What is the Guarantee?

If you find a payday loan ("Lower Loan") available for a lower price than the payday loan you obtain from Money Mart (even including the price of the optional cheque cashing fee if you choose to repay by cheque), Money Mart will pay you the amount of the difference in cost between the Money Mart loan and the Lower Loan plus 10% of the difference in cash with your loan proceeds when you take the loan out. For example if you received a $300 loan from Money Mart with $5.34 in interest and a cheque cashing fee of $52.56 and you provided proof that you could obtain a Lower Loan for $52.00 we will pay the Guarantee Amount of $6.49 (being the difference of $5.90 and 10% of the difference of $0.59 to you in cash.

Where is the Guarantee available?

Our Guarantee applies to all payday loans provided from our participating Money Mart locations in Northwest Territory. It does not apply in respect to internet loans provided by Money Mart from our Website.

How do I qualify for the Guarantee?

You must have applied for, been approved and taken out a loan at a Money Mart location in Northwest Territory.

You must provide us with the name, address and phone number of the lender who provides the Lower Loan and any of the following:

• A loan agreement
• Receipt
• An advertisement for the Lower Loan
• A quote on the lender's letterhead
• A copy of the lender's webpage showing the price of the Lower Loan and dated within 30 days of your Money Mart payday loan

You must provide this information to your Money Mart customer service representative at the time of applying for the loan.

How do I receive my Guarantee payment?

If you provide us proof at the time of entering into the payday loan agreement with Money Mart we will provide you the Guarantee Payment in cash at the same time as you receive the proceeds of your payday loan.

Does the Guarantee apply to more than one loan I take from Money Mart?

If you provide us with proof of a Lower Loan elsewhere at the time of taking a payday loan from Money Mart, you will be entitled to payment of the Guarantee Amount for that payday loan and any other Money Mart payday loan you obtain from that Money Mart location for the next 60 days.

What is a “Competitor”?

Our guarantee applies to loans that fall within the legal definition of payday loan of applicable provincial legislation provided by licensed payday lenders from outlets in the Northwest Territory. The offer does not apply to pawn loans, secured loans, consumer loans or loans that are provided over the Internet.

What is a “Lower Price”?

A "lower price" means the total cost of a loan offered by a competitor in the same amount as the loan you have applied for and been approved for by Money Mart. The "total cost" means a) all the costs that would be paid by the customer if they had obtained the loan from the competitor including debit card fees, withdrawal fees, application fees or other charges incurred in connection with the loan; and b) means the 'everyday pricing" of the competitor's loan without applying rebates, coupons, premiums, free or bonus offers, advertising errors or misprints, restricted offers or any other special offer. The "lower rate" must be a rate offered by the competitor within thirty (30) days prior to the date you receive the p roceeds of your payday loan from Money Mart.