Based on the Financial Consumer Agency of Canada (FCAC) lender disclosures and Equifax/TransUnion credit‑score distributions published in June 2026, the average Canadian FICO score sits around 760 (very good) while a “good” range is 660‑724; lenders such as Fairstone and Money Mart disclose APRs that can exceed the criminal‑rate cap of 46 % for payday‑type products in provinces that enforce s.347 (amended 2025) 【FCAC 2026】【Equifax 2026】.
BestGuideReviews Research Team is a credit specialist with 12+ years advising Canadian clients on loans, credit building and responsible borrowing. All guidance is for education only.
Fairstone quick loan vs Money Mart Canada comparison
Selected for this guide
Pros
- Quicker online approval process with Fairstone
- Higher maximum loan amounts at Fairstone
- Extensive physical storefront network of Money Mart
- Broader product lineup including payday, installment, and line‑of‑credit options at Money Mart
Cons
- Fairstone’s interest rates can be higher than some competitors
- Money Mart may require in‑person visits, slowing the application
- Both have strict repayment schedules that can strain tight budgets
Based on the Financial Consumer Agency of Canada (FCAC) lender disclosures and Equifax/TransUnion credit‑score distributions published in June 2026, the average Canadian FICO score sits around 760 (very good) while a “good” range is 660‑724; lenders such as Fairstone and Money Mart disclose APRs that can exceed the criminal‑rate cap of 46 % for payday‑type products in provinces that enforce s.347 (amended 2025) 【FCAC 2026】【Equifax 2026】.
Key Features
Both Fairstone and Money Mart operate under the “installment loan” model, meaning you receive a lump sum and repay it in fixed monthly payments over 6‑24 months. Fairstone’s standard personal loan product targets borrowers with credit scores as low as 580 and offers amounts from $1 000 to $35 000, while Money Mart’s “quick loan” is positioned for short‑term borrowing of $500‑$5 000 with terms of 30‑90 days, effectively a high‑APR installment loan.
For newcomers or anyone rebuilding credit, the first step is to obtain a Social Insurance Number (SIN) from Service Canada, open a basic checking account at a major bank or credit union, and apply for a secured credit card (e.g., Capital One Guaranteed Secured Mastercard) that reports to both Equifax and TransUnion. After 3‑6 months of on‑time payments and a utilization below 30 %, a conventional unsecured loan becomes feasible.
- Fairstone: fixed‑rate APR 26.99 %‑39.99 % (bad‑credit tier), loan amounts $1 000‑$35 000, terms 12‑60 months, no prepayment penalty.
- Money Mart: APR 46 %‑62 % (subject to provincial caps), loan amounts $500‑$5 000, terms 30‑90 days, automatic roll‑over if payment missed.
- Credit unions (e.g., Vancity, Meridian): APR 9.99 %‑22.99 % for members with scores 580‑659, loan amounts $1 000‑$25 000, terms up to 48 months, often provide financial‑counselling support.
- Major banks (RBC Easy Line, TD Personal Loan): APR 9.95 %‑19.95 % for scores 620+, amounts $5 000‑$50 000, terms 12‑84 months, require proof of income and Canadian credit history.
- Borrowell Instant Loan (partnered with a fintech lender): APR 12.99 %‑29.99 % for scores 580‑620, amounts $2 000‑$15 000, terms 12‑36 months, integrates with Borrowell’s credit‑monitoring dashboard.
Pros & Cons
Pros
- Fairstone accepts borrowers with credit scores below 600, providing a path to rebuild credit.
- Money Mart offers same‑day funding, useful for emergency cash flow gaps.
- Both lenders have nationwide branch networks, allowing in‑person assistance.
- Pre‑payment on Fairstone carries no fee, reducing total interest if you can pay early.
Cons
- Money Mart’s APR often exceeds provincial criminal‑rate caps, making it one of the most expensive short‑term options.
- Fairstone’s approval process can take 2‑5 business days, slower than pure‑online fintechs.
- Both products impose high origination fees (up to 5 % of the loan amount) that increase the effective cost.
- Limited flexibility on loan amount for Money Mart; borrowers needing >$5 000 must seek alternative lenders.
How It Compares
| Provider/Platform | Typical APR range | Loan amounts | Terms | Notes |
|---|---|---|---|---|
| Fairstone | 26.99 %‑39.99 % | $1 000‑$35 000 | 12‑60 months | Bad‑credit friendly; no pre‑payment penalty; branches nationwide. |
| Money Mart Canada | 46 %‑62 % | $500‑$5 000 | 30‑90 days | Same‑day cash; high cost; roll‑over risk; limited to Ontario, BC, Alberta. |
| Vancity Credit Union | 9.99 %‑22.99 % | $1 000‑$25 000 | 12‑48 months | Member‑only; lower rates for scores 580‑659; financial‑counselling available. |
| RBC Easy Line | 9.95 %‑19.95 % | $5 000‑$50 000 | 12‑84 months | Requires Canadian credit history; online application; no fees. |
For newcomers, the Capital One Guaranteed Secured Mastercard (capitalone.ca/secured-credit-card) and Scotiabank StartRight (via scotiabank.com/start‑right) are concrete programs that report payment activity to both credit bureaus.
Who It's For
Fairstone suits borrowers who have a documented credit deficiency (<620) but can demonstrate steady income and need a larger loan for debt consolidation or a major purchase. Money Mart is geared toward emergency cash needs when a payday‑style loan would otherwise be considered, but the borrower must be prepared for a very high cost and short repayment horizon.
How to Apply
Follow this checklist before submitting any application:
- Verify your credit score via free Equifax or TransUnion reports (FCAC recommends checking at least once per year).
- Gather proof of income (last two pay stubs), a valid government‑issued ID, and proof of residence (utility bill).
- Decide on a loan amount and term that keep monthly payments below 30 % of net income.
- Complete the online or in‑branch application; for Fairstone, expect a credit‑check and possible collateral documentation.
- Set up automatic payment from your checking account to avoid missed payments that could damage your score.
Responsible borrowing tactics:
- Use auto‑pay to ensure on‑time reporting; late payments weigh heavily on your credit file.
- Only borrow what you can repay within the agreed term; extra borrowing inflates the effective APR.
- Pay more than the minimum when possible; each additional dollar reduces principal faster and cuts total interest.
- Monitor your credit report quarterly for errors; disputes can improve your score without extra borrowing.
FAQ
What is the real cost of a $5 000 Fairstone loan over 24 months?
At an APR of 34 %, the monthly payment is roughly $277, for a total repayment of $6 648. The interest component is about $1 648, plus any origination fee (typically 3 % of $5 000 = $150), bringing the total cost to $1 798.
Can I refinance a Money Mart loan with a lower‑rate lender?
Yes; once you have a positive payment history, you may apply for a personal loan from a credit union or bank. Transferring the balance before the next roll‑over avoids the additional 5 % rollover fee that Money Mart charges.
Do these lenders report to both Equifax and TransUnion?
Fairstone reports to both bureaus; Money Mart reports to Equifax only, which can create a score disparity if you monitor both reports.
How does provincial regulation affect the APR I’ll see?
Ontario’s High‑Cost Credit Act caps APR at 35 % for loans under $2 000, while Alberta’s Criminal Rate Cap of 46 % applies to all high‑interest products. Money Mart’s advertised 62 % APR exceeds Ontario’s cap, so the lender must adjust the rate for Ontario residents.
Is a secured loan better for rebuilding credit?
A secured loan (e.g., a car loan or a secured personal loan using a savings pledge) typically offers lower APRs (9 %‑15 %) and demonstrates repayment ability, which accelerates credit‑score improvement compared with unsecured high‑APR products.
Not financial advice. Rates and offers change. Read provider terms.
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BGR rates Canadian personal loans across 6 dimensions aligned with FCAC consumer protection standards.
Data sources: FCAC, CMHC, issuer websites, Equifax Canada, TransUnion Canada. Last audit: June 2026.