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Loan Mart Review

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LOAN MART

As part of Wheels Financial Group LLC, LoanMart provides car title loans in the states of California, Arizona, New Mexico, Utah, Missouri, Illinois, Alabama, South Dakota, and Wisconsin. Founded at a pawn shop in Sherman Oaks, CA in 1999, LoanMart is now the top car title loan provider on the West Coast, with more than 150,000 customers throughout the country. We were pleased to see that their "A" rating with the Better Business Bureau is further evidence that LoanMart is a reputable source for car title loans.

As with most car title loans, interest rates are high at LoanMart, ranging from 60% to 180% APR. Further fees were harder to determine, but from what we were able to find on specific state disclosures, you can expect additional fees of approximately 5% of the total of your loan, to cover application and origination costs.

LoanMart allows you to apply for your car title loan online or in person at a local participating store. Whichever route you choose, you should expect the application process to take around five minutes and to get your cash in 24 hours or less, via cash, check, or wire transfer. You can borrow up to 120% of the equity in your vehicle, more than any other auto title lender in our review.

We also like LoanMart's unique "Five Day Peace of Mind Guarantee". If you change your mind within five days of taking out your car title loan, you can return the funds at no cost (LoanMart waives the application fee and any other charges).

LoanMart is a great choice for your car title loan - if you happen to live in one of the nine states they serve. We would gladly increase their rating if LoanMart expands into more states, to better serve a wider range of customers.

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Car Title Loans

To help you find the Best Car Title Loans, TopConsumerReviews.com provides you with an in-depth Loan Mart Review.

Car title loans help millions of people to quickly access cash in times of need. In today's economy, not everyone is fortunate enough to have money in savings or a generous friend or relative from whom to borrow. When unexpected bills arise, such as an expensive car repair or visit to the emergency room, it can be challenging to find the funds to pay them. Car title loans use your vehicle's title as collateral for a short-term loan, while still allowing you full use of the car for all of your everyday needs. When you repay the loan, the title is returned to you, hassle-free.

Why do some people choose car title loans over other ways to borrow money? First, most car title loans are available to customers who don't have high credit scores. Also, the amount of an car title loan is based on the value of the vehicle, so some car owners can get more money than with other types of loans, if they have a car that's worth more.

However, car title loans have some disadvantages that you should consider. The main caveat is that if you do not repay the loan, you will lose your car as the lender will effectively be the new owner. This can jeopardize your ability to get to work, school, or other important destinations. Equally disadvantageous are the high interest rates charged by most car title lenders. Obviously, car title loans are a last-resort way to borrow money, given the high fees and the risk of losing your vehicle.

Still, being able to get the cash you need to pay overdue bills or for other pressing needs is important. When evaluating different car title loans, make sure to keep in mind the following:

  • Loan Amount. How much money do you need? A variety of loan amounts are offered by different lenders, and most have a minimum amount that you'll need to borrow.
  • Service Fees and Interest Rates. Will you be charged anything for processing the loan? What are the interest rates typically charged by the lender?
  • Convenience. Is the application process 100% online, or will you need to fax in any required documents? How quickly will the funds be transferred to your account?

TopConsumerReviews.com has reviewed and ranked the best Car Title loans available today. We hope these reviews help you find the right title loan for your short-term financial needs!



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