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LoanMart car title loan review

A LoanMart title loan allows you to borrow money against your car, even if you have bad credit.

If you have bad credit and find yourself in a financial emergency, you might be looking for an alternative to traditional bank loans. A car title loan could be the solution you’re looking for. These loans give you a simple way to borrow money without worrying about the typical hassles associated with borrowing from a bank.

LoanMart is a lender that specializes in providing car title loans. If you own a car and live in California, Arizona, New Mexico, Utah, Missouri, Illinois, Alabama or Wisconsin, you can take advantage of their services and get funds in less than 24 hours.

Product Information

  • Product Name: LoanMart title loan
  • Loan Term: 12 to 36 months
  • APR: 60% to 180%, varies by state
  • Borrower Maximums: Up to 120% of your car’s equity

How do LoanMart car title loans compare?

Rates last updated July 22nd, 2017
Name Product Term of Loan Turnaround Time Costs
LendUp Payday Loans
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
7–30 days
Generally receive the money the next business day
Depends on your state, loan product, loan amount and the term of the loan.
Check into Cash Payday Loan
With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
Varies by state
1–2 business days
Varies depending on the amount and your state of residency.
CashNetUSA Loan
Apply for short term loans, installment loans or lines of credit in 30 states typically with a day’s turnaround.
Varies by state
1 business day
Varies by state of residency.
ACE Cash Express Payday Loans
Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
Varies by state
Varies by state
Generally receive the money the next business day
Varies depending upon the state where you reside.
Check City Payday Loan
Apply for a fast, secure and confidential payday loan — even with less-than-perfect credit.
Depends on state of residency
Varies by state
Next day
Depends on state of residency.

Compare up to 4 providers

What is a car title loan and how does it work?

A car title loan is a secured personal loan that uses the title of your car as collateral. The amount you can borrow is based on the value of your vehicle and your ability to repay the loan. The lender keeps the title of your car, and you get to continue driving your car while you pay off the loan.

Car title loans typically must be paid off more quickly than traditional bank loans and come with much higher finance charges. Like a payday loan, a car title loan is not a long-term financial solution, but a short-term answer that can be used when needing emergency funds fast.

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What are the benefits of a car title loan from LoanMart?

  • Quick and easy. Applying for this loan is easy and takes about 5 minutes. You can apply online, over the phone or in person at a LoanMart store. Find out if you qualify in less than an hour, and receive your funds in 24 hours or less.
  • Apply with bad credit. Unlike most mainstream banks and lenders, LoanMart does not require you to have a perfect credit history, so you can apply if you have a low credit score. What’s required is that you demonstrate an ability to repay.
  • Large maximum amount. While a number of payday, short-term and personal loans don’t allow you to borrow more than $1,000, you can look forward to borrowing as much as 120% of your car’s equity through this loan. The amount you’re approved for depends on your vehicle, your financial situation and the state in which you reside.
  • No early repayment penalties. By paying the loan off ahead of time you can save in the form of interest, and LoanMart does not charge any penalties for early repayment.
  • Multiple ways to receive funds. Get your money through one of these options: cash, check or wire transfer.

The fees and costs to be aware of

The fees you end up paying depend on the amount you borrow as well as your state of residence. The APR for a LoanMart title loan ranges from 60% to 180% and varies by state. LoanMart presents you with a loan agreement document that you will have to sign in order to receive your funds. This loan agreement lists all applicable fees you might have to pay during the course of the loan. Merely applying for this loan does not cost you anything, and you can receive a free no-obligation quote. Only after you sign the loan agreement does the loan actually come into effect, so be sure to review all associated fees before agreeing to the loan.

Is it safe to apply with LoanMart?

A LoanMart car title loan is in accordance with loan, lender and finance licenses in each state that it operates (California, Arizona, New Mexico, Utah, Missouri, Illinois, Alabama and Wisconsin). LoanMart guarantees all your transactions under the Fair Credit Billing Act, and it protects all the information you provide from misuse, loss, alteration, destruction and unauthorized access or disclosure.

How to apply for a car title loan from LoanMart

You can complete and submit an application online or over the phone, and if you need help, customer service is available via online chat.

Eligibility criteria:

  • You are over 18 years of age
  • You are an American resident

Completing the application successfully requires that you provide the following information:

  • Your complete name, phone number, email address and residential address
  • Details about your monthly income
  • The year, make and model of the vehicle you wish to use as collateral, along with its mileage

Documents that you may be asked to provide include:

  •  A car title in your name
  • A government-issued photo ID such as a driver’s license
  • Proof of income (paycheck stubs, invoices or bank account statements) showing your ability to repay the loan
  • Proof of residence (a piece of recent mail like a utility bill)

*You can provide these documents by fax or email, or use your smartphone or tablet to snap pictures of the documents.

Frequently asked questions

If you have the required information close at hand you can complete the application in a matter of minutes.

Upon approval, you can expect funds to transfer into your bank account within 24 hours. Same-day funding is possible in some cases, but this depends on what time you apply and how quickly you can provide the required documentation.

No, you get to keep your vehicle as long as you keep making timely repayments. LoanMart only keeps the vehicle’s title as collateral.

Yes you can, as long as you have a steady source of income and the ability to repay the loan in question.

Yes, you can pay the loan off as quickly as you want. You don’t have to worry about paying any penalties for early repayment.

Are payday loans available in my state?

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