Everyday, people face many challenges in trying to get ahead. For some reasons, it can be difficult to find the money you need to meet everyday expenses. One common way to obtain cash is through a cash advance.
Cash advances are similar to loans, but they are typically provided through lending institutions such as banks. There are a few requirements that must be met in order for an individual to qualify for a cash advance from an institution such as Money Mart.
In this article, we will take a closer look at the Money Mart cash advance requirements, what you need to do to meet the eligibility requirements and how to apply cash advance at Money Mart.
What is Money Mart?
Money Mart is an American financial services company that allows you to access a cash advance of up to $500 with same day turn around. At Money Mart you can also access an instalment cash advance from $100 to $1000 with same day turnaround as well.
Money Mart was founded in 1979 and has since grown to have 600 branches across the United States & Canada. The company’s headquarters are located in Malvern, Pennsylvania, United States under the leadership of CEO Glen Wakeman.
Take note that Money Mart is regulated by both federal and state laws. Also, the company has a strong focus on customer service and employs a team of dedicated professionals who are committed to providing exemplary service to its customers. As of 2021, Money Mart employs over 6,000 people across its 600 branches in the United States & Canada.
Money Mart provides a range of financial products and services to its customers across the United States. Some of the Money Mart core businesses include:
- Check cashing
- cash advances/ Payday Loans
- Instalment Loans
- Money Mart Prepaid MasterCard services
- Allow you to pay your bills
- Mail & Postal services
- Western Union
- Currency Exchange
- ATM services etc
How does Money Mart Cash Advance Work?
To get started, visit the Money Mart website and select your location.
Next, you will answer a few simple questions and after a short while (about 20 minutes) you will receive a call from one of the Money Mart associates. He/she will ask you some questions before making a visit to one of the branch near you.
Next, if everything is ok, you will be directed to the nearest branch near you. At the branch, you will need to fill a brief application form, sign an agreement and write down a check for the cash advance loan in addition to the fees accruing from the loan.
On the spot, you will receive your cash. Take note Money Mart will retain your check till your upcoming payday when you are supposed to make a repayment.
Note that the cash advance ranges between $100 to $250. The total payable amount that you will pay is equivalent to the loan amount, 10% of the cash advance and a $3 transaction fee. For instance if you take a cash advance of $200, you will repay $223. I.e. 10% which is equivalent to $20, $3 transaction fee and the loan value which is $200 in this case.
The repayment period is basically 14 days with an annual interest rate of 286.79%.
What are the payment options for Money Mart cash advance?
While most lenders will allow you to choose between a variety of payment options, there is only one option with Money Mart cash advances.
The repayments are to be completed within 14 day. You can choose to repay once at the end or the loan period or choose the bi-weekly repayment plan. Incase of the instalment cash advance, you are only required to repay based on monthly instalments.
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Money Mart Cash Advance Requirements
Money Mart cash advances are the perfect solution for people who need some extra money but don’t have the time to wait for a loan from a bank. With an Money Mart cash advance, you can get money as soon as the next business day.
However, what are the requirements for Money Mart Cash Advance?
As with any loan, there are a number of requirements which must be met to get Money Mart cash advance. Some of these include:
First, you must be at least 18 years old and have no outstanding debts other than your Money Mart cash advance loan you are applying.
Second, you need valid government identification card or driver’s license.
Third, you should also have an active checking account and provide account details such as account number.
Additionally, you will need to be able to provide proof of income, such as tax returns or pay stubs.
Finally, you must be able to afford the repayments on your loan & share your contact details.
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How do I get an Money Mart Cash Advance?
To get an Money Mart cash advance, simply visit one of Money Mart’s easy-to-reach branch and present your identification and proof of income.
However, you will need to first check your cash advance eligibility on their website. To check if you are eligible, just get into the Money Mart website, select your location and check if you are eligible after answering a few questions that you will get on the platform.
A notification will be sent to you if you are fit to qualify for a cash advance via email.
Money Mart Cash Advance Fees
When looking for a payday loan, one of the most important factors to consider is the cash advance fees. It is important to compare rates and fees before applying for a payday loan to ensure you are getting the best deal possible.
While some lenders may have lower fees than others. However, all payday lenders must abide by state regulations that impose minimum cash advance requirements.
Money Mart is licensed by FRO and regulated by US state & federal laws.
As a result, when you take out a cash advance from Money Mart, there are a few fees that you’ll need to be aware of. The first fee is the 10% origination fee, which is charged on the total amount of the cash advance. Finally, there’s a $3 service charge for every cash advance transaction. Taken together, these fees can add up quickly if you’re using your Money Mart cash advance frequently.
Also Read// Dave Cash Advance Requirements (Updated)
Pros & Cons of Money Mart Loans
Many consumers believe that payday loans are a great option for funding emergencies. You can use the loan to pay utility bills, make medical appointments, or cover other unexpected expenses. Payday loans are also useful when they are not available through more traditional sources, such as credit cards and bank loans.
One benefit of Money Mart cash advance loan is that it is very convenient for borrowers as it has same day turnaround. The whole application process can be completed in as little as two hours which makes it very attractive.
Another benefit of Money Mart cash advance is that it can be paid back quickly. Unlike other types of loans, where payments are required over a specified period of time, borrowers can repay their Money Mart loan in as little as two weeks.
Other benefits include the ability to get quick access to money, no need for credit checks, and no interest charges. Additionally, there are no hidden fees or strings attached, so you can be sure that whatever funds you receive will be repaid exactly as intended.
On the con side, borrowers must be able to demonstrate that they have a regular source of income, such as a paycheck stub or tax return or pension. In addition, a proof of identity, such as a valid government-issued photo identification card or driver’s license Is required without which you will not be approved for the cash advance.
Another disadvantage is that you must visit their storefront to make an application. This limit their services to the traditional bank cash advance application methods which may not be convenient to tight schedule customers.
Finally, you just have a valid bank account and present you account details such as account number without which you will not be approved for the cash advance loan.
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Money Mart Cash Advance Limit
Money Mart cash advance limit is $250. This means that if you need a cash advance of more than $250, you will need to go through a lender that has a higher limit or apply for Money Mart instalment cash advance which is limited to between $1,000 – $15,000.
If that does not apply to you, unfortunately there are not many lenders with other higher limit, so if you need a large amount of cash quickly, you may have to resort to using other lending institutions.
Conclusion: Money Mart Cash Advance Requirements
When applying for a cash advance through Money Mart, there are a few requirements that must be met in order to qualify. Most importantly, the applicant must have an active bank account and present his/her account details such as account number to Money Mart
.
Additionally, the applicant must have a valid driver’s license or government approved identity card. In addition, the applicant must be able to provide evidence of income, such as tax returns or pay stubs. Finally, the applicant must meet the majority legal age of 18 years and present his/her contact details.
Also Read// Cleo Cash Advance Requirements
