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01.31.2020 / Borrowing « Back to all articles

Payday Loan Rates
PayDay Loan Rates

 

A payday loan is a short-term, unsecured loan for a set number of days. You should know and understand the fixed amount that you are paying for the loan. Money Mart charges a fixed amount per $100 borrowed depending on province. You will always find this information clearly posted in our store locations and on our website.

When you come to us for a payday loan, there are no hidden fees or extra hidden charges. Our customers know exactly where they stand.

To estimate how much a payday loan would cost at Money Mart, please click here for the payment calculator.

07.01.2021 / Budgeting

How Much Money Can You Save by Adjusting Your Thermostat?
Do you shudder when you receive your energy bill each month? The cost of heating and cooling your home can be…

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01.31.2020 / Borrowing « Back to all articles

Payday Loan Rates
PayDay Loan Rates

 

A payday loan is a short-term, unsecured loan for a set number of days. You should know and understand the fixed amount that you are paying for the loan. Money Mart charges a fixed amount per $100 borrowed depending on province. You will always find this information clearly posted in our store locations and on our website.

When you come to us for a payday loan, there are no hidden fees or extra hidden charges. Our customers know exactly where they stand.

To estimate how much a payday loan would cost at Money Mart, please click here for the payment calculator.

Need a
Loan?

Loans from $120 to $15,000. Get funded as soon as today!

Apply Now

07.01.2021 / Budgeting

How Much Money Can You Save by Adjusting Your Thermostat?
Do you shudder when you receive your energy bill each month? The cost of heating and cooling your home can be…


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To qualify for a payday loan (cash advance), minimum net pay requirements will apply and may vary by province. Other conditions may also apply. Ask a Money Mart® Customer Service Representative for details. Online payday loans (cash advance) originated only to residents of Alberta, British Columbia, Nova Scotia, Ontario, and Saskatchewan. Manitoba residents can start the loan application online, but must visit a Money Mart store in Manitoba to complete the application, receive a credit decision and cash, if approved.

[Alberta residents: The APR on a $300 loan for 42 days is 201.84% for a borrower who is paid weekly on a rate of $15.00 per $100 borrowed.] [British Columbia residents: The APR on a $300.00 loan for 14 days in BC is 391.07% at the rate of $15.00 per $100 borrowed. Money Mart branch BC Payday Licence #49839. Online BC Payday Licence #62477.] [Manitoba residents: The APR on a $300.00 loan for 12 days is 517.08% on a rate of $17.00 per $100.00 borrowed. To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 945-3800, 1-800-782-0067 or at www. manitoba.ca/cca/cpo.] [Saskatchewan residents: The APR on a $300.00 loan for 14 days is 443.21% on a rate of $17.00 per $100.00 borrowed.] [Ontario residents: The cost of borrowing at Money Mart is $15.00 per $100.00 for each $100.00 advanced. On a $500.00 loan for 14 days, the cost of borrowing is $75.00, with a total payback amount of $575.00 and an annual percentage rate of 391.07%. The maximum allowable cost of borrowing under payday loan agreements is $15.00 for each $100.00 advanced.] [Prince Edward Island residents: The cost of borrowing at Money Mart is $15.00 per $100.00 per each $100.00 advanced. On a $300.00 loan for 14 days, the cost of borrowing is $45.00, with a total payback amount of $345.00. The maximum allowable cost of borrowing under payday loan agreements is $15.00 per each $100.00 advanced.] [Newfoundland and Labrador residents: The maximum cost of borrowing at Money Mart is $21.00 per $100.00 for each $100.00 advanced. On a $300 loan for 14 days, the cost of borrowing is $63.00 with a total payback amount of $363.00. Money Mart branch NL Payday Licence # 19-23-NA035-1.]

In Nova Scotia the total cost of borrowing $100.00 for 14 days is $19.00. Payday Loans are High Cost Loans.

Installment loans offered in most provinces between $1,000 and $15,000. Eligibility is based upon income and other qualification requirements, including a credit check. The actual rate is 29.90% or 46.90% depending upon credit score, credit usage and history. Installment Loan repayment terms range from 12 to 60 months based on amount borrowed. For example, a $4,500 loan paid in 36 monthly installments is $234.98 per month based on a 46.90% APR. Ask a Money Mart® Customer Service Representative for details. Applications processed and approved with lnterac e-Transfer® funding Monday through Friday between 6:00 a.m. - 10:00 p.m. ET and Saturday 6:00 a.m. – 9:00 p.m. ET typically receives email funding notice within two hours. Applications processed and approved outside of those time periods, Sunday and holidays typically receive email funding notice the next business day.

Information provided on the Consumer Education section of this website is believed to be accurate and reliable when placed on this site. Money Mart Financial Services cannot guarantee it is accurate, complete or current at all times. Information on this site is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. You should seek guidance from a certified financial advisor or credit counselor for specific advice that is applicable to your individual situation.

Interac e-Transfer® is a registered trademark of Interac Company. Used under licence.

Money Mart® is a registered word mark of National Money Mart Company. © 2021 National Money Mart Company. All Rights Reserved.