Money Mart
Money Mart Payday Boost offers instant loans with APRs between 34.56% and 34.95%. Borrow up to $1,500, with your first $300 interest-free for new clients.
About Money Mart Payday Boost
Money Mart’s Payday Boost stands out by offering new borrowers their first $300 free of fees or interest if repaid within 14 days. This is particularly useful for those facing sudden financial shortfalls.
The loans range from $100 to $1,500 with an annual percentage rate (APR) between 34.56% and 34.95%. For larger needs, installment loans up to $25,000 are also available, featuring flexible repayment terms up to 84 months.
One appealing feature is the ability to check eligibility online without a hard credit check, which won’t impact your credit score. Approval and funding are usually instant or within the same day.
Borrowers can apply online, through the Money Mart mobile app, or at their many branches across Canada. Convenience and speed are the main highlights here.
Optional add-ons, such as a Loan Protection Plan, provide peace of mind in situations like job loss or illness, though these extras come at an additional cost.
How to Apply for Money Mart Loans
Applying for a Money Mart Payday Boost is straightforward and user-friendly. Start by filling out a short online application, which takes just a few minutes.
Next, select your preferred bank account for direct deposit and review available loan options. Choose the amount you want to borrow and finalize your terms.
You’ll generally receive an instant decision, and if approved, your funds can arrive as quickly as within 15 minutes, 24 hours, or 1-2 business days, depending on your funding option.
Applicants can also choose the optional Loan Protection Plan during the application process for added security if needed.
No branch visit is required, but if you’d prefer, applications are accepted in-person at local Money Mart branches as well.
Pros of Money Mart Payday Boost
Money Mart Payday Boost offers instant access to emergency funds with approval decisions delivered rapidly, making it a solid choice for urgent needs.
Perhaps the strongest selling point is the offer for first-time borrowers to receive up to $300 without fees, provided the loan is repaid within 14 days.
Eligibility checks do not affect your credit score, which is beneficial for those who are credit conscious or have lower scores.
Multiple application choices—online, in-app, or in-branch—add to overall convenience and accessibility for customers nationwide.
Transparent fee structure and the option to add loan protection give borrowers control and flexibility over their expenses.
Cons of Money Mart Payday Boost
On the downside, APRs hover between 34.56% and 34.95%, which, while standard for payday loans, are still high compared to other personal loans.
The total repayment on a larger loan can be substantial, as seen in cost examples; this is something to weigh carefully before committing.
Loan Protection Plan could add significant cost to the overall borrowing if chosen and may not be needed by every applicant.
This product is best suited to short-term emergencies rather than ongoing financial issues, so repeated borrowing is not advised.
Finally, loan amounts are capped at $1,500 for Payday Boost, which may not fit everyone’s situation needing larger sums quickly.
Final Verdict: Who Should Consider This Loan?
Money Mart Payday Boost can be a useful and fast bridge for Canadians facing a short-term cash gap. The free $300 offer is especially attractive for first-time borrowers.
However, focus on borrowing responsibly, and factor in all terms and fees. This loan is ideal for emergencies, but careful consideration is needed due to the overall cost of borrowing.
