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Monday, July 26th
LoanMart got its start as a pawn shop in Sherman Oaks, California all the way back in 1999. Since then, more than 250,000 people have used the lender to get a car title loan with no hassles and from a team with great customer service.
Use calculator to determine loan amount and interest rate
LoanMart doesn't come right out and tell you how much you can borrow against your vehicle's title. You'll have to use their loan calculator to find that out, if you want an estimate before you submit an application. For example, a 2020 Toyota Corolla in Utah with under 15,000 miles was eligible for a loan of up to $15,130, while a 2013 Honda Civic in Alabama with 125,000 miles prequalified for a title loan of $7530 or less. LoanMart is also transparent with their interest rates, which range from 80% to 204% APR.
Documents can be submitted online or via phone
A huge perk offered by LoanMart is the ability to submit all relevant documents electronically: no need to go into a location near you to drop off your car title. That's amazing! Whether you scan them and send via email or fax, or you take photos with your smartphone or tablet, the documents you'll submit are usually the vehicle's title in your name, a government-issued ID (like a driver's license), proof of income like paycheck stubs or bank account statements, and proof of residence with something like a utility bill.
Many options for receiving loan money
Your payments are equally easy to get. You can choose to have them deposited electronically, mailed as a check, or through a participating network partner - including MoneyGram locations at a local Walmart! That's why, despite having only eight states where they offer car title loans, this provider gets such a high score from us: it's super convenient!
Plenty of positive feedback from customers
Another big plus for LoanMart is their "A+" rating from the Better Business Bureau. There are plenty of clients who say that this lender is easy to work with and who give it a perfect five-star rating.
Excellent option for residents in eligible states
The only thing stopping LoanMart from earning our top recommendation is that so few people will be eligible to apply for a car title loan based on where they live. We'd love to see this lender expand their business into more states, so that more individuals would be able to use them to get a hassle-free title loan. On the other hand, if you're fortunate enough to live in one of the states where LoanMart operates, we highly encourage you to use them for your car title loan.
If you're considering a car title loan, chances are good that you've come across some unexpected bills. Maybe your car broke down and you need it fixed quickly to keep your job. Or your roof started to leak after a storm and you can't wait on your insurance adjuster to take months to get the claim paid. Many Americans find themselves in trouble and don't have many options for getting money fast. That's where car title loans come in.
How does this type of loan work? If you own a vehicle free and clear, you can use its title as collateral to secure a short-term loan. The good thing is, you don't have to stop using your car: continue to drive it as you usually would, until the loan is repaid in full and you get the title returned to you.
Car title loans are also attractive because they rarely require you to have a great credit history: you're guaranteeing that you'll repay the loan by borrowing against your car's value, so credit isn't really a factor. Of course, that's one of the downsides too: if you don't pay the loan back, you stand to lose your transportation, and you can't borrow more than your car is worth. That's cool if you're driving a Porsche, but if you drive a 20-year-old beater you might not get much out of a title loan.
Another thing to keep in mind is that car title loans usually have really high interest rates: in the triple digits isn't unheard of. You'd be wise to see if other, lower-interest rate personal loans are a possibility before you turn to a car title loan for your cash needs.
So, all that being said, how can you tell which car title loan provider to use? There are a lot of them out there, and some of them are less-than-reputable in the way they treat customers. Here are a couple of factors to check out before you commit to a car title loan:
TopConsumerReviews.com has evaluated and ranked the best options among providers of car title loans today. We're confident that this information will help you get the money you need with loan terms you can afford!
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