Money Mart Reviews
MoneyMart is a state licensed loans provider that conforms to the state's guidelines and regulations. Founded in 1990, they are well experienced in customer service and have been a financial solution to people seeking to access fast cash for emergency expenditures. The application process is fast and the money will be available within the hour.Website:www.moneymart.com
Based out of Sacramento, California, MoneyMart is a loan provider and has been in operation since 1990 and is owned by the Dollar Financial Group. They have over 300 stores spread across the US. They are well known for their payday loans but they also offer personal loans. The company positions itself as a leader in commitment to offer customers a great solution to alternative lending.
MoneyMart offers its lending services both online and at the store front. Online applications are only available in California, Hawaii, Kansas, and Louisiana. If you reside in a state not covered by online services, you can only apply through the physical stores.
To apply online, you’ll need to provide each of the following details:
- Full names
- Valid email address and phone number
- Details of a valid ID like a passport, or a driver’s license
- Your valid checking account details
- Details about your current income
For both online and in-store applications, you will only need a maximum of 15 minutes. With an approved application, it will take at most one hour to receive the money at a store front while online applicants will have to wait for one business day to get the money in the account. However, the money deposit can take up to 48 hours in some instances.
After receiving the loan, you have to repay on the due date. The payment is done either by cash in the MoneyMart.com store, electronic withdrawal from your account or the lender can deposit a check that you will post-date when receiving the funds. This company advises customers against using payday loans as the primary source of financing, instead, the loan should be used for the occasional emergencies that may crop up.
To qualify for an application, you must be able to satisfy the following criterion provided by Money Mart:
- You must be at least 18 years of age or older
- You must be a citizen or a permanent resident of the US
- Have a regular and steady source of income
- Must hold an active checking account that can receive ACH transfers
- You must have a valid phone number
The total amount you will be eligible to borrow will be determined by your income and also the maximum amount permitted in your state.
For example, if you reside in Ohio and Arizona, you are allowed to apply for up to $1000. On the contrary, residents of California are limited to a $255 maximum payday loan.
Approved loans get funding within a day but may take up to 48 hours. However, if it’s on a weekend the money may take longer to get into your account.
With both physical and online service, MoneyMart can come in handy if you live near their store. Typically, accessing a loan through the stores is faster than applying online and waiting for the money to be deposited.
If you take a loan and then realize that you can’t pay in time, MoneyMart encourages you to contact them and find a solution together. If your state permits, you can get an extension but fees will apply.
In the event where banking details are incorrect, the loan will auto cancel in three to four days and you will be cleared to apply again.
The personal loans offered to residents of a few selected states will range between $2500 and $4999. When issued, are expected to be paid back over time. To qualify for an in-store application you will need to have a current bank statement, current pay stub and a government issued ID.
Company offers an installment loan of up to $1500 in New Mexico that can be repaid over a period of five months. For you to qualify, you will need to have a government ID, a pay stub not older than 30 days, a bank statement not older than 45 days and a blank check. However, eligibility will depend on your income.
In most of the states where lenders are allowed to operate, rules and regulations are put in place to govern the practice. Therefore, the total fees that Company charge are a factor of these regulations that vary by state plus the total amount you decide to borrow.
For instance, a $100 loan on a 14-day term will cost $20 in Alaska, while the same loan in Kansas will cost $15. In general, the APR can be anywhere between 194.7%-1042.9%.
On top of the finance charges, you can be charged a late payment fee as well as rollover fee. If the rollover fee is applied because the checking account provided didn’t have enough money, then expect an insufficient funds charge.
A good level of transparency which allows you to know exactly how much the loan will cost. On their website, MoneyMart provides a sure way of calculating the cost depending on your state of residence and the intended loan amount.
People with bad credit will qualify for payday loans. Provided you can prove you have a stable source of income, you may be eligible if you satisfy some other basic requirements.
The process is quick and easy. In under 20 minutes, you will be aware of your application status whether you choose to apply in-store or online. Loans that are approved online can be funded in a day or two while in-store loans can get instant funding.
Customer support is available on live chat and you can ask any pressing matter regarding a loan.
On their website, MoneyMart offers some basic financial education to improve the customer’s knowledge about money.
MoneyMart services are spread across 13 states with only four of these states covered by the online service. The locations in which they operate are:
Alaska, California, Florida, Kansas, Hawaii, Louisiana, Oklahoma, Missouri, Virginia, and Washington
MoneyMart has been offering promotion codes from time to time. You can expect to come across discounts promising to offer you a payday loan for free. The most common give a cost-free $200 loan to first-time applicants.