In this exclusive feature with CanadianSME Small Business Magazine, Peter Kalen, CEO of Momentum Financial Services Group and Money Mart, shares how the company is making financial services more accessible through its 40+ years of experience and 360+ locations across Canada. From lending and cheque cashing to digital financial tools, Money Mart combines convenient services with a focus on clear, practical support.
Peter highlights Money Mart’s latest national survey, which found that 84% of Canadians understand what affects their credit, yet only 45% are actively working to improve it. He also discusses the company’s refreshed mobile app and new St. John’s concept location, showcasing Money Mart’s continued investment in digital innovation and more customer-focused financial experiences.
What key insight did Money Mart’s recent credit survey reveal, and why did you want this data?
One of the most telling findings from this research highlights a disconnect between Canadians’ knowledge of credit and their ability to act on it. Eighty-four per cent of Canadians say they understand what affects their credit score, yet fewer than half, just 45%, are actually taking steps to improve it.
We commissioned this research because we wanted to put national data behind something we hear from customers every single day across our more than 360 branches. Our customers generally know what good credit looks like – that paying on time and utilization matters. What they don’t always have is a clear, judgment-free path to actually get there, especially when they’re managing day-to-day costs at the same time.
Having these conversations in-branch is one thing, but showing that the sentiment holds true across the country, and that it hits some groups much harder than others, is what made this data worth pursuing.
Many Canadians know what affects their credit but don’t act. What is really holding them back, and how is Money Mart helping?
Nearly half of Canadians, 47%, report facing at least one barrier to improving their credit, and that climbs to 68% among Gen Z and 66% among households earning under $50,000. When you look at what those barriers actually are, they’re rarely about not knowing what to do. People are struggling to prioritize credit while covering everyday costs, or they can’t take on more credit, or they just don’t know where to start.
Our focus is on lowering those practical barriers and helping customers move beyond short-term borrowing toward better options over time. One way we do that is through our prequalification process, which helps customers explore whether a longer-term borrowing option may be available to them. Between November 2025 and June 2026, approximately 46% of Payday Boost customers who completed the process pre-qualified for an installment loan with a lower APR. Customers can see what they may qualify for before committing, without affecting their credit score—creating a practical pathway toward better borrowing options.
We back that up with more than 360 Canadian branches offering multilingual, one-on-one support, and a mobile app with access to same-day funding and round-the-clock account access. The point is to meet people where the barrier actually is, whether that’s confidence, timing, or simply not knowing the first step.
How does Money Mart’s prequalification process work, and how does it protect customers who are worried about their credit score?
Many avoid even checking their options because they’re worried a credit check will hurt their score further, but prequalification helps take that worry off the table. Customers can see what they may be eligible for, including the lowest-rate product available to them, without any impact to their credit score.
That protection matters, especially given what our survey revealed about the barriers that Canadians are facing to improve their credit. Once someone can look without risk, they tend to actually engage instead of avoiding the question altogether.
From there, we also weigh a customer’s history with us. Consistent, on-time repayment can open the door to more affordable products down the line, so prequalification is really the entry point into an ongoing relationship rather than a single moment in time.
Whether someone is in-branch or in the app, our goal stays the same. Clear information, accessible products, and no judgment, particularly for people going through a financially demanding stretch.
Your Alberta/Manitoba analysis showed 91% of customers starting below 560 improved their scores. What does that tell you about what’s possible?
It shows a low starting score doesn’t have to be permanent. Looking at Alberta and Manitoba customers over an 18-month period, 91% of those who began with scores below 560 and made their payments on time saw their score improve, with an average gain of 68 points.
That’s a meaningful jump, and it says something bigger than just one region’s results. It shows what happens when people who are experiencing financial challenges actually get a credit-building opportunity instead of being shut out because their score is already low. We’ve also helped thousands of customers move from a payday lending product to a lower cost, credit building installment loan.
It also lines up with what we heard in our national survey. Canadians aren’t missing the knowledge that on-time payments build credit. They’re missing products that will work with them at their starting point and report that progress to the bureaus. Give someone a realistic entry point and let consistent repayment do the work, and the results follow. That’s really the model we’re trying to scale.
For someone reading this who feels stuck with their credit, what is the first practical step you would suggest they take today?
Start by checking your credit report to get a clear picture of where you actually stand. A lot of Canadians don’t know their real credit situation, and it’s hard to improve something you can’t see clearly. You shouldn’t need to pay just to access that basic information: Canadians can access their credit reports for free through Equifax and TransUnion.
From there, look for tools that let you explore your options without any penalty. Our prequalification process, for instance, lets people check what they may qualify for, including the lowest-rate product available to them, without touching their credit score. That removes one of the biggest reasons people hesitate to even look in the first place.
After that, stick to the basics. Paying on time and keeping your balances manageable are still the real foundation of credit improvement. It won’t happen overnight, but those small, consistent habits add up over months.
Remember, you also don’t need to try to work through it completely on your own. Our survey found that 72% of Canadians are open to seeking credit help, so the appetite for support is clearly there.
Our teams are focused on helping Canadians understand their options and what products will best support their goals through one-on-one, multilingual support across our branches and online.
Disclaimer:
The views and opinions expressed in this interview are those of the interviewee and do not necessarily reflect the official policy or position of CanadianSME Small Business Magazine. Our platform is dedicated to fostering dialogue and sharing insights that inspire and empower small and medium-sized businesses across Canada.
