Choosing a Loan
Whether you have unpaid bills on your hands, you’re dealing with an unexpected emergency, or you just want to keep cash handy for a rainy day – there’s a loan that can meet your financial needs.
If you’re looking for a little cash to tide you over until payday, then a payday loan is right for you. A payday loan, also known as a cash advance, is an unsecured, short-term loan that should be used to handle emergency expenses between paydays. It’s like bringing your payday forward. You should only borrow what you need and pay it back in full on your next payday.
While payday loans are a convenient way of handling immediate cash flow needs, they are not recommended as a long-term financial solution. When used sensibly, these loans are an excellent source of quick and temporary cash. However, as with improper use of any financial product, overuse can lead to hardship, if not managed wisely. If you need help understanding the terms of your loan, our Customer Service Representatives are happy to answer any of your questions.
If you’re looking for money to borrow and pay back over time in several payments, then an installment loan is right for you. Unlike payday loans, most lenders will require a credit check before approving a customer for an installment loan, and paying back the loan on time can help build credit history. Installment loans are generally considered to be an affordable alternative to payday loans and credit cards.
Money Mart customers are encouraged to explore what financial solution is right for their particular situation. Once you consider all of the information and options, the choice is yours. In many cases, the cost of a loan is less expensive than late fees on some bills or a bank’s non-sufficient fund fees. If you find yourself constantly outspending your budget or frequently over using any type of temporary cash advance, we suggest that you seek professional advice from a non-profit credit counselor or consider other finance options.