Money Mart Review 2020 – READ THIS BEFORE Applying!

Are you looking for a payday loan and need the cash super-fast? If so, it might be worth considering Money Mart. Take note, the online lender facilitates loans to residents in just five US states. As such, if you’re not based in either California, Florida, Hawaii, Kansas, or Louisiana – you won’t eligible.

Nevertheless, those based in one of the aforementioned states will benefit from an application process that often results in same-day funding. Moreover, not only does Money Mart accept applications from those with a bad credit rating, but it’s reasonably transparent on its fees – at least in comparison to other payday loan lenders in the space.

If you are thinking about using the online lender for your short-term financing needs, we would suggest reading our Money Mart Review. Within it, we explore how much the lender charges, who is eligible, how the application process works, and more.

What is Money Mart?

Money Mart is an online financing platform that offers a range of credit products. Alongside check checking and cash advances, the lender facilities payday loans. As is the case with most payday loan providers active in the market- including that of key market rivals Viva Loans and CashUSA, Money Mart tailors its loans to those with bad credit. While this can be a vital lifeline in the event of a financial emergency, this will come with a hefty rate of interest.

Nevertheless,  if you have exhausted all other financing options, Money Mart is known to process applicants super-fast. In fact, if you’re approved for a payday loan in the morning, it’s likely that you’ll receive the funds later in the day. In terms of the fundamentals, the amount that you are able to borrow will depend on where you live.

For example, while those based in California are capped to just $255, Florida residents can borrow up to $500. These figures are based on state financing laws, as opposed to Money Mart implementing responsible lending practices. Regardless of how much you wish to borrow, loans must be taken out for less than one month. Once again, this limits the amount of interest that you will end up paying, which is good.

While we are on the subject of interest, the amount charged will also be dictated by the state that you reside in. However, this will average an interest charge of $10-$15 per $100 that you borrow. Although at first glance this might not sound like a lot, this does represent a sky-high APR rate. Moreover, if you make the mistake of failing to meet your repayment, expect to encounter additional fees.

Money Mart Vs bad credit short term providers, how does it compare?

Money Mart is an online-based credit services provider operating in California, Florida, Hawaii, Louisiana, and Kansas. It advanced payday loans and check cashing services without discriminating between good and bad credit borrowers. We compared the lender and its services with those of Speedy Cash, Advance America, and Check N Go short term online loan providers and highlighted their key features here:

How Does Money Mart Work?

If you’ve previously used an online payday loan lender, then you should know that the process at Money Mart is largely the same. To get the financing ball rolling, you will need to visit the Money Mart website, and click on the ‘APPLY NOW’ button. You will then need to enter the state that you live in, followed by a range of personal information. This will include your full name, home address, social security number, and date of birth.

You also need to state how long you’ve lived at your current address, and whether you own or rent.  The next stage of the application requires information on your financial standing. At the forefront of this is your income. You’ll need to provide your employment status, the name and address of your employer (if applicable), how much you earn after tax each month, and when you will next get paid.

Once you submit the application, Money Mart will then verify your details with third-party sources. If it is able to validate your personal information, and it believes you have the financial means to take out a payday loan, you’ll receive a pre-approval offer on-screen. This will dictate how much you can borrow, and what interest rate you’ll pay on the loan.

If you’re happy with the terms outlined, you will need to enter your checking account details. This is the account that you want the loan funds transferred into. Finally, you will then need to read through the digital loan agreement, taking particular to additional fees that might be charged. Once you’ve signed the agreement, Money Mart will proceed to transfer the loan funds into your checking account.

What Happens Once my Money Mart Loan is Funded?

As is the case with any payday loan company, your repayment terms will be explained to you during the pre-approval stage. As such, you’ll know exactly what you need to repay and when before you sign the digital loan agreement. In the vast majority of cases, you will need to repay the full amount in one hit. The repayment date usually falls in-line with the date that you get paid. This is to ensure that you repay the funds back as soon as you receive your salary.

You will have two options when you get around to repaying the money. Most borrowers will opt for an automatic debit agreement, which means that Money Mart will debit the funds from your checking account. This will ensure that you pay the money back on time. Alternatively, Money Mart also allows you to repay the money in one of its stores.

How Quickly Will I Receive my Money Mart Loan?

While APR rates will always be crippling at the lender, Money Mart does excel in the speed department. In fact, if you’re happy to collect the funds in-store, you’ll get paid within 15 minutes of arriving. That is, of course, on the proviso that you have already been approved for a loan. With that said, if you would prefer to have the cash deposited in your bank account, Money Mart typically offers same-day funding.

What Types of Loans Does Money Mart Offer?

The main product line offered by Money Mart is that of payday loans. However, the lender offers a number of other financing options, which we’ve outlined below.

✔️ Payday Loans

As noted above, the main financing option available at Money Mart is payday loans. You will be able to borrow a maximum of $500, which needs to repaid when you next receive your salary.

✔️ Cash Advance

A cash advance is a payday loan in all-but name. You will be able to borrow a few hundred dollars for a maximum of one month. The loan is taken out against your monthly salary, so you’ll need to repay the funds when you next get paid.

✔️ Cash Checking

Money Mart also offers traditional cash checking services. This might be useful if your salary is paid as a check, but you need to access the cash instantly. This could be a more sensible option than taking out a payday loan. Although you will be charged a percentage fee to cash the check, you will avoid taking out credit.

How Much do Money Mart Loans Cost?

The amount of interest that Money Mart charges on its payday will vary depending on a number of factors. As such, you won’t know your financing costs until you make an application. Don’t forget, you are under no obligation to proceed with a Money Mart loan once your pre-approval rates are displayed.

Nevertheless, here’s what Money Mart will look at when deciding how much interest to charge you.

❓The amount you need to borrow

❓How long you need to borrow the funds for

❓The US state that you reside in

❓Your debt-to-income ratio

❓Your current income

❓Your employment status

❓How you get paid

Although your specific rates will depend on the variables listed above, Money Mart does at the very least provide a few examples of typical charges – which we’ve covered below.

💸If you’re from Kansas, and you end up borrowing $100 from Money Mart, you will pay $15 in financing charges. The same loan structure would cost $14.99 in interest in Florida.

💸If you decide to use Money Mart to cash a check, the lender charges 3% of the check’s value, plus a flat fee of $2.99. As such, were you to cash a $1,000 paycheck, you would pay $32.99 in fees ($30 + $2.99).

💸If you were unable to repay your Money Mart payday loan back on time, the lender allows you to roll the loan over. However, this is where the fees start to jump up super quickly, so avoid the rollover option at all costs.

💸If you are forced to roll the loan over, you will also need to pay interest on the additional fees. This is why we would suggest setting up an electronic debit agreement. The funds will be debited from your checking account as soon as you next get paid.

Am I Eligible With Money Mart?

It will come as no surprise to learn that Money Mart is extremely flexible in who it lends money to. This is often the case with payday loan lenders, not least because loans are often targeted to those with bad credit. However, not everyone will be suitable for a Money Mart loan, so we’ve outlined the minimum eligibility requirements below.

Here’s what CreditNinja will look at when assessing your eligibility.

✔️ Steady Income

A steady income is required at Money Mart, as is the case with most payday loans. This is because you will need to repay the loan funds when you next get paid. However, a full-time job is not required per-say. On the contrary, Money Mart will also consider a steady income in the form of benefits or a pension.

✔️ Valid Bank Account

You will need to have a valid checking account to borrow funds from Money Mart.

✔️ State

Money Mart is licensed to service just 5 US states. To be eligible, you’ll need to live in one of the following locations:

• California
• Florida
• Hawaii
• Kansas
• Louisiana

✔️ Age

You will need to be aged at least 18 years old to apply for a loan at Money Mart.

✔️ Social Security Number

You will need to be a permanent US resident to qualify for a Money Mart loan. As such, you’ll need to provide your social security number.

Customer Service at Money Mart

Need to speak with a member of the Money Mart customer service team? Support is available on the following channels:

📱Phone: 1-800-361-1407

📧 Email: Online support form

💬 Live Chat: Yes

Money Mart does not state the times that its support team is operational. However, it’s likely to be seven days a week, which is in-line with its physical branches,

Money Mart: The Verdict

In summary, you should only take a payday loan out if you have exhausted all other financing options, and that you’re 100% confident you can afford to repay the money. With that said, if a payday loan is the only option at your disposal, Money Mart is well worth considering. Depending on the state you reside in, you’ll be able to borrow between $50 and $500. Although financing costs are high, Money Mart at the very least gives some examples of what you’ll likely pay.

We also like the fact that Money Mart funds its loans super-fast. If you’re approved in the morning, you’ll likely receive the money later that day. If you need the cash even faster, you can collect the money within 15 minutes of arriving at one of its stores. Ultimately, if you decide to obtain financing through Money Mart, just make sure that you have a firm grasp of the underlying APR rates.

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