Make sure you live in one of the six states it services to qualify.
LoanCenter is a straightforward car title lender that also offers financing backed by your RV or motorcycle. You may be able to borrow up to $50,000 as soon as the same day depending on where you live. But it’s only available in six states across the South and West.
Have a source of income, live in an eligible state, car registered in your state, not be in bankruptcy proceedings, be older than 18.
What’s a LoanCenter auto title loan?
A LoanCenter car title loan is a short-term loan backed by the value of your vehicle. Loan amounts, rates and terms vary depending on where you live. In general, you may be able to borrow between $2,000 and $50,000 with annual interest rates (AIRs) ranging from 35.5% to 199.99%. Note that these rates don’t include fees you might be charged, which also vary by state. You typically have up to three years to pay off your loan.
While you can get started online, you’ll have to bring in your vehicle to a location for an inspection and to complete the rest of your application. If you apply for a LoanCenter title loan in person, you can typically get funded the same day.
What states does LoanCenter service?
LoanCenter is only available in six states across the West and South:
Other types of loans offered by LoanCenter
In addition to car title loans, LoanCenter also offers:
RV and motorcycle title loans. Borrow up to $4,000 backed by your RV or motorcycle, depending on the value of your vehicle.
Title loan refinancing. Trade in an old title loan between $2,510 and $50,000 for new rates and terms.
Car loans. Find a car through Loan Center’s network of 30,000 partner dealerships and apply for financing at the same time.
What are the benefits of a LoanCenter auto title loan?
From its fast funding to its large loan amounts, here are a few perks of taking out an auto title loan with LoanCenter:
Same-day funding. Title loans are one of the fastest types of financing you can get, and LoanCenter is no exception.
Large loan amounts available. Depending on where you live and the value of your car, you could borrow up to $50,000.
No job necessary. You don’t need to be employed as long as you receive some type of regular income.
Helpful website. While LoanCenter doesn’t give specifics on rates and loan amounts by state, its site is easy to navigate and provides basic information like rate ranges.
Live chat available. You can get quick answers to questions during regular business hours without having to pick up the phone.
What to watch out for
Consider these potential drawbacks before borrowing with LoanCenter:
Only available in six states. You must live in Arizona, California, Georgia, Idaho, South Carolina or Utah to get a title loan from LoanCenter.
Your car must be registered where you borrow. If you just moved to an eligible state, you won’t be able to borrow until you register your car with your new address.
Unclear fees. Depending on where you live and how much you borrow, LoanCenter might charge a fee in addition to interest.
No active bankruptcies. While you might qualify for a LoanCenter title loan if you’ve filed for bankruptcy in the past, you can’t get a title loan if you’re still in bankruptcy proceedings.
Beware of additional fees
LoanCenter might charge a fee on top of interest, depending on your state and loan amount — and it doesn’t list most of these online.
For example, California title loans come with a $35 administrative fee. Loans in that state over $5,000 come with an additional fee of 6% of the loan amount. Other states like Arizona might not have a fee. To get an idea of your loan’s full cost, consider calling ahead to ask about fees before you start an application.
Generally, yes — though there’s no way to absolutely ensure any information you enter online is protected. Its website is secured with SSL encryption, which scrambles any data you send in a form to protect it from hackers. If you’re concerned about the safety of your information online, you can also go to a location and complete the application in person.
What does the Internet say about LoanCenter?
Almost nothing, as of January 2019. It’s not accredited or rated by the Better Business Bureau (BBB), nor does it have any reviews on its BBB page. It also doesn’t have a Trustpilot page or any mentions on Reddit.
However, it gets an AAA rating from the Business Consumer Alliance, which promotes self regulation among businesses and uses customer reviews to determine business reliability.
Wilshire Consumer Credit
LoanCenter’s parent company Wilshire Consumer Credit does have an online presence — and it isn’t great. It gets a B rating from the BBB, possibly because the California Department of Business Oversight has taken action against it for violating the state’s licensing laws. On top of this, nearly 50 borrowers have filed complaints against the business in the past three years, and it earns just 1 out of 5 stars based on customer reviews.
Several borrowers accused the company of predatory lending. One experienced a bait-and-switch scheme, where they were told their interest rate would be in the single digits, only to find it was close to 200%. Another claimed to have paid their loan off in full, but still had their car repossessed. And yet another said it took them over six months to get their title back after paying off the loan.
Am I eligible?
Eligibility requirements for a LoanCenter title loan vary by state, but in general you must:
Have a source of income. You don’t necessarily need to be employed, but you need to have money regularly coming in such as a pension, alimony or government benefits.
Live in an eligible state. LoanCenter loans are only available in Arizona, California, Georgia, Idaho, South Carolina and Utah.
Have a car registered in your state. Your car must be registered in the state where you live to qualify for a title loan.
Not be in bankruptcy proceedings. A bankruptcy on your credit report is acceptable, however.
Be older than 18. You must be the legal age to take out a loan in your state.
How do I apply?
First, call LoanCenter at 866-553-3840 to learn if your state has any additional eligibility requirements than those listed above. Once you’re sure you qualify, you can get started on the application online:
Go to the LoanCenter website and click Title Loans.
Complete the form with information about yourself and your car.
Read over its communication and privacy policies, check the box and click Submit.
Wait for a representative to contact you with what you need to complete your application.
Typically, you need to bring your vehicle in for an inspection and complete some more paperwork before you can get your money.
I got a LoanCenter title loan. Now what?
You’re now on the hook for repayments. Your loan documents should have specifics about when and how to make repayments to LoanCenter. Depending on your loan term, you could have up to three years to pay it back.
Keep an eye on your account and reach out to customer service by phone or live chat if you have any questions or concerns.
LoanCenter title loans could be a solution if you’re looking to get cash the same day and don’t have the best credit. However, it’s a high-cost loan product that’s not available in all states.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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