Money Mart Review

Overview

Money Mart Financial Services is a direct lender based in Berwyn, PA that has been providing customers with payday loans since 1990. The company offers its services to customers in 10 states through its Money Mart Payday Loans program.

Company provides short-term financial solutions to help people manage their finances and meet their financial goals. Customers can easily access cash when they need it most, without having to worry about high interest rates or hidden fees. Additionally, They offers money transfer and check cashing services to ensure that customers have all the financial tools they need.

Money Mart offers payday loans ranging from $100 to $700 with a loan term of 67 days. The APR range is between 194.71% and 1042.9%, and there is no minimum credit score requirement. Funds can be received in as little as 2 hours, and flexible repayment terms are offered. However, the loan availability is restricted to certain states, and borrowing can be costly.

Money Mart Requirements. Do you qualify?

Money Mart requires that you meet certain qualifications in order to be eligible for their financial products and services. Here are the criteria you must satisfy:

• Age Requirement: To be eligible to use their services, you must be 19 years of age or older and present a valid form of identification.
• Active Chequing Account: To benefit from a financial product or service, having a functioning chequing account is essential.
• Steady Source of Income: It is important to have proof of a steady income stream.
• Proof of Income: Money Mart requires customers to provide evidence of consistent income before they can access its financial products and services.

It is important to keep in mind that fulfilling these requirements does not guarantee loan or financial product approval at Money Mart. The company will still evaluate your creditworthiness and other factors before determining your eligibility.

Money Mart Application process. How to apply?

To apply for a loan with MoneyMart, follow these steps:

• MoneyMart employs field loan officers who interact with clients at their places of work, enabling clients to apply for loans without leaving their workplaces.
• Clients receive loan applications from field loan officers who come to their workplaces.
• To apply for a loan, the client needs to complete the following steps:
  • Fill out the Standard Loan Application Form.
  • Submit your KYC documents like identification, residence proof and passport photographs for successful completion of the process.
  • Complete the Collateral Documentation.
  • Have guarantors complete and submit their documentation.
• The loan officer goes to the client’s place of business and residence to draft a comprehensive report.
• The loan officer submits the client’s documents and report to MoneyMart Financial’s Credit department.
• After assessing the client’s creditworthiness, MoneyMart disburses the loan to the client within 72 hours of loan approval.

Compare Money Mart with Speedy Cash

Comparing Money Mart and Speedy Cash, both companies offer short-term loans with fast funding and no minimum credit score requirement.

However, Money Mart has a lower loan amount limit of up to $700, while Speedy Cash offers loans up to $5000. Money Mart also has a limited geographic availability and operates in 10 states, while Speedy Cash operates in 15 states.

In terms of APR range, Money Mart’s APR range is slightly higher at 194.71% – 1042.9%, while Speedy Cash’s APR range is 176.61% – 729.82%. However, both companies offer expensive loans with high APR rates.

Money Mart has been providing financial services since 1990, while Speedy Cash was founded in 1997.

Overall, both companies have their pros and cons. Money Mart may be a better option for those who only need a smaller loan amount and live in one of the 10 states where they operate. On the other hand, Speedy Cash may be a better option for those who need a larger loan amount and live in one of the 15 states where they operate. However, both companies offer expensive loans with high APR rates, so borrowers should carefully consider their options before choosing a lender.

Summary

Despite the limited geographic availability, Money Mart has been providing financial services for over 30 years and operates in 10 states. The company offers fast money with a low APR range of 194.71% to 1042.9% and requires no minimum credit score. The flexible repayment terms can help customers manage their finances and meet their financial goals. Overall, Money Mart provides a reliable option for those in need of short-term financial solutions.