LoanMart state availability
LoanMart offers title loans in the following states
- Alabama
- Arizona
- Georgia
- Missouri
- New Mexico
- Utah
- South Carolina
While LoanMart has locations in California, title loans are not available that state.
finder.com’s rating: 3.7 / 5.0
★★★★★
Bottom line: This title loan provider has flexible requirements, even for a title lender. And paying it off on time can improve your credit. But the high cost makes it best for emergencies. Read our full review.
$2,500
Min. Amount
$50,000
Max. Amount
1 business day
Turnaround time
Product Name | LoanMart Car Title Loans |
---|---|
Min. Amount | $2,500 |
Max. Amount | $50,000 |
Loan Term | 1 to 5 years |
Turnaround Time | 1 business day |
Costs | Based on the value of the car and your ability to repay the loan |
Requirements | Resident of an eligible state, car title in your name, proof of income, valid state ID |
Review by
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.
LoanMart is ideal for borrowers with bad credit who’ve exhausted all other options. Unlike many other title lenders, your car doesn’t need to be fully paid off to qualify and you don’t need a bank account.
You might even qualify if you’re still in bankruptcy proceedings — though you might need to get permission from the court. It also reports on-time payments to the three major credit bureaus to build your credit score.
But it’s not available in all states. And like all short-term loan providers, you could face APRs in the triple digits. While it provides a fee schedule for states when it’s required to by law, it doesn’t offer the same transparency everywhere.
LoanMart interest rates and fees vary depending on where you live. It only discloses the cost of its title loans in a handful of states, where it’s required by law.
When you factor in the interest rate and origination fee, the typical annual percentage rate (APR) usually runs from around 80% to over 200%.
Repayment terms also vary depending on where you live. Usually you have between 12 and 36 months to pay off the loan, though you may be able to qualify for a 48-month term in some cases.
High interest rates and long loan terms can have a big, long-term impact on your monthly budget. Use our calculator to see how much your title loan might cost before you borrow.
Your loan |
---|
Loan amount |
$
|
Loan terms (in years) |
|
Interest rate |
$
%
|
or
Compare installment loansLoanMart is a legitimate title loan provider that also offers payday loans and bill pay services. You can easily find its state licenses and disclosures on its website — though it doesn’t disclose more than the law requires.
It’s generally safe to use too. It uses industry-standard encryption to protect its website and app. And if you’re not comfortable submitting sensitive information like your Social Security number, you can download the application on its website and fax it to 818-285-2410.
BBB accredited | No |
---|---|
BBB rating | A+ |
BBB customer reviews | 4.02 out of 5 stars, based on 39 customer reviews |
BBB customer complaints | 75 |
Trustpilot score | 4.4 out of 5, based on 43 customer reviews |
Customer reviews verified as of | 25 February 2021 |
LoanMart gets mostly positive customer reviews on sites like the Better Business Bureau (BBB) and Trustpilot. Most reviewers are pleased with the quality of customer service. But some complain about the high repayments. Some even go as far as to say that selling that car would have made more financial sense.
To qualify for an auto title loan from LoanMart, you must meet the following criteria:
LoanMart offers title loans in the following states
While LoanMart has locations in California, title loans are not available that state.
You need to have the following documents and information to get a title loan from LoanMart.
Typically borrowers provide a utility bill with their name on it as proof of residence. And proof of income can be a bank statement or pay stub, depending on how you receive your income.
LoanMart allows borrowers to apply online, over the phone or at a LoanMart location. To get started online, follow these steps:
LoanMart will provide you with an appointment number and instruct you to call for next steps. If you’re able to provide all the required documents and visit a branch, LoanMart may be able to fund your loan on the same day you apply.
LoanMart offers multiple payment options, including paying by ACH transfer, check and through MoneyGram. You can keep track of your loan through LoanMart’s mobile app, and you’ll receive monthly billing statements to remind you when your payment is due.
Keep in mind that your loan may be costly and that your payments will mainly go toward interest. If you’re unable to repay your loan, you risk having your vehicle repossessed. Contact LoanMart if you have any questions or concerns about your title loan.
Not sure about LoanMart? You can browse other short-term loan options to find the best solution for your needs.
More answers to common questions about LoanMart title loans.
No, can keep driving your car as long as you keep making timely repayments. LoanMart only keeps the car’s title as collateral.
Yes, but you’ll have to contact LoanMart. This process will likely result in you paying more interest.
LoanMart reports your payment history to a credit bureau, though it doesn’t specify which. This means that paying off your loan on time will raise your credit score. But late payments will lower it.
You must live in Alabama, Arizona, Georgia, Missouri, New Mexico, South Carolina or Utah to get a title loan through LoanMart. If you don’t live in one of those states, explore other loan options.
LoanMart title loans are not available in California.
See how LoanMart holds up to other lenders.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze short-term loan providers and similar services to help you weed out predatory lenders and find a company you can trust. We rate providers on a scale of one to five stars. Our ratings are based on factors that are most important to you, which include: loan amount, application process, fees, customer reviews and borrower experience.
Read the full methodology of how we rate short-term loan providers and similar services.