Money Mart

Smarter Loans Expert Review for Money Mart

Reviewed by: Vlad Sherbatov, Personal Finance Analyst at Smarter Loans

Our Take

Money Mart is one of the most recognizable names in Canada’s alternative financial services space. Operating since 1982 with more than 500 physical locations nationwide, it has built its reputation on accessibility and breadth. Unlike many single-product lenders, Money Mart offers a wide range of financial services, including installment loans, cash advances, cheque cashing, money transfers, prepaid cards, and lines of credit.

From a lending perspective, Money Mart sits firmly in the non-prime category. Its personal installment loans and cash advances are designed for Canadians who may not qualify for traditional bank credit and need reliable access to funds with minimal barriers. The combination of online access and in-store support gives it a level of reach and familiarity that few competitors can match.

Money Mart’s strength is not low cost. It is convenience, availability, and choice, all backed by decades of operating history.

Who Money Mart Works Best For

Money Mart works best for Canadians who need access to credit or financial services quickly and value the option of in-person support. Borrowers with steady income who may have limited or challenged credit often turn to Money Mart when banks are not an option.

The installment loan product is more suitable for borrowers who need structured repayments over time, such as for larger expenses or debt consolidation. The cash advance product is geared toward short-term needs and should be used cautiously and infrequently.

Money Mart may be less appropriate for borrowers with strong credit who qualify for lower-cost bank loans, or for anyone seeking long-term, low-interest financing.

What We Like

Accessibility is Money Mart’s biggest advantage. With hundreds of locations across Canada, borrowers can speak to someone face to face, which is reassuring for those who are uncomfortable with fully digital lenders.

We also like the range of services under one roof. For some Canadians, having loans, cash advances, cheque cashing, and money transfer services available through a single provider simplifies their financial life.

Transparency around loan structure is another positive. Installment loans come with fixed terms and regular automatic payments, which helps borrowers understand their obligations and plan accordingly.

Where Money Mart Could Improve

Cost is the most significant drawback. Interest rates on installment loans are typically in the mid-thirties, and cash advances can be expensive depending on province-specific regulations. Borrowers should carefully review the total cost of borrowing before committing.

The experience can also vary by location. While the national brand is consistent, customer service quality may differ from branch to branch.

Finally, Money Mart loans are not designed to build credit in a meaningful way. While they provide access, they do not necessarily help borrowers move toward lower-cost credit products over time.

Is Money Mart Right For You?

Money Mart can be a practical option if you need access to funds quickly, value in-person service, and understand the cost of non-prime lending. Its installment loans are generally a better choice than repeated short-term cash advances when larger amounts are needed.

However, it should not be the first choice for borrowers who qualify for bank or credit union loans. Money Mart is best viewed as a fallback or bridge when traditional credit is unavailable.

Used carefully and with a clear repayment plan, Money Mart provides a familiar and accessible solution for Canadians who need financial support outside the mainstream system.

Alternatives to Money Mart

• easyfinancial
• Mogo
• Spring Financial
• MDG Financial – Expert Review, Ratings & Alternatives
• Loan Away