Money Mart also has a customer service team that you can contact for any questions about your loan, either online, over the phone or in-store.
Money Mart’s e-Transfer Times
Money Mart processes and approves installment loan applications quickly. Here’s how fast you can get your money:
Interac e-Transfer: In most cases, 2 hours on business days and Saturdays, and next business day on Sundays and holidays.
Direct Deposit: 1-2 business days.
In-Store: Same-day cash or Interac e-Transfer.
If you’re in need of some quick cash to cover unexpected expenses, high-interest payday loans can be tempting. Although these short-term loans are convenient, they come at a cost – often averaging an APR (annual percentage rate) of 390%. This is why Money Mart and other similar payday lenders have grown so rapidly in the last decade and the industry now makes $10 billion each year.
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However, taking out a payday loan could do more harm than good for your finances long-term. There are many ways to access quick cash that won’t leave you on the hook for thousands of dollars over time.
What other services does Money Mart offer?
Besides payday loans, Money Mart offers other services:
Business Loans
Cheque Cashing
You can Transfer money online FREE of charge between two Titanium+ Prepaid Mastercard and we will even text you when the money is transferred:, simple straight forward banking.
Currency Exchange
Bill Payments
Things to Remember
Money Mart can lend you up to $15,000 fast, but these loans come with high-interest rates. Consider if taking out a loan is the right decision for you and if you can afford to pay it back on time.
So, should you get a payday loan from Money Mart? If you need money for an emergency and you can meet the requirements of a payday loan from Money Mart then it’s an option. You should always make sure that you know the terms of any loan that you take out and make sure that it is the right choice for your situation. It’s not a decision to be taken lightly.