Money Mart
Get personal loans up to $25,000 with APR from 34.56%. Enjoy instant approval and borrow your first $300 with Payday Boost for free if eligible.
Money Mart offers personal loans from $100 to $25,000, with an APR ranging from 34.56% to 34.95%. Their Payday Boost option lets first-time borrowers get the initial $300 free of fees. Terms for installment loans can be as flexible as 6 to 84 months, allowing borrowers to select repayment schedules that suit their situation. No credit score impact occurs when you check eligibility or begin the application process. All these features make Money Mart a compelling choice for many Canadians who need fast access to funds.
How to Apply: Step-by-Step Overview
Applying for a Money Mart loan is quick and straightforward. First, complete a short online application to check eligibility, which does not affect your credit score. Next, select your preferred bank account and funding method from the available options. Review and confirm your details to finalize the loan request. Most applicants receive an instant decision, and if approved, cash can arrive within minutes or up to one or two business days. The entire process is designed for efficiency and convenience, minimizing delays.
Pros: What Makes It Stand Out
One major advantage is the no-fee, $300 initial Payday Boost for new users, making it a less expensive option if you qualify. Additionally, the application process is 100% digital and does not impact your credit score during qualification, which is reassuring for budget-conscious borrowers. Money Mart also provides flexible terms, allowing borrowers to tailor repayment schedules to their needs. Instant approval and quick access to funds make it suitable for emergency expenses or cash flow shortfalls.
Cons: What to Consider
The main drawback with Money Mart is the high APR, which is typical for short-term unsecured loans in Canada. Rates can approach 34.95%, leading to significant total interest if you borrow over longer periods or higher amounts. Also, not everyone may qualify for the best features, such as the free Payday Boost. There may be instances of technical difficulties in the online application, as noted in customer reviews, which could slow down the process for some users.
Final Verdict: Is Money Mart Right for You?
Money Mart is a reliable option if you need fast cash with a transparent, hassle-free application. Their instant eligibility check and no-fee offer for the first $300 stand out as key benefits for new users. However, potential borrowers should weigh the relatively high APR against the convenience and speed. For Quebec and other provinces, checking specific eligibility and terms is highly recommended. If you need instant approval and can repay quickly, Money Mart may be your best solution.
