Find out here how well LOANMART is rated by consumers. Here you can also read what customers think about the service and the performance of the service provider.
LOANMART is a financial service provider for loans. In the loan process, you can specify your own vehicle as a pledge and contains a corresponding amount for the vehicle. The company is one of the providers of car title loans.
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Had info within a few minutes on what loan I can get. Submitting the vehicle information was easy. I received the loan by check. Loanmart is a real alternative to conventional loans.
While looking for a loan, I came across Loanmart. The application went very easily and the customer service was able to answer many of my questions about the title loan. I then received the loan disbursement the same day.
In times of economic crisis like the recent resulted by the COVID-19, many people can strain with finances. If you find yourself in such a situation, a car title loan, also known as “a fast auto loan,” can be a fast way to settle your bills. Because these types of loans don’t require a complicated approval process, your loan can be approved in as little time as one day. Also, because your lender uses your car as collateral, you do not need an excellent credit score.
Although fast loans may sound convenient, always review them thoroughly, and choose a reliable lender. In today’s article, we will review LoanMart, a secured loans provider specializing in car auto title loans. LoanMart has consistently been rated 5/5 by its customers and credited for their precise application process.
What Is LoanMart?
LoanMart is an online loan lender that focuses solely on vehicle title loans. Their headquarters are in Van Nuys, California, and was one of the first lenders to provide automobile title loans in 2002. If you’ve never heard of an auto title loan before, it’s a type of loan where you borrow money against the value of your vehicle. As a result, your car is automatically used as collateral against your loan. This implies that if you cannot pay the loan within the stipulated period, LoanMart may repossess your car.
What Does LoanMart Offer?
LoanMart is a big lender with a lot of expertise in the industry, and unlike other car title loan lenders, they offer reasonable rates. Also, since you secure your loan with your car, they review your offer quickly, which means you can get cash on the same day.
LoanMart offers short-term personal loans which you repay within 36 or 48 months. The amount of the loan you are eligible for is decided by the value of your vehicle, your location, and your credit score. However, their loans are more determined by the value of your car rather than your credit history. It has evolved into one of the most popular online platforms for people with negative credit scores to receive personal loans. LoanMart has gotten loans for over 250,000 satisfied customers in the 26 states that it serves.
How Much Can You Get for a Car Title Loan?
LoanMart car title loans range from $1,500 to $50,000, depending on the state in which you live. The amount you will get will be determined by; How much your car is worth, your ability to repay the loan, and the loan terms. Their annual interest rates can be anywhere between 80% and 204%. Interest rates differ based on where you reside and how long you’ve had credit.
What Are the Benefits of Using LoanMart?
- Low-Interest Rates: LoanMart comes with many positive qualities. For starters, by using your car as security, you can take advantage of a low-interest rate. While most payday lenders charge an average of 400 percent APR, your LoanMart interest loan could go as low as 80% APR. Even at the higher end, you’ll have to pay a maximum of 204 percent. They also have a flexible service to customize a payment plan to fit your lifestyle.
- Flexible Customer Service: While most auto lenders will require you to bring your vehicle to a nearby location for examination, LoanMart does not. You can quickly check whether you qualify for their loans and complete the entire credit procedure online from the convenience of your own home or workplace. It’s also convenient that LoanMart usually transmits your cash on the next business day, and you can select how you want to receive them.
- Get Money Fast: Because their loan approval procedure is straightforward, if you get accepted, you will get your money as soon as possible, usually the following day. You also go for the most suitable cash payment. Some of their acceptable methods are via MoneyGram or cheque. Alternatively, you may pick it up at a partnering shop location in your area.
What Eligibility and Required Information Will LoanMart Need?
- Vehicle Registration: To verify that you are the vehicle’s legal owner, they need your vehicle registration card. This card is also to confirm that you are the legitimate owner, without a doubt.
- Pictures of Your Car: Pictures of the vehicle will not only verify the existence of the car but also show any severe body damage that might impair the car’s market value, allowing LoanMart to provide you with an exact loan amount. The photographs must include the vehicle’s front, rear, and sides.
- Pictures of VIN, Plate and Odometer: Just like your car photos, the VIN and Odometer photos will allow them to assess your car’s worth. They will also confirm the model and year of the vehicle, and the mileage you’ve provided is accurate and up to date.
- Proof of Address: To prove your address, you will need to provide any letter or utility bill mailed to you under your name. For this document to fit as proof, your car must be registered at the same residence—this aids in verifying your identification and car ownership.
- Valid Identification and Personal References: Finally, you will need a valid personal verification—like a national i.d or a driver’s license. The identification will be your primary verification to prove that you are indeed the person committing to the agreement. You will also need four phone numbers from your references. They can be family members or co-workers.
How Satisfied Were Customers?
LoanMart has an average of 4.2-4.7 out of 5 on different platforms, with many of the excellent evaluations highlighting the lender’s quick and straightforward application process. Most users also commented on their favorable interest rates, and even on the upper hand, LoanMart beats its competitors significantly with its lower cost. While many customers complimented LoanMart’s application procedure, a few customers felt the opposite and gave the lender a rating of less than five stars for the problems they faced in obtaining a loan.
Is LoanMart Safe and Legit?
Given that LoanMart has been in business for many years and has operated in many states, it is proof enough that it’s legit. LoanMart can be very beneficial to individuals who have exhausted all other options and suffer from poor credit. Unlike many other title lenders, they do not need you to have a bank account or a fully paid off car in order to apply. Even if you are still in bankruptcy, you may be eligible, though you will need to seek clearance from the court. Additionally, it notifies the three major credit bureaus about timely payments, which contribute to improving your credit score.
It is not, however, accessible in every state. As with all short-term loan providers, you may face APRs in the triple digits.