Money Mart Reviews and Ratings

Money Mart Canada logo

Money Mart is one of Canada’s longest-running non-bank lenders. The company has more than 350 branches and has served borrowers across the country since 1982. Many Canadians search for “money mart reviews” before applying for a loan. A clear and balanced look at the company’s products is especially useful for anyone considering borrowing.

Getting fast cash in Canada can feel stressful. Banks have strict approval standards, and credit unions take several days to process applications. Non-bank lenders like Money Mart fill that gap for borrowers who have limited options. The convenience usually comes with a higher cost than traditional banks charge.

This article breaks down Money Mart’s installment loans, Payday Boost advances and Optional Loan Protection Plan. It also looks at customer feedback from Trustpilot, the Better Business Bureau (BBB) and Reddit. By the end of this review, readers should have enough information to decide whether Money Mart fits their financial needs.

What is Money Mart?

Money Mart homepage

Money Mart operates under the National Money Mart Company brand. It has been in the Canadian financial services market since 1982. The company runs more than 350 branches across the country. Its main customer base consists of borrowers who have limited access to traditional bank lending.

Beyond loans, Money Mart offers cheque cashing, currency exchange, MoneyGram transfers, bill payments and prepaid Mastercard products. The company also partners with Koodo to sell prepaid phone plans at select branches.

Money Mart holds active payday lending licenses in every province where it offers the Payday Boost. In British Columbia, the company lists branch license #49839, online license #62477 and high-cost credit grantor license #83655.

• Type Non-bank financial services company
• Founded 1982, with over four decades of operations in Canada
• Parent company National Money Mart Company
• Products Installment Loan, Payday Boost, cheque cashing, currency exchange, MoneyGram, bill payment, prepaid Mastercard
• Installment Loan range $500 to $25,000
• Installment Loan annual percentage rate (APR) 34.56 percent to 34.95 percent
• Installment Loan terms 6 to 84 months
• Payday Boost range $100 to $1,500, repaid on the next payday
• Payday Boost cost $14.00 per $100 borrowed
• Phone 1-800-361-1407
• Website moneymart.ca

Money Mart key services and programs

Money Mart installment loan

The installment loan is Money Mart’s main product. It gives borrowers access to between $500 and $25,000 with fixed repayment terms from six to 84 months. The APR falls between 34.56 percent and 34.95 percent based on the chosen payment frequency.

A sample on the company’s website shows a $4,500 loan repaid over 36 monthly installments at $203.42 per month. At 34.95 percent APR, total repayment comes to about $7,323. That means the borrower would pay roughly $2,823 in interest over the life of the loan.

The homepage calculator also shows an $8,000 loan at $361.66 per month over 36 months. The installment loan requires a credit check for approval. The product is available in most Canadian provinces through online applications and in-branch visits.

Money Mart Payday Boost

The Payday Boost is a short-term cash advance from $100 to $1,500. Borrowers must repay it in full on their next scheduled payday. The cost is a flat $14.00 per $100 borrowed across all provinces where the product is offered. Because the repayment window is so short, the annualized APR is much higher than traditional lending rates.

The Financial Consumer Agency of Canada (FCAC) classifies payday loans as high-cost credit. It strongly recommends that borrowers explore every other option before applying.

Below is the annualized APR by province as listed by Money Mart.

• Alberta 121.67 percent on a $300 loan for 42 days
• British Columbia 365 percent on a $300 loan for 14 days
• Manitoba 425.83 percent on a $300 loan for 12 days
• Saskatchewan 365 percent on a $300 loan for 14 days
• Ontario 365 percent on a $500 loan for 14 days, total payback of $570
• Prince Edward Island $14.00 per $100 on a $300 loan for 14 days, total payback of $342

The Payday Boost is available online in Alberta, British Columbia, Nova Scotia, Ontario, Saskatchewan and Manitoba. It is not offered in Newfoundland and Labrador, New Brunswick or Quebec.

Money Mart Optional Loan Protection Plan

Money Mart offers an Optional Loan Protection Plan at the time of installment loan sign-up. Canadian Premier Life Insurance Company underwrites the plan. It covers credit life insurance, disability and involuntary job loss.

The homepage calculator shows the plan adding $92.80 per month to the payment on an $8,000 loan. That works out to about 25.7 percent on top of the base monthly payment. Borrowers should weigh whether the extra cost is worth the coverage before opting in.

Money Mart pricing and fees

The installment loan carries a fixed APR between 34.56 percent and 34.95 percent. This rate is fully disclosed before the borrower signs any agreement. For a non-bank lender that mainly serves borrowers with limited credit history, this rate falls within a typical industry range. It is still much higher than what someone with strong credit would pay at a bank or credit union.

The Payday Boost charges a flat $14.00 for every $100 borrowed regardless of province. A $500 Payday Boost in Ontario with a 14-day term would cost $70 in fees. The total repayment would be $570. The per-dollar fee is straightforward on its own, but the annualized cost of repeated payday borrowing adds up quickly.

Money Mart runs a promotion for first-time Payday Boost users or returning borrowers who have been inactive for at least 12 months. The “$300 Payday Boost on us” offer applies a discount at repayment up to a maximum of $42. This deal is only available in Alberta, Ontario, Nova Scotia, Saskatchewan and Prince Edward Island. Money Mart does not apply the discount upfront.

Money Mart customer reviews and complaints

Trustpilot reviews

Money Mart Canada Trustpilot profile

Money Mart Canada (moneymart.ca) holds a 4-star rating on Trustpilot from roughly 6,886 reviews. Customers frequently praise the fast application process, quick funding and helpful staff. A large share of reviewers describe the experience as smooth and efficient, especially during urgent situations.

As one reviewer noted in May 2026, “the application process for the payday loan was swift and easy.” Several others pointed out the friendly and responsive support team.

That said, some customers have reported issues during the application or repayment process. A few mention trouble with certain debit card options not working online. Others say returning borrowers are still asked to resubmit a large amount of personal information. Despite these complaints, the majority of reviews remain positive and highlight speed and convenience.

Better Business Bureau (BBB) reviews

Money Mart BBB profile

Money Mart is not accredited by the Better Business Bureau. The BBB gives the company an F rating across several Canadian profiles including Central Ontario and British Columbia.

The low rating mainly comes from unanswered and unresolved complaints. Money Mart failed to respond to 14 filed complaints. Another 11 were left unresolved. Common topics include fee disputes, credit reporting errors and poor follow-up after repayment.

Because of the high volume, the BBB publishes only about 50 percent of complaint details. Business names on file include National Money Mart Company, Dollar Financial Group Canada Inc. and Money Mart Canada Inc.

Google Reviews and third-party feedback

Reviews on ConsumerAffairs are mixed. Some borrowers praise the fast approval and simple application. Others express frustration over the total borrowing cost and what they see as unclear fee disclosures.

Loans Canada reviews lean more positive. Several customers call out the quality of their in-branch experience. One reviewer said “Money Marts are the best for emergency loans.” Another described the staff as “efficient and professional.” Most positive third-party feedback centers on branch-level service quality.

Reddit reviews

On Reddit’s r/PersonalFinanceCanada, threads about Money Mart tend to focus on the high cost of borrowing. One widely viewed post questions whether the 46.9 percent interest rate on an installment loan is even legal. Many commenters express frustration with the total repayment amounts.

Other threads discuss payday loan challenges and the difficulty of breaking the borrowing cycle. One user reported paying more than $22,000 on an $8,000 loan while still carrying a balance. Multiple users warn against payday loans unless the borrower faces a genuine emergency.

Reddit sentiment runs mostly negative on this topic. This is a common pattern for discussions about high-cost lenders. Even so, some users acknowledge that Money Mart serves a real need for people who have run out of other options.

Money Mart regulatory and legal history

In 2009, National Money Mart settled a major class action lawsuit in Ontario. The lawsuit alleged criminal interest rates on payday loans under section 347 of the Criminal Code of Canada. The settlement totaled about C$56 million in forgiven loans and service vouchers. Money Mart did not admit any wrongdoing as part of the agreement.

More lawsuits followed in British Columbia, Alberta, New Brunswick and Nova Scotia. Total claims across all actions reached roughly C$1 billion. As of this review, no current enforcement actions from the FCAC or Competition Bureau have been found against Money Mart.

Canada does not have a public complaint database like the U.S. Consumer Financial Protection Bureau (CFPB) portal. Payday lending regulation is handled at the provincial level. Money Mart holds active licenses in every province where it operates.

Money Mart outcomes and success rate

Money Mart does not publicly share approval rates or borrower outcome data. Online applications approved via Interac e-Transfer during business hours receive a funding notice within about two hours. Off-hours applications are typically funded the next business day.

Approval for the installment loan depends on income and credit history. A credit check is a required part of the process. The Payday Boost has simpler requirements, though minimum income thresholds apply by province.

Borrowers should calculate the full repayment cost before committing to any loan. A $4,500 loan over 36 months at 34.95 percent APR totals roughly $7,323. That means about $2,823 goes toward interest alone. A longer repayment term would push that total even higher.

Money Mart pros and cons

Pros

• Fixed APR of 34.56 percent to 34.95 percent is fully disclosed upfront
• Repayment terms from six to 84 months fit different budgets
• Funding via Interac e-Transfer can arrive in about two hours
• The soft eligibility check does not affect the borrower’s credit score
• Additional services include cheque cashing, money transfers and currency exchange
• The company has operated since 1982 with over 350 branches
• A solid 4-star Trustpilot rating from roughly 7,000 reviews

Cons

• Payday Boost APRs reach 365 percent in BC, Ontario and Saskatchewan
• The Loan Protection Plan adds $92.80 per month on an $8,000 loan
• Total repayment on longer terms includes interest well beyond the original amount
• The Payday Boost is not available in Newfoundland and Labrador, New Brunswick or Quebec
• The BBB gives Money Mart an F rating for unanswered complaints
• The “$300 Payday Boost on us” discount only applies at repayment
• Cheque cashing and currency exchange fees are not published online

Who Money Mart is best for

Money Mart’s installment loan is best for Canadian borrowers who need $500 to $25,000 and do not qualify for bank or credit union rates. The fixed monthly payment works well for borrowers who can commit to a set schedule. The product may also help build credit through consistent on-time payments. Borrowers should fully understand the APR and total repayment amount before signing.

The Payday Boost is only for short-term emergencies. The borrower should have a confirmed next payday and a clear plan to repay the full amount on time. The high annualized APR makes it expensive for anyone who cannot guarantee timely repayment.

Who should avoid Money Mart

Borrowers who qualify for a bank or credit union loan will pay much less in total interest. Money Mart’s APR of 34.56 percent to 34.95 percent is well above what someone with strong credit can access.

Anyone unsure about repaying the Payday Boost on their next payday should avoid this product. It is built for a single pay cycle and has no option to extend the term. Residents of Newfoundland and Labrador, New Brunswick and Quebec cannot access the Payday Boost.

Borrowers unsure about the Loan Protection Plan should review the full terms before opting in. The plan adds a notable monthly cost that may not be worth it in every situation.

Money Mart vs. Cash Money

Cash Money (cashmoney.ca) is the most direct Canadian competitor to Money Mart. Both companies serve a similar borrower base and operate across many of the same provinces.

• Payday loan cost Both charge $14.00 per $100 in most provinces
• Long-term lending Cash Money offers a credit line at 34.99 percent APR up to $10,000 but stopped offering installment loans in May 2023. Money Mart still offers installment loans up to $25,000
• Province reach Both operate in major provinces, though exact availability differs
• Trustpilot Cash Money has 4.3 stars from over 8,069 reviews. Money Mart has 4 stars from about 6,886 reviews
• BBB Cash Money holds an A+ rating. Money Mart carries an F

For a larger one-time loan, Money Mart’s installment product up to $25,000 is the stronger option. For revolving credit or a stronger BBB record, Cash Money may be the better fit.

Is Money Mart legitimate

Money Mart is a legitimate and licensed non-bank lender. It has operated across Canada since 1982 under the National Money Mart Company name. The company holds active payday lending licenses in every province where it offers the Payday Boost.

The APR disclosures in its provincial footnotes are required by law. Their presence shows the company follows regulatory standards. The Loan Protection Plan is underwritten by Canadian Premier Life Insurance Company, a regulated insurer.

In 2009, the company settled a class action over alleged criminal interest rates. It did not admit fault or liability. No current enforcement actions from the FCAC or Competition Bureau exist as of this review. Borrowers should still read all loan disclosures before committing.

Money Mart review verdict

Money Mart is an established Canadian lender with two products built for different needs. The installment loan at 34.56 percent to 34.95 percent APR offers structured repayment for $500 to $25,000. The Payday Boost at $14.00 per $100 carries annualized rates from 121.67 percent to 425.83 percent by province. It is meant strictly for short-term emergencies.

The Loan Protection Plan adds a meaningful monthly cost. Borrowers should evaluate it carefully before opting in. Those who qualify for a bank or credit union loan will find lower total costs through those channels.

For Canadian borrowers who need fast credit and have no lower-cost alternative, Money Mart remains a licensed and well-established option. Review the total repayment figures before signing any agreement. Visit moneymart.ca to check eligibility or consult a licensed financial advisor before applying.

Frequently asked questions about Money Mart

Is Money Mart safe to use?

Money Mart has operated across Canada since 1982. It holds provincial payday lending licenses in every jurisdiction where it offers products. The company has a low BBB rating but maintains a solid 4-star Trustpilot score from roughly 7,000 reviews.

How fast does Money Mart fund loans?

Online applications approved via Interac e-Transfer during business hours get a funding notice within about two hours. Applications submitted outside business hours are generally funded the next business day.

Does a Money Mart application affect your credit score?

The initial eligibility check is a soft inquiry. It does not affect the applicant’s credit score. A full hard credit check only runs if the borrower moves forward with an installment loan application. Payday Boost applications may not require a credit pull, though income requirements still apply.

What provinces offer the Money Mart Payday Boost?

The Payday Boost is available online in Alberta, British Columbia, Nova Scotia, Ontario, Saskatchewan and Manitoba. It is not offered in Newfoundland and Labrador, New Brunswick or Quebec.

How does Money Mart compare to Cash Money?

Both charge $14.00 per $100 for payday loans. Money Mart offers installment loans up to $25,000. Cash Money provides a credit line up to $10,000 at 34.99 percent APR. Cash Money holds an A+ BBB rating. Money Mart carries an F.