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3 User Reviews
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LAST UPDATED: October 20th, 2021

Money Mart is a financial services company founded in 1982 in Edmonton, Alberta, Canada and owned by Dollar Financial Group, which also owns The Check Cashing Store. The company offers payday lending in ten states, working with borrowers who have poor or bad credit needing a short-term financial boost.


Money Mart offers in-store payday options in Alaska, California, Florida, Hawaii, Kansas, Louisiana, Missouri, Oklahoma, Virginia, and Washington. It offers online payday loan options in California, Hawaii, Kansas, and Louisiana. Loan amounts, repayment terms, fees, and interest rates vary based on your location.


The company also offers other services, including money transfers, check cashing, and Momentum prepaid debit cards.

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The Good

  • Transparency
  • Application Requirements
  • Extended Payment Plan

Transparency

Money Mart is upfront about the finance charges customers must pay for their loans. Right on the main payday loan page, you can select your state and use a tool to see what fees would be for the amount you need to borrow.

Application Requirements

Borrower requirements are on-par with other similar lending companies. To fill out a loan application, you must be 18 years old, have a valid checking account, and proof of income, as well as a government-issued photo ID. Applications can be filled out in the store or online in the applicable states.

Possible Extended Payment Plan

If you are coming up on your payment due date, and you are not going to be able to make your full repayment, you can contact the store to see if your state allows for an extended payment plan.

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The Bad

  • Previous Litigation

Previous Litigation

Money Mart has been involved in a couple of lawsuits in Canada regarding its interest rates. Both were settled out of court: one in 2009 and one in 2010.

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The Bottom Line

As with all short-term lenders, the cost of borrowing can be high, especially if you can't pay on time. This is meant to be a short-term loan. If you are unable to repay in full according to your initial loan agreement, your debt can grow exponentially, negatively affecting your credit.


With that being said, Money Mart's fees are not out of the ordinary, as they are set by your location. The company’s up-front financial information is helpful and its loan application is easily filled out.

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Jim Toronto, ON

I wasn't happy with the Bank's currency exchange so I thought I'd ask Money Mart for the best way to exchange currency without getting ripped off They said Western Union was the best option. Because after the transaction fee I would get "the exact exchange rate" So I trusted them, got my affairs in order and sent the money via Western Union... When the money came through it turns out they charged 25% for the exchange rate on top of the fee I questioned it and Money Mart said the exchange rate can change every 10min and that Western Union set their own exchange rate... I would of never used WU if they told me this! That's really important information to leave out! Why did they suggest WU as the "best option" knowing this information? I then said I'd rather have the money picked up by the sender and send it another way. Money Mart said the money had already been sent, hence they would need to charge another transaction fee and another exchange fee for me to have the sender pick up the money they sent Then they told me to ring the Western Union number if I have a problem with that. I explained I was lied to in store by Money Mart, not WU. Thus I feel this is a MM issue MM refused to take any responsibility! All I wanted was for them to admit they lied, "miss communicated" or forgot vital information and help me get a full refund from WU Later I rang Western Union to explain. They basically said "too bad!". I told them I was lied to by their customer representative... They told me I can't prove that. WU has almost 85% negative reviews in the past 12 months. I don't understand why Money Mart associate with them, let alone actually recommend them as the "best option" I am of the opinion that Western Union is not to blame here. The Money Mart employee who left out the vital information is to blame A QUARTER OF ALL THE MONEY I HAVE IN THIS WORLD... just disappeared because of this lack of information How would you feel if a quarter of everything you have is gone. Because you seeked advice from a finical institution which failed to tell you vital information!?

5 days ago

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Hackster Boy Santa Rosa, CA

These people are the worst online lenders. My loan cleared last Friday and this Friday..a week later still have not approved a new loan and they won't extend any days on a existing loan. It's was a mistake dealing with this company. You can't even speak to a decent representative of the company! They give you different numbers to call and you end up completely frustrated. How they survive is beyond my comprehension!

3 months ago

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Michelle Chappelle-Toala Brampton, ON

I would have to say Money mart is a terrible business especially in times like these where people are not working. They are not wiling to negotiate, interest rates remain the same no matter what your circumstance. Everywhere else companies are willing to be feasible try and makes things less stressful, not this business. I cannot wait to pay these people the rest of their money. |Highway robbery for sure!!!

1 year ago

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