Comprehensive Review of Money Mart's Loan Services in Canada
Money Mart Reviews and Ratings
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Money Mart, a prominent non-bank lender in Canada since 1982, offers various financial services, including installment loans and payday advances. While it provides quick access to funds, its high-interest rates and mixed customer feedback warrant careful consideration for potential borrowers.
- 01Money Mart offers installment loans ranging from $500 to $25,000 with an APR between 34.56% and 34.95%.
- 02The Payday Boost allows borrowing from $100 to $1,500, with a cost of $14.00 per $100 borrowed.
- 03Customer reviews on Trustpilot average 4 stars, praising the quick application process but highlighting issues with fees and customer service.
- 04The Better Business Bureau (BBB) gives Money Mart an F rating due to unresolved complaints.
- 05Money Mart's services include cheque cashing, currency exchange, and prepaid phone plans, alongside loans.
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Money Mart, established in 1982, operates over 350 branches across Canada, providing various financial services, primarily targeting borrowers with limited access to traditional banking. Its key offerings include installment loans ranging from $500 to $25,000 at an APR of 34.56% to 34.95%, and the Payday Boost, a short-term advance from $100 to $1,500 with a repayment cost of $14.00 per $100. While many customers appreciate the rapid application and funding process, reviews also reveal concerns about high borrowing costs and service quality, with the company receiving an F rating from the BBB for unresolved complaints. Money Mart's additional services include cheque cashing and currency exchange, making it a versatile option for urgent financial needs, albeit at a higher cost than traditional lenders. Potential borrowers should carefully assess their repayment capabilities and consider alternatives before applying.
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Money Mart's high-interest rates can significantly affect borrowers' financial situations, especially those relying on short-term loans.
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