Easy to apply
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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 MartMoney 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.
Advantages1. Openness 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.
Disadvantages1. 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. 2. Availability 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.
EligibilityThe 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.
ApplicationThe 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.