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23

May

The Money Mart Company

Introduction

This is a brand under the Dollar Financial Company. It is based in Canada and plays the role of offering payday loans as well, cashing of cheques, and preparation of tax and offer money transfer services to those who are underbanked. It credits its humble beginnings to Edmonton, Alberta in 1982 with entrepreneurial aspirations and has escalated to fame over the years; with up to 412 stores across Canada and a number of franchised stores to their accolades.it is of subsidiary nature in the realm of financial services



History

It set out its entrepreneurial journey in1982 as the founders aimed at tapping into the convenience of the financial industry. The trend was acclaimed as a trendsetter and in an effort to uphold the standards that already had a top notch bar set for them, the founders saw it convenient to open branches in areas that could be easily accessed and those that could be operated in outside the normal business hours. It was not until 1996 that this business foundation was sold out to the Dollar Financial Group based in the US. All this was done in good faith with both founders sharing in the common goal that; to tap into financial dispensation for low income consumers. This was the genesis and the eternal continuous growth of Money Mart

Products

Money Mart deals in cheque cashing, payday loans that are regarded as loans with no collateral but are rather issued on the payroll and employment records of the borrower, installment loans, preparation of tax returns which is a Canadian procedure that involves the submission of the sum of the previous year’s (all months included) taxable income, tax credits and other information in line with an individual’s taxes. The sole importance of filing tax returns is the existence of the possibility that the federal government can make a refund on the money owed to the person, or a corporation filing the return or an amount that is yet to be paid. Failure to fill and submit a tax return usually attracts a penalty. 

Tax returns usually include self-employed individuals, deceased persons and non-residents. The deadline of submission of returns is usually in cases of emergency. Money Mart also deals in prepaid MasterCard, a payment card that is issued to enable the cardholder to pay for goods and services on terms of agreement between the card holder and the issuer of the card. Western Union is also in its range of products, a money transfer and receiving platform and communications company that has over the years been applauded for efficiently exchanging telegrams. It also deals with currency exchange and provides both buying and selling rates of foreign currencies in line with the value it attracts or demands of the resident currency. Gold, metal and brokerage of pawns forms foundation for business here and keep growing rapidly on a daily basis. Last but not least, this brands deals in mailboxes that are usually at well identified and selected locations.

Ontario Lawsuit

Money Mart has at some point brushed the wrong shoulder with the law. One Margaret Smith filed a suit against Money Mart and its umbrella brand Dollar Financial Company, claiming that she had been forced to pay interest at an extorting rate.

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