Money Mart vs. Cash Money

If you’re searching for a payday loan, personal loan or other types of credit, both Money Mart and Cash Money are popular options in Canada. But how similar are they? Our guide takes stock of each payday lender’s key features and what differentiates them to help you decide which route to take.

Money Mart vs Cash Money loans

From the types of loans on offer to features like how much you can borrow, eligibility requirements and customer reviews, we stack the two lenders side-by-side to help you compare:

Money Mart vs Cash Money: Which is our pick?

When you’re seeking a loan, there are crucial factors you’ll want to zero in on. Here’s our top pick for key categories:

Best for installment loans: Money Mart

Because of its availability, Money Mart takes the win here. Money Mart’s installment loans are available across Canada, except Quebec. Its APR also starts at 29.9%.

Best for speed: Cash Money

Cash Money is our top pick when it comes to speed. With Cash Money, you can learn your application status within the same business day for payday loans. This means it may take a step longer. Once you’re approved though, you can receive your funds in as little as 15 minutes via Interac e-Transfer® or via bank transfer, in cash in-store or loaded onto an Opt+ prepaid Mastercard.

When you apply for a Money Mart payday loan or installment loan, you choose between Express, which is as expedited as it gets and involves online bank verification, and Standard, which is a traditional manual review of your application. Collect your funds in person, through direct deposit or via Interac e-Transfer® within up to 24 hours from approval.

Best for easy application: Cash Money

We like that Cash Money gives you options when it comes to applying for a loan. You can choose to apply for a loan completely online, in-store or over the phone. The application process is completed within 10 minutes.

With Money Mart, your application process options are limited to online or in-store, whether you’re shopping for a payday loan or installment loan.

Keep in mind, in both cases, you’ll need to make sure each lender offers the loan you’re after in your province or territory first.

Best for payday loans: Tie between Cash Money and Money Mart

Payday loans are regulated by each province and territory, so both payday lenders play by the same rules. This is why we’re calling this one a tie.

Both lenders have the same payday loan features, from maximum loan amounts, fees per $100 borrowed and repayment terms. The only difference is that their availability varies by province. Bear in mind that you can apply for a Cash Money payday loan over the phone while you can’t with Money Mart.

What to watch out for with Money Mart and Cash Money loans

We always urge caution to consumers thinking about taking out a payday loan, regardless of the lender they’re working with. That’s because payday loans are some of the costliest ways to borrow money.

Here are the key red flags to be aware of before you sign up for this kind of debt:

• Incredibly high APRs. With fees that range from $14 to $17 for every $100 borrowed (depending on the province you live in), payday loans come with a high cost of borrowing. These fees are equivalent to an APR of around 400%.
• Short repayment terms. Payday loans are typically repaid by your next payday, which is how they got their name. This doesn’t give borrowers much time to figure out a way to repay their loans and stay out of the red. If you need more time, you’re better off applying for a personal loan.
• Tons of extra charges. Beware of other fees payday lenders will tack on for issues like late payment, non-sufficient funds, bounced cheques, an account going into arrears, collection fees and statement fees. These will easily drive up the true cost of borrowing.

Compare payday loans

1 - 5 of 5

Product CAFSL	Loan Amount	Loan Term	APR	Speed	Serviced Provinces	Offer	Table description
GoDay Payday Loan	$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI, SK		To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.	Go to siteMore Info Compare	loading Fetching your data...
iCash Payday Loan	$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI	24/7 instant approval and e-Transfer funding.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.	Go to siteMore Info Compare	loading Fetching your data...
Wagepay Wage Advance Loan	$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	BC, ON	Lower and transparent fees. No late or NSF fees.	Get early access to a portion of your pay. Sign up in less than 3 minutes and receive funds via e-Transfer 24/7.	Go to siteMore Info Compare	loading Fetching your data...
Money Mart Payday Loan	$120 - $1,500	1 - 62 days	Varies by province	As little as 1 hour after getting approved	AB, BC, MB, NS, NT, ON, SK, YT		To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.	More Info Compare	loading Fetching your data...
Cash Money Payday Loan	$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, MB, NL, NS, ON, SK		Instant decision and e-Transfer funding. Income of at least $1,000/month required.	More Info Compare	loading Fetching your data...

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Alternatives to payday loans

Looking for a less expensive way to get the money you need? Consider these alternatives to payday loans:

• Credit card cash advances. The interest rate for credit card cash advances is usually higher than for purchases. But it’s still lower than payday loan APRs. Aim to repay what you borrow as soon as possible to avoid accumulating interest costs.
• Bad credit personal loans. If you’re credit score is below 560, you can apply for a loan from lenders that cater to bad credit borrowers. Lower APRs and longer repayment terms make this an option worth considering if you need money now and don’t qualify for funding from traditional lenders like banks.
• Auto title loans. Borrow against your vehicle’s equity to secure a loan. You must fully own your car to qualify for an auto title loan, but you don’t necessarily need excellent credit.

Bottom line

If you’re in a financial pinch and you’ve decided a payday loan is your best course of action, take solace in knowing you’re in good hands with both Money Mart and Cash Money. The payday lending industry is rife with predatory lenders, but these 2 lenders are reputable options with significant reach across Canada.

The catch is in the payday loan itself—it’s one of the most expensive ways to borrow and you must have a clear strategy for how you’ll repay the loan without taking on more debt.

Frequently asked questions

• Which is better: Cash Money or Money Mart?

  They're both big brands with similar product offerings. Money Mart is better for installment loans, while Cash Money is better for speed and having an easy application. However, both brands offer high interest rates.

• Are Cash Money and Money Mart the same?

  No. Cash Money and Money Mart are two different lenders that offer similar loan products.

Written by

Carmen Chai

Writer

Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade. See full bio

Co-written by

Stacie Hurst

Associate editor

Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio