Money Mart

Money Mart Financial Services, formerly Dollar Financial Group, is a financial services company with over 700 locations in Canada and the U.S. The company offers a range of financial services, including installment loan, cash advance/payday loan, check cashing, prepaid card, and money transfer services. It focuses on the underbanked and subprime customer segments. Prior to 2018 the name 'Money Mart' was associated only with the 38 year old Canadian unit DFG acquired in November 1996.[2]

Money Mart
TypeParent
IndustryFinancial Services
Founded(1979)
Headquarters
Malvern, Pennsylvania
,
United States
Area served
Canada, United States[1]
ProductsInstallment loan, Cash Advance Loans/Payday Loan, Check Cashing, Western Union, PrePaid Debit Cards, Currency Exchange
Websitemmfs.com
Money Mart in Toronto

Money Mart Financial Services operates under a number of retail brands. In Canada the company has Money Mart and Insta-Chèques stores. In the U.S. it has Money Mart and The Check Cashing Store locations. Some services are also offered online via the company’s consumer websites.


History
logo still used at many locations

Founded in 1979 as Monetary Management Corporation, the company changed its name to Dollar Financial Group in 1990. In 1996 it purchased Money Mart, which was founded as an entrepreneurial venture in 1982 in Edmonton, Alberta. Money Mart Financial Services was purchased by a private equity fund manager in 2014, which took the company private.

Products

Associations

Money Mart is a member of the Community Financial Services Association of America (CFSA). National Money Mart, the company's Canadian subsidiary, is a member of the Canadian Consumer Finance Association (CCFA), and is accredited by the Better Business Bureau

On Dec. 23, 2003, a $515 million Ontario class action lawsuit was started against Money Mart by Margaret Smith of Windsor, Ontario.[3] The action alleges that Dollar Financial and Money Mart caused the plaintiffs to pay interest at a criminal rate contrary to section 347 of the Criminal Code.[4]

The lawsuit was settled on June 5, 2009, with no admission of wrongdoing from Money Mart. Money Mart agreed to pay approximately $120 million in cash, legal fees, debt releases and "transferable transaction credits".[5][6]

In March 2010, Money Mart settled a similar lawsuit in British Columbia — MacKinnon v. National Money Mart — for $24.75 million, consisting of $12.375 million in cash and $12.375 million in vouchers.

See also

Payday loans in Canada

References
  1. "Find a Store". moneymart.com. Retrieved 26 February 2017.
  2. "PHD Thesis Money" (PDF). 2012.
  3. "Archived copy". Archived from the original on 2012-11-09. Retrieved 2010-12-01.CS1 maint: archived copy as title (link) The Edmonton Journal,January 6, 2007
  4. http://moneymartclassaction.com/documents/431105_ffclaim.pdf.pdf Ontario Superior Court of Justice claim document
  5. http://moneymartclassaction.com/index.php
  6. "Why lawyers' fees at centre stage in Money Mart case". The Globe and Mail. April 12, 2011.
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