Money Mart is a lending company which works with borrowers whose credit is poor. Its APR is between 214 percent and 782 percent. This lender has been operating for thirty seven years now and its services are offered in ten regions within the US.
More details about Money Mart
Money Mart was launched in 1982 in Edmonton, Canada. It belongs to the Dollar Financial Team. They offer payday loans in 10 states and they normally serve customers who need a loan but have a low credit score.
The lender offers in-store payday loans in Washington, Virginia, Oklahoma, Missouri, Louisiana, Kansas, Hawaii, Florida, California, and Alaska. Payday loans are also offered online in Louisiana, Kansas, Hawaii, and California. The amount that customers can borrow, the fees charged, interest and terms of paying back differ depending on where they reside.
Money Smart lending company additionally provides services such as check cashing, Momentum prepaid debit cards and funds transfers.
This lending company is upfront about what the borrowers will pay when they borrow money. On the payday offer page, the borrower can pick his/her state and a certain tool to find out the charges associated with the loan he/she intends to apply for.
2. What borrowers need to apply for a loan
The requirements for borrowing funds are on-par with other related loan providers. To register to get loans, a person is supposed to be above eighteen years old, present income proof, and have a checking account and picture ID. Borrowers can apply in person at the stores or they can do it online in the applicable regions.
3. Repayment extension plan
If the payment date is approaching and customers feel that they will not be able to make it, they can contact the lender and request for an extension. The extended plan is however not available in all the states that Money Mart operates in.
1. Previous litigation
This lending company has been involved in several lawsuits in Canada. The lawsuits were about its interest rates but they were settled without going to court. One was settled in 2009 and the other one in 2010.
Money Mart money lending services are only available in ten states.
3. Online application
Not borrowers from all the states where the company operates can register online. In some places, people are supposed to apply for the loans in person at the lender’s stores. This may be a challenge to those who are too bust often.
4. Change of names
The company runs under different names. This may be convenient at times however it implies that customers will be dealing with a different company at times. This may bring a very serious confusion.
The company does not specify a minimum income for qualifying to borrow. However, there are various requirements that should be met in order to qualify for loans. They include:
- An applicant should be having a checking account.
- An applicant should be having a government picture ID.
- An applicant should be having a reliable income source.
- An applicant should be above eighteen years old.
- An applicant should be having a working phone number.
The method of requesting for a loan at Money Mart lending Company varies per region. In some regions, the application may be done online but in others, a person is supposed to go to the lender’s office. But whether you are applying online or in person at an office, you must provide the details below:
- Contact number, email, and name.
- Details of your government ID.
- Job information.
- The bank routing number.
- The bank account number.
What to do after getting a loan
After getting the loan, borrowers can use it for anything they want. However, they should not forget about how they are going to pay it back.
Those who apply in person at the company locations can provide a post-dated check which will get cashed on the due date. Also, the borrowers can allow the lender to debit the funds from their accounts or they can also repay using cash at the stores.
Borrowers should ensure that they have the funds otherwise they might have to pay the fee for late payment. They might again incur the overdraft charges at the bank.
In case a borrower is encountering any issue or would like to inquire about something, he/she should contact the lender’s support team. A support representative at the lending company may be reached through a live chatting or through filling in an email form.
The safety of the loans
The company keeps customers’ details safe and protects them from unauthorized individuals using security protocols specified by the law. The security measures protect both physical and electronic data. Customers’ private details are accessed by the company alone when it needs to service transactions.
What is being said about the company?
There is really nothing much that has been said about this loan lending entity. The company does not have a Trustpilot page and there no reviews for its branches on Better Business Bureau site.
But, at its HQ page, there is an A+ rating which is however not accredited.
Complaints about this lender have hidden information. However, there are some which have some details and they have been responded to which is good. But since there are no reviews, borrowers will be forced to perform more research about the company in order to be sure it will meet their needs.
As in every short-term lending company, the cost of taking a loan can be high. This is so mostly when the borrower is unable to pay within the agreed period. And when a person fails to pay, the debt can go up and that will affect the credit score.
Money Mart charges are ordinary. They are set as per where the borrowers reside. The information that the company provides regarding its offers is really helpful and the application process is straightforward.