National Money Mart is one of the largest and oldest payday lending operations in Canada, with some 454 storefronts available nationwide.
The company, which has been owned since 1996 by Dollar Financial Corporation, a publicly traded U.S. based company, provides a wide range of financial services from their locations.
These services include cash advance loans (payday loans), cheque cashing, Western Union money transfers, Easytax services, forex currency exchange, bill payments, and prepaid VISA debit cards.
At the core of their service portfolio, however, are the short-term, small-dollar amount payday advances, which are typically paid back by the borrower on the next pay day from steady employment.
Before taking a payday advance from the company, you should consider other, possibly less costly (as measured by APR borrowing costs) alternatives, such as credit card cash advances.
Other thing to research are the provincial payday loan laws in Canada, which regulate many aspects of the industry, and understanding these laws will help you fully understand your rights as a consumer.
Money Mart has two ways to apply for a payday advance loan in Canada:
online or by visiting one of their 454 storefronts in person.
Overall, according to research by Pew Research, around 75% of payday lending customers choose to visit a cash advance store in person (according to a study done in the United States).
To qualify for a loan, you need to meet and verify a few requirements, including that:
you have employment income,
you have a bank account, and that
you are at least 18 years of age.
According to the service's official website, the things you need to bring with you when visiting a store in person include your last pay stub, most up-to-date bank statement, and a blank personal cheque.
The firm is able to borrow up to 30-50% of your net pay, for amounts up to $1,500.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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