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We know you need straight forward answers to make an informed decision about using a loan product. Take a moment to review the answers to these frequently asked questions. The answers to these questions apply only to loans made online and are not applicable to loans made at store locations.
About short term payday loans obtained through the MoneyMart.ca website
What is a payday loan?
A payday loan is an advance of money to help you meet your short term financial needs. Typically, the loan is repaid on your next payday. When a payday loan is obtained through MoneyMart.ca, funds are available either for in-store pickup or deposited electronically into your bank account. Payments are usually withdrawn from your bank account by electronic debit. Be advised that payday loans should not be used as a long term financial solution.
Why do people choose a payday loan?
Millions of Canadians with steady incomes find that payday loans are the perfect solution to their short term financial needs. Sometimes consumers find themselves short on cash and can't wait until their next payday. A payday loan provides quick access to the money they need.
Is there a limit to how many payday loans I can receive?
Yes. While there are no limits on the number of loans allowed, you cannot have more than one loan at any time. Our payday loan service is meant to bridge your short term cash needs between paydays.
Why should I use a payday loan obtained through the MoneyMart.ca website?
Payday loans are provided by National Money Mart, one of the largest providers of alternative retail financial services in the world. We service short term consumer loans for hundreds of thousands of borrowers just like you through our Money Mart® stores. We understand that consumers need straightforward facts in order to reach an informed decision about using short term consumer loans. The process is quick and easy, when you need short term cash quickly.
About your payday loan
How do I qualify for a payday loan?
In order to apply, you need the following:
- You must be 19 years or older
- Valid chequing account (required for an online payday loan)
- Valid email address
- Proof of steady income (Manitoba residents are required to provide proof of income for the most recent pay period and the full prior month.)
- Active phone number
- Valid government issued photo ID
How much can I borrow with a payday loan?
Depending upon income level, province of residence and other underwriting criteria, payday loan amounts can range from $120.00 to $1,500.00.
What are the fees associated with a payday loan?
When you apply for a payday loan, all applicable fees are stated in the loan agreement.
What if I have poor credit?
Poor credit will not impact the approval of your loan. We utilize risk assessment tools that verify the accuracy of information on your application and may review customer payment history on similar products.
Can I have more than one payday loan at a time?
No. Due to provincial regulation and lending guidelines, you may only have one loan outstanding at any one time.
After I pay off my loan, can I apply for another loan?
Yes. However, you must wait until your previous payment clears your bank account.
Applying for an online payday loan
How do I apply for a payday loan?
Getting a payday loan is a quick and easy process. The steps are:
- Complete the online application. The application contains basic customer contact, bank account and income information.
- Review and verify that the information entered on the application is correct.
- Review and accept the online disclosures.
- Review and accept the terms and conditions of the loan agreement by providing your electronic signature.
- New customers may need to fax or scan and email supporting documentation (typically a recent pay stub, bank statement, voided check, and a copy of valid government-issued identification) in order to establish an account. In most cases, existing customers will not be required to fax supporting documentation.Please note, for bank statement the bank account number must be visible in the scan you send to us.
- Reside in a province where the product is offered.
- Once the supporting documents are received and reviewed (if applicable), your loan application is reviewed and if approved, the funds are either electronically deposited into your bank account or may be picked up at a store location.
- On the payment due date of your loan, your payment will be electronically withdrawn from your account.
How do I get the funds?
Once the supporting documents are received and reviewed (if applicable), your loan application is reviewed and if approved, the funds are electronically deposited into your bank account.
How long does it take to get my loan approved?
You will receive a decision once your loan application is submitted. However, funding of the loan is contingent upon your signature on the loan agreement and verification of your application information.
Will I need to fax any documents?
It depends. New customers may be required to fax or scan and email the following documents in order to establish an account with the lender:
- Your most recent pay stub - not older than 30 days, or other proof of income
- A bank statement which shows the last 2 direct deposits from your qualifying income source and the bank account number
- A blank, voided cheque
- A copy of a valid government issued identification card. Note: photo identification cards cannot be faxed. They must be scanned in color. A cell phone photo is acceptable
- Additional documentation may be required
How do I check my loan application status?
When you submit your application, you will set up a username and password to log in as a returning customer. Using this website, you will be able to track the status of your loan, perform basic account maintenance, and review your loan, scheduled payment due date, etc. In addition, you will receive emails updating you on the status of your loan.
What if I need copies of my loan documents?
Using your username and password, you can log into your account to review and print any of your loan documents. You may also contact customer service at
or call 1-877-819-5857.
Do I need to sign my loan documents?
Yes, you will sign your loan documents. Your signature is legally binding.
Why is it important for me to read and understand my loan agreement?
The loan agreement you read and sign prior to receiving your loan is a contract between you and the lender. The loan agreement fully outlines the terms and conditions of the loan. It is important that you read and understand the terms and conditions of the agreement. If you have any questions concerning the agreement, please contact customer service at
or by calling 1-877-819-5857.
Repaying your online payday loan
How is the payment due date determined?
Your payment is scheduled to be due on your next pay date following the origination of the loan.
How do I make payments on my payday loan?
When your scheduled payment is due, it is repaid with a pre-authorized electronic withdrawal from your chequing account.
Can I make payments at a Money Mart® store?
Yes. Payments for all loans obtained through the MoneyMart.ca website may be made online or in the Money Mart stores.
Can I refinance or rollover my loan?
No. A payday loan is meant for short term borrowing needs only. As such, we require your loan to be paid-off in full on the due date. You may not use the proceeds of another loan to do so.
How much do I have to repay?
You will need to repay the full principal and fees on your next payday. When your scheduled payment is due, it is repaid by a pre-authorized debit from your chequing account. We will notify you of any failed payment.
What happens if I can't make a payment?
We understand that people's circumstances can change. If this is the case, you must let us know as soon as possible and we will do our best to help. Please be aware that unless payment is received, we will consider all options permitted by applicable law to pursue collection of the debt. If you are having problems making a payment, please contact us at 1-877-819-5857, and we can discuss your payment options.
My payday or bank account details have changed?
If your payday has changed, or you have a different bank account, please contact our customer service at 1-877-819-5857.
I am a resident of British Columbia and I qualify for the extended payment plan, what is that?
The extended payment plan is available to borrowers that are taking their third loan in two months. To learn more, please read the Extended Payment Plan FAQs
I am a resident of Alberta. How will my payment term differ from other provinces?
All payday loans for Alberta Residents will be repayable in installments based on pay frequency. To learn more, please read the
Alberta Payday Loan FAQs
Using Apply In Advance
How do I use Apply In Advance?
- You will need to reside in a province where this product is offered. Currently Apply in Advance is offered in Manitoba.
- Complete the online application. Review and verify that the information entered on the application is correct.
- Go to a MONEY MART store near you in MB to complete an application, receive a credit decision and cash, if approved.
What type of bank account do I need for Apply in Advance?
. When finalizing your loan at the store, you will leave us a personal cheque, so you’ll need to have a chequing account.
How do I get my cash?
. You will need to visit a nearby MONEY MART store in your province and receive final approval on your application to receive the cash.
How long does it take to get my loan approved?
. You will need to visit a MONEY MART store to be approved. Generally, it takes less than 15 minutes to get a decision and cash, if approved.
How do I repay my loan?
. You will leave a personal cheque tied to your chequing account which will be cashed on your due date to repay the loan.
Working with MoneyMart.ca
How do I create a username and password?
Account Creation is available to any Money Mart customer who has gone through our online loan application
and approval process. Once you have completed the application, you can create an account
to take advantage of our 5 Minute Express Application if you need us for another loan, and up-to-the-minute status updates on your current loan.
Money Mart customers who have received a loan from one of our stores, but have not yet applied online, must first complete the online application before being eligible for an online account.
What do I do if I've forgotten my password?
Click the 'Forgot Password'
link, and follow the online instructions to reset your password.
How do I provide feedback or report a problem?
We love to hear from you.
What are Money Mart lending practices?
- Past dues will be collected in a fair lawful and professional manner.
- Money Mart complies with all laws and regulation in the provinces and territories operated within.
- Records of customer’s financial transactions are kept and maintained.
- Customers have the right to rescind a payday loan.
- All documentation will use plain language.
Existing Money Mart customers
I have a payday loan, but I applied for and received it at a Money Mart store. How do I repay my loan?
Loans originated at a Money Mart store (this includes Apply In Advance) must be repaid at the store. Loans that originated on the MoneyMart.ca website can also be repaid in store at least 2 days before the due date. Otherwise, the payment is withdrawn from your chequing account electronically.