Nyble Credit Line
- Access up to $250 to build credit
- No credit check
- No interest or required fees
Loans like Money Mart
Find payday and installment loan places like Money Mart to expand your options beyond this popular lender.
If you’re looking for a payday loan or installment loan, Money Mart has got you covered. But because it’s important to comparison shop before deciding on a lender, here’s a look at loan alternatives that are similar to Money Mart but may better suit your needs.
Personal loans like Money Mart
- If you’re looking for an installment loan: Loans Canada
- If you’re looking for flexible income requirements: LoanConnect
Cash advances like Money Mart
Payday loans like Money Mart
Compare personal loans like Money Mart
If you’re looking for an installment loan: Loans Canada
Loans Canada Installment Loan
$500 – $50,000
Loan amount
Loan amount
9.9% – 46.96%
APR
APR
3 - 60 months
Term
Term
With Loans Canada, submit an application to have a look at the installment loan options available to you from various lenders. It isn't a direct lender but acts as a specialty online platform you can use for free to connect with lenders that have already pre-qualified you. All consultations with Loans Canada are confidential and you're under no obligation to proceed with a loan.
- Largest lender network in Canada so you have the widest range of options.
- One application provides you with multiple loan offers.
- Free service to help you compare options.
- Apply for up to $50,000 without providing collateral.
- Potential for high interest rates if you have bad credit.
- No online quotes, so you'll have to speak to a customer service rep on the phone.
- Only receive quotes from lenders partnered with Loans Canada.
- Credit checks are required to qualify for a loan.
| Loan amount | $500 – $50,000 |
|---|---|
| APR | 9.9% – 46.96% |
| Term | 3 - 60 months |
| Min. credit score | 300 |
| Fees | No application or origination fees. |
| Origination fee | 0 |
| Turnaround time | Receive funds within as little as 24 hours. |
If you’re looking for flexible income requirements: LoanConnect
LoanConnect Personal Loan
$500 – $60,000
Loan amount
Loan amount
8.99% – 46.96%
APR
APR
3 - 120 months
Term
Term
LoanConnect is a loan search platform. Fill out one application to get matched with lenders who accept your income. Get pre-approved within minutes and choose the best offer for you.
- Options for all credit scores
- Apply for up to $60,000 without providing collateral.
- High rates for bad credit
- Only receive quotes from lenders partnered with LoanConnect
| Loan amount | $500 – $60,000 |
|---|---|
| APR | 8.99% – 46.96% |
| Term | 3 - 120 months |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Origination fee | 0 |
| Turnaround time | Receive funds in as little as 24 hours. |
Compare cash advances like Money Mart
If you’re looking for a small no credit check loan: Nyble
Nyble Credit Line
$30 – $250
Loan amount
Loan amount
Starting at 0%
APR
APR
30 days, extendable
Term
Term
Apply online for an interest-free line of credit of up to $250 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
- Easy application process
- No credit check
- No interest
- Can improve your credit score
- Roll over your loan
- $11.99 per month for fast transfers, full credit report and other premium perks
- Small loan amounts only
| Loan amount | $30 – $250 |
|---|---|
| APR | Starting at 0% |
| Term | 30 days, extendable |
| Fees | 0% interest with optional fees |
| Origination fee | $11.99 |
| Turnaround time | 1-30 minutes with a paid membership or 1-3 business days with a free membership. |
If you’re looking for no interest: Bree
Bree Early Pay
$20 – $350
Loan amount
Loan amount
Starting at 0%
APR
APR
Next pay cycle (65 days max)
Term
Term
Bree lets you borrow a small amount of up to $350 to help you cover expenses until your next payday. You won't have to pay any interest or mandatory fees, but there's a small monthly subscription fee plus an extra fee if you want fast access to funds.
- Easy application process
- No credit checks
- 0% interest and no late fees
- $2.99 monthly membership fee
- Loan amount may not be enough for your needs
- Extra fee for fast transfers
- May not improve your credit, unlike Nyble
| Loan amount | $20 – $350 |
|---|---|
| APR | Starting at 0% |
| Term | Next pay cycle (65 days max) |
| Fees | 0% interest with a $2.99 monthly membership fee |
| Turnaround time | Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery. |
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.Compare payday loans like Money Mart
If you’re looking for a 24/7 payday loan: iCash
iCash Payday Loan
$100 – $1,500
Loan amount
Loan amount
7 – 62 days
Loan Term
Loan Term
2 minutes
Min. Turnaround Time
Min. Turnaround Time
If you're in a financial emergency, iCash is one of the fastest payday lenders in Canada. It offers an automated instant approval process, 24/7 customer support and delivers your cash via e-Transfer. Your application can be processed 24/7, 365 days a year.
- 24/7 application, 24/7 approval, 24/7 customer support
- Accepts many types of income, including EI, CPP, disability and more.
- Incredibly steep rates
- Short repayment terms
- Not available in all of Canada
| Loan amount | $100 – $1,500 |
|---|---|
| APR | Varies by province |
| Term | 7 - 62 days |
| Min. Turnaround time | As little as 2 minutes with Interac e-Transfer |
| How to apply | Online In Store |
| Credit Check | Yes |
If you’re looking for a quick payday loan: GoDay
GoDay Payday Loan
$100 – $1,500
Loan amount
Loan amount
1 – 62 days
Loan Term
Loan Term
2 minutes
Min. Turnaround Time
Min. Turnaround Time
GoDay provides access to payday loans quickly via an easy-to-follow online application with instant pre-approvals. You can apply whether you have bad credit, no credit or you receive income from CPP, OAS, Canadian child benefit or other government benefits.
- Apply online in just 5 minutes to receive an instant decision on your loan request.
- Once approved, receive your funds within the hour via Interac e-Transfer.
- Borrowers with bad credit, no credit and alternative forms of income can apply.
- High interest rates and short repayment terms
- First-time borrowers can only get approved for up to $500.
- Not available across Canada.
| Loan amount | $100 – $1,500 |
|---|---|
| APR | Varies by province |
| Term | Up to 62 days |
| Min. Turnaround time | As little as 2 minutes with Interac e-Transfer |
| How to apply | Online In Store |
| Credit Check | Yes |
How does Money Mart compare?
You can read our review of Money Mart for more details, but here are the highlights:
Pros
- Choose from payday loans of up to $1,500 or installment loans of up to $15,000, depending on your needs.
- Apply online or in-store in a matter of minutes.
- Expect to get your cash within 2 hours of being approved via Interac e-Transfer.
- Bad credit or no credit doesn’t matter as long as you have a steady source of income.
- More than 120 physical storefronts across Canada.
Cons
- Extremely high fees for payday loans
- If you default on your loan, whether it’s a payday loan or an installment loan, watch out for charges like NSF and late fees.
Features of payday loans like Money Mart
Places like Money Mart are one of the fastest ways to get your hands on cash when you’re facing a financial emergency. Here are the features common among payday lenders:
- Fast turnaround time. A major selling point with payday loans is how quickly you can gain access to your funding. You can get your money immediately after approval if you apply in-store, and most online lenders will transfer approved funds to your bank account usually within the same business day.
- Easy to apply for. Count on a range of options to apply for a payday loan, including via easy-to-use online applications, at in-person branches across the country or over the phone.
- Use the money for any purpose. Once you’re approved for a payday loan, you have the freedom to use the money as you’d like as long as you use the funding for legitimate and legal purposes. Payday lenders don’t ask or keep tabs on how you’re making use of your loan.
- Bad credit is okay. Payday loan providers will usually accept applications from people with poor credit histories because they prioritize your income and ability to repay your loan on time over your credit score.
What do I need to watch out for with payday loans?
Payday loan places like Money Mart come with notoriety for good reason. They should be treated as a last resort option because of these red flags:
- Incredibly expensive. With APRs of 400% or more, payday loans are hands down one of the most costly ways to borrow money.
- Short repayment terms. Make sure you have a solid repayment plan because you’ll need to repay your loan by your next paycheque without triggering a cycle of debt. Payday loans cap out at 62 days, but most lenders expect you to repay your loan by your next payday.
- Caps on how much you can borrow. Payday loans cap at $1,500, so if you need more cash, this may not be your best option. Consumers in some provinces also can’t borrow more than 30% or 50% of their net income.
- Disreputable lenders. Because payday loans are marketed to people in dire need of cash, the payday lending space has its fair share of scams. Not all lenders follow provincial or territorial laws regulating payday loans. Check to make sure the payday lender you’d like to work with is licensed and is legit before proceeding.
Features of installment loans like Money Mart
Installment loans are a type of personal loan available to borrowers of all credit types. The shared features of this type of loan include the following:
- Smaller loan amounts. Borrowers typically qualify for smaller amounts with installment loans compared to conventional personal loans.
- Shorter loan terms. Installment loans are repaid over the course of a few months to a few years at most.
- Lenient eligibility criteria. It’s easier to qualify for an installment loan compared to personal loans from traditional lenders.
- Repaid in installments. Just like a traditional personal loan, you’ll be responsible for paying back what you’ve borrowed within a required timeframe. Payments are usually on a monthly fixed schedule.
- Unsecured. You don’t need to secure your installment loan with an asset.
What do I need to watch out for with installment loans?
While installment loan places like Money Mart provide borrowers with more breathing room to repay their loans compared to payday loans, they still have some features to be aware of:
- High interest. Installment loans typically have higher interest rates than some other types of loans – especially if your credit isn’t in great shape.
- Disreputable lenders. There are many disreputable lenders operating online who prey on people with bad credit, so make sure you evaluate the lender before you apply.
- Direct debit repayments. Many lenders will automatically withdraw the loan repayments from your account. While this can make repayments easy, it can be a costly option if your account is overdrawn by your lender.
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How to apply for payday loans and installment loans
If you’re ready to apply for a payday loan or an installment loan, follow these steps:
- Head to your lender of choice’s website and navigate to the application page.
- Fill in the prompts on the application page. It typically starts with providing your full name, date of birthday, mailing address and email address.
- Continue with the application, filling in your employment status, monthly income and credit score (or Social Insurance Number if it’s requested).
When you submit your application, you may need to verify your identity and income to proceed with your loan application. Provide information that documents your income like a letter of employment, pay stubs or bank statements that show direct deposits. You’ll also need a copy of your ID, such as a passport, to upload into the application system.
Bottom line
Be aware that any money you borrow will come with very high interest rates and has the potential to lead you further into debt, whether you’re applying for a payday loan or an installment loan via Money Mart or its contenders. Use this post to decide whether applying for a Money Mart loan is the right step for you or if another lender or loan type is a better fit.
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