easyfinancial Review 2026 – Payday Loans & Rates
Loan Amount
$500 - $45,000
APR Range
19.99% - 46.96%
Approval Time
24h
Loan Terms
- days
Money Mart is one of Canada's oldest and largest payday loan providers, operating since 1982 with over 400 retail locations and a growing online platform. They offer quick payday loans ($100-$1,500) with same-day approval and cash pickup, plus installment loans up to $15,000 at select branches. Money Mart is fully licensed in 8 provinces and regulated by FSRA (Ontario), AMF (Quebec), and Consumer Protection BC. While APRs are high (391-442%), they provide transparent pricing and flexible repayment options for Canadians needing emergency cash.
✅ Best For:
- • Emergency cash needs ($100-$1,500) with fast approval
- • Borrowers with bad credit or no credit history
- • Provinces: Ontario, Quebec, BC, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick
- • In-store pickup (immediate cash) or online e-transfer (1-2 hours)
About Money Mart Canada
Money Mart Financial Services Inc is Canada's largest payday loan provider, founded in Edmonton, Alberta in 1982. With over 40 years of operation, Money Mart has grown to 400+ retail locations across 8 provinces, serving over 2 million Canadians annually. The company is part of Dollar Financial Group, a publicly traded financial services corporation with operations in the UK and USA.
Money Mart specializes in short-term payday loans ($100-$1,500, repaid in 14-62 days) and installment loans ($1,000-$15,000, repaid over 6-36 months). They also offer cheque cashing, money transfers (Western Union), prepaid cards, and bill payment services. In 2015, Money Mart launched their online platform, allowing Canadians to apply for payday loans digitally with e-transfer disbursement in 1-2 hours.
As a licensed payday lender, Money Mart is regulated by provincial authorities: FSRA in Ontario, AMF in Quebec (with strict $650 max loan and 35% APR cap), Consumer Protection BC, and Service Alberta. All loans comply with the Criminal Code of Canada interest rate limits and provincial consumer protection laws. Money Mart must display total borrowing costs (APR) before loan signing and cannot charge more than $15 per $100 borrowed in Ontario.
Money Mart's business model targets Canadians with limited access to traditional bank credit: those with bad credit scores (below 600), self-employed individuals without paystub proof, new immigrants building Canadian credit history, and workers facing temporary cash flow gaps before payday. While payday loan APRs are high (391-442%), Money Mart provides transparent pricing, clear repayment terms, and customer support at 1-877-899-MART.
Loan Types Offered by Money Mart
💵 Payday Loans
- Amount: $100 - $1,500 (varies by province: Quebec max $650, others $1,500)
- Term: 14-62 days (typically your next payday)
- APR: 391-442% (Example: $500 for 14 days = $75-$90 fee, total $575-$590)
- Approval: 5-15 minutes online, 10-30 minutes in-store
- Disbursement: Immediate cash pickup or 1-2 hour e-transfer
- Requirements: Valid ID, active bank account, proof of income, age 18+ (19+ in BC/NS/NB)
📅 Installment Loans
- Amount: $1,000 - $15,000 (available at select locations)
- Term: 6-36 months (monthly payments)
- APR: 29.9-46.9% (lower than payday loans due to longer terms)
- Approval: 30 minutes - 2 hours (requires income/employment verification)
- Disbursement: Same-day or next business day via direct deposit
- Requirements: Credit check (soft pull), proof of employment, 3 months bank statements
⚠️ Cost Comparison:
Payday loans cost more per day but less total for short borrowing. Example: $1,000 payday loan for 14 days = $150 fee vs $1,000 installment loan for 12 months = $310 total interest. Use payday loans ONLY for true emergencies (car repair, medical bill) that you can repay quickly. For larger amounts or longer terms, installment loans are cheaper.
How to Apply for Money Mart Loan
Choose Application Method
Online: Visit moneymart.ca, click "Apply Now", create account with email and password. In-Store: Find nearest location using store locator, bring required documents, speak with agent.
Complete Application Form
Provide: Full name, date of birth, address, phone number, email, SIN (optional for payday loans), employment details, monthly income, bank account information. Upload or show: Government ID (driver's license or passport), proof of income (recent paystub, bank statement, or pension letter), void cheque or bank statement (for account verification).
Instant Decision
Money Mart reviews application immediately. Online: 5-15 minutes. In-store: 10-30 minutes. They perform soft credit check (doesn't affect score) and verify income/bank account. First-time borrowers typically approved for $300-$500. Repeat customers with good repayment history qualify for higher amounts ($1,000-$1,500).
Review & Sign Agreement
Read loan agreement carefully: total borrowing cost, APR, repayment date, fees (NSF, extension). In Quebec, mandatory 2-day cooling-off period before signing. In other provinces, sign immediately if you agree. Set up pre-authorized debit for automatic repayment on due date (recommended to avoid late fees).
Receive Funds
In-Store: Immediate cash pickup or cheque. Online: E-transfer sent within 1-2 hours during business hours (Mon-Sat 9am-6pm local time). Sunday applications processed Monday morning. Funds deposited directly to your bank account. Total time from application to money in hand: 1-2 hours online, immediate in-store.
Where is easyfinancial available?
easyfinancial serves all Canadian provinces and territories
Money Mart Loan Cost Example
📊 Representative Example: $500 Payday Loan (14 days)
| Loan Amount | $500.00 |
| Term | 14 days |
| Borrowing Cost (Fee) | $82.50 |
| APR | 430.0% |
| Total Repayment | $582.50 |
*Based on Ontario rates: $15 per $100 borrowed. Actual cost varies by province. Quebec: Max 35% APR cap ($500 for 14 days = ~$6.70 fee). Always review your loan agreement for exact costs before signing.
📊 Representative Example: $5,000 Installment Loan (12 months)
| Loan Amount | $5,000.00 |
| Term | 12 months |
| Monthly Payment | $484.00 |
| Total Interest Paid | $808.00 |
| APR | 29.9% |
| Total Repayment | $5,808.00 |
*Assumes 29.9% APR with equal monthly payments. Monthly payment includes principal + interest. Early repayment allowed without penalty.
Eligibility Requirements & Documents
✅ Basic Requirements
- • Age 18+ (19+ in BC, Nova Scotia, New Brunswick)
- • Canadian citizen or permanent resident
- • Active bank account in your name (3+ months old)
- • Regular income source (employment, pension, disability, EI)
- • Valid Canadian address (no P.O. boxes)
- • Working phone number and email
📄 Required Documents
- • Government-issued photo ID (driver's license or passport)
- • Proof of income (recent paystub, bank statement, or pension letter)
- • Void cheque or bank statement (account verification)
- • Proof of residence (utility bill, lease, or property tax bill)
- • SIN card (optional for payday loans, required for installment loans)
💡 Bad Credit Accepted:
Money Mart approves loans for borrowers with bad credit (scores below 600) or no credit history. They perform soft credit checks (doesn't affect your score) but focus more on current income and bank account activity. No minimum credit score required. However, bad credit may limit your initial loan amount to $300-$500 instead of the maximum $1,500. After successful repayment, your limit increases regardless of credit score.
Advantages & Disadvantages of Money Mart
✅ Advantages
- ✓ Fast approval: 5-15 minutes online, 10-30 minutes in-store with instant cash pickup
- ✓ Bad credit accepted: No minimum credit score, soft credit check only
- ✓ 400+ retail locations: In-person service across 8 provinces for cash pickup
- ✓ Online platform: Apply from home, get e-transfer in 1-2 hours
- ✓ Fully licensed: 40+ years in business, regulated by FSRA, AMF, Consumer Protection BC
- ✓ Transparent pricing: All costs disclosed upfront, clear loan agreements
- ✓ No early repayment penalty: Pay off loan anytime to save on interest
- ✓ Installment loan option: Up to $15,000 with 29.9-46.9% APR (lower than payday loans)
❌ Disadvantages
- ✗ Very high APR: 391-442% on payday loans (expensive for long-term borrowing)
- ✗ Low maximum amounts: $1,500 max payday loan (Quebec: $650 max)
- ✗ Short repayment terms: 14-62 days for payday loans (must repay quickly)
- ✗ NSF fees: $40-$50 charged if payment bounces
- ✗ Limited provinces: Not available in PE, NL (payday loans only in 8 provinces)
- ✗ Pre-authorized debit required: Must allow automatic withdrawal from bank account
- ✗ Collections for defaults: Unpaid loans reported to credit bureaus, sent to collections
- ✗ Debt cycle risk: Easy to borrow repeatedly, leading to long-term debt trap
Alternatives to Money Mart
Money Mart is best for emergency payday loans, but consider these alternatives if you need lower APRs or different loan types:
easyfinancial – Lower APR Installment Loans
$500-$45,000 installment loans with 19.99-46.96% APR and 6-60 month terms. Better for larger amounts or longer repayment. Available in 10 provinces (ON, QC, BC, AB, MB, SK, NS, NB, NL, PE). Credit check required but bad credit accepted.
Fairstone – Traditional Installment Lender
$500-$40,000 personal loans with 9.99-29.99% APR (lower than Money Mart). 6-48 month terms, 48-hour approval. Requires credit check and proof of income. Best for borrowers with fair credit (600+) needing larger amounts.
Cash Money – Competing Payday Lender
$100-$1,500 payday loans with similar rates (391-456% APR) but available in 8 provinces including NL. 2-hour approval, e-transfer or in-store pickup. Good alternative if Money Mart denies your application.
Credit Union Emergency Loan – Community-Based Alternative
Many Canadian credit unions offer emergency loans ($500-$5,000) with 18-24% APR for members. Requires membership (usually free or $5), credit check, and proof of income. Slower approval (2-5 days) but much cheaper than payday loans.
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Read article →Expert Recommendation
Rostislav Sikora
Canadian Lending Specialist | 15+ Years Experience
Money Mart is one of the most reliable payday loan providers in Canada, with 40+ years of operation and full regulatory compliance. Their APRs are high (391-442%) but transparent, and they don't hide fees in fine print. If you need emergency cash ($100-$1,500) within 1-2 hours and can repay within 14-30 days, Money Mart is a solid choice—especially for borrowers with bad credit who can't qualify for bank loans.
However, payday loans should be a last resort. Before applying, exhaust these options first: (1) Ask family/friends for a small loan, (2) Negotiate payment plans with creditors (utility companies often allow extensions), (3) Use a credit card cash advance (usually 19.99% APR, cheaper than 391%), (4) Apply for a credit union emergency loan (18-24% APR), (5) Sell items you don't need.
If you do use Money Mart: (1) Borrow only what you absolutely need (don't max out your limit), (2) Repay on time or early to avoid NSF fees and credit damage, (3) Don't roll over or renew (this doubles your debt), (4) Switch to installment loans if you need more than $1,500 (29.9% APR is much cheaper than 391% APR).
My rating: 8.4/10 for payday loans (fast, reliable, transparent) but 5/10 for cost (very expensive). Use Money Mart for genuine emergencies only, and always have a repayment plan before borrowing.
Frequently Asked Questions – Money Mart Canada
What is the maximum loan amount at Money Mart Canada?
Money Mart offers payday loans from $100 to $1,500 across Canada. The exact maximum depends on your province: Ontario allows up to $1,500, Quebec limits to $650, BC up to $1,500, and Alberta up to $1,500. First-time borrowers typically qualify for $300-$500. After successful repayment, your limit increases. Money Mart also offers installment loans up to $15,000 at select locations with longer repayment terms (6-36 months).
What is Money Mart's APR and total cost?
Money Mart charges 391-442% APR on payday loans. Example: Borrowing $500 for 14 days costs approximately $75-$90 in fees (total repayment $575-$590). For a $1,000 loan repaid in 30 days, expect $150-$180 in interest and fees (total $1,150-$1,180). Installment loans have lower APRs (29.9-46.9%) but longer terms. Always review the loan agreement for exact costs before signing.
How long does Money Mart take to approve and disburse funds?
Money Mart approval is typically instant (5-15 minutes) for online applications. In-store applications are approved within 10-30 minutes. Funds are available immediately for in-store pickups. Online loans are deposited via e-transfer within 1-2 hours during business hours (Mon-Sat 9am-6pm local time). Sunday applications are processed Monday morning. Total time: 1-2 hours for online, immediate for in-store.
Can I get a Money Mart loan with bad credit in Canada?
Yes, Money Mart approves loans for borrowers with bad credit. They perform soft credit checks through Equifax or TransUnion but focus more on income verification and bank account history. No minimum credit score is required. However, bad credit may limit your initial loan amount to $300-$500 instead of the maximum $1,500. After on-time repayment, limits increase regardless of credit score.
What are the requirements to get a Money Mart loan?
Requirements: (1) Age 18+ (19+ in BC, NS, NB), (2) Canadian citizen or permanent resident, (3) Valid government-issued ID (driver's license or passport), (4) Active bank account in your name for 3+ months, (5) Regular income (employment, pension, disability, EI), (6) Proof of income (recent paystub, bank statement, or pension letter), (7) Proof of residence (utility bill, lease agreement). Pre-authorized debit required for repayment.
How do I repay a Money Mart loan in Canada?
Repayment options: (1) Pre-authorized debit – automatic withdrawal from your bank account on due date, (2) In-store payment – cash or debit at any Money Mart location, (3) Online payment – through Money Mart website using Interac, (4) Manual bank transfer. Repayment is due on your next payday (typically 14-30 days). You can repay early without penalty. Late payments incur NSF fees ($40-$50) and may affect future loan eligibility.
Is Money Mart legitimate and regulated in Canada?
Yes, Money Mart is fully legitimate and regulated. Licensed as a payday lender in all operating provinces (ON, QC, BC, AB, MB, SK, NS, NB). In Ontario, licensed by the Financial Services Regulatory Authority (FSRA). In Quebec, subject to AMF and Consumer Protection Act (max $650 loans, 35% APR cap). Money Mart has operated in Canada since 1982 (40+ years). Parent company Dollar Financial Group is publicly traded. Over 400 retail locations nationwide.
What happens if I can't repay Money Mart on time?
If you can't repay on time: (1) Contact Money Mart immediately – they may offer a 1-time extension with a small fee ($20-$40), (2) NSF fees apply if payment bounces ($40-$50), (3) After 7 days, loan goes to collections and affects your credit score, (4) Collections agency may contact you, (5) Unpaid loans are reported to credit bureaus (stays on record for 6 years). In Ontario, maximum 2 rollovers allowed; Quebec prohibits rollovers entirely.
Can I have multiple Money Mart loans at the same time?
No, Money Mart policy allows only ONE active payday loan per customer across all locations. You must fully repay your current loan before applying for a new one. However, you may have separate installment loans and payday loans simultaneously (if you qualify). Provincial regulations also limit multiple loans: Ontario prohibits having 2+ payday loans from different lenders. Check provincial laws before applying to other lenders.
Does Money Mart offer loans in Quebec?
Yes, Money Mart operates in Quebec under strict provincial regulations. Quebec limits: Maximum $650 loan amount (vs $1,500 in other provinces), APR capped at 35% (vs 391-442% elsewhere), mandatory 2-day cooling-off period before signing, maximum 62-day term. Fees: $0.38 per $100 borrowed per day (total $650 loan for 62 days = ~$154 in fees). Quebec residents also get extended repayment plans without additional fees if facing hardship.
Legal & Compliance Information
Provincial Licensing
Money Mart is licensed as a payday lender in all operating provinces:
- • ON: Financial Services Regulatory Authority (FSRA)
- • QC: Autorité des marchés financiers (AMF)
- • BC: Consumer Protection BC
- • AB: Service Alberta
- • MB: Consumers Protection Office
- • SK: Financial and Consumer Affairs Authority (FCAA)
- • NS: Service Nova Scotia
- • NB: Financial and Consumer Services Commission (FCNB)
- • NL:
- • PE:
Privacy & Data Protection
Money Mart complies with PIPEDA (Personal Information Protection and Electronic Documents Act) and provincial privacy laws. Your personal information (name, SIN, bank details, income) is encrypted using 256-bit SSL and stored securely. Money Mart may share your data with: (1) Credit bureaus (Equifax, TransUnion) for credit checks, (2) Collections agencies if loan defaults, (3) Parent company Dollar Financial Group for internal operations. You can request data deletion by contacting privacy@moneymart.ca.
Responsible Lending
Money Mart is required by law to assess your ability to repay before approving loans. They must verify your income and cannot lend more than 50% of your net paycheck in Ontario, or $1,500 total (whichever is lower). In Quebec, maximum loan is $650 regardless of income. Money Mart must also display total borrowing cost (APR) prominently in loan agreement and provide a copy for your records. You have the right to cancel your loan within 2 business days in most provinces without penalty.
Contact Money Mart Canada
📞 Customer Support
- Phone: 1-877-899-MART (6278)
- Hours: Mon-Fri 9am-8pm, Sat 10am-6pm (local time)
- Email: customerservice@moneymart.ca
- Website: moneymart.ca
🏢 Head Office
Money Mart Financial Services Inc1600 – 421 7th Avenue SW
Calgary, AB T2P 4K9
Canada
📍 Find a Location
Money Mart has 400+ retail locations across Canada. Use their store locator to find the nearest branch with address, phone, hours, and services offered (payday loans, installment loans, cheque cashing, Western Union).
⚠️ Responsible Lending Warning
Payday loans are expensive credit intended for short-term emergency use only. APRs of 391-442% mean a $500 loan costs $82.50 in fees for just 14 days. Borrowing repeatedly or rolling over loans creates a debt cycle that can lead to financial hardship.
Before applying: (1) Explore all alternatives (family loans, payment plans, credit unions, credit cards), (2) Borrow only what you can repay on your next payday, (3) Never roll over or renew payday loans, (4) Seek free financial counseling if struggling with debt.
Free credit counseling: Financial Consumer Agency of Canada (FCAC) | Credit Counselling Canada | Provincial consumer protection offices
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