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Loan Mart vs Mid American Title Loans

Tuesday, May 28th

2024 Car Title Loan Provider Reviews

Loan Mart Review 4.5 Star Rating

Loan Mart

4.5 Star Rating
  • Available in 20 states
  • Loans often funded within 24 hours
  • May be able to get funds via debit card or in cash at a nearby Walmart
  • Automatic payment and interest rate deduction when you meet criteria
  • "A+" rated by the BBB

LoanMart is one of the best options for car title loans. Although you'll have to live in one of their 20 service area states to qualify, you absolutely should apply here if you do. You can get an initial quote without even providing your contact info, and loan funds can be available within 24 hours (even via debit card or cash at Walmart). Both LoanMart and the two other companies associated with their title loans (ChoiceCash and CC Bank) have excellent reputations, including an "A+" from the BBB and plenty of positive reviews. If you want to ensure that your car title loan is coming from a lender that's 100% straightforward, LoanMart is a great choice.

Mid American Title Loans Review 2.5 Star Rating

Mid American Title Loans

2.5 Star Rating
  • Loans up to $10,000
  • In business for 30+ years
  • Serves 20+ states

Mid American Title Loans has been around for over three decades. At first glance, it's not a bad choice for your title loan: the website is clean and easy to use, letting you know if you qualify in just a few minutes. That's where the good times stop rolling, however: you'll have to wait for a call to find out how much you can borrow and under what terms, and the location to drop off your title could be hundreds of miles away. Plus, Mid American Title Loans usually funnels you over to a different lending partner, and there's almost no feedback from borrowers to go by. We don't necessarily recommend using this service for your car title loan.

Where Can You Find the Best Car Title Loans?

If you find yourself facing unexpected financial challenges, you're not alone. Many individuals encounter sudden expenses that demand immediate attention. In times of urgency, when traditional financing options may not be quick enough to get the bills paid, car title loans can be a viable solution.

How exactly does this type of loan work? If you own a vehicle outright, you can use its title as collateral to qualify for a short-term loan. The beauty of this arrangement is that you don't have to park your car during the loan period. In fact, you can continue to use it as usual until the loan is fully repaid, and the title is signed back over to you.

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Car Title Loan Provider FAQ

A car title loan uses your vehicle as collateral for short-term borrowing. The amount of money you qualify to receive depends on the value of your car: you won't get Porsche-level dollars for a Pontiac! You turn in your car title to the lender and get it back when the loan is paid in full.
These loans are usually for consumers who don't qualify for more traditional forms of lending, due to a poor credit history or other circumstances. Also, most loans don't require collateral like a vehicle title to secure the funding.
Completing an online loan application can typically be done in just a few minutes. The rest depends on how close you are to an in-person location where the lender will collect your vehicle title and finish the application process. Some services can have your funds deposited within a few hours of turning in your car title.
These loans are considered to be short-term, so it's common for you to only have 15 to 30 days to pay it back. You definitely want to be careful to only use a car title loan if you anticipate having the money to pay off the loan in the near future!
A LOT, in all sincerity. APRs for car title loans can reach as high as 300%! Again, these loans are often a last resort when people have maxed out their credit cards, have no money in savings, and don't qualify for a more traditional form of lending.
Yes! That's one of the benefits of a car title loan: you can still use the vehicle to go to work, school, or anywhere else you need.
Plain and simple, you lose your car. The lender has the right to repossess it if you don't pay back the loan on time. However, some lenders might offer to extend your loan terms - for a fee, of course.
Yes, but there are lenders that are reputable and ones that are anything but. Plus, these loans should only be used under the most dire of circumstances, because they come with extremely high interest rates and severe consequences if you don't pay them back in a relatively short period of time.
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Continued from above...

One of the advantages of car title loans is that they often don't heavily weigh your credit history. The focus is on the collateral - your car's value - which makes this type of loan more accessible even if your credit score is less than stellar. However, this also comes with a warning: failing to repay the loan could result in the loss of your car, and the loan amount is capped at your vehicle's appraised value. So, while it's a great option for those with valuable cars, those driving older or less valuable vehicles might not benefit as much.

Another crucial aspect to consider is the high-interest rates associated with car title loans. It's not uncommon for these rates to reach triple digits. Before committing to such a loan, it's in your best interests to exhaust all of the options with lower interest rates first.

Your search for a car title loan provider can begin online. Keep in mind that most sites work as a referral service. They don't usually give you the money themselves, but instead connect you with partners in their network. That's largely because you'll always have to present your title in person somewhere.

All that being said, some websites are much better than others when choosing a car title lender. Here are some factors that can help you sort the good from the bad:

  • Service area. First and foremost, make sure the site serves people in your state. Most car title loan sites aren't nationwide, so check out which locations are included before you give them your contact info.
  • Ease of use. How easy do they make it to use their service? Does the website look outdated, or does it have typos that make you question whether or not they're legit?
  • Reputation. Car title loans don't come with the most positive vibes in the world of finance, but they're a necessary option. How well does the lender or referral service do with matching borrowers in need with services that won't take advantage of them? Has the Better Business Bureau weighed in on the company with a strong rating or a low grade?

Navigating the landscape of car title loans can be challenging, but TopConsumerReviews.com has done the legwork to evaluate and rank the best options available today. Taking advantage of this information can help you secure the financial help you need right now, and hopefully relieve some of your money worries at the moment!

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